# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001356
**Filing Date:** 2026-2
**Character Count:** 27540
**Document Hash:** 6be5d15e1eb4995e3ed591ffcf77e50e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001356.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001356

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26693818

**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** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (000)** | **SCHEDULE OF INVESTMENTS (000)** | |
| **COMMON STOCK — 97.8%** | | |
|  | **Shares** |<br>**Value** |
| **Communication Services — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 194 | $60716 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 186 | 58502 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 108 | 71236 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 75 | 15159 |
|  |  | 205613 |
| **Consumer Discretionary — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 304 | 70215 |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | 793 | 29633 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 7 | 36738 |
| &nbsp;&nbsp;&nbsp;Lowe's | 62 | 15019 |
| &nbsp;&nbsp;&nbsp;TJX | 145 | 22207 |
|  |  | 173812 |
| **Consumer Staples — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 323 | 17388 |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 708 | 8858 |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 192 | 14493 |
|  |  | 40739 |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Suncor Energy | 733 | 32502 |
| **Financials — 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 222 | 19027 |
| &nbsp;&nbsp;&nbsp;Bank of America | 518 | 28466 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 107 | 54001 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 347 | 34656 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 15 | 31832 |
| &nbsp;&nbsp;&nbsp;KKR | 438 | 55897 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 111 | 63291 |
| &nbsp;&nbsp;&nbsp;Progressive | 88 | 20071 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 192 | 67227 |
|  |  | 374468 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **Health Care — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 104 | $16199 |
| &nbsp;&nbsp;&nbsp;Danaher | 102 | 23375 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 363 | 30954 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 72 | 25089 |
| &nbsp;&nbsp;&nbsp;Illumina \* | 140 | 18375 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 126 | 41575 |
|  |  | 155567 |
| **Industrials — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 134 | 13280 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 555 | 29341 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 71 | 15892 |
| &nbsp;&nbsp;&nbsp;General Electric | 77 | 23703 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 96 | 15022 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 247 | 20202 |
| &nbsp;&nbsp;&nbsp;United Rentals | 43 | 35095 |
|  |  | 152535 |
| **Information Technology — 22.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices | 94 | 25483 |
| &nbsp;&nbsp;&nbsp;Apple | 94 | 25564 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 73 | 21593 |
| &nbsp;&nbsp;&nbsp;Intuit | 50 | 32947 |
| &nbsp;&nbsp;&nbsp;KLA | 24 | 29511 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 145 | 12290 |
| &nbsp;&nbsp;&nbsp;Microsoft | 223 | 107966 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 255 | 77545 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 59 | 12712 |
|  |  | 345611 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $954,154) |  | 1480847 |
| **Total Investments - 97.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $954,154) |  | $1480847 |

---

*Percentages are based on Net Assets of $1,513,482.*

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **SUSTAINABLE GROWTH ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (000)** | **SCHEDULE OF INVESTMENTS (000)** | |
| **COMMON STOCK\*\* — 98.3%** | | |
|  | **Shares** |<br>**Value** |
| **Communication Services — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 24 | $13655 |
| **Consumer Discretionary — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 88 | 11879 |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 166 | 38266 |
|  |  | 50145 |
| **Financials — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 72 | 11712 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 59 | 15293 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 178 | 17755 |
| &nbsp;&nbsp;&nbsp;KKR | 133 | 16938 |
| &nbsp;&nbsp;&nbsp;Progressive | 58 | 13169 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 66 | 23263 |
|  |  | 98130 |
| **Health Care — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher | 64 | 14608 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 26 | 14800 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 50 | 13735 |
|  |  | 43143 |
| **Industrials — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrier Global | 241 | 12716 |
| &nbsp;&nbsp;&nbsp;Equifax | 54 | 11650 |
| &nbsp;&nbsp;&nbsp;General Electric | 39 | 12154 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 140 | 11455 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | **COMMON STOCK\*\* — continued** | |
|  | **Shares** | <br>**Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Veralto | 94 | $9365 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 45 | 10036 |
|  |  | 67376 |
| **Information Technology — 45.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom | 56 | 19362 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 40 | 12616 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 84 | 11370 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 203 | 8809 |
| &nbsp;&nbsp;&nbsp;Intuit | 30 | 19837 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 112 | 9489 |
| &nbsp;&nbsp;&nbsp;Microsoft | 101 | 48687 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 14 | 12726 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 241 | 44965 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 265 | 9403 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 68 | 10342 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 54 | 8664 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 44 | 9673 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 73 | 22246 |
|  |  | 248189 |
| **Materials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab | 42 | 11027 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $393,818) |  | 531665 |
| **Total Investments - 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $393,818) |  | $531665 |

