# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-158251
**Filing Date:** 2025-6
**Character Count:** 35574
**Document Hash:** f71ed98fb9f1dbba7e9afc84ba7e0d09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158251.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158251

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**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:** 251077429

**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

### Knights of Columbus Long/Short Equity Fund (Series ID: S000066638)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000214839 | Investor Shares | KCEVX           |

## 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:** Knights of Columbus Long/Short Equity Fund

- **b. EDGAR series identifier (if any):** S000066638

- **c. LEI of Series:** 549300JH3RCMZIAGJR87

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $222587440.67

**Total Liabilities:** $69631079.75

**Net Assets:** $152956360.92

**Cash Not Reported:** $79885867.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214839 | -0.67%               | -1.54%               | -0.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3298266.69              | $-5264639.48                               |
| Month 2  | $-529.85                 | $-3187120.64                               |
| Month 3  | $2420759.48              | $-1319513.84                               |

**Designated Index Information**

- **Index Name:** SPIA_SP500_USD-PR

- **Index Identifier:** SPIA_SP500_USD-PR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUPER MICRO COMPUTER, INC.                      | SUPER MICRO COMPUTER INC COMMON STOCK        | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Short            | EC               |  | US        |    -75651 | NS      | $-2410240.86  | -1.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                     | SAMSARA INC-CL A COMMON STOCK                | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               |  | US        |    -34300 | NS      | $-1360338.00  | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                             | SYNCHRONY FINANCIAL COMMON STOCK             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               |  | US        |     55606 | NS      | $2888731.70   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                             | CISCO SYSTEMS INC COMMON STOCK               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |     41322 | NS      | $2385519.06   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech international S.A.                     | LOGITECH INTERNATIONAL-REG COMMON STOCK      | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               |  | US        |     37483 | NS      | $2825843.37   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION     | INTL BUSINESS MACHINES CORP COMMON STOCK     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |     11046 | NS      | $2671143.72   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                      | JABIL INC COMMON STOCK                       | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               |  | US        |     23116 | NS      | $3387880.96   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                         | BURLINGTON STORES INC COMMON STOCK           | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               |  | US        |      5110 | NS      | $1149954.40   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                       | ZOOM COMMUNICATIONS INC COMMON STOCK         | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               |  | US        |     23511 | NS      | $1823042.94   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                    | COCA-COLA CONSOLIDATED INC COMMON STOCK      | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               |  | US        |      1519 | NS      | $2059475.39   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                       | AKAMAI TECHNOLOGIES INC COMMON STOCK         | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               |  | US        |     21620 | NS      | $1742139.60   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                         | XP INC - CLASS A COMMON STOCK                | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               |  | US        |     48715 | NS      | $784311.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                      | COOPER COS INC/THE COMMON STOCK              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               |  | US        |    -28983 | NS      | $-2367041.61  | -1.55%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS, INC.                             | GENERAL MILLS INC COMMON STOCK               | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               |  | US        |      6653 | NS      | $377491.22    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                            | JPMORGAN CHASE & CO COMMON STOCK             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |     10755 | NS      | $2630888.10   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                 | UNITED THERAPEUTICS CORP COMMON STOCK        | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               |  | US        |     10134 | NS      | $3071514.06   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                        | IWM US 09/30/25 P160 LONG                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       514 | NC      | $156770.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V.                                 | STELLANTIS NV COMMON STOCK                   | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               |  | US        |     67431 | NS      | $625759.68    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                      | CROWDSTRIKE HOLDINGS INC - A COMMON STOCK    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Short            | EC               |  | US        |     -3996 | NS      | $-1713764.52  | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                           | CARDINAL HEALTH INC COMMON STOCK             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |     15214 | NS      | $2149586.06   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                    | CORPAY INC COMMON STOCK                      | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               |  | US        |     10270 | NS      | $3341549.90   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                         | NXP SEMICONDUCTORS NV COMMON STOCK           | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |      3961 | NS      | $730051.91    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                           | GILEAD SCIENCES INC COMMON STOCK             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     14784 | NS      | $1575087.36   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                          | DELL TECHNOLOGIES -C COMMON STOCK            | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               |  | US        |     25749 | NS      | $2362728.24   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                    | AIRBNB INC-CLASS A COMMON STOCK              | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               |  | US        |     11670 | NS      | $1422806.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                    | CF INDUSTRIES HOLDINGS INC COMMON STOCK      | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               |  | US        |     24313 | NS      | $1905409.81   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                            | APPLOVIN CORP-CLASS A COMMON STOCK           | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               |  | US        |      7567 | NS      | $2037868.77   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INCORPORATED                      | MICROSTRATEGY INC-CL A COMMON STOCK          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Short            | EC               |  | US        |     -7726 | NS      | $-2936729.86  | -1.92%            |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                            | META PLATFORMS INC COMMON STOCK              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      4578 | NS      | $2513322.