# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001554
**Filing Date:** 2026-2
**Character Count:** 21923
**Document Hash:** bc05367699ffacf53fb7b559d4b83d72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001554.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001554

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26696257

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### Democratic Large Cap Core ETF (Series ID: S000069948)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000222781 | Democratic Large Cap Core ETF | DEMZ            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK\*\* — 99.7%** | | |
|  | <br>**Shares** | <br>**Value** |
| **Communication Services — 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 4350 | $1361550 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 3465 | 1087317 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 1291 | 263790 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 3564 | 2352561 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 6999 | 656226 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 8057 | 650603 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 15291 | 1739657 |
|  |  | 8111704 |
| **Consumer Discretionary — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 2844 | 1005667 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 5766 | 1038687 |
| &nbsp;&nbsp;&nbsp;Tapestry | 5246 | 670281 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 885 | 535434 |
|  |  | 3250069 |
| **Consumer Staples — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1841 | 1587568 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 2592 | 261507 |
|  |  | 1849075 |
| **Financials — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Everest Group | 3561 | 1208425 |
| &nbsp;&nbsp;&nbsp;Loews | 17402 | 1832605 |
| &nbsp;&nbsp;&nbsp;Moody's | 3172 | 1620416 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 1169 | 670691 |
|  |  | 5332137 |
| **Health Care — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 3844 | 523053 |
| &nbsp;&nbsp;&nbsp;Danaher | 5278 | 1208240 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 6833 | 516438 |
| &nbsp;&nbsp;&nbsp;Stryker | 3353 | 1178479 |
|  |  | 3426210 |
| **Industrials — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 5546 | 1426598 |
| &nbsp;&nbsp;&nbsp;Nordson | 6073 | 1460131 |
| &nbsp;&nbsp;&nbsp;Paychex | 9214 | 1033626 |
| &nbsp;&nbsp;&nbsp;Veralto | 6528 | 651364 |
| &nbsp;&nbsp;&nbsp;Xylem | 11551 | 1573015 |
|  |  | 6144734 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **Information Technology — 41.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 1478 | $517285 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 5889 | 1261188 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 14213 | 1920745 |
| &nbsp;&nbsp;&nbsp;Apple | 9668 | 2628342 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 8447 | 1106810 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1758 | 520386 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 1670 | 522009 |
| &nbsp;&nbsp;&nbsp;CDW | 3679 | 501080 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 3503 | 1037624 |
| &nbsp;&nbsp;&nbsp;KLA | 1507 | 1831125 |
| &nbsp;&nbsp;&nbsp;Lam Research | 12782 | 2188023 |
| &nbsp;&nbsp;&nbsp;Microsoft | 5437 | 2629442 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 15112 | 2818388 |
| &nbsp;&nbsp;&nbsp;Salesforce | 4082 | 1081363 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 6863 | 1051343 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 1435 | 674048 |
|  |  | 22289201 |
| **Materials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 5744 | 1044719 |
| **Real Estate — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower, Cl A ‡ | 3019 | 530046 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 58395 | 1183666 |
|  |  | 1713712 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,613,768) |  | 53161561 |
| **Total Investments - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,613,768) |  | $53161561 |

---

Percentages are based on Net Assets of $53,308,968.

\* Non-income producing security.

\*\* More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
 Estate Investment Trust.

Cl — Class

MSCI — Morgan Stanley Capital International

RAM-QH-001-1100

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Democratic Large Cap Core ETF

