# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-158253
**Filing Date:** 2025-6
**Character Count:** 34570
**Document Hash:** 87b48346c739e6efab3114a4b2683777
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158253.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158253

**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:** 251077431

**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 International Equity Fund (Series ID: S000048267)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152514 | I Shares       | KCIIX           |
| C000158714 | Class S Shares | KCISX           |

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000048267

- **c. LEI of Series:** 549300QELLW5HKCLIY73

**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:** $218667253.43

**Total Liabilities:** $783032.64

**Net Assets:** $217884220.79

**Cash Not Reported:** $505293.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158714 | 3.30%                | 0.44%                | 2.04%                |
| Class ID C000152514 | 3.37%                | 0.46%                | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $365116.09               | $5506176.18                                |
| Month 2  | $2016519.29              | $-1553458.00                               |
| Month 3  | $201179.98               | $3849714.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAPFRE, S.A.                                                                                | MAPFRE SA COMMON STOCK                         | CUSIP: N/A<br>LEI: 95980020140005693107       | Long             | EC               |  | ES        |    587700 | NS      | $2092209.48   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                                                | UNILEVER PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |     62130 | NS      | $3955791.42   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NARI Technology Co., Ltd.                                                                   | NARI TECHNOLOGY CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: 3003006IGH1W58MAQM05       | Long             | EC               |  | CN        |    463928 | NS      | $1415495.63   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena, S.M.E., S.A.                                                                          | AENA SME SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               |  | ES        |     11100 | NS      | $2788495.10   | 1.28%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CTBC Financial Holding Co., Ltd.                                                            | CTBC FINANCIAL HOLDING CO LT COMMON STOCK      | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               |  | TW        |   2155000 | NS      | $2655476.94   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                                                                 | TOKIO MARINE HOLDINGS INC COMMON STOCK         | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |     67300 | NS      | $2697543.91   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODMAN GROUP                                                                               | GOODMAN GROUP REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |     65700 | NS      | $1257749.01   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS S.A.                                                                                | TENARIS SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300Y7C05BKC4HZB40       | Long             | EC               |  | IT        |     80000 | NS      | $1333994.58   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                                                             | KIA CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |     23470 | NS      | $1491596.07   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CANON INC.                                                                                  | CANON INC COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900JH1GSC035SSP77       | Long             | EC               |  | JP        |     88900 | NS      | $2743432.07   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NITTO DENKO CORPORATION                                                                     | NITTO DENKO CORP COMMON STOCK                  | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               |  | JP        |    138000 | NS      | $2425600.24   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                                               | SAMSUNG ELECTRONICS CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     82520 | NS      | $3219727.28   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                                                         | DEUTSCHE TELEKOM AG-REG COMMON STOCK           | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |     87000 | NS      | $3124822.62   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                                                    | TENCENT HOLDINGS LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     85300 | NS      | $5224706.41   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil, S.A.                                                            | INDUSTRIA DE DISENO TEXTIL COMMON STOCK        | CUSIP: E6282N100<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               |  | ES        |     45440 | NS      | $2443532.67   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELECTRIC SE                                                                       | SCHNEIDER ELECTRIC SE COMMON STOCK             | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               |  | FR        |     11700 | NS      | $2733653.80   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                                                            | ARCELORMITTAL COMMON STOCK                     | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               |  | NL        |     75450 | NS      | $2231186.15   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                                                      | SAP SE COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |     18340 | NS      | $5366071.99   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA SPORTS PRODUCTS LIMITED                                                                | ANTA SPORTS PRODUCTS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               |  | HK        |    167000 | NS      | $1973242.21   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                                                       | BHARTI AIRTEL LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |    125600 | NS      | $2770516.43   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                                                                  | CRH PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               |  | GB        |     24620 | NS      | $2335208.31   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA CORPORATION                                                                            | HOYA CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               |  | JP        |     19160 | NS      | $2254484.17   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOZO, Inc.                                                                                  | ZOZO INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               |  | JP        |    100500 | NS      | $1020626.88   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAOMI CORPORATION                                                                          | XIAOMI CORP-CLASS B COMMON STOCK               | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               |  | HK        |    371600 | NS      | $2379059.18   | 1.