# EDGAR Filing Document

**Accession Number:** 0001345929
**File Stem:** 0001085146-25-003589
**Filing Date:** 2025-7
**Character Count:** 14042
**Document Hash:** 8a6209b593f7ec89022ca380df377794
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-003589.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001085146-25-003589

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94770
- **FILM NUMBER:** 251111414

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROWN ADVISORY INC
- **CENTRAL INDEX KEY:** 0001345929

**ORGANIZATION NAME:**
- **EIN:** 522112409
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **STREET 2:** SUITE #400
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **STREET 2:** SUITE #400
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN ADVISORY HOLDINGS INC
- **DATE OF NAME CHANGE:** 20051202

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Advisors' Inner Circle Fund III

**Title of Class of Securities:** Brown Advisory Sustainable Growth ETF

**CUSIP Number:** 00775Y272

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>BROWN ADVISORY INC | Names of Reporting Persons<br>BROWN ADVISORY INC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MD | Citizenship or Place of Organization<br>MD |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>18244551.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>18671248.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>18671248.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>18671248.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>100% | Percent of Class Represented by Amount in Row (9)<br>100% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

---

| 1. | Names of Reporting Persons<br>BROWN INVESTMENT ADVISORY & TRUST CO | Names of Reporting Persons<br>BROWN INVESTMENT ADVISORY & TRUST CO |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MD | Citizenship or Place of Organization<br>MD |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>1215089.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1215089.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1215089.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1215089.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.5% | Percent of Class Represented by Amount in Row (9)<br>6.5% |
| 12. | Type of Reporting Person (See Instructions)<br>BK | Type of Reporting Person (See Instructions)<br>BK |

---

| 1. | Names of Reporting Persons<br>BROWN ADVISORY LLC | Names of Reporting Persons<br>BROWN ADVISORY LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MD | Citizenship or Place of Organization<br>MD |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>16859929.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>16966224.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16966224.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16966224.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>90.8% | Percent of Class Represented by Amount in Row (9)<br>90.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>SIGNATURE FINANCIAL MANAGEMENT, INC. | Names of Reporting Persons<br>SIGNATURE FINANCIAL MANAGEMENT, INC. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>VA | Citizenship or Place of Organization<br>VA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>169533.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>489935.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>489935.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>489935.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.6% | Percent of Class Represented by Amount in Row (9)<br>2.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

**Item 1(a). Name of Issuer:**
Advisors' Inner Circle Fund III

**Item 1(b). Address of Issuer's Principal Executive Offices:**
ONE FREEDOM VALLEY DRIVE, OAKS, PENNSYLVANIA 19456

**Item 2(a). Name of Person Filing:**
BROWN ADVISORY INC

BROWN INVESTMENT ADVISORY & TRUST CO

BROWN ADVISORY LLC

SIGNATURE FINANCIAL MANAGEMENT, INC.

**Item 2(b). Address of Principal Business Office:**
901 SOUTH BOND STREET
SUITE #400
Baltimore, Maryland
21231

**Item 2(c). Citizenship:**
BROWN ADVISORY INC - MARYLAND

BROWN INVESTMENT ADVISORY & TRUST CO - MARYLAND

BROWN ADVISORY LLC - MARYLAND

SIGNATURE FINANCIAL MANAGEMENT, INC. - VIRGINIA

**Item 2(d). Title of Class of Securities:**
Brown Advisory Sustainable Growth ETF

**Item 2(e). CUSIP Number:**
00775Y272

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [x] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

18,671,248

**(b) Percent of class:**

100

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

BROWN ADVISORY INC - 18,244,551
BROWN INVESTMENT ADVISORY & TRUST CO - 1,215,089
BROWN ADVISORY LLC - 16,859,929
SIGNATURE FINANCIAL MANAGEMENT, INC. - 169,533

**(ii) Shared power to vote or to direct the vote:**

BROWN ADVISORY INC - 0
BROWN INVESTMENT ADVISORY & TRUST CO - 0
BROWN ADVISORY LLC - 0
SIGNATURE FINANCIAL MANAGEMENT, INC. - 0

**(iii) Sole power to dispose or to direct the disposition of:**

BROWN ADVISORY INC - 0
BROWN INVESTMENT ADVISORY & TRUST CO - 0
BROWN ADVISORY LLC - 0
SIGNATURE FINANCIAL MANAGEMENT, INC. - 0

**(iv) Shared power to dispose or to direct the disposition of:**

BROWN ADVISORY INC - 18,671,248
BROWN INVESTMENT ADVISORY & TRUST CO - 1,215,089
BROWN ADVISORY LLC - 16,966,224
SIGNATURE FINANCIAL MANAGEMENT, INC. - 489,935

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The total securities being reported are beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of BROWN ADVISORY INC (listed above). These subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over securities.

**Item 7. Identification and Classification of the Subsidiary**

BROWN ADVISORY INC is a parent holding company filing this schedule on behalf of the following subsidiaries pursuant to Rule 13d-1(b)(1)(ii)(G) under the Securities Exchange Act of 1934:

BROWN INVESTMENT ADVISORY & TRUST CO - BK (Bank)

BROWN ADVISORY LLC - IA (Investment Adviser)

SIGNATURE FINANCIAL MANAGEMENT, INC. - IA (Investment Adviser)

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**BROWN ADVISORY INC**

**Date:** 07/08/2025

**By:** Victor Fernandez

**Name & Title:** Chief Compliance Officer

**BROWN INVESTMENT ADVISORY & TRUST CO**

**Date:** 07/08/2025

**By:** Victor Fernandez

**Name & Title:** Chief Compliance Officer

**BROWN ADVISORY LLC**

**Date:** 07/08/2025

**By:** Victor Fernandez

**Name & Title:** Chief Compliance Officer

**SIGNATURE FINANCIAL MANAGEMENT, INC.**

**Date:** 07/08/2025

**By:** Victor Fernandez

**Name & Title:** Chief Compliance Officer