# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002501
**Filing Date:** 2025-11
**Character Count:** 18231
**Document Hash:** ff8ae249b90b831e24583b810dd6fe0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002501.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002048251-25-002501

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251526887

**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

### Democratic Large Cap Core ETF (Series ID: S000069948)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000222781 | Democratic Large Cap Core ETF | DEMZ            |

## 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:** Democratic Large Cap Core ETF

- **b. EDGAR series identifier (if any):** S000069948

- **c. LEI of Series:** 549300M5EXXX4OS3ZE95

**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:** $48084455.39

**Total Liabilities:** $13995.31

**Net Assets:** $48070460.08

**Cash Not Reported:** $120330.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222781 | 3.62%                | 1.36%                | 2.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $236841.50               | $1425799.37                                |
| Month 2  | $0.00                    | $606822.67                                 |
| Month 3  | $348337.50               | $620096.94                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| META PLATFORMS, INC.                        | META PLATFORMS INC COMMON STOCK          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      3142 | NS      | $2307421.96   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                | CADENCE DESIGN SYS INC COMMON STOCK      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               |  | US        |      1663 | NS      | $584145.38    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                              | TAPESTRY INC COMMON STOCK                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |      5519 | NS      | $624861.18    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                   | KIMCO REALTY CORP REIT                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     47272 | NS      | $1032893.20   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING COMMON STOCK   | CUSIP: N/A<br>LEI: HGBOLILQXWER4SAL2I23       | Long             | EC               |  | US        |      3958 | NS      | $1161673.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP-CL A COMMON STOCK          | CUSIP: N/A<br>LEI: 549300D3L3G0R4U4VT04       | Long             | EC               |  | US        |     14812 | NS      | $1832985.00   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                               | NETFLIX INC COMMON STOCK                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |       784 | NS      | $939953.28    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC COMMON STOCK             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |       904 | NS      | $494262.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                         | MOODY'S CORP COMMON STOCK                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               |  | US        |      2729 | NS      | $1300313.92   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                         | DANAHER CORP COMMON STOCK                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |      4836 | NS      | $958785.36    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC COMMON STOCK         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      2083 | NS      | $420141.10    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                  | AGILENT TECHNOLOGIES INC COMMON STOCK    | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               |  | US        |      3723 | NS      | $477847.05    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL A COMMON STOCK           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      5889 | NS      | $1431615.90   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                         | STRYKER CORP COMMON STOCK                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               |  | US        |      3034 | NS      | $1121578.78   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                    | RALPH LAUREN CORP COMMON STOCK           | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               |  | US        |      2610 | NS      | $818391.60    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                  | ADOBE INC COMMON STOCK                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |      1010 | NS      | $356277.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                  | AMERICAN TOWER CORP REIT                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      2401 | NS      | $461760.32    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                       | ARISTA NETWORKS INC COMMON STOCK         | CUSIP: N/A<br>LEI: 635400H1WKBLOQERUU95       | Long             | EC               |  | US        |      6167 | NS      | $898593.57    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                     | WALT DISNEY CO/THE COMMON STOCK          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               |  | US        |      8061 | NS      | $922984.50    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                               | PAYCHEX INC COMMON STOCK                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               |  | US        |      6967 | NS      | $883136.92    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                           | ROSS STORES INC COMMON STOCK             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               |  | US        |      4684 | NS      | $713794.76    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                  | KIMBERLY-CLARK CORP COMMON STOCK         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               |  | US        |      2734 | NS      | $339945.56    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                              | AUTODESK INC COMMON STOCK                | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |      1091 | NS      | $346577.97    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                    | LAM RESEARCH CORP COMMON STOCK           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |     14289 | NS      | $1913297.10   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                          | OMNICOM GROUP COMMON STOCK               | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |      9093 | NS      | $741352.29    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                         | VERALTO CORP COMMON STOCK                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      7569 | NS      | $806931.09    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                  | AVERY DENNISON CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 549300PW7VPFCYKLIV37       | Long             | EC               |  | US        |      4899 | NS      | $794470.83    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                   | MSCI INC COMMON STOCK                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               |  | US        |      1209 | NS      | $685998.69    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                              | SYNOPSYS INC COMMON STOCK                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |      1885 | NS      | $930040.15    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                            | SALESFORCE INC COMMON STOCK              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               |  | US        |      3353 | NS      | $794661.00    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP COMMON STOCK              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      4709 | NS      | $2439026.55   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                | ADVANCED MICRO DEVICES COMMON STOCK      | CUSIP: N/A<br>LEI: R2I72C950HOYXII45366       | Long             | EC               |  | US        |      6820 | NS      | $1103407.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                         | EVEREST GROUP LTD COMMON STOCK           | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               |  | US        |      2709 | NS      | $948773.07    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                            | SERVICENOW INC COMMON STOCK              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      1006 | NS      | $925801.68    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax, Inc.                                | CARMAX INC COMMON STOCK                  | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               |  | US        |      7704 | NS      | $345678.48    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORPORATION                           | LOEWS CORP COMMON STOCK                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               |  | US        |     19251 | NS      | $1932607.89   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                  | XYLEM INC COMMON STOCK                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |      8319 | NS      | $1227052.50   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                          | NVIDIA CORP COMMON STOCK                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     13317 | NS      | $2484685.86   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP COMMON STOCK                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      1599 | NS      | $1724681.40   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                  | APPLE INC COMMON STOCK                   | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     10257 | NS      | $2611739.91   | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                | COSTCO WHOLESALE CORP COMMON STOCK       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      1590 | NS      | $1471751.70   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC-CL C COMMON STOCK           | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      3430 | NS      | $835376.50    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORPORATION                         | NORDSON CORP COMMON STOCK                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               |  | US        |      4140 | NS      | $939573.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY SCHEIN, INC.                          | HENRY SCHEIN INC COMMON STOCK            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               |  | US        |      5089 | NS      | $337756.93    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      4131 | NS      | $1165602.96   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                             | CDW CORP/DE COMMON STOCK                 | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               |  | US        |      2135 | NS      | $340062.80    | 0.71%             |  |  |  | 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