# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-212471
**Filing Date:** 2025-8
**Character Count:** 29241
**Document Hash:** 5298ec43df537fd73613fb9dee152688
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212471.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212471

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251277983

**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            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **FLEXIBLE EQUITY ETF** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK\*\* — 98.4%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 183879 | $32404996 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 176785 | 31359891 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 102348 | 75542035 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 67396 | 16057771 |
|  |  | 155364693 |
| **Consumer Discretionary — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 266091 | 58377704 |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | 712911 | 27632430 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 5751 | 33293919 |
| &nbsp;&nbsp;&nbsp;Lowe's | 56350 | 12502374 |
| &nbsp;&nbsp;&nbsp;TJX | 155047 | 19146754 |
|  |  | 150953181 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 229799 | 15497645 |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 638945 | 10855676 |
|  |  | 26353321 |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Suncor Energy | 661279 | 24764899 |
| **Financials — 26.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 237934 | 20364771 |
| &nbsp;&nbsp;&nbsp;Bank of America | 467165 | 22106248 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 97036 | 47137178 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 148688 | 13566293 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 14223 | 27826873 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 176981 | 30513294 |
| &nbsp;&nbsp;&nbsp;KKR | 395716 | 52642099 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 100085 | 56241765 |
| &nbsp;&nbsp;&nbsp;Progressive | 79514 | 21219106 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 173454 | 61584843 |
|  |  | 353202470 |

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 72544 | $13734756 |
| &nbsp;&nbsp;&nbsp;Danaher | 61468 | 12142389 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 327700 | 25629417 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 51120 | 19883635 |
| &nbsp;&nbsp;&nbsp;Illumina \* | 163928 | 15640370 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 113547 | 35423258 |
|  |  | 122453825 |
| **Industrials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 121412 | 12631704 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 378752 | 27720859 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 69745 | 15186974 |
| &nbsp;&nbsp;&nbsp;General Electric | 81777 | 21048582 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 72285 | 11731855 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 222983 | 20804314 |
| &nbsp;&nbsp;&nbsp;United Rentals | 39051 | 29421023 |
|  |  | 138545311 |
| **Information Technology — 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 35346 | 13674660 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 74626 | 17762481 |
| &nbsp;&nbsp;&nbsp;Apple | 116611 | 23925079 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 74979 | 23211249 |
| &nbsp;&nbsp;&nbsp;Intuit | 44887 | 35354348 |
| &nbsp;&nbsp;&nbsp;KLA | 22131 | 19823622 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 292302 | 22624175 |
| &nbsp;&nbsp;&nbsp;Microsoft | 211688 | 105295728 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 244197 | 55308179 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 41858 | 10045920 |
|  |  | 327025441 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $825,381,841) |  | 1298663141 |
| **Total Investments - 98.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $825,381,841) |  | $1298663141 |

---

*Percentages are based on Net Assets of $1,319,607,215.*

\*\* 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** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.3%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 7457 | $1322797 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 116254 | 4149105 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 7983 | 1380660 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 13338 | 3177912 |
|  |  | 10030474 |
| **Consumer Discretionary — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Expedia Group \* | 8321 | 1403586 |
| &nbsp;&nbsp;&nbsp;LKQ | 56520 | 2091805 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 23112 | 1876926 |
|  |  | 5372317 |
| **Consumer Staples — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue | 54587 | 1142506 |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 78049 | 4774257 |
|  |  | 5916763 |
| **Energy — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ChampionX | 78916 | 1960273 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 68522 | 2316044 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 35806 | 1801400 |
|  |  | 6077717 |
| **Financials — 21.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 56183 | 4808703 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 2462 | 1314043 |
| &nbsp;&nbsp;&nbsp;Bank of America | 98029 | 4638732 |
| &nbsp;&nbsp;&nbsp;Citigroup | 37776 | 3215493 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 44081 | 2472944 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 52947 | 4310415 |
| &nbsp;&nbsp;&nbsp;KKR | 19532 | 2598342 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson | 14311 | 4386322 |
|  |  | 27744994 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Health Care — 17.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 30019 | $5043192 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 7183 | 2793900 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 19226 | 2131587 |
| &nbsp;&nbsp;&nbsp;ICON \* | 17901 | 2603700 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 10295 | 2702540 |
| &nbsp;&nbsp;&nbsp;Medtronic | 17742 | 1546570 |
| &nbsp;&nbsp;&nbsp;Sanofi ADR | 110738 | 5349753 |
|  |  | 22171242 |
| **Industrials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 25551 | 5563730 |
| &nbsp;&nbsp;&nbsp;Masco | 28485 | 1833295 |
| &nbsp;&nbsp;&nbsp;Pentair | 27869 | 2861032 |
| &nbsp;&nbsp;&nbsp;Trane Technologies | 7453 | 3260017 |
| &nbsp;&nbsp;&nbsp;Waste Connections | 8362 | 1561353 |
|  |  | 15079427 |
| **Information Technology — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials | 13346 | 2443252 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 18712 | 1298239 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 29450 | 3610570 |
| &nbsp;&nbsp;&nbsp;Flex \* | 54250 | 2708160 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 8617 | 1882728 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 23004 | 3121643 |
|  |  | 15064592 |
| **Materials — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH | 62075 | 5698485 |
| **Real Estate — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 24804 | 3475536 |
| **Utilities — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 14336 | 4627087 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,891,557) |  | 121258634 |
| **Total Investments - 95.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,891,557) |  | $121258634 |

