| THE ADVISORS’ INNER CIRCLE FUND III | BROWN
ADVISORY FLEXIBLE EQUITY ETF JUNE 30, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (000)
COMMON STOCK** — 97.0%
| Shares | Value | |||||||
| Communication Services — 12.7% | ||||||||
| Alphabet, Cl A | 191 | $ | 68,176 | |||||
| Alphabet, Cl C | 183 | 64,786 | ||||||
| Meta Platforms, Cl A | 109 | 61,530 | ||||||
| Spotify Technology * | 49 | 22,570 | ||||||
| 217,062 | ||||||||
| Consumer Discretionary — 10.3% | ||||||||
| Amazon.com * | 307 | 73,120 | ||||||
| Amer Sports * | 897 | 30,350 | ||||||
| Booking Holdings | 178 | 31,764 | ||||||
| Lowe's | 65 | 14,351 | ||||||
| TJX | 151 | 22,907 | ||||||
| 172,492 | ||||||||
| Consumer Staples — 3.2% | ||||||||
| Mondelez International, Cl A | 404 | 23,345 | ||||||
| Nomad Foods | 741 | 8,113 | ||||||
| US Foods Holding * | 220 | 22,509 | ||||||
| 53,967 | ||||||||
| Energy — 2.2% | ||||||||
| Suncor Energy | 705 | 37,825 | ||||||
| Financials — 20.8% | ||||||||
| American International Group | 203 | 15,164 | ||||||
| Bank of America | 493 | 28,077 | ||||||
| Berkshire Hathaway, Cl B * | 112 | 56,281 | ||||||
| Capital One Financial | 101 | 20,327 | ||||||
| Charles Schwab | 363 | 33,488 | ||||||
| KKR | 541 | 49,674 | ||||||
| Mastercard, Cl A | 116 | 59,561 | ||||||
| Progressive | 92 | 20,145 | ||||||
| Visa, Cl A | 201 | 68,829 | ||||||
| 351,546 | ||||||||
COMMON STOCK** — continued
| Shares | Value | |||||||
| Health Care — 11.5% | ||||||||
| Align Technology * | 109 | $ | 18,314 | |||||
| Danaher | 153 | 29,138 | ||||||
| Edwards Lifesciences * | 380 | 34,367 | ||||||
| Elevance Health | 87 | 33,591 | ||||||
| Illumina * | 146 | 25,757 | ||||||
| UnitedHealth Group | 132 | 54,785 | ||||||
| 195,952 | ||||||||
| Industrials — 9.3% | ||||||||
| Carrier Global | 352 | 25,854 | ||||||
| Ferguson Enterprises | 75 | 17,728 | ||||||
| General Electric | 81 | 30,093 | ||||||
| Old Dominion Freight Line | 57 | 12,285 | ||||||
| United Rentals | 45 | 51,437 | ||||||
| Watsco | 48 | 20,200 | ||||||
| 157,597 | ||||||||
| Information Technology — 27.0% | ||||||||
| Analog Devices | 84 | 33,455 | ||||||
| Apple | 98 | 28,465 | ||||||
| Autodesk * | 76 | 14,827 | ||||||
| Intuit | 52 | 13,581 | ||||||
| KLA | 195 | 58,737 | ||||||
| Marvell Technology | 84 | 24,974 | ||||||
| Microsoft | 220 | 81,907 | ||||||
| NVIDIA | 259 | 51,739 | ||||||
| SAP ADR | 164 | 25,216 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 251 | 119,855 | ||||||
| 452,756 | ||||||||
| Total Common Stock | ||||||||
| (Cost $1,066,089) | 1,639,197 | |||||||
| Total Investments - 97.0% | ||||||||
| (Cost $1,066,089) | $ | 1,639,197 | ||||||
Percentages are based on Net Assets of $1,689,543 (000).
| ** | 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 GROWTH ETF JUNE 30, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (000)
COMMON STOCK** — 97.4%
| Shares | Value | |||||||
| Communication Services — 5.8% | ||||||||
| Alphabet, Cl C | 35 | $ | 12,451 | |||||
| Space Exploration Technologies, Cl A * | 10 | 1,739 | ||||||
| Spotify Technology * | 31 | 14,357 | ||||||
| 28,547 | ||||||||
| Consumer Discretionary — 9.1% | ||||||||
| Airbnb, Cl A * | 87 | 12,498 | ||||||
| Amazon.com * | 136 | 32,352 | ||||||
| 44,850 | ||||||||
| Financials — 15.4% | ||||||||
| Ares Management, Cl A | 74 | 8,288 | ||||||
| Arthur J Gallagher | 47 | 10,787 | ||||||
| Charles Schwab | 137 | 12,674 | ||||||
| KKR | 107 | 9,776 | ||||||
| Progressive | 47 | 10,225 | ||||||
| Visa, Cl A | 69 | 23,683 | ||||||
| 75,433 | ||||||||
| Health Care — 7.9% | ||||||||
| Danaher | 66 | 12,646 | ||||||
| Intuitive Surgical * | 29 | 11,363 | ||||||
| West Pharmaceutical Services | 41 | 14,571 | ||||||
| 38,580 | ||||||||
| Industrials — 11.1% | ||||||||
| Carrier Global | 177 | 12,976 | ||||||
COMMON STOCK** — continued
| Shares | Value | |||||||
| Industrials — continued | ||||||||
| Cintas | 63 | $ | 10,769 | |||||
| Equifax | 54 | 8,624 | ||||||
| General Electric | 32 | 12,039 | ||||||
| Uber Technologies * | 145 | 10,464 | ||||||
| 54,872 | ||||||||
| Information Technology — 46.1% | ||||||||
| Arista Networks * | 63 | 10,769 | ||||||
| Broadcom | 63 | 23,832 | ||||||
| Cadence Design Systems * | 31 | 11,552 | ||||||
| Datadog, Cl A * | 45 | 11,796 | ||||||
| Intuit | 23 | 6,088 | ||||||
| Marvell Technology | 40 | 11,929 | ||||||
| Microsoft | 81 | 30,278 | ||||||
| Monolithic Power Systems | 7 | 10,033 | ||||||
| NVIDIA | 199 | 39,832 | ||||||
| Palo Alto Networks * | 31 | 10,433 | ||||||
| Samsara, Cl A * | 304 | 9,849 | ||||||
| Shopify, Cl A * | 86 | 9,831 | ||||||
| Snowflake, Cl A * | 61 | 15,536 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 56 | 26,829 | ||||||
| 228,587 | ||||||||
| Materials — 2.0% | ||||||||
| Ecolab | 35 | 9,827 | ||||||
| Total Common Stock | ||||||||
| (Cost $382,504) | 480,696 | |||||||
| Total Investments - 97.4% | ||||||||
| (Cost $382,504) | $ | 480,696 | ||||||
Percentages are based on Net Assets of $493,740 (000).