- **b. EDGAR series identifier (if any):** S000069948

- **c. LEI of Series:** 549300M5EXXX4OS3ZE95

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $53824967.68

**Total Liabilities:** $516000.07

**Net Assets:** $53308967.61

**Cash Not Reported:** $612702.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222781 | 0.85%                | -1.09%               | 3.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $649485.34               | $-287900.29                                |
| Month 2  | $701.73                  | $-570469.26                                |
| Month 3  | $-238866.85              | $1856231.58                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADOBE INC.                                  | ADOBE INC COMMON STOCK                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |      1478 | NS      | $517285.22    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                | ADVANCED MICRO DEVICES COMMON STOCK      | CUSIP: N/A<br>LEI: R2I72C950HOYXII45366       | Long             | EC               |  | US        |      5889 | NS      | $1261188.24   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                  | AGILENT TECHNOLOGIES INC COMMON STOCK    | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               |  | US        |      3844 | NS      | $523053.08    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL A COMMON STOCK           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      4350 | NS      | $1361550.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL C COMMON STOCK           | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      3465 | NS      | $1087317.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                  | AMERICAN TOWER CORP REIT                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      3019 | NS      | $530045.83    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP-CL A COMMON STOCK          | CUSIP: N/A<br>LEI: 549300D3L3G0R4U4VT04       | Long             | EC               |  | US        |     14213 | NS      | $1920744.82   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                  | APPLE INC COMMON STOCK                   | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |      9668 | NS      | $2628342.48   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                       | ARISTA NETWORKS INC COMMON STOCK         | CUSIP: N/A<br>LEI: 635400H1WKBLOQERUU95       | Long             | EC               |  | US        |      8447 | NS      | $1106810.41   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                              | AUTODESK INC COMMON STOCK                | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |      1758 | NS      | $520385.58    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING COMMON STOCK   | CUSIP: N/A<br>LEI: HGBOLILQXWER4SAL2I23       | Long             | EC               |  | US        |      5546 | NS      | $1426597.58   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                  | AVERY DENNISON CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 549300PW7VPFCYKLIV37       | Long             | EC               |  | US        |      5744 | NS      | $1044718.72   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                | CADENCE DESIGN SYS INC COMMON STOCK      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               |  | US        |      1670 | NS      | $522008.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                             | CDW CORP/DE COMMON STOCK                 | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               |  | US        |      3679 | NS      | $501079.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                | COSTCO WHOLESALE CORP COMMON STOCK       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      1841 | NS      | $1587567.94   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                         | DANAHER CORP COMMON STOCK                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |      5278 | NS      | $1208239.76   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC COMMON STOCK         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      1291 | NS      | $263790.03    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                         | EVEREST GROUP LTD COMMON STOCK           | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               |  | US        |      3561 | NS      | $1208425.35   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY SCHEIN, INC.                          | HENRY SCHEIN INC COMMON STOCK            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               |  | US        |      6833 | NS      | $516438.14    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      3503 | NS      | $1037623.63   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                  | KIMBERLY-CLARK CORP COMMON STOCK         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               |  | US        |      2592 | NS      | $261506.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                   | KIMCO REALTY CORP REIT                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     58395 | NS      | $1183666.65   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP COMMON STOCK                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      1507 | NS      | $1831125.56   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                    | LAM RESEARCH CORP COMMON STOCK           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |     12782 | NS      | $2188022.76   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORPORATION                           | LOEWS CORP COMMON STOCK                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               |  | US        |     17402 | NS      | $1832604.62   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                        | META PLATFORMS INC COMMON STOCK          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      3564 | NS      | $2352560.76   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP COMMON STOCK              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      5437 | NS      | $2629441.94   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                         | MOODY'S CORP COMMON STOCK                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               |  | US        |      3172 | NS      | $1620416.20   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                   | MSCI INC COMMON STOCK                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               |  | US        |      1169 | NS      | $670690.37    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                               | NETFLIX INC COMMON STOCK                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |      6999 | NS      | $656226.24    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORPORATION                         | NORDSON CORP COMMON STOCK                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               |  | US        |      6073 | NS      | $1460131.39   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                          | NVIDIA CORP COMMON STOCK                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     15112 | NS      | $2818388.00   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                          | OMNICOM GROUP COMMON STOCK               | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |      8057 | NS      | $650602.75    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                               | PAYCHEX INC COMMON STOCK                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               |  | US        |      9214 | NS      | $1033626.52   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                    | RALPH LAUREN CORP COMMON STOCK           | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               |  | US        |      2844 | NS      | $1005666.84   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                           | ROSS STORES INC COMMON STOCK             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               |  | US        |      5766 | NS      | $1038687.24   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                            | SALESFORCE INC COMMON STOCK              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               |  | US        |      4082 | NS      | $1081362.62   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                            | SERVICENOW INC COMMON STOCK              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      6863 | NS      | $1051342.97   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                         | STRYKER CORP COMMON STOCK                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               |  | US        |      3353 | NS      | $1178478.91   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                              | SYNOPSYS INC COMMON STOCK                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |      1435 | NS      | $674048.20    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                              | TAPESTRY INC COMMON STOCK                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |      5246 | NS      | $670281.42    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC COMMON STOCK             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |       885 | NS      | $535433.85    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                         | VERALTO CORP COMMON STOCK                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      6528 | NS      | $651363.84    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                     | WALT DISNEY CO/THE COMMON STOCK          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               |  | US        |     15291 | NS      | $1739657.07   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                  | XYLEM INC COMMON STOCK                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |     11551 | NS      | $1573015.18   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer