# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-212470
**Filing Date:** 2025-8
**Character Count:** 27840
**Document Hash:** 4833bd49dc6389ee2cd7dc5d37e629fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212470.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212470

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251277982

**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

### BROWN ADVISORY SUSTAINABLE VALUE ETF (Series ID: S000092069)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000259984 | BROWN ADVISORY SUSTAINABLE VALUE ETF | BASV            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **FLEXIBLE EQUITY ETF** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK\*\* — 98.4%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 183879 | $32404996 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 176785 | 31359891 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 102348 | 75542035 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 67396 | 16057771 |
|  |  | 155364693 |
| **Consumer Discretionary — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 266091 | 58377704 |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | 712911 | 27632430 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 5751 | 33293919 |
| &nbsp;&nbsp;&nbsp;Lowe's | 56350 | 12502374 |
| &nbsp;&nbsp;&nbsp;TJX | 155047 | 19146754 |
|  |  | 150953181 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 229799 | 15497645 |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 638945 | 10855676 |
|  |  | 26353321 |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Suncor Energy | 661279 | 24764899 |
| **Financials — 26.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 237934 | 20364771 |
| &nbsp;&nbsp;&nbsp;Bank of America | 467165 | 22106248 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 97036 | 47137178 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 148688 | 13566293 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 14223 | 27826873 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 176981 | 30513294 |
| &nbsp;&nbsp;&nbsp;KKR | 395716 | 52642099 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 100085 | 56241765 |
| &nbsp;&nbsp;&nbsp;Progressive | 79514 | 21219106 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 173454 | 61584843 |
|  |  | 353202470 |

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 72544 | $13734756 |
| &nbsp;&nbsp;&nbsp;Danaher | 61468 | 12142389 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 327700 | 25629417 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 51120 | 19883635 |
| &nbsp;&nbsp;&nbsp;Illumina \* | 163928 | 15640370 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 113547 | 35423258 |
|  |  | 122453825 |
| **Industrials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 121412 | 12631704 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 378752 | 27720859 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 69745 | 15186974 |
| &nbsp;&nbsp;&nbsp;General Electric | 81777 | 21048582 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 72285 | 11731855 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 222983 | 20804314 |
| &nbsp;&nbsp;&nbsp;United Rentals | 39051 | 29421023 |
|  |  | 138545311 |
| **Information Technology — 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 35346 | 13674660 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 74626 | 17762481 |
| &nbsp;&nbsp;&nbsp;Apple | 116611 | 23925079 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 74979 | 23211249 |
| &nbsp;&nbsp;&nbsp;Intuit | 44887 | 35354348 |
| &nbsp;&nbsp;&nbsp;KLA | 22131 | 19823622 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 292302 | 22624175 |
| &nbsp;&nbsp;&nbsp;Microsoft | 211688 | 105295728 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 244197 | 55308179 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 41858 | 10045920 |
|  |  | 327025441 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $825,381,841) |  | 1298663141 |
| **Total Investments - 98.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $825,381,841) |  | $1298663141 |

