# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001354
**Filing Date:** 2026-2
**Character Count:** 24515
**Document Hash:** ac2bace2b6264d43014f4aef3f06403e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001354.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001354

**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:** 26693813

**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 GROWTH ETF (Series ID: S000092068)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000259983 | BROWN ADVISORY SUSTAINABLE GROWTH ETF | BASG            |

## 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 Growth ETF

- **b. EDGAR series identifier (if any):** S000092068

- **c. LEI of Series:** 529900RQR0KCFROO4W40

**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:** $541382315.41

**Total Liabilities:** $323058.91

**Net Assets:** $541059256.50

**Cash Not Reported:** $9570593.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259983 | -0.42%               | -3.24%               | 1.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3579886.33              | $-5867523.55                               |
| Month 2  | $13489132.93             | $-31620203.92                              |
| Month 3  | $8964085.01              | $-842790.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIRBNB, INC.                                 | AIRBNB INC-CLASS A COMMON STOCK                | CUSIP: N/A<br>LEI: 549300HMUDNO0RY56D37       | Long             | EC               |  | US        |     87525 | NS      | $11878893.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                             | AMAZON.COM INC COMMON STOCK                    | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |    165785 | NS      | $38266493.70  | 7.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                  | ARES MANAGEMENT CORP - A COMMON STOCK          | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               |  | US        |     72463 | NS      | $11712194.69  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                    | ARTHUR J GALLAGHER & CO COMMON STOCK           | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               |  | US        |     59094 | NS      | $15292936.26  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                | BROADCOM INC COMMON STOCK                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |     55943 | NS      | $19361872.30  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                 | CADENCE DESIGN SYS INC COMMON STOCK            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               |  | US        |     40360 | NS      | $12615728.80  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                   | CARRIER GLOBAL CORP COMMON STOCK               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |    240658 | NS      | $12716368.72  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                          | DANAHER CORP COMMON STOCK                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |     63811 | NS      | $14607614.12  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                | DATADOG INC - CLASS A COMMON STOCK             | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               |  | US        |     83607 | NS      | $11369715.93  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE, INC.                              | DYNATRACE INC COMMON STOCK                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               |  | US        |    203263 | NS      | $8809418.42   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                  | ECOLAB INC COMMON STOCK                        | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               |  | US        |     42005 | NS      | $11027152.60  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC.                                 | EQUIFAX INC COMMON STOCK                       | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               |  | US        |     53690 | NS      | $11649656.20  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                     | GE AEROSPACE COMMON STOCK                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     39458 | NS      | $12154247.74  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                  | INTUIT INC COMMON STOCK                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |     29946 | NS      | $19836829.32  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                     | INTUITIVE SURGICAL INC COMMON STOCK            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               |  | US        |     26132 | NS      | $14800119.52  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                               | KKR & CO INC COMMON STOCK                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |    132871 | NS      | $16938395.08  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                     | MARVELL TECHNOLOGY INC COMMON STOCK            | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |    111664 | NS      | $9489206.72   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                        | MICROSOFT CORP COMMON STOCK                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    100671 | NS      | $48686509.02  | 9.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.               | MONOLITHIC POWER SYSTEMS INC COMMON STOCK      | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               |  | US        |     14041 | NS      | $12726200.76  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                           | NVIDIA CORP COMMON STOCK                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |    241099 | NS      | $44964963.50  | 8.31%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                  | PROGRESSIVE CORP COMMON STOCK                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     57830 | NS      | $13169047.60  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                  | SAMSARA INC-CL A COMMON STOCK                  | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               |  | US        |    265247 | NS      | $9403006.15   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION               | SCHWAB (CHARLES) CORP COMMON STOCK             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    177707 | NS      | $17754706.37  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                             | SERVICENOW INC COMMON STOCK                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |     67513 | NS      | $10342316.47  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                 | SHOPIFY INC - CLASS A COMMON STOCK             | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               |  | US        |     53821 | NS      | $8663566.37   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                               | SNOWFLAKE INC COMMON STOCK                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               |  | US        |     44098 | NS      | $9673337.28   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                      | SPOTIFY TECHNOLOGY SA COMMON STOCK             | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |     23514 | NS      | $13654814.94  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     73204 | NS      | $22245963.56  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                      | UBER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |    140186 | NS      | $11454598.06  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                          | VERALTO CORP COMMON STOCK                      | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |     93856 | NS      | $9364951.68   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                       | VERISK ANALYTICS INC COMMON STOCK              | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               |  | US        |     44867 | NS      | $10036299.23  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                    | VISA INC-CLASS A SHARES COMMON STOCK           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |     66331 | NS      | $23262945.01  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES, INC.           | WEST PHARMACEUTICAL SERVICES COMMON STOCK      | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               |  | US        |     49920 | NS      | $13734988.80  | 2.54%             |  |  |  | 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