# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004239
**Filing Date:** 2026-5
**Character Count:** 17887
**Document Hash:** f3fb1fb2dba75c603985f284a472870c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004239.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002048251-26-004239

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261027005

**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:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1484881584.60

**Total Liabilities:** $11998758.49

**Net Assets:** $1472882826.11

**Cash Not Reported:** $44527374.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254727 | -5.31%               | -1.69%               | -0.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6866604.21              | $-88694476.85                              |
| Month 2  | $4086371.48              | $-30669266.39                              |
| Month 3  | $2775659.52              | $-11281859.76                              |

### 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        |    147048 | NS      | $18125136.48  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                               | UNITED RENTALS INC COMMON STOCK                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               |  | US        |     45587 | NS      | $33212864.72  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP COMMON STOCK              | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |    494695 | NS      | $24116381.25  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                           | MARVELL TECHNOLOGY INC COMMON STOCK            | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               |  | US        |    151856 | NS      | $15041336.80  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                             | ALIGN TECHNOLOGY INC COMMON STOCK              | CUSIP: N/A<br>LEI: 549300N5YSE0U3LCP840       | Long             | EC               |  | US        |    109020 | NS      | $18689298.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                                | DANAHER CORP COMMON STOCK                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |    107265 | NS      | $20337444.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                       | MONDELEZ INTERNATIONAL INC-A COMMON STOCK      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               |  | US        |    405203 | NS      | $23355900.92  | 1.59%             |  |  |  | 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        |    141020 | NS      | $14492625.40  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                     | SCHWAB (CHARLES) CORP COMMON STOCK             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    364383 | NS      | $34244714.34  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP COMMON STOCK                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |    215037 | NS      | $37502452.80  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                     | AUTODESK INC COMMON STOCK                      | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |     76560 | NS      | $18328464.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                             | LOWE'S COS INC COMMON STOCK                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |     65337 | NS      | $15437826.36  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                   | AMER SPORTS INC COMMON STOCK                   | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               |  | US        |    900394 | NS      | $29640970.48  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                        | INTUIT INC COMMON STOCK                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |     52240 | NS      | $22587531.20  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                          | VISA INC-CLASS A SHARES COMMON STOCK           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    201419 | NS      | $60876878.56  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                   | EDWARDS LIFESCIENCES CORP COMMON STOCK         | CUSIP: N/A<br>LEI: YA13X31F3V31L8TMPR58       | Long             | EC               |  | US        |    381423 | NS      | $30544353.84  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                            | TJX COMPANIES INC COMMON STOCK                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |    151794 | NS      | $24241501.80  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                              | ELEVANCE HEALTH INC COMMON STOCK               | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |     87200 | NS      | $25527800.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC-CL C COMMON STOCK                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    185375 | NS      | $53176672.50  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    253735 | NS      | $85749743.25  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES, INC.                    | FIRST CITIZENS BCSHS  -CL A COMMON STOCK       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               |  | US        |     14029 | NS      | $26439895.14  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC COMMON STOCK                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    109708 | NS      | $62767238.04  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                          | FERGUSON ENTERPRISES INC COMMON STOCK          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     74998 | NS      | $17494033.48  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                                | NOMAD FOODS LTD COMMON STOCK                   | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |    743810 | NS      | $7148014.10   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                         | CARRIER GLOBAL CORP COMMON STOCK               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |    583238 | NS      | $32842131.78  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                     | KKR & CO INC COMMON STOCK                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |    543326 | NS      | $50257655.00  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                         | APPLE INC COMMON STOCK                         | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     98759 | NS      | $25064046.61  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP COMMON STOCK                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    221992 | NS      | $82174778.64  | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC COMMON STOCK            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |    132338 | NS      | $35809339.42  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                           | GE AEROSPACE COMMON STOCK                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     80843 | NS      | $22940818.11  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                 | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               |  | US        |    615248 | NS      | $40674045.28  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                    | OLD DOMINION FREIGHT LINE COMMON STOCK         | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               |  | US        |     89720 | NS      | $17531288.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                    | KLA CORP COMMON STOCK                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |     22391 | NS      | $32968732.31  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                               | ANALOG DEVICES INC COMMON STOCK                | CUSIP: N/A<br>LEI: GYVOE5EZ4GDAVTU4CQ61       | Long             | EC               |  | US        |     98690 | NS      | $31397236.60  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                        | PROGRESSIVE CORP COMMON STOCK                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     92586 | NS      | $18354248.64  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED                            | MASTERCARD INC - A COMMON STOCK                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |    116425 | NS      | $58172915.50  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.                 | AMERICAN INTERNATIONAL GROUP COMMON STOCK      | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |    204257 | NS      | $15370339.25  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON.COM INC COMMON STOCK                    | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |    311758 | NS      | $64929838.66  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                             | SAP SE-SPONSORED ADR DEPOSITARY RECEIPT        | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               |  | US        |    102661 | NS      | $17576589.81  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                            | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK       | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |    112848 | NS      | $54076761.60  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                              | BOOKING HOLDINGS INC COMMON STOCK              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |      7138 | NS      | $30053264.16  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                             | US FOODS HOLDING CORP COMMON STOCK             | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               |  | US        |    221007 | NS      | $20379055.47  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC-CL A COMMON STOCK                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    192893 | NS      | $55468311.08  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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