# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001355
**Filing Date:** 2026-2
**Character Count:** 28229
**Document Hash:** 7458041162bb3fc404be46ce77632a27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001355.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001355

**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:** 26693817

**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** |
|  | **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 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:** 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:** $1518694557.20

**Total Liabilities:** $5212460.10

**Net Assets:** $1513482097.10

**Cash Not Reported:** $37294352.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254727 | 1.18%                | 0.97%                | -0.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4735384.99              | $11674171.81                               |
| Month 2  | $-1506476.48             | $15424884.43                               |
| Month 3  | $-14375883.98            | $2828099.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALIGN TECHNOLOGY, INC.                           | ALIGN TECHNOLOGY INC COMMON STOCK              | CUSIP: N/A<br>LEI: 549300N5YSE0U3LCP840       | Long             | EC               |  | US        |    103738 | NS      | $16198688.70  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL A COMMON STOCK                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    193981 | NS      | $60716053.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC-CL C COMMON STOCK                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    186431 | NS      | $58502047.80  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                 | AMAZON.COM INC COMMON STOCK                    | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |    304198 | NS      | $70214982.36  | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                 | AMER SPORTS INC COMMON STOCK                   | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               |  | US        |    793399 | NS      | $29633452.65  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.               | AMERICAN INTERNATIONAL GROUP COMMON STOCK      | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |    222412 | NS      | $19027346.60  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                             | ANALOG DEVICES INC COMMON STOCK                | CUSIP: N/A<br>LEI: GYVOE5EZ4GDAVTU4CQ61       | Long             | EC               |  | US        |     93964 | NS      | $25483036.80  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                       | APPLE INC COMMON STOCK                         | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     94033 | NS      | $25563811.38  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                   | AUTODESK INC COMMON STOCK                      | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |     72946 | NS      | $21592745.46  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP COMMON STOCK              | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |    517555 | NS      | $28465525.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                          | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK       | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |    107432 | NS      | $54000694.80  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                            | BOOKING HOLDINGS INC COMMON STOCK              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |      6860 | NS      | $36737563.80  | 2.43%             |  |  |  | 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        |    134348 | NS      | $13280299.80  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                       | CARRIER GLOBAL CORP COMMON STOCK               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |    555277 | NS      | $29340836.68  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                              | DANAHER CORP COMMON STOCK                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |    102112 | NS      | $23375479.04  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                 | EDWARDS LIFESCIENCES CORP COMMON STOCK         | CUSIP: N/A<br>LEI: YA13X31F3V31L8TMPR58       | Long             | EC               |  | US        |    363096 | NS      | $30953934.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC COMMON STOCK               | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |     71569 | NS      | $25088512.95  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC COMMON STOCK          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |     71384 | NS      | $15892219.92  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES, INC.                  | FIRST CITIZENS BCSHS  -CL A COMMON STOCK       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               |  | US        |     14832 | NS      | $31832141.76  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                         | GE AEROSPACE COMMON STOCK                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     76951 | NS      | $23703216.53  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                   | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |    140098 | NS      | $18375253.68  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                      | INTUIT INC COMMON STOCK                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |     49738 | NS      | $32947445.96  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                   | KKR & CO INC COMMON STOCK                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               |  | US        |    438474 | NS      | $55896665.52  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                  | KLA CORP COMMON STOCK                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |     24287 | NS      | $29510647.96  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                           | LOWE'S COS INC COMMON STOCK                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |     62279 | NS      | $15019203.64  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                         | MARVELL TECHNOLOGY INC COMMON STOCK            | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |    144628 | NS      | $12290487.44  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                         | MASTERCARD INC - A COMMON STOCK                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |    110865 | NS      | $63290611.20  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                             | META PLATFORMS INC COMMON STOCK                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    107919 | NS      | $71236252.71  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                            | MICROSOFT CORP COMMON STOCK                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    223246 | NS      | $107966230.50 | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                     | MONDELEZ INTERNATIONAL INC-A COMMON STOCK      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               |  | US        |    323010 | NS      | $17387628.30  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                              | NOMAD FOODS LTD COMMON STOCK                   | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |    708092 | NS      | $8858230.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                  | OLD DOMINION FREIGHT LINE COMMON STOCK         | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               |  | US        |     95803 | NS      | $15021910.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                      | PROGRESSIVE CORP COMMON STOCK                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     88138 | NS      | $20070785.36  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                   | SCHWAB (CHARLES) CORP COMMON STOCK             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    346869 | NS      | $34655681.79  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                               | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |    732686 | NS      | $32501950.96  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                | T-MOBILE US INC COMMON STOCK                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     74662 | NS      | $15159372.48  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    255175 | NS      | $77545130.75  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                          | TJX COMPANIES INC COMMON STOCK                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |    144566 | NS      | $22206783.26  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                          | UBER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |    247238 | NS      | $20201816.98  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                             | UNITED RENTALS INC COMMON STOCK                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               |  | US        |     43363 | NS      | $35094543.16  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                  | UNITEDHEALTH GROUP INC COMMON STOCK            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |    125944 | NS      | $41575373.84  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                           | US FOODS HOLDING CORP COMMON STOCK             | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               |  | US        |    192417 | NS      | $14492848.44  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                        | VISA INC-CLASS A SHARES COMMON STOCK           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    191689 | NS      | $67227249.19  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                    | WORKDAY INC-CLASS A COMMON STOCK               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |     59187 | NS      | $12712183.86  | 0.84%             |  |  |  | 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