---

*Percentages are based on Net Assets of $127,259,755.*

\* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BROWN ADVISORY** |
|  | **SUSTAINABLE GROWTH ETF** |
|  | **JUNE 30, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK\*\* — 98.8%** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services** — **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 16029 | $2824791 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 6454 | 4952412 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 124383 | 8954332 |
|  |  | 16731535 |
| **Consumer Discretionary** — **12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 84591 | 11194773 |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 173871 | 38145559 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 178805 | 10039901 |
|  |  | 59380233 |
| **Financials** — **19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 67762 | 11736378 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 43682 | 13983482 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 135317 | 12346323 |
| &nbsp;&nbsp;&nbsp;KKR | 143811 | 19131177 |
| &nbsp;&nbsp;&nbsp;Progressive | 62261 | 16614970 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 55527 | 19714861 |
|  |  | 93527191 |
| **Health Care** — **6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher | 62750 | 12395635 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 15833 | 8603811 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 47637 | 10422976 |
|  |  | 31422422 |
| **Industrials** — **10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrier Global | 161612 | 11828382 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;General Electric | 45203 | $11634800 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 112649 | 10510152 |
| &nbsp;&nbsp;&nbsp;Veralto | 94048 | 9494146 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 31324 | 9757426 |
|  |  | 53224906 |
| **Information Technology** — **45.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 32720 | 10082668 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 92091 | 12370584 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 172617 | 9530185 |
| &nbsp;&nbsp;&nbsp;Intuit | 27522 | 21677153 |
| &nbsp;&nbsp;&nbsp;KLA | 12183 | 10912800 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 209062 | 16181399 |
| &nbsp;&nbsp;&nbsp;Microsoft | 84003 | 41783932 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 17144 | 12538779 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 271562 | 42904080 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 15044 | 15466435 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 39795 | 4590353 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 56822 | 12869615 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 40366 | 9687840 |
|  |  | 220595823 |
| **Materials** — **1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab | 31825 | 8574928 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,080,031) |  | 483457038 |
| **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,080,031) |  | $483457038 |