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                      | UNUM GROUP COMMON STOCK                      | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               |  | US        |      5988 | NS      | $465028.08    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion NASDAQ-100 Equal Weighted Index Shares | DIREXION NASDAQ-100 EQ WEIGH MUTUAL FUND     | CUSIP: 25459Y207<br>LEI: N/A                  | Short            | EC               | RF                | US        |    -88919 | NS      | $-7797307.11  | -5.10%            |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                           | INVITATION HOMES INC REIT                    | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Short            | EC               |  | US        |    -27076 | NS      | $-925728.44   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                                  | DOCUSIGN INC COMMON STOCK                    | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               |  | US        |      4064 | NS      | $332232.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                          | SPY US 09/30/25 P450 LONG                    | CUSIP: N/A<br>LEI: 549300NZAMSJ8FXPQQ63       | N/A              | DE               |  | US        |       216 | NC      | $129600.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                 | FOX CORP - CLASS A COMMON STOCK              | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     59596 | NS      | $2967284.84   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                                | GEN DIGITAL INC COMMON STOCK                 | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               |  | US        |     30371 | NS      | $785697.77    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS, INC.                     | DICK'S SPORTING GOODS INC COMMON STOCK       | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               |  | US        |     10089 | NS      | $1894108.86   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                    | ANTERO RESOURCES CORP COMMON STOCK           | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Short            | EC               |  | US        |    -26820 | NS      | $-934140.60   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| AUTOLIV, INC.                                   | AUTOLIV INC COMMON STOCK                     | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               |  | US        |     12009 | NS      | $1119599.07   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SHORT PORTFOLIO REBATE INCOME       | WELLS FARGO SHORT PORTFOLIO REBATE INCOME    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC.                              | OMNICOM GROUP COMMON STOCK                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |     37355 | NS      | $2844956.80   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                           | MICROSOFT CORP COMMON STOCK                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      1873 | NS      | $740321.98    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                        | AMERICAN EXPRESS CO COMMON STOCK             | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               |  | US        |      7508 | NS      | $2000206.28   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                           | QUALCOMM INC COMMON STOCK                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |     21280 | NS      | $3159228.80   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                           | WILLIAMS-SONOMA INC COMMON STOCK             | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               |  | US        |      9830 | NS      | $1518440.10   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                            | ELECTRONIC ARTS INC COMMON STOCK             | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      6151 | NS      | $892448.59    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                      | PALANTIR TECHNOLOGIES INC-A COMMON STOCK     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               |  | US        |    -33299 | NS      | $-3943933.56  | -2.58%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                           | WELLS FARGO & CO COMMON STOCK                | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               |  | US        |     38891 | NS      | $2761649.91   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                       | EBAY INC COMMON STOCK                        | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |     45175 | NS      | $3079128.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                                  | TECHNIPFMC PLC COMMON STOCK                  | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               |  | US        |     18871 | NS      | $531596.07    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                             | EXPEDIA GROUP INC COMMON STOCK               | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               |  | US        |     17011 | NS      | $2669536.23   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                    | NETAPP INC COMMON STOCK                      | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               |  | US        |     32876 | NS      | $2950621.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                              | BOEING CO/THE COMMON STOCK                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               |  | US        |     -5586 | NS      | $-1023578.64  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                               | TALEN ENERGY CORP COMMON STOCK               | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      2060 | NS      | $443064.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                        | SKYWORKS SOLUTIONS INC COMMON STOCK          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               |  | US        |     11261 | NS      | $723857.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON COMPANY                             | HALLIBURTON CO COMMON STOCK                  | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               |  | US        |     34273 | NS      | $679290.86    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                 | LIVE NATION ENTERTAINMENT IN COMMON STOCK    | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               |  | US        |      4711 | NS      | $623971.95    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC.                                    | EQUIFAX INC COMMON STOCK                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               |  | US        |     -3851 | NS      | $-1001760.63  | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB, INC.                                   | MONGODB INC COMMON STOCK                     | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               |  | US        |     -1511 | NS      | $-260148.87   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO., INC.                              | BEST BUY CO INC COMMON STOCK                 | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               |  | US        |     20858 | NS      | $1391020.02   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Large-Cap ETF                         | SCHWAB US LARGE-CAP ETF MUTUAL FUND          | CUSIP: 808524201<br>LEI: N/A                  | Short            | EC               | RF                | US        |   -484294 | NS      | $-10620567.42 | -6.94%            |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                   | HOLOGIC INC COMMON STOCK                     | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               |  | US        |     40906 | NS      | $2380729.20   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                          | SPY US 07/31/25 P505 LONG                    | CUSIP: 4YA99U9T5<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |       302 | NC      | $269082.