---

*Percentages are based on Net Assets of $541,059.*

\*\* 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** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (000)** | **SCHEDULE OF INVESTMENTS (000)** | **SCHEDULE OF INVESTMENTS (000)** |
| **COMMON STOCK — 96.1%** | | |
|  | **Shares** | **Value** |
| **Communication Services — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 14 | $4369 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 214 | 6395 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 12 | 2359 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 27 | 5552 |
|  |  | 18675 |
| **Consumer Discretionary — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Expedia Group | 13 | 3543 |
| &nbsp;&nbsp;&nbsp;LKQ | 106 | 3214 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 43 | 3277 |
|  |  | 10034 |
| **Consumer Staples — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnum Ice Cream \* | 29 | 464 |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 131 | 8539 |
|  |  | 9003 |
| **Energy — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SLB | 238 | 9145 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 67 | 5279 |
|  |  | 14424 |
| **Financials — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 106 | 9044 |
| &nbsp;&nbsp;&nbsp;Bank of America | 174 | 9579 |
| &nbsp;&nbsp;&nbsp;Citigroup | 71 | 8304 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 101 | 4790 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 100 | 6627 |
| &nbsp;&nbsp;&nbsp;KKR | 31 | 3952 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson | 27 | 8808 |
|  |  | 51104 |
| **Health Care — 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 55 | 11211 |
| &nbsp;&nbsp;&nbsp;Cooper \* | 44 | 3644 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **Health Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health | 15 | $5289 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 33 | 4088 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 58 | 4308 |
| &nbsp;&nbsp;&nbsp;ICON \* | 34 | 6166 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 19 | 4854 |
| &nbsp;&nbsp;&nbsp;Medtronic | 33 | 3194 |
| &nbsp;&nbsp;&nbsp;Sanofi ADR | 217 | 10529 |
|  |  | 53283 |
| **Industrials — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 35 | 7761 |
| &nbsp;&nbsp;&nbsp;Masco | 53 | 3394 |
| &nbsp;&nbsp;&nbsp;Pentair | 52 | 5460 |
| &nbsp;&nbsp;&nbsp;Trane Technologies | 12 | 4563 |
| &nbsp;&nbsp;&nbsp;Waste Connections | 22 | 3935 |
|  |  | 25113 |
| **Information Technology — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials | 22 | 5695 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 35 | 2703 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 52 | 6502 |
| &nbsp;&nbsp;&nbsp;Flex \* | 92 | 5573 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 16 | 3554 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 33 | 4954 |
|  |  | 28981 |
| **Materials — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH | 98 | 12220 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock | 203 | 7845 |
|  |  | 20065 |
| **Real Estate — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 47 | 7523 |
| **Utilities — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 23 | 7999 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $215,369) |  | 246204 |
| **Total Investments - 96.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $215,369) |  | $246204 |

---

*Percentages are based on Net Assets of $256,228.*

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

BRW-QH-001-0300

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $258406390.99

**Total Liabilities:** $2178589.33

**Net Assets:** $256227801.66

**Cash Not Reported:** $10994462.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259984 | 1.21%                | 1.17%                | 1.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $461617.73               | $2104985.36                                |
| Month 2  | $356679.70               | $2196860.82                                |
| Month 3  | $382504.83               | $1955940.44                                |

