# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002887
**Filing Date:** 2025-11
**Character Count:** 27791
**Document Hash:** 4e656c79448696dc04f9c15498c3c09b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002887.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002887

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**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:** 251533228

**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

### Redwheel Global Emerging Equity Fund (Series ID: S000055328)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174121 | Class I Shares             | RWCIX           |
| C000174122 | Institutional Class Shares | RWCEX           |

## 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:** Redwheel Global Emerging Equity Fund

- **b. EDGAR series identifier (if any):** S000055328

- **c. LEI of Series:** 5493002VZUBN8A0SY772

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $245826236.47

**Total Liabilities:** $2670001.48

**Net Assets:** $243156234.99

**Cash Not Reported:** $341009.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174122 | 10.47%               | 3.78%                | 2.30%                |
| Class ID C000174121 | 10.50%               | 3.79%                | 2.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4022517.26              | $19190370.82                               |
| Month 2  | $3309393.77              | $4561857.27                                |
| Month 3  | $957917.42               | $3903100.59                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IMPALA PLATINUM HOLDINGS LIMITED                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |    207146 | NS      | $2644370.29   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                              | KUAISHOU TECHNOLOGY COMMON STOCK                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |   1019664 | NS      | $11030740.07  | 4.54%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NIO INC.                                         | NIO INC - ADR DEPOSITARY RECEIPT                | CUSIP: 62914V106<br>LEI: 549300JBU4TV5OCKJV96 | Long             | EC               |  | US        |    580944 | NS      | $4426793.28   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERGLOBE AVIATION LIMITED                      | INTERGLOBE AVIATION LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               |  | IN        |     64820 | NS      | $4075017.57   | 1.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Wanhua Chemical Group Co., Ltd.                  | WANHUA CHEMICAL GROUP CO -A COMMON STOCK        | CUSIP: N/A<br>LEI: 3003002H0G2KDG6CR124       | Long             | EC               |  | CN        |    250600 | NS      | $2348781.36   | 0.97%             |  |  |  | No            |                  3 | On Loan: No      |
| The Saudi National Bank SJSC                     | THE SAUDI NATIONAL BANK COMMON STOCK            | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               |  | SA        |    179947 | NS      | $1879176.85   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Gold International Co Ltd                  | ZIJIN GOLD INTERNATIONAL CO COMMON STOCK        | CUSIP: N/A<br>LEI: 254900FINUJR4MZ8A417       | Long             | EC               |  | HK        |     71170 | NS      | $1103169.76   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIAN PAINTS LIMITED                             | ASIAN PAINTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800HEHXGYRUNERD75       | Long             | EC               |  | IN        |     66122 | NS      | $1749894.31   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                              | BYD CO LTD-H COMMON STOCK                       | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | HK        |     87000 | NS      | $1229961.99   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG, INC.                                    | COUPANG INC COMMON STOCK                        | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               |  | US        |     36127 | NS      | $1163289.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                               | MERCADOLIBRE INC COMMON STOCK                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |      1310 | NS      | $3061391.40   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NIO INC.                                         | NIO INC-CLASS A COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300JBU4TV5OCKJV96       | Long             | EC               |  | HK        |     83910 | NS      | $634755.66    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                         | LODHA DEVELOPERS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |    166094 | NS      | $2124669.13   | 0.87%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.        | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               |  | CN        |     79240 | NS      | $4493972.64   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                  | SHINHAN FINANCIAL GROUP LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               |  | KR        |     41888 | NS      | $2111907.36   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc.                                     | LI AUTO INC - ADR DEPOSITARY RECEIPT            | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               |  | US        |     73802 | NS      | $1870142.68   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                            | BHARTI AIRTEL LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |    166312 | NS      | $3517414.12   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: USD/ZAR SETTLE 2025-10-01  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-2965.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SBI LIFE INSURANCE COMPANY LIMITED               | SBI LIFE INSURANCE CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               |  | IN        |     97070 | NS      | $1958682.25   | 0.81%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.          | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     78623 | NS      | $3379216.54   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF Sociedad Anonima                             | YPF S.A.-SPONSORED ADR DEPOSITARY RECEIPT       | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               |  | US        |      9986 | NS      | $242559.94    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.               | WALMART DE MEXICO SAB DE CV COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |   1025600 | NS      | $3165331.95   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN VINCOM RETAIL                    | VINCOM RETAIL JSC COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | VN        |    953193 | NS      | $1158669.38   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                               | ICICI BANK LTD COMMON STOCK                     | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    285303 | NS      | $4323837.71   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                   | ZABKA GROUP SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300TU2RZ35E4ET914       | Long             | EC               |  | PL        |    202813 | NS      | $1313616.25   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                                      | KANZHUN LTD - ADR DEPOSITARY RECEIPT            | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               |  | US        |    150962 | NS      | $3526472.32   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN HOA PHAT                | HOA PHAT GROUP JSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300ODJEFGL5CWKD32       | Long             | EC               |  | VN        |   2273968 | NS      | $2428495.23   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                   | LONGFOR GROUP HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               |  | HK        |   3542000 | NS      | $5396873.71   | 2.22%             |  |  |  | Yes           |                  1 | On Loan: No      |
