# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002957
**Filing Date:** 2025-11
**Character Count:** 18449
**Document Hash:** 9b418a5e3e3d6cda22d69e7a3a5dcdad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002957.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002957

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251534114

**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 Flexible Equity ETF (Series ID: S000088454)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254727 | Brown Advisory Flexible Equity ETF | BAFE            |

## 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 Flexible Equity ETF

- **b. EDGAR series identifier (if any):** S000088454

- **c. LEI of Series:** 529900MN8DLR6PB56488

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1438415600.80

**Total Liabilities:** $818106.12

**Net Assets:** $1437597494.68

**Cash Not Reported:** $33193504.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254727 | 1.12%                | 1.25%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-166075.42              | $14404621.35                               |
| Month 2  | $1559691.35              | $15645477.94                               |
| Month 3  | $7540810.61              | $-6565299.31                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ILLUMINA, INC.                                   | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |    134548 | NS      | $12778023.56  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                             | UNITED RENTALS INC COMMON STOCK                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               |  | US        |     41587 | NS      | $39701445.42  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP COMMON STOCK              | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |    496761 | NS      | $25627899.99  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                     | FISERV INC COMMON STOCK                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               |  | US        |    205240 | NS      | $26461593.20  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                | T-MOBILE US INC COMMON STOCK                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     71628 | NS      | $17146310.64  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                         | MARVELL TECHNOLOGY INC COMMON STOCK            | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |    138856 | NS      | $11673623.92  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                           | ALIGN TECHNOLOGY INC COMMON STOCK              | CUSIP: N/A<br>LEI: 549300N5YSE0U3LCP840       | Long             | EC               |  | US        |     83250 | NS      | $10424565.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                              | DANAHER CORP COMMON STOCK                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |     65272 | NS      | $12940826.72  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                     | MONDELEZ INTERNATIONAL INC-A COMMON STOCK      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               |  | US        |    310039 | NS      | $19368136.33  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie des chemins de fer nationaux du Canada | CANADIAN NATL RAILWAY CO COMMON STOCK          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               |  | US        |    129020 | NS      | $12166586.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                   | SCHWAB (CHARLES) CORP COMMON STOCK             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    233877 | NS      | $22328237.19  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                       | ADOBE INC COMMON STOCK                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |     37565 | NS      | $13251053.75  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                   | AUTODESK INC COMMON STOCK                      | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |     70060 | NS      | $22255960.20  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                           | LOWE'S COS INC COMMON STOCK                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |     59837 | NS      | $15037636.47  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                 | AMER SPORTS INC COMMON STOCK                   | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               |  | US        |    694870 | NS      | $24146732.50  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                      | INTUIT INC COMMON STOCK                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |     47740 | NS      | $32602123.40  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                        | VISA INC-CLASS A SHARES COMMON STOCK           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    184549 | NS      | $63001337.62  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                 | EDWARDS LIFESCIENCES CORP COMMON STOCK         | CUSIP: N/A<br>LEI: YA13X31F3V31L8TMPR58       | Long             | EC               |  | US        |    348465 | NS      | $27100123.05  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                          | TJX COMPANIES INC COMMON STOCK                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |    164874 | NS      | $23830887.96  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC COMMON STOCK               | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |     68683 | NS      | $22192850.96  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL C COMMON STOCK                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    186746 | NS      | $45481988.30  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    255614 | NS      | $71390434.06  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES, INC.                  | FIRST CITIZENS BCSHS  -CL A COMMON STOCK       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               |  | US        |     15174 | NS      | $27148713.84  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                             | META PLATFORMS INC COMMON STOCK                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    108099 | NS      | $79385743.62  | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC COMMON STOCK          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     68498 | NS      | $15383280.84  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                              | NOMAD FOODS LTD COMMON STOCK                   | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |    679612 | NS      | $8936897.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                       | CARRIER GLOBAL CORP COMMON STOCK               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |    439471 | NS      | $26236418.70  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                   | KKR & CO INC COMMON STOCK                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |    420850 | NS      | $54689457.50  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                       | APPLE INC COMMON STOCK                         | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     90259 | NS      | $22982649.17  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                            | MICROSOFT CORP COMMON STOCK                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    223623 | NS      | $115825532.90 | 8.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                  | UNITEDHEALTH GROUP INC COMMON STOCK            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |    120838 | NS      | $41725361.40  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                         | GE AEROSPACE COMMON STOCK                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     73843 | NS      | $22213451.26  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                    | WORKDAY INC-CLASS A COMMON STOCK               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |     56745 | NS      | $13660223.85  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                               | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |    703234 | NS      | $29402213.54  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                  | OLD DOMINION FREIGHT LINE COMMON STOCK         | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               |  | US        |     76814 | NS      | $10813874.92  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                  | KLA CORP COMMON STOCK                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |     23399 | NS      | $25238161.40  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                             | ANALOG DEVICES INC COMMON STOCK                | CUSIP: N/A<br>LEI: GYVOE5EZ4GDAVTU4CQ61       | Long             | EC               |  | US        |     90190 | NS      | $22159683.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                      | PROGRESSIVE CORP COMMON STOCK                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     84586 | NS      | $20888512.70  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                         | MASTERCARD INC - A COMMON STOCK                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |    106425 | NS      | $60535604.25  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.               | AMERICAN INTERNATIONAL GROUP COMMON STOCK      | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |    253150 | NS      | $19882401.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                 | AMAZON.COM INC COMMON STOCK                    | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |    280227 | NS      | $61529442.39  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                          | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK       | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |    103150 | NS      | $51857631.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                            | BOOKING HOLDINGS INC COMMON STOCK              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |      6068 | NS      | $32762770.36  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                          | UBER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |    237248 | NS      | $23243186.56  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL A COMMON STOCK                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    194313 | NS      | $47237490.30  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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