### 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        |     13922 | NS      | $4368723.60   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.               | AMERICAN INTERNATIONAL GROUP COMMON STOCK     | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |    105719 | NS      | $9044260.45   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                          | APPLIED MATERIALS INC COMMON STOCK            | CUSIP: N/A<br>LEI: 41BNNE1AFPNAZELZ6K07       | Long             | EC               |  | US        |     22160 | NS      | $5694898.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |    174160 | NS      | $9578800.00   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                            | CARDINAL HEALTH INC COMMON STOCK              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |     54554 | NS      | $11210847.00  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP, INC.                                 | CBRE GROUP INC - A COMMON STOCK               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               |  | US        |     46789 | NS      | $7523203.31   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                              | CISCO SYSTEMS INC COMMON STOCK                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |     35094 | NS      | $2703290.82   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                   | CITIGROUP INC COMMON STOCK                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |     71165 | NS      | $8304243.85   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                              | COMCAST CORP-CLASS A COMMON STOCK             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |    213943 | NS      | $6394756.27   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                | CONSTELLATION ENERGY COMMON STOCK             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |     22642 | NS      | $7998739.34   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                       | COOPER COS INC/THE COMMON STOCK               | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               |  | US        |     44455 | NS      | $3643531.80   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                       | CRH PLC COMMON STOCK                          | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               |  | US        |     97916 | NS      | $12219916.80  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                           | DELL TECHNOLOGIES -C COMMON STOCK             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               |  | US        |     51656 | NS      | $6502457.28   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC COMMON STOCK              | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |     15088 | NS      | $5289098.40   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                         | EQUITABLE HOLDINGS INC COMMON STOCK           | CUSIP: N/A<br>LEI: 549300FIBAKMNHPZ4009       | Long             | EC               |  | US        |    100534 | NS      | $4790445.10   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                              | EXPEDIA GROUP INC COMMON STOCK                | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               |  | US        |     12505 | NS      | $3542791.55   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC COMMON STOCK         | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     34859 | NS      | $7760659.17   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL INFORMATION SERVICES, INC.     | FIDELITY NATIONAL INFO SERVICES COMMON STOCK  | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               |  | US        |     99716 | NS      | $6627125.36   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                        | FLEX LTD COMMON STOCK                         | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |     92240 | NS      | $5573140.80   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                            | GILEAD SCIENCES INC COMMON STOCK              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     33309 | NS      | $4088346.66   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                    | HOLOGIC INC COMMON STOCK                      | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               |  | US        |     57834 | NS      | $4308054.66   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                      | ICON PLC COMMON STOCK                         | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               |  | US        |     33840 | NS      | $6166324.80   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                   | KKR & CO INC COMMON STOCK                     | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |     31000 | NS      | $3951880.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                            | LABCORP HOLDINGS INC COMMON STOCK             | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               |  | US        |     19346 | NS      | $4853524.48   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORPORATION                                  | LKQ CORP COMMON STOCK                         | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               |  | US        |    106426 | NS      | $3214065.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The Magnum Ice Cream Company N.V.                | MAGNUM ICE CREAM CO NV/THE COMMON STOCK       | CUSIP: N5505D105<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               |  | US        |     29268 | NS      | $463897.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                | MASCO CORP COMMON STOCK                       | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |     53487 | NS      | $3394285.02   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                 | MEDTRONIC PLC COMMON STOCK                    | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               |  | US        |     33254 | NS      | $3194379.24   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                          | NXP SEMICONDUCTORS NV COMMON STOCK            | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |     16371 | NS      | $3553489.26   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                        | Nexstar Media Group Inc COMMON STOCK          | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |     11618 | NS      | $2359034.90   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                   | PENTAIR PLC COMMON STOCK                      | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     52428 | NS      | $5459851.92   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                        | SANOFI-ADR DEPOSITARY RECEIPT                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               |  | US        |    217275 | NS      | $10529146.50  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB N.V.                                         | SLB LTD COMMON STOCK                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               |  | US        |    238274 | NS      | $9144956.12   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY          | SMURFIT WESTROCK PLC COMMON STOCK             | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               |  | US        |    202858 | NS      | $7844518.86   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                | T-MOBILE US INC COMMON STOCK                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     27346 | NS      | $5552331.84   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORPORATION                            | TD SYNNEX CORP COMMON STOCK                   | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               |  | US        |     32976 | NS      | $4953984.48   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                           | TRANE TECHNOLOGIES PLC COMMON STOCK           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               |  | US        |     11723 | NS      | $4562591.60   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                     | UNILEVER PLC-SPONSORED ADR DEPOSITARY RECEIPT | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | US        |    130562 | NS      | $8538754.80   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS, INC.                          | WASTE CONNECTIONS INC COMMON STOCK            | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               |  | US        |     22437 | NS      | $3934552.32   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PL COMMON STOCK     | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               |  | US        |     67458 | NS      | $5279263.08   | 2.06%             |  |  |  | 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        |     26806 | NS      | $8808451.60   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.                   | WYNDHAM HOTELS & RESORTS INC COMMON STOCK     | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               |  | US        |     43373 | NS      | $3277263.88   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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