---

*Percentages are based on Net Assets of $489,244,597.*

\*\* 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

BRW-QH-001-0200

## 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:** 2025-06-30

**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:** $1320304741.00

**Total Liabilities:** $673654.51

**Net Assets:** $1319631086.49

**Cash Not Reported:** $21144888.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254727 | 4.85%                | 5.98%                | -1.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-430568.88              | $59653927.79                               |
| Month 2  | $10425978.31             | $56575406.35                               |
| Month 3  | $17098826.15             | $-32042935.54                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADOBE INC.                                       | ADOBE INC COMMON STOCK                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |     35346 | NS      | $13674660.48  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                           | ALIGN TECHNOLOGY INC COMMON STOCK              | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               |  | US        |     72544 | NS      | $13734755.52  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL A COMMON STOCK                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    183879 | NS      | $32404996.17  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL C COMMON STOCK                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    176785 | NS      | $31359891.15  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                 | AMAZON.COM INC COMMON STOCK                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |    266091 | NS      | $58377704.49  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                 | AMER SPORTS INC COMMON STOCK                   | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               |  | US        |    712911 | NS      | $27632430.36  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.               | AMERICAN INTERNATIONAL GROUP COMMON STOCK      | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               |  | US        |    237934 | NS      | $20364771.06  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                             | ANALOG DEVICES INC COMMON STOCK                | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               |  | US        |     74626 | NS      | $17762480.52  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                       | APPLE INC COMMON STOCK                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |    116611 | NS      | $23925078.87  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                   | AUTODESK INC COMMON STOCK                      | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               |  | US        |     74979 | NS      | $23211249.03  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP COMMON STOCK              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               |  | US        |    467165 | NS      | $22106247.80  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                          | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |     97036 | NS      | $47137177.72  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                            | BOOKING HOLDINGS INC COMMON STOCK              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |      5751 | NS      | $33293919.24  | 2.52%             |  |  |  | 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        |    121412 | NS      | $12631704.48  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                       | CARRIER GLOBAL CORP COMMON STOCK               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |    378752 | NS      | $27720858.88  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                              | DANAHER CORP COMMON STOCK                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |     61468 | NS      | $12142388.72  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                 | EDWARDS LIFESCIENCES CORP COMMON STOCK         | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               |  | US        |    327700 | NS      | $25629417.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC COMMON STOCK               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |     51120 | NS      | $19883635.20  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC COMMON STOCK          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     69745 | NS      | $15186973.75  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES, INC.                  | FIRST CITIZENS BCSHS  -CL A COMMON STOCK       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               |  | US        |     14223 | NS      | $27826872.81  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                     | FISERV INC COMMON STOCK                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               |  | US        |    176981 | NS      | $30513294.21  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                         | GE AEROSPACE COMMON STOCK                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     81777 | NS      | $21048582.03  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                   | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |    163928 | NS      | $15640370.48  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                      | INTUIT INC COMMON STOCK                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |     44887 | NS      | $35354347.81  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                   | KKR & CO INC COMMON STOCK                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |    395716 | NS      | $52642099.48  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                  | KLA CORP COMMON STOCK                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |     22131 | NS      | $19823621.94  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                           | LOWE'S COS INC COMMON STOCK                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |     56350 | NS      | $12502374.50  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                          | MARVELL TECHNOLOGY INC COMMON STOCK            | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |    292302 | NS      | $22624174.80  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                         | MASTERCARD INC - A COMMON STOCK                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |    100085 | NS      | $56241764.90  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                             | META PLATFORMS INC COMMON STOCK                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    102348 | NS      | $75542035.32  | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                            | MICROSOFT CORP COMMON STOCK                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    211688 | NS      | $105295728.08 | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                     | MONDELEZ INTERNATIONAL INC-A COMMON STOCK      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               |  | US        |    229799 | NS      | $15497644.56  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                              | NOMAD FOODS LTD COMMON STOCK                   | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |    638945 | NS      | $10855675.55  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                  | OLD DOMINION FREIGHT LINE COMMON STOCK         | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               |  | US        |     72285 | NS      | $11731855.50  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                      | PROGRESSIVE CORP COMMON STOCK                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     79514 | NS      | $21219106.04  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                   | SCHWAB (CHARLES) CORP COMMON STOCK             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    148688 | NS      | $13566293.12  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                               | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |    661279 | NS      | $24764898.55  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                | T-MOBILE US INC COMMON STOCK                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     67396 | NS      | $16057770.96  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    244197 | NS      | $55308178.53  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                          | TJX COMPANIES INC COMMON STOCK                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |    155047 | NS      | $19146754.03  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                          | UBER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |    222983 | NS      | $20804313.90  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                             | UNITED RENTALS INC COMMON STOCK                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               |  | US        |     39051 | NS      | $29421023.40  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                  | UNITEDHEALTH GROUP INC COMMON STOCK            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |    113547 | NS      | $35423257.59  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                        | VISA INC-CLASS A SHARES COMMON STOCK           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    173454 | NS      | $61584842.70  | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                    | WORKDAY INC-CLASS A COMMON STOCK               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |     41858 | NS      | $10045920.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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