# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003868
**Filing Date:** 2025-12
**Character Count:** 36180
**Document Hash:** a9f5977ac20e3585f753010a20d463f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003868.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002048251-25-003868

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251229

**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:** 251610508

**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 Small Cap Fund (Series ID: S000048266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152513 | I Shares       | KCSIX           |
| C000158713 | Class S Shares | KCSSX           |

## 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 Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000048266

- **c. LEI of Series:** 549300EE5HIH37YCEY70

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $168285204.25

**Total Liabilities:** $166313.14

**Net Assets:** $168118891.11

**Cash Not Reported:** $1995.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158713 | 0.58%                | 0.80%                | 7.57%                |
| Class ID C000152513 | 0.50%                | 0.82%                | 7.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1254004.33              | $-307349.13                                |
| Month 2  | $4335920.97              | $-3186436.32                               |
| Month 3  | $1589755.62              | $9832306.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VERICEL CORPORATION                    | VERICEL CORP COMMON STOCK                             | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               |  | US        |     32276 | NS      | $1131596.56   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOVENTUS INC.                         | BIOVENTUS INC - A COMMON STOCK                        | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               |  | US        |    270646 | NS      | $1772731.30   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTAPP, INC.                           | INTAPP INC COMMON STOCK                               | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               |  | US        |     35405 | NS      | $1358843.90   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BOWHEAD SPECIALTY HOLDINGS INC.        | BOWHEAD SPECIALTY HOLDINGS I COMMON STOCK             | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               |  | US        |     44892 | NS      | $1075612.32   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEAYA Biosciences Inc                 | IDEAYA BIOSCIENCES INC COMMON STOCK                   | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               |  | US        |     31013 | NS      | $988074.18    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                           | RADNET INC COMMON STOCK                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               |  | US        |     40192 | NS      | $3054190.08   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INCORPORATED      | GRANITE CONSTRUCTION INC COMMON STOCK                 | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               |  | US        |     24272 | NS      | $2497831.52   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                               | MERUS NV COMMON STOCK                                 | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               |  | US        |     12279 | NS      | $1164785.94   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc.                             | SPIRE INC COMMON STOCK                                | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               |  | US        |     27578 | NS      | $2382739.20   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                    | BRINK'S CO/THE COMMON STOCK                           | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |     24794 | NS      | $2756101.04   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF ENERGY INC.                        | PBF ENERGY INC-CLASS A COMMON STOCK                   | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               |  | US        |     49902 | NS      | $1705151.34   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN BANK HOLDING CORP.        | METROPOLITAN BANK HOLDING CO COMMON STOCK             | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               |  | US        |     26534 | NS      | $1758408.18   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                | DENALI THERAPEUTICS INC COMMON STOCK                  | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               |  | US        |     45293 | NS      | $737370.04    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP                | VALLEY NATIONAL BANCORP COMMON STOCK                  | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               |  | US        |    233025 | NS      | $2532981.75   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc               | REVOLUTION MEDICINES INC COMMON STOCK                 | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               |  | US        |     11356 | NS      | $668187.04    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.              | AXSOME THERAPEUTICS INC COMMON STOCK                  | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |     18443 | NS      | $2489620.57   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORPORATION | Zurn Elkay Water Solutions Corporation COMMON STOCK   | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               |  | US        |     11042 | NS      | $520188.62    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp          | ADAPTIVE BIOTECHNOLOGIES COMMON STOCK                 | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               |  | US        |    128192 | NS      | $2225413.12   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                            | BELDEN INC COMMON STOCK                               | CUSIP: N/A<br>LEI: 68BKYO1JC791TTJHUE82       | Long             | EC               |  | US        |     21401 | NS      | $2607711.85   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                | CIVITAS RESOURCES INC COMMON STOCK                    | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               |  | US        |     31493 | NS      | $907943.19    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| URANIUM ENERGY CORP.                   | URANIUM ENERGY CORP COMMON STOCK                      | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               |  | US        |     38877 | NS      | $588209.01    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORPORATION              | KILROY REALTY CORP REIT                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |     37275 | NS      | $1574868.75   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                        | O-I GLASS INC COMMON STOCK                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               |  | US        |    156072 | NS      | $1762052.88   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                    | SEMTECH CORP COMMON STOCK                             | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               |  | US        |     17886 | NS      | $1213743.96   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                   | VIAVI SOLUTIONS INC COMMON STOCK                      | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               |  | US        |    140200 | NS      | $2481540.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                  | GUARDANT HEALTH INC COMMON STOCK                      | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               |  | US        |     22470 | NS      | $2090159.40   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION              | UMB FINANCIAL CORP COMMON STOCK                       | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               |  | US        |     19226 | NS      | $2054874.88   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MADRIGAL PHARMACEUTICALS, INC.         | MADRIGAL PHARMACEUTICALS INC COMMON STOCK             | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               |  | US        |      3480 | NS      | $1457772.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.         | AMERICAN HEALTHCARE REIT INC REIT                     | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |     60463 | NS      | $2740183.16   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                | KYMERA THERAPEUTICS INC COMMON STOCK                  | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               |  | US        |     17030 | NS      | $1053135.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                       | WARBY PARKER INC-CLASS A COMMON STOCK                 | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               |  | US        |     75768 | NS      | $1484295.12   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTLY, INC.                           | FASTLY INC - CLASS A COMMON STOCK                     | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               |  | US        |    153084 | NS      | $1269066.36   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLIUM SE                         | CONSTELLIUM SE COMMON STOCK                           | CUSIP: F21107101<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               |  | US        |    119484 | NS      | $1879483.32   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                       | ESSENT GROUP LTD COMMON STOCK                         | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               |  | US        |     15379 | NS      | $931506.03    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PHINIA INC.                            | PHINIA INC COMMON STOCK                               | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               |  | US        |     45499 | NS      | $2361853.09   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION            | HANCOCK WHITNEY CORP COMMON STOCK                     | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               |  | US        |     39829 | NS      | $2274634.19   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC.                    | LSI INDUSTRIES INC COMMON STOCK                       | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               |  | US        |     98567 | NS      | $2256198.63   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.               | BOOT BARN HOLDINGS INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900QE1BFMYA3N4E71       | Long             | EC               |  | US        |     11762 | NS      | $2230663.30   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc              | VIRIDIAN THERAPEUTICS INC COMMON STOCK                | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               |  | US        |     53705 | NS      | $1269049.15   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY              | NATIONAL FUEL GAS CO COMMON STOCK                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               |  | US        |     25142 | NS      | $1983955.22   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NewAmsterdam Pharma Company NV         | NEWAMSTERDAM PHARMA CO NV COMMON STOCK                | CUSIP: N62509109<br>LEI: 984500B6549TF6E14D36 | Long             | EC               |  | US        |     30362 | NS      | $1152237.90   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL VISION HOLDINGS, INC.         | NATIONAL VISION HOLDINGS INC COMMON STOCK             | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               |  | US        |     36145 | NS      | $930733.75    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | BROWN BROTHERS HARRIMAN SWEEP INTEREST                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4148548 | PA      | $4148547.93   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD SECOND BANCORP, INC.               | OLD SECOND BANCORP INC COMMON STOCK                   | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               |  | US        |    123274 | NS      | $2212768.30   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRUM PHARMACEUTICALS, INC.            | MIRUM PHARMACEUTICALS INC COMMON STOCK                | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               |  | US        |     18182 | NS      | $1320922.30   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                          | POPULAR INC COMMON STOCK                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               |  | US        |     10353 | NS      | $1154048.91   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GARRETT MOTION INC.                    | GARRETT MOTION INC COMMON STOCK                       | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               |  | US        |    130924 | NS      | $2217852.56   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                | LIVERAMP HOLDINGS INC COMMON STOCK                    | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |     56896 | NS      | $1555536.64   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORPORATION    | SIX FLAGS ENTERTAINMENT CORP COMMON STOCK             | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               |  | US        |     55908 | NS      | $1284765.84   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                | ARS PHARMACEUTICALS INC COMMON STOCK                  | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               |  | US        |    121461 | NS      | $1088290.56   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDEX INTERNATIONAL CORPORATION      | STANDEX INTERNATIONAL CORP COMMON STOCK               | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               |  | US        |     10614 | NS      | $2475503.22   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IES HOLDINGS, INC.                     | IES HOLDINGS INC COMMON STOCK                         | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               |  | US        |      7395 | NS      | $2897952.60   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS LEASE FINANCE CORPORATION       | WILLIS LEASE FINANCE CORP COMMON STOCK                | CUSIP: 970646105<br>LEI: 54930023EP1OE5MKWF89 | Long             | EC               |  | US        |     13223 | NS      | $1697568.74   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKIVA INC.                           | WORKIVA INC COMMON STOCK                              | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               |  | US        |     27578 | NS      | $2344405.78   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LAUREATE EDUCATION, INC.               | LAUREATE EDUCATION INC COMMON STOCK                   | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               |  | US        |     23964 | NS      | $695674.92    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MOELIS & COMPANY                       | MOELIS & CO - CLASS A COMMON STOCK                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               |  | US        |     14217 | NS      | $900362.61    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TRONOX HOLDINGS PLC                    | TRONOX HOLDINGS PLC COMMON STOCK                      | CUSIP: G9087Q102<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               |  | US        |    136932 | NS      | $479262.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS, INC.             | UNITED NATURAL FOODS INC COMMON STOCK                 | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               |  | US        |     62776 | NS      | $2363516.40   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                  | JBT MAREL CORP COMMON STOCK                           | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |      3522 | NS      | $444124.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMARK GROUP, INC.                    | NEWMARK GROUP INC-CLASS A COMMON STOCK                | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               |  | US        |     84631 | NS      | $1508970.73   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED DIGITAL CORPORATION            | APPLIED DIGITAL CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 2549004NE2B6RYXINZ02       | Long             | EC               |  | US        |     14755 | NS      | $511408.30    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAKE SHACK INC.                       | SHAKE SHACK INC - CLASS A COMMON STOCK                | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               |  | US        |     19661 | NS      | $1897483.11   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.            | MERIT MEDICAL SYSTEMS INC COMMON STOCK                | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               |  | US        |     24707 | NS      | $2162850.78   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON INSURANCE GROUP, LTD.         | HAMILTON INSURANCE GROU-CL B COMMON STOCK             | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               |  | US        |     84909 | NS      | $2009796.03   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings, Inc.            | DIGITALOCEAN HOLDINGS INC COMMON STOCK                | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               |  | US        |     67422 | NS      | $2741378.52   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                          | MAXIMUS INC COMMON STOCK                              | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |     25229 | NS      | $2097034.48   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.               | FIRSTCASH HOLDINGS INC COMMON STOCK                   | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               |  | US        |     14006 | NS      | $2219951.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX CORPORATION                       | GATX CORP COMMON STOCK                                | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               |  | US        |      2431 | NS      | $381302.35    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                   | CARETRUST REIT INC REIT                               | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |     51850 | NS      | $1796602.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED    | CHEESECAKE FACTORY INC/THE COMMON STOCK               | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               |  | US        |     33581 | NS      | $1672333.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                | PIPER SANDLER COS COMMON STOCK                        | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               |  | US        |      8084 | NS      | $2580897.84   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TRI POINTE HOMES, INC.                 | TRI POINTE HOMES INC COMMON STOCK                     | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               |  | US        |     58114 | NS      | $1850930.90   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG BANCORP                            | OFG BANCORP COMMON STOCK                              | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               |  | US        |     48718 | NS      | $1883437.88   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                        | FMC CORP COMMON STOCK                                 | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               |  | US        |     30546 | NS      | $463382.82    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORPORATION                       | IMAX CORP COMMON STOCK                                | CUSIP: N/A<br>LEI: 894500GS1ESLAPZCEI74       | Long             | EC               |  | US        |     64948 | NS      | $2110160.52   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc                  | EXCELERATE ENERGY INC-A COMMON STOCK                  | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               |  | US        |     66117 | NS      | $1713091.47   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM TECHNOLOGIES, INC.                 | TTM TECHNOLOGIES COMMON STOCK                         | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               |  | US        |     32087 | NS      | $2156246.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.         | BREAD FINANCIAL HOLDINGS INC COMMON STOCK             | CUSIP: N/A<br>LEI: 549300G8S4PO686J7H97       | Long             | EC               |  | US        |     31145 | NS      | $1951234.25   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWEST, INC.                          | SKYWEST INC COMMON STOCK                              | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               |  | US        |     20966 | NS      | $2106663.68   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL SEAWAYS, INC.            | INTERNATIONAL SEAWAYS INC COMMON STOCK                | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               |  | US        |     44281 | NS      | $2268515.63   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FINANCIAL CORPORATION            | FIRST FINANCIAL CORP COMMON STOCK                     | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               |  | US        |     27721 | NS      | $1478083.72   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | BLUEPRINT MEDICINES CORP - CVR CONTINGENT VALUE RIGHT | CUSIP: 09627Y109<br>LEI: N/A                  | Long             | EC               |  | US        |      4287 | NS      | $1972.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE BIRD CORPORATION                  | BLUE BIRD CORP COMMON STOCK                           | CUSIP: N/A<br>LEI: 5493004ZXJUUWQ65ER59       | Long             | EC               |  | US        |     15992 | NS      | $798960.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                    | ACI WORLDWIDE INC COMMON STOCK                        | CUSIP: N/A<br>LEI: 5493003BPVMZUJ6F5C02       | Long             | EC               |  | US        |     40261 | NS      | $1917631.43   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENDOOR TECHNOLOGIES INC.             | OPENDOOR TECHNOLOGIES INC COMMON STOCK                | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               |  | US        |     40817 | NS      | $317148.09    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELIS INSURANCE HOLDINGS LIMITED     | FIDELIS INSURANCE HOLDINGS L COMMON STOCK             | CUSIP: G3398L118<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | EC               |  | US        |     68164 | NS      | $1225588.72   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LIMBACH HOLDINGS, INC.                 | LIMBACH HOLDINGS INC COMMON STOCK                     | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               |  | US        |     15659 | NS      | $1479462.32   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AMKOR TECHNOLOGY, INC.                 | AMKOR TECHNOLOGY INC COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900VHLRTKPWZJBM84       | Long             | EC               |  | US        |     61017 | NS      | $1969628.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                            | TANGER INC REIT                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |     69423 | NS      | $2260412.88   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc                      | SOUNDHOUND AI INC-A COMMON STOCK                      | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               |  | US        |     67046 | NS      | $1181350.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLE PUBLIC LIMITED COMPANY            | DOLE PLC COMMON STOCK                                 | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               |  | US        |    115397 | NS      | $1470157.78   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corporation                  | NEWMARKET CORP COMMON STOCK                           | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               |  | US        |      1286 | NS      | $987519.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS HOLDINGS, INC.           | SOUTHWEST GAS HOLDINGS INC COMMON STOCK               | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               |  | US        |     21314 | NS      | $1694463.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC.                    | Liberty Energy Inc COMMON STOCK                       | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               |  | US        |    122833 | NS      | $2224505.63   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings, S.A.                    | COPA HOLDINGS SA-CLASS A COMMON STOCK                 | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               |  | US        |     17225 | NS      | $2156742.25   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE FINANCIAL SERVICES CORP     | ENTERPRISE FINANCIAL SERVICE COMMON STOCK             | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               |  | US        |     37408 | NS      | $1959056.96   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIORITY TECHNOLOGY HOLDINGS, INC.     | PRIORITY TECHNOLOGY HOLDINGS COMMON STOCK             | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               |  | US        |    241761 | NS      | $1682656.56   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                  | TWIST BIOSCIENCE CORP COMMON STOCK                    | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               |  | US        |     20875 | NS      | $686578.75    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                | CUSHMAN & WAKEFIELD PLC COMMON STOCK                  | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               |  | US        |    163031 | NS      | $2559586.70   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                     | COEUR MINING INC COMMON STOCK                         | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               |  | US        |     82303 | NS      | $1413142.51   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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