# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211471
**Filing Date:** 2025-8
**Character Count:** 23179
**Document Hash:** 32458ddc1d4c45eaebcdb7b2ad5c2d1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211471.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211471

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251271074

**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

### Democratic Large Cap Core ETF (Series ID: S000069948)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000222781 | Democratic Large Cap Core ETF | DEMZ            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **JUNE 30, 2025**<br> **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK\*\* — 99.7%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Communication Services — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 6798 | $1198012 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 6135 | 1088288 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 1447 | 231086 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 2975 | 2195818 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 804 | 1076660 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 7626 | 548614 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 7323 | 908125 |
|  |  | 7246603 |
| **Consumer Discretionary — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax \* | 6570 | 441570 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 2438 | 668695 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 4881 | 622718 |
| &nbsp;&nbsp;&nbsp;Tapestry | 5284 | 463988 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 704 | 329345 |
|  |  | 2526316 |
| **Consumer Staples — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 2332 | 211979 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1516 | 1500749 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 1622 | 209108 |
|  |  | 1921836 |
| **Financials — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Everest Group | 3195 | 1085821 |
| &nbsp;&nbsp;&nbsp;Loews | 19480 | 1785537 |
| &nbsp;&nbsp;&nbsp;Moody's | 2934 | 1471665 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 1369 | 789557 |
|  |  | 5132580 |
| **Health Care — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 3652 | 430972 |
| &nbsp;&nbsp;&nbsp;Danaher | 4235 | 836582 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 6110 | 446335 |
| &nbsp;&nbsp;&nbsp;Stryker | 3139 | 1241883 |
|  |  | 2955772 |
| **Industrials — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 4206 | 1297131 |
| &nbsp;&nbsp;&nbsp;Nordson | 3984 | 854050 |
| &nbsp;&nbsp;&nbsp;Paychex | 6367 | 926144 |
| &nbsp;&nbsp;&nbsp;Veralto | 7697 | 777012 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **JUNE 30, 2025**<br> **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Xylem | 7676 | $992967 |
|  |  | 4847304 |
| **Information Technology — 38.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 262 | 101363 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 6414 | 910147 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 14921 | 1473449 |
| &nbsp;&nbsp;&nbsp;Apple | 10901 | 2236558 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 6802 | 695913 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 727 | 225057 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 1763 | 543269 |
| &nbsp;&nbsp;&nbsp;CDW | 1243 | 221987 |
| &nbsp;&nbsp;&nbsp;Gartner \* | 263 | 106310 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 4250 | 1252815 |
| &nbsp;&nbsp;&nbsp;KLA | 1365 | 1222685 |
| &nbsp;&nbsp;&nbsp;Lam Research | 13030 | 1268340 |
| &nbsp;&nbsp;&nbsp;Microsoft | 4535 | 2255754 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 14976 | 2366058 |
| &nbsp;&nbsp;&nbsp;Salesforce | 3254 | 887333 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 1078 | 1108270 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 1097 | 562410 |
|  |  | 17437718 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 4238 | 743642 |
| **Real Estate — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower, Cl A ‡ | 3491 | 771581 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 51655 | 1085788 |
|  |  | 1857369 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,771,928) |  | 44669140 |
| **Total Investments - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,771,928) |  | $44669140 |

---

Percentages are based on Net Assets of $44,791,904.

\* Non-income producing security.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **JUNE 30, 2025**<br> **(UNAUDITED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
 Estate Investment Trust.