| China International Capital Corporation Limited  | CHINA INTERNATIONAL CAPITA-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900OS3SVVTT56QN67       | Long             | EC               |  | HK        |   1529597 | NS      | $4186168.49   | 1.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| VALE S.A.                                        | VALE SA-SP ADR DEPOSITARY RECEIPT               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |    427535 | NS      | $4643030.10   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARANTY TRUST HOLDING COMPANY PLC               | GUARANTY TRUST HOLDING CO PL COMMON STOCK       | CUSIP: V4161A100<br>LEI: 0292004488G9K8Y1I649 | Long             | EC               |  | GB        |  43173758 | NS      | $2806294.27   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                     | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT          | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |     45402 | NS      | $2744550.90   | 1.13%             |  |  |  | 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        |    266900 | NS      | $2677808.10   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: USD/HKD SETTLE 2025-10-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-11.46       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                          | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |     74869 | NS      | $6179379.86   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Tuopu Group Co., Ltd.                     | NINGBO TUOPU GROUP CO LTD-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    615100 | NS      | $7026376.44   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                            | ANGLOGOLD ASHANTI PLC COMMON STOCK              | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               |  | US        |     57766 | NS      | $4062682.78   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    271795 | NS      | $16294199.33  | 6.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corporation SJSC          | SAUDI BASIC INDUSTRIES CORP COMMON STOCK        | CUSIP: N/A<br>LEI: 213800ZCTFZZZJSK8645       | Long             | EC               |  | SA        |    138792 | NS      | $2277917.87   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                      | STANDARD BANK GROUP LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               |  | ZA        |    148616 | NS      | $2035289.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN MASAN                   | MASAN GROUP CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 254900M1892CMJ87XD24       | Long             | EC               |  | VN        |    520500 | NS      | $1596549.07   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED | COUNTRY GARDEN SERVICES HOLD COMMON STOCK       | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               |  | HK        |   2576856 | NS      | $2187497.51   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                    | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    167660 | NS      | $7271372.46   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| DLF LIMITED                                      | DLF LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               |  | IN        |    329830 | NS      | $2650379.78   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings S.A.                  | Piraeus Financial Holdings S.A COMMON STOCK     | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | EC               |  | GR        |    577574 | NS      | $4910033.22   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)             | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    125625 | NS      | $1590412.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                | MTN GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |    459027 | NS      | $3866642.22   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                | ROSNEFT OIL CO PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |    292949 | NS      | $0.36         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                           | BANCO BTG PACTUAL SA-UNIT UNIT                  | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |    360900 | NS      | $3273855.09   | 1.35%             |  |  |  | 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        |    509800 | NS      | $3736232.69   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                    | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |     94521 | NS      | $2604998.76   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                    | FIRST ABU DHABI BANK PJSC COMMON STOCK          | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |    240247 | NS      | $1022977.15   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                                      | KANZHUN LTD COMMON STOCK                        | CUSIP: G5224V103<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               |  | HK        |     35900 | NS      | $418721.78    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR AIRPORTS LIMITED                             | GMR AIRPORTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        |   1960024 | NS      | $1924315.54   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                    | HD HYUNDAI ELECTRIC CO COMMON STOCK             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               |  | KR        |      4269 | NS      | $1775635.62   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: USD/HKD SETTLE 2025-10-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-9.10        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LONGi Green Energy Technology Co., Ltd.          | LONGI GREEN ENERGY TECHNOL-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300NRGAITUP1EZ248       | Long             | EC               |  | CN        |    998100 | NS      | $2528649.60   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    192904 | NS      | $8379330.62   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                         | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    122395 | NS      | $10431306.96  | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                        | VALTERRA PLATINUM LIMITED COMMON STOCK          | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     72725 | NS      | $5195264.84   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Robotics                                 | HORIZON ROBOTICS INC COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |   5254200 | NS      | $6453458.79   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                | IVANHOE MINES LTD-CL A COMMON STOCK             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |    443559 | NS      | $4705283.05   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Gold Mining Co., Ltd.                   | SHANDONG GOLD MINING CO LT-H COMMON STOCK       | CUSIP: N/A<br>LEI: 300300KC2K8BC07OSV77       | Long             | EC               |  | HK        |    196250 | NS      | $928136.31    | 0.38%             |  |  |  | Yes           |                  1 | On Loan: No      |
| KIA CORPORATION                                  | KIA CORP COMMON STOCK                           | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |     27909 | NS      | $2003221.43   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LIMITED                    | CAPITEC BANK HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |     16799 | NS      | $3393234.22   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     33190 | NS      | $5932048.70   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited               | ZIJIN MINING GROUP CO LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |    626000 | NS      | $2617841.02   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                      | FIRST QUANTUM MINERALS LTD COMMON STOCK         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               |  | CA        |    269328 | NS      | $6093463.73   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    413203 | NS      | $9242760.97   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                              | GOLD FIELDS LTD-SPONS ADR DEPOSITARY RECEIPT    | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               |  | US        |     76802 | NS      | $3222611.92   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: USD/ZAR SETTLE 2025-10-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-1024.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMBEV S.A.                                       | AMBEV SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               |  | BR        |   1084100 | NS      | $2457039.55   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TULLOW OIL PLC                                   | TULLOW OIL PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138003EYHWO75RKS857       | Long             | EC               |  | GB        |   2532590 | NS      | $356529.89    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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