| ** | 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, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (000)
COMMON STOCK — 96.2%
| Shares | Value | |||||||
| Communication Services — 3.9% | ||||||||
| Alphabet, Cl C | 15 | $ | 5,149 | |||||
| T-Mobile US | 64 | 10,702 | ||||||
| 15,851 | ||||||||
| Consumer Discretionary — 4.8% | ||||||||
| Amazon.com * | 39 | 9,344 | ||||||
| Expedia Group | 22 | 5,539 | ||||||
| Wyndham Hotels & Resorts | 58 | 4,895 | ||||||
| 19,778 | ||||||||
| Consumer Staples — 4.4% | ||||||||
| Mondelez International, Cl A | 110 | 6,379 | ||||||
| Unilever ADR | 188 | 11,315 | ||||||
| 17,694 | ||||||||
| Energy — 4.3% | ||||||||
| SLB | 259 | 12,061 | ||||||
| Weatherford International | 70 | 5,677 | ||||||
| 17,738 | ||||||||
| Financials — 15.8% | ||||||||
| American International Group | 146 | 10,852 | ||||||
| Bank of America | 214 | 12,206 | ||||||
| Charles Schwab | 91 | 8,420 | ||||||
| Citigroup | 93 | 13,046 | ||||||
| Fidelity National Information Services | 119 | 4,624 | ||||||
| KKR | 45 | 4,111 | ||||||
| Willis Towers Watson | 42 | 10,965 | ||||||
| 64,224 | ||||||||
| Health Care — 22.0% | ||||||||
| Becton Dickinson | 64 | 9,693 | ||||||
| Cardinal Health | 70 | 16,602 | ||||||
| Cooper * | 129 | 9,256 | ||||||
| Elevance Health | 24 | 9,212 | ||||||
COMMON STOCK — continued
| Shares | Value | |||||||
| Health Care — continued | ||||||||
| Gilead Sciences | 36 | $ | 4,584 | |||||
| ICON * | 71 | 12,365 | ||||||
| Labcorp Holdings | 28 | 7,804 | ||||||
| Sanofi ADR | 210 | 8,964 | ||||||
| Tenet Healthcare * | 61 | 11,408 | ||||||
| 89,888 | ||||||||
| Industrials — 12.8% | ||||||||
| Ferguson Enterprises | 43 | 10,288 | ||||||
| Honeywell Aerospace * | 20 | 4,377 | ||||||
| Honeywell International | 20 | 4,432 | ||||||
| Masco | 59 | 4,783 | ||||||
| Pentair | 191 | 14,642 | ||||||
| Trane Technologies | 17 | 8,350 | ||||||
| Waste Connections | 32 | 5,364 | ||||||
| 52,236 | ||||||||
| Information Technology — 16.6% | ||||||||
| Applied Materials | 13 | 9,297 | ||||||
| Cisco Systems | 40 | 4,696 | ||||||
| Dell Technologies, Cl C | 45 | 19,630 | ||||||
| Flex * | 118 | 19,102 | ||||||
| NXP Semiconductors | 28 | 7,875 | ||||||
| TD SYNNEX | 27 | 7,318 | ||||||
| 67,918 | ||||||||
| Materials — 6.6% | ||||||||
| CRH | 117 | 12,501 | ||||||
| Smurfit Westrock | 309 | 14,309 | ||||||
| 26,810 | ||||||||
| Real Estate — 2.4% | ||||||||
| CBRE Group, Cl A * | 73 | 9,837 | ||||||
| Utilities — 2.6% | ||||||||
| Constellation Energy | 43 | 10,803 | ||||||
| Total Common Stock | ||||||||
| (Cost $337,011) | 392,777 | |||||||
| Total Investments - 96.2% | ||||||||
| (Cost $337,011) | $ | 392,777 | ||||||
Percentages are based on Net Assets of $408,442 (000).