Cl — Class<br> MSCI — Morgan Stanley Capital International

RAM-QH-001-1000

## 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:** Democratic Large Cap Core ETF

- **b. EDGAR series identifier (if any):** S000069948

- **c. LEI of Series:** 549300M5EXXX4OS3ZE95

**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:** $44805661.17

**Total Liabilities:** $13757.61

**Net Assets:** $44791903.56

**Cash Not Reported:** $92198.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222781 | 5.18%                | 7.58%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1387380.58              | $756561.66                                 |
| Month 2  | $0.00                    | $2972029.53                                |
| Month 3  | $8980.00                 | $259598.50                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADOBE INC.                                  | ADOBE INC COMMON STOCK                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |       262 | NS      | $101362.56    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                | ADVANCED MICRO DEVICES COMMON STOCK      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               |  | US        |      6414 | NS      | $910146.60    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                  | AGILENT TECHNOLOGIES INC COMMON STOCK    | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               |  | US        |      3652 | NS      | $430972.52    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL A COMMON STOCK           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      6798 | NS      | $1198011.54   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL C COMMON STOCK           | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      6135 | NS      | $1088287.65   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                  | AMERICAN TOWER CORP REIT                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      3491 | NS      | $771580.82    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP-CL A COMMON STOCK          | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               |  | US        |     14921 | NS      | $1473448.75   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                  | APPLE INC COMMON STOCK                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |     10901 | NS      | $2236558.17   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                       | ARISTA NETWORKS INC COMMON STOCK         | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               |  | US        |      6802 | NS      | $695912.62    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                              | AUTODESK INC COMMON STOCK                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               |  | US        |       727 | NS      | $225057.39    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING COMMON STOCK   | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               |  | US        |      4206 | NS      | $1297130.40   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                  | AVERY DENNISON CORP COMMON STOCK         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               |  | US        |      4238 | NS      | $743641.86    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                | CADENCE DESIGN SYS INC COMMON STOCK      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               |  | US        |      1763 | NS      | $543268.45    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax, Inc.                                | CARMAX INC COMMON STOCK                  | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               |  | US        |      6570 | NS      | $441569.70    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                             | CDW CORP/DE COMMON STOCK                 | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               |  | US        |      1243 | NS      | $221987.37    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                   | COLGATE-PALMOLIVE CO COMMON STOCK        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |      2332 | NS      | $211978.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                | COSTCO WHOLESALE CORP COMMON STOCK       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      1516 | NS      | $1500749.04   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                         | DANAHER CORP COMMON STOCK                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |      4235 | NS      | $836581.90    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC COMMON STOCK         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      1447 | NS      | $231085.90    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                         | EVEREST GROUP LTD COMMON STOCK           | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               |  | US        |      3195 | NS      | $1085820.75   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                               | GARTNER INC COMMON STOCK                 | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               |  | US        |       263 | NS      | $106309.86    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY SCHEIN, INC.                          | HENRY SCHEIN INC COMMON STOCK            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               |  | US        |      6110 | NS      | $446335.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      4250 | NS      | $1252815.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                  | KIMBERLY-CLARK CORP COMMON STOCK         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               |  | US        |      1622 | NS      | $209108.24    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                   | KIMCO REALTY CORP REIT                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     51655 | NS      | $1085788.10   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP COMMON STOCK                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      1365 | NS      | $1222685.10   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                    | LAM RESEARCH CORP COMMON STOCK           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |     13030 | NS      | $1268340.20   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORPORATION                           | LOEWS CORP COMMON STOCK                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               |  | US        |     19480 | NS      | $1785536.80   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                        | META PLATFORMS INC COMMON STOCK          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      2975 | NS      | $2195817.75   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP COMMON STOCK              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      4535 | NS      | $2255754.35   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                         | MOODY'S CORP COMMON STOCK                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               |  | US        |      2934 | NS      | $1471665.06   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                   | MSCI INC COMMON STOCK                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               |  | US        |      1369 | NS      | $789557.06    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                               | NETFLIX INC COMMON STOCK                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |       804 | NS      | $1076660.52   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORPORATION                         | NORDSON CORP COMMON STOCK                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               |  | US        |      3984 | NS      | $854050.08    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                          | NVIDIA CORP COMMON STOCK                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     14976 | NS      | $2366058.24   | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                          | OMNICOM GROUP COMMON STOCK               | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |      7626 | NS      | $548614.44    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                               | PAYCHEX INC COMMON STOCK                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               |  | US        |      6367 | NS      | $926143.82    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                    | RALPH LAUREN CORP COMMON STOCK           | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               |  | US        |      2438 | NS      | $668694.64    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                           | ROSS STORES INC COMMON STOCK             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               |  | US        |      4881 | NS      | $622717.98    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                            | SALESFORCE INC COMMON STOCK              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               |  | US        |      3254 | NS      | $887333.26    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                            | SERVICENOW INC COMMON STOCK              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      1078 | NS      | $1108270.24   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                         | STRYKER CORP COMMON STOCK                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               |  | US        |      3139 | NS      | $1241882.57   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                              | SYNOPSYS INC COMMON STOCK                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |      1097 | NS      | $562409.96    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                              | TAPESTRY INC COMMON STOCK                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |      5284 | NS      | $463988.04    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC COMMON STOCK             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |       704 | NS      | $329345.28    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                         | VERALTO CORP COMMON STOCK                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      7697 | NS      | $777012.15    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                     | WALT DISNEY CO/THE COMMON STOCK          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               |  | US        |      7323 | NS      | $908125.23    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                  | XYLEM INC COMMON STOCK                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |      7676 | NS      | $992967.36    | 2.22%             |  |  |  | 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