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HONDA MOTOR CO., LTD.                                                                       | HONDA MOTOR CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               |  | JP        |    195000 | NS      | $1984074.84   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| INFOSYS LIMITED                                                                             | INFOSYS LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               |  | IN        |    149510 | NS      | $2643028.01   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group, S.A.                                                                      | AMADEUS IT GROUP SA COMMON STOCK               | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               |  | ES        |     30040 | NS      | $2364536.29   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                           | ASML HOLDING NV COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |      5670 | NS      | $3795733.43   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                                | UBS GROUP AG-REG COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               |  | CH        |    104060 | NS      | $3158779.72   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer N.V.                                                                         | WOLTERS KLUWER COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               |  | NL        |     14180 | NS      | $2503605.04   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                                                     | KB FINANCIAL GROUP INC COMMON STOCK            | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |     34581 | NS      | $2185476.05   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLARAMA INC.                                                                              | DOLLARAMA INC COMMON STOCK                     | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               |  | CA        |     22420 | NS      | $2766315.10   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corporation Limited                                                             | CHINA TOWER CORP LTD-H COMMON STOCK            | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               |  | HK        |   1340000 | NS      | $1940959.31   | 0.89%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SHELL PLC                                                                                   | SHELL PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | GB        |    121900 | NS      | $3933906.78   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                                                          | MERCADOLIBRE INC COMMON STOCK                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |       780 | NS      | $1818063.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                                | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK      | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    218660 | NS      | $6195633.59   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                                                       | BANK OF CHINA LTD-H COMMON STOCK               | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | HK        |   4323000 | NS      | $2413849.47   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                                                                    | VINCI SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               |  | FR        |     23240 | NS      | $3264457.08   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                                                                 | SWISS RE AG COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |     18300 | NS      | $3284928.71   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                                                                  | ANDRITZ AG COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     13300 | NS      | $955733.54    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Divi's Laboratories Ltd                                                                     | DIVI'S LABORATORIES LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 335800C1DHFG1C9T1M03       | Long             | EC               |  | IN        |     34660 | NS      | $2501888.10   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                                                                    | ENGIE COMMON STOCK                             | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               |  | FR        |    170310 | NS      | $3520020.02   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                                                               | ALIMENTATION COUCHE-TARD INC COMMON STOCK      | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               |  | CA        |     38400 | NS      | $2004398.67   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                                                                  | SIEMENS AG-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |     11050 | NS      | $2544385.83   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co. KGaA                                                                        | Henkel AG & Co KGaA PREFERRED STOCK            | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EP               |  | DE        |     25450 | NS      | $1976607.74   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                         | BROWN BROTHERS HARRIMAN SWEEP INTEREST         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   7594364 | PA      | $7594363.88   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER GRID CORPORATION OF INDIA LIMITED                                                     | POWER GRID CORP OF INDIA LTD COMMON STOCK      | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               |  | IN        |    590266 | NS      | $2143810.81   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORPORATION                                                              | MANULIFE FINANCIAL CORP COMMON STOCK           | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               |  | CA        |     97160 | NS      | $2977665.75   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | AIR LIQUIDE SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               |  | FR        |      7900 | NS      | $1623276.74   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD.                                                  | SHANGHAI PUDONG DEVEL BANK-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300C1031031001330       | Long             | EC               |  | CN        |   1410000 | NS      | $2127016.30   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                                                              | BNP PARIBAS COMMON STOCK                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |     40050 | NS      | $3393413.37   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                                                                         | BYD CO LTD-H COMMON STOCK                      | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | HK        |     54500 | NS      | $2588545.39   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                                                             | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK      | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |     61000 | NS      | $2504601.20   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED OVERSEAS BANK LIMITED                                                                | UNITED OVERSEAS BANK LTD COMMON STOCK          | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               |  | SG        |    101640 | NS      | $2699440.89   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LA COMER, S.A.B. DE C.V.                                                                    | LA COMER SAB DE CV COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    490000 | NS      | $917258.61    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                                                      | UNITED TRACTORS TBK PT COMMON STOCK            | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |    472000 | NS      | $645044.38    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                                                                   | ADIDAS AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               |  | DE        |      9400 | NS      | $2162859.92   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                                                          | ICICI BANK LTD COMMON STOCK                    | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    199940 | NS      | $3360848.13   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                        | MITSUBISHI UFJ FINANCIAL GRO COMMON STOCK      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               |  | JP        |    237400 | NS      | $2991033.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WH GROUP LIMITED                                                                            | WH GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |   2485000 | NS      | $2222105.10   | 1.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mitsui Fudosan Co., Ltd.                                                                    | MITSUI FUDOSAN CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               |  | JP        |    219300 | NS      | $2173404.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LIMITED                                                                           | BHP GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               |  | AU        |     97436 | NS      | $2322253.27   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wartsila Oyj Abp                                                                            | WARTSILA OYJ ABP COMMON STOCK                  | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               |  | FI        |     70000 | NS      | $1293341.85   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                                                    | GRUPO FINANCIERO BANORTE-O COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    233000 | NS      | $1997855.74   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                                                                 | NESTLE SA-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |     26300 | NS      | $2799303.23   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TELENOR ASA                                                                                 | TELENOR ASA COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300IM1QSBY4SLPM26       | Long             | EC               |  | NO        |    154000 | NS      | $2313079.17   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                                                               | ALIBABA GROUP HOLDING LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    265000 | NS      | $3956458.27   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co., Ltd.                                                                     | WEICHAI POWER CO LTD-H COMMON STOCK            | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               |  | HK        |    944000 | NS      | $1841650.93   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| The People's Insurance Company (Group) of China Limited                                     | PEOPLE'S INSURANCE CO GROU-H COMMON STOCK      | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               |  | HK        |   2850000 | NS      | $1686677.01   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                                     | ROYAL BANK OF CANADA COMMON STOCK              | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               |  | CA        |     32800 | NS      | $3936904.11   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU LTD.                                                                                | KOMATSU LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               |  | JP        |     93200 | NS      | $2695303.97   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc.                                                                 | CONSTELLATION SOFTWARE INC COMMON STOCK        | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               |  | CA        |       800 | NS      | $2883127.81   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTEC PLC                                                                                | INVESTEC PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 2138007Z3U5GWDN3MY22       | Long             | EC               |  | ZA        |    206500 | NS      | $1290109.21   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                                                                | LINDE PLC COMMON STOCK                         | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               |  | US        |      4193 | NS      | $1900393.39   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| 3I GROUP PLC                                                                                | 3I GROUP PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               |  | GB        |     61460 | NS      | $3484214.71   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                                                          | CANADIAN NATURAL RESOURCES COMMON STOCK        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               |  | CA        |     90420 | NS      | $2594672.28   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/EUR SETTLE 2025-05-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $951.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank, S.A.                                                                             | CAIXABANK SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    359800 | NS      | $2757579.06   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                                                                  | Itau Unibanco Holding SA PREFERRED STOCK       | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |    458490 | NS      | $2874474.54   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corporation                                                                          | ITOCHU CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               |  | JP        |     61000 | NS      | $3119719.37   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX CORPORATION                                                                            | ORIX CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               |  | JP        |     99300 | NS      | $1991961.10   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                                                                   | DANONE COMMON STOCK                            | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               |  | FR        |     40400 | NS      | $3476272.84   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                                    | LLOYDS BANKING GROUP PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               |  | GB        |   3705000 | NS      | $3640065.24   | 1.67%             |  |  |  | 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