---

*Percentages are based on Net Assets of $1,319,607,215.*

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

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **SUSTAINABLE VALUE ETF** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.3%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 7457 | $1322797 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 116254 | 4149105 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 7983 | 1380660 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 13338 | 3177912 |
|  |  | 10030474 |
| **Consumer Discretionary — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Expedia Group \* | 8321 | 1403586 |
| &nbsp;&nbsp;&nbsp;LKQ | 56520 | 2091805 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 23112 | 1876926 |
|  |  | 5372317 |
| **Consumer Staples — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue | 54587 | 1142506 |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 78049 | 4774257 |
|  |  | 5916763 |
| **Energy — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ChampionX | 78916 | 1960273 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 68522 | 2316044 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 35806 | 1801400 |
|  |  | 6077717 |
| **Financials — 21.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 56183 | 4808703 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 2462 | 1314043 |
| &nbsp;&nbsp;&nbsp;Bank of America | 98029 | 4638732 |
| &nbsp;&nbsp;&nbsp;Citigroup | 37776 | 3215493 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 44081 | 2472944 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 52947 | 4310415 |
| &nbsp;&nbsp;&nbsp;KKR | 19532 | 2598342 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson | 14311 | 4386322 |
|  |  | 27744994 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Health Care — 17.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 30019 | $5043192 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 7183 | 2793900 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 19226 | 2131587 |
| &nbsp;&nbsp;&nbsp;ICON \* | 17901 | 2603700 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 10295 | 2702540 |
| &nbsp;&nbsp;&nbsp;Medtronic | 17742 | 1546570 |
| &nbsp;&nbsp;&nbsp;Sanofi ADR | 110738 | 5349753 |
|  |  | 22171242 |
| **Industrials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 25551 | 5563730 |
| &nbsp;&nbsp;&nbsp;Masco | 28485 | 1833295 |
| &nbsp;&nbsp;&nbsp;Pentair | 27869 | 2861032 |
| &nbsp;&nbsp;&nbsp;Trane Technologies | 7453 | 3260017 |
| &nbsp;&nbsp;&nbsp;Waste Connections | 8362 | 1561353 |
|  |  | 15079427 |
| **Information Technology — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials | 13346 | 2443252 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 18712 | 1298239 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 29450 | 3610570 |
| &nbsp;&nbsp;&nbsp;Flex \* | 54250 | 2708160 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 8617 | 1882728 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 23004 | 3121643 |
|  |  | 15064592 |
| **Materials — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH | 62075 | 5698485 |
| **Real Estate — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 24804 | 3475536 |
| **Utilities — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 14336 | 4627087 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,891,557) |  | 121258634 |
| **Total Investments - 95.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,891,557) |  | $121258634 |

---

*Percentages are based on Net Assets of $127,259,755.*

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **SUSTAINABLE GROWTH ETF** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK\*\* — 98.8%** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services** — **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 16029 | $2824791 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 6454 | 4952412 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 124383 | 8954332 |
|  |  | 16731535 |
| **Consumer Discretionary** — **12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 84591 | 11194773 |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 173871 | 38145559 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 178805 | 10039901 |
|  |  | 59380233 |
| **Financials** — **19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 67762 | 11736378 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 43682 | 13983482 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 135317 | 12346323 |
| &nbsp;&nbsp;&nbsp;KKR | 143811 | 19131177 |
| &nbsp;&nbsp;&nbsp;Progressive | 62261 | 16614970 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 55527 | 19714861 |
|  |  | 93527191 |
| **Health Care** — **6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher | 62750 | 12395635 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 15833 | 8603811 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 47637 | 10422976 |
|  |  | 31422422 |
| **Industrials** — **10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrier Global | 161612 | 11828382 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;General Electric | 45203 | $11634800 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 112649 | 10510152 |
| &nbsp;&nbsp;&nbsp;Veralto | 94048 | 9494146 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 31324 | 9757426 |
|  |  | 53224906 |
| **Information Technology** — **45.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 32720 | 10082668 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 92091 | 12370584 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 172617 | 9530185 |
| &nbsp;&nbsp;&nbsp;Intuit | 27522 | 21677153 |
| &nbsp;&nbsp;&nbsp;KLA | 12183 | 10912800 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 209062 | 16181399 |
| &nbsp;&nbsp;&nbsp;Microsoft | 84003 | 41783932 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 17144 | 12538779 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 271562 | 42904080 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 15044 | 15466435 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 39795 | 4590353 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 56822 | 12869615 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 40366 | 9687840 |
|  |  | 220595823 |
| **Materials** — **1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab | 31825 | 8574928 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,080,031) |  | 483457038 |
| **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,080,031) |  | $483457038 |