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                       | FLEX LTD COMMON STOCK                        | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |    111083 | NS      | $3814590.22   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                     | WESTERN DIGITAL CORP COMMON STOCK            | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Short            | EC               |  | US        |    -15886 | NS      | $-696759.96   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                   | OWENS CORNING COMMON STOCK                   | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               |  | US        |      7936 | NS      | $1153973.76   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                  | SNOWFLAKE INC-CLASS A COMMON STOCK           | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Short            | EC               |  | US        |     -4423 | NS      | $-705424.27   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SHORT PORTFOLIO INTEREST EXPENSE    | WELLS FARGO SHORT PORTFOLIO INTEREST EXPENSE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DRAFTKINGS INC.                                 | DRAFTKINGS INC-CL A COMMON STOCK             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Short            | EC               |  | US        |     -6153 | NS      | $-204833.37   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SERVICES                     | DISCOVER FINANCIAL SERVICES COMMON STOCK     | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               |  | US        |     20128 | NS      | $3676781.76   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                      | AMERIPRISE FINANCIAL INC COMMON STOCK        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               |  | US        |      7020 | NS      | $3306560.40   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                 | MARTIN MARIETTA MATERIALS COMMON STOCK       | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Short            | EC               |  | US        |     -1341 | NS      | $-702657.18   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                  | TAPESTRY INC COMMON STOCK                    | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |     14126 | NS      | $998001.90    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | BROWN BROTHERS HARRIMAN SWEEP INTEREST       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  26751986 | PA      | $26751986.02  | 17.49%            |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                        | LULULEMON ATHLETICA INC COMMON STOCK         | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               |  | US        |      3372 | NS      | $913036.44    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR, INC.                                   | AVANTOR INC COMMON STOCK                     | CUSIP: 05352A100<br>LEI: N/A                  | Short            | EC               |  | US        |    -44904 | NS      | $-583302.96   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                      | COREBRIDGE FINANCIAL INC COMMON STOCK        | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               |  | US        |    100881 | NS      | $2989104.03   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                      | APPLE INC COMMON STOCK                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |      2215 | NS      | $470687.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                 | CARLISLE COS INC COMMON STOCK                | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               |  | US        |      2135 | NS      | $810189.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                     | LINEAGE INC REIT                             | CUSIP: 53566V106<br>LEI: N/A                  | Short            | EC               |  | US        |    -32088 | NS      | $-1547604.24  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.          | CHECK POINT SOFTWARE TECH COMMON STOCK       | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               |  | US        |      2659 | NS      | $583810.04    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                              | FTAI AVIATION LTD COMMON STOCK               | CUSIP: G3730V105<br>LEI: N/A                  | Short            | EC               |  | US        |    -17511 | NS      | $-1875603.21  | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                        | RALPH LAUREN CORP COMMON STOCK               | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               |  | US        |     14262 | NS      | $3208236.90   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                | AMER SPORTS INC COMMON STOCK                 | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Short            | EC               |  | US        |    -94019 | NS      | $-2279960.75  | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                            | MCKESSON CORP COMMON STOCK                   | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Short            | EC               |  | US        |     -2498 | NS      | $-1780549.42  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Large-Cap Value ETF                   | SCHWAB US LARGE-CAP VALUE MUTUAL FUND        | CUSIP: 808524409<br>LEI: N/A                  | Short            | EC               | RF                | US        |   -513421 | NS      | $-13241127.59 | -8.66%            |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                           | ELI LILLY & CO COMMON STOCK                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Short            | EC               |  | US        |      -797 | NS      | $-716463.15   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                                 | EQT CORP COMMON STOCK                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Short            | EC               |  | US        |    -17957 | NS      | $-887794.08   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                         | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |      2972 | NS      | $1584819.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                    | ADVANCED MICRO DEVICES COMMON STOCK          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               |  | US        |    -26349 | NS      | $-2565075.15  | -1.68%            |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                  | MARATHON PETROLEUM CORP COMMON STOCK         | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               |  | US        |     20715 | NS      | $2846448.15   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                     | BANK OF AMERICA CORP COMMON STOCK            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               |  | US        |     17236 | NS      | $687371.68    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS, INC.                                  | ENTEGRIS INC COMMON STOCK                    | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Short            | EC               |  | US        |    -18401 | NS      | $-1455887.12  | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE, INC.                                | CLOUDFLARE INC - CLASS A COMMON STOCK        | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               |  | US        |     -3146 | NS      | $-379973.88   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                               | FIRST SOLAR INC COMMON STOCK                 | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Short            | EC               |  | US        |    -17252 | NS      | $-2170646.64  | -1.42%            |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.               | CONSTELLATION ENERGY COMMON STOCK            | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Short            | EC               |  | US        |     -1535 | NS      | $-342980.40   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                           | PAYPAL HOLDINGS INC COMMON STOCK             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               |  | US        |     25503 | NS      | $1679117.52   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                     | DAVITA INC COMMON STOCK                      | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |     19825 | NS      | $2806228.75   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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