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
| THE ADVISORS’ INNER CIRCLE FUND III | BROWN
ADVISORY INTERNATIONAL VALUE SELECT ETF JUNE 30, 2026 (Unaudited) |
SCHEDULE
OF INVESTMENTS (000)
COMMON STOCK — 99.5%
| Shares | Value | |||||||
| Communication Services — 3.5% | ||||||||
| Dentsu Group * | 101 | $ | 1,932 | |||||
| WPP | 571 | 1,788 | ||||||
| 3,720 | ||||||||
| Consumer Discretionary — 19.2% | ||||||||
| ABC-Mart | 128 | 2,204 | ||||||
| Bayerische Motoren Werke | 23 | 1,506 | ||||||
| Burberry Group * | 101 | 1,424 | ||||||
| Continental | 18 | 1,482 | ||||||
| FDJ UNITED | 80 | 1,952 | ||||||
| Haier Smart Home, Cl A | 633 | 1,612 | ||||||
| Pandora | 19 | 2,126 | ||||||
| Prosus | 47 | 2,041 | ||||||
| Renault | 41 | 1,184 | ||||||
| Sodexo | 37 | 2,161 | ||||||
| Taylor Wimpey | 1,310 | 1,403 | ||||||
| Yamaha Motor | 198 | 1,495 | ||||||
| 20,590 | ||||||||
| Consumer Staples — 14.5% | ||||||||
| Associated British Foods | 80 | 2,106 | ||||||
| British American Tobacco ADR | 45 | 2,784 | ||||||
| Imperial Brands | 42 | 1,543 | ||||||
| Koninklijke Ahold Delhaize | 44 | 1,770 | ||||||
| Magnum Ice Cream * | 225 | 3,912 | ||||||
| Pernod Ricard | 22 | 1,586 | ||||||
| Sundrug | 83 | 1,936 | ||||||
| 15,637 | ||||||||
| Energy — 5.3% | ||||||||
| DCC | 30 | 2,448 | ||||||
| Petroleo Brasileiro - Petrobras ADR, Cl A | 100 | 1,468 | ||||||
| Repsol | 70 | 1,767 | ||||||
| 5,683 | ||||||||
| Financials — 22.4% | ||||||||
| ABN AMRO Bank | 40 | 1,714 | ||||||
| AIB Group | 213 | 2,499 | ||||||
| Banco Santander | 110 | 1,525 | ||||||
| Bank of Ireland Group | 74 | 1,472 | ||||||
COMMON STOCK — continued
| Shares | Value | |||||||
| Financials — continued | ||||||||
| Barclays | 334 | $ | 2,244 | |||||
| BNP Paribas | 16 | 1,925 | ||||||
| Edenred | 107 | 2,748 | ||||||
| Japan Post Bank | 85 | 1,596 | ||||||
| MS&AD Insurance Group Holdings | 46 | 1,197 | ||||||
| Prudential | 140 | 1,862 | ||||||
| Raiffeisen Bank International | 31 | 1,993 | ||||||
| Sompo Holdings | 30 | 1,132 | ||||||
| Sumitomo Mitsui Trust Group | 56 | 2,072 | ||||||
| 23,979 | ||||||||
| Health Care — 13.8% | ||||||||
| CSL | 27 | 2,181 | ||||||
| Fresenius Medical Care | 51 | 2,294 | ||||||
| ICON * | 30 | 5,268 | ||||||
| Richter Gedeon Nyrt | 58 | 2,241 | ||||||
| Sanofi ADR | 67 | 2,879 | ||||||
| 14,863 | ||||||||
| Industrials — 8.7% | ||||||||
| Adecco Group | 117 | 2,156 | ||||||
| Brenntag | 55 | 3,365 | ||||||
| Randstad | 67 | 1,942 | ||||||
| Wolters Kluwer | 31 | 1,975 | ||||||
| 9,438 | ||||||||
| Information Technology — 3.3% | ||||||||
| Dassault Systemes | 76 | 1,539 | ||||||
| Nice ADR * | 23 | 2,087 | ||||||
| 3,626 | ||||||||
| Materials — 2.7% | ||||||||
| BASF | 25 | 1,322 | ||||||
| Evonik Industries | 87 | 1,572 | ||||||
| 2,894 | ||||||||
| Real Estate — 6.1% | ||||||||
| British Land ‡ | 295 | 1,618 | ||||||
| Daito Trust Construction | 67 | 1,278 | ||||||
| Gecina ‡ | 22 | 1,874 | ||||||
| Land Securities Group ‡ | 216 | 1,869 | ||||||
| 6,639 | ||||||||
| Total Common Stock | ||||||||
| (Cost $104,733) | 107,069 | |||||||
| Total Investments - 99.5% | ||||||||
| (Cost $104,733) | $ | 107,069 | ||||||
Percentages are based on Net Assets of $107,635 (000).
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
ADR — American Depositary Receipt
Cl — Class
BRW-QH-001-0400