---

*Percentages are based on Net Assets of $489,244,597.*

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

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

BRW-QH-001-0200

## 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:** Brown Advisory Sustainable Value ETF

- **b. EDGAR series identifier (if any):** S000092069

- **c. LEI of Series:** 5299002VHW2V934KTO63

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $128026041.45

**Total Liabilities:** $764595.40

**Net Assets:** $127261446.05

**Cash Not Reported:** $6144598.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259984 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4209081.10              | $21321267.29                               |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALPHABET INC.                                    | ALPHABET INC-CL C COMMON STOCK                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      7502 | NS      | $1330779.78   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.               | AMERICAN INTERNATIONAL GROUP COMMON STOCK     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               |  | US        |     56528 | NS      | $4838231.52   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                       | AMERIPRISE FINANCIAL INC COMMON STOCK         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               |  | US        |      2477 | NS      | $1322049.21   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                          | APPLIED MATERIALS INC COMMON STOCK            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               |  | US        |     13427 | NS      | $2458080.89   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP COMMON STOCK             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               |  | US        |     98629 | NS      | $4667124.28   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                            | CARDINAL HEALTH INC COMMON STOCK              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |     30202 | NS      | $5073936.00   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP, INC.                                 | CBRE GROUP INC - A COMMON STOCK               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               |  | US        |     24957 | NS      | $3496974.84   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPIONX CORPORATION                            | CHAMPIONX CORP COMMON STOCK                   | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               |  | US        |     79399 | NS      | $1972271.16   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                              | CISCO SYSTEMS INC COMMON STOCK                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |     18826 | NS      | $1306147.88   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                   | CITIGROUP INC COMMON STOCK                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |     38007 | NS      | $3235155.84   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                              | COMCAST CORP-CLASS A COMMON STOCK             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |    116968 | NS      | $4174587.92   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                | CONSTELLATION ENERGY COMMON STOCK             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |     14423 | NS      | $4655167.48   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                       | CRH PLC COMMON STOCK                          | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               |  | US        |     62456 | NS      | $5733460.80   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                           | DELL TECHNOLOGIES -C COMMON STOCK             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               |  | US        |     29630 | NS      | $3632638.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC COMMON STOCK              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |      7228 | NS      | $2811402.88   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                         | EQUITABLE HOLDINGS INC COMMON STOCK           | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               |  | US        |     44351 | NS      | $2488091.10   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                              | EXPEDIA GROUP INC COMMON STOCK                | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               |  | US        |      8372 | NS      | $1412188.96   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC COMMON STOCK         | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     25710 | NS      | $5598352.50   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL INFORMATION SERVICES, INC.     | FIDELITY NATIONAL INFO SERV COMMON STOCK      | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               |  | US        |     53271 | NS      | $4336792.11   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                        | FLEX LTD COMMON STOCK                         | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |     54583 | NS      | $2724783.36   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                            | GILEAD SCIENCES INC COMMON STOCK              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     19343 | NS      | $2144558.41   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                      | ICON PLC COMMON STOCK                         | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               |  | US        |     16055 | NS      | $2335199.75   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC.                                      | KENVUE INC COMMON STOCK                       | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               |  | US        |     54923 | NS      | $1149538.39   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                   | KKR & CO INC COMMON STOCK                     | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |     19652 | NS      | $2614305.56   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                            | LABCORP HOLDINGS INC COMMON STOCK             | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               |  | US        |     10358 | NS      | $2719078.58   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORPORATION                                  | LKQ CORP COMMON STOCK                         | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               |  | US        |     56868 | NS      | $2104684.68   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                | MASCO CORP COMMON STOCK                       | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |     24600 | NS      | $1583256.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                 | MEDTRONIC PLC COMMON STOCK                    | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               |  | US        |     17850 | NS      | $1555984.50   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                          | NXP SEMICONDUCTORS NV COMMON STOCK            | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |      8671 | NS      | $1894526.79   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                        | Nexstar Media Group Inc COMMON STOCK          | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |      8031 | NS      | $1388961.45   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                   | PENTAIR PLC COMMON STOCK                      | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     28040 | NS      | $2878586.40   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                        | SANOFI-ADR DEPOSITARY RECEIPT                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               |  | US        |    103083 | NS      | $4979939.73   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                | SCHLUMBERGER LTD COMMON STOCK                 | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               |  | US        |     68942 | NS      | $2330239.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                | T-MOBILE US INC COMMON STOCK                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     13419 | NS      | $3197210.94   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORPORATION                            | TD SYNNEX CORP COMMON STOCK                   | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               |  | US        |     23145 | NS      | $3140776.50   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                           | TRANE TECHNOLOGIES PLC COMMON STOCK           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               |  | US        |      7502 | NS      | $3281449.82   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                     | UNILEVER PLC-SPONSORED ADR DEPOSITARY RECEIPT | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | US        |     78529 | NS      | $4803618.93   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS, INC.                          | WASTE CONNECTIONS INC COMMON STOCK            | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               |  | US        |      8413 | NS      | $1570875.36   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PL COMMON STOCK     | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               |  | US        |     36025 | NS      | $1812417.75   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company      | WILLIS TOWERS WATSON PLC COMMON STOCK         | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               |  | US        |     14398 | NS      | $4412987.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.                   | WYNDHAM HOTELS & RESORTS INC COMMON STOCK     | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               |  | US        |     23253 | NS      | $1888376.13   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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