# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002933
**Filing Date:** 2025-11
**Character Count:** 41368
**Document Hash:** b6416c4f2bb94b6f71932d10edac8f99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002933.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002933

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** 251533935

**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

### STRATEGAS MACRO THEMATIC OPPORTUNITIES ETF (Series ID: S000075078)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000233882 | STRATEGAS MACRO THEMATIC OPPORTUNITIES ETF | SAMT            |

## Nport-Ex

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO**

**MOMENTUM ETF<br> SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 96.7%** | **COMMON STOCK — 96.7%** | **COMMON STOCK — 96.7%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 9.3%** | **COMMUNICATION SERVICES — 9.3%** | **COMMUNICATION SERVICES — 9.3%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 473 | $330154 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 3368 | 870156 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A  | 2158 | 435830 |
|  |  | 1636140 |
| **CONSUMER DISCRETIONARY — 19.7%** | **CONSUMER DISCRETIONARY — 19.7%** | **CONSUMER DISCRETIONARY — 19.7%** |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 2151 | 472295 |
| &nbsp;&nbsp;&nbsp;Carnival \* | 24082 | 696211 |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 17636 | 567879 |
| &nbsp;&nbsp;&nbsp;DR Horton  | 2355 | 399102 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A  | 2947 | 371440 |
| &nbsp;&nbsp;&nbsp;Sony Group ADR  | 16482 | 474517 |
| &nbsp;&nbsp;&nbsp;Toyota Motor ADR  | 2504 | 478489 |
|  |  | 3459933 |
| **ENERGY — 2.0%** | **ENERGY — 2.0%** | **ENERGY — 2.0%** |
| &nbsp;&nbsp;&nbsp;Cameco  | 4231 | 354812 |
| **FINANCIALS — 21.1%** | **FINANCIALS — 21.1%** | **FINANCIALS — 21.1%** |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 8653 | 632361 |
| &nbsp;&nbsp;&nbsp;Bank of America  | 13589 | 701057 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital \* | 11657 | 394123 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group  | 922 | 734235 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley  | 4425 | 703398 |
| &nbsp;&nbsp;&nbsp;Wells Fargo  | 6542 | 548350 |
|  |  | 3713524 |
| **INDUSTRIALS — 13.1%** | **INDUSTRIALS — 13.1%** | **INDUSTRIALS — 13.1%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies  | 2860 | 527298 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin  | 988 | 749052 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 3241 | 358973 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 6941 | 680010 |
|  |  | 2315333 |
| **INFORMATION TECHNOLOGY — 28.5%** | **INFORMATION TECHNOLOGY — 28.5%** | **INFORMATION TECHNOLOGY — 28.5%** |
| &nbsp;&nbsp;&nbsp;Apple  | 1803 | 459098 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1314 | 417418 |
| &nbsp;&nbsp;&nbsp;Broadcom  | 2050 | 676315 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1077 | 528139 |
| &nbsp;&nbsp;&nbsp;International Business Machines  | 1380 | 389381 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO**

**MOMENTUM ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;KLA  | 763 | $822972 |
| &nbsp;&nbsp;&nbsp;Micron Technology  | 5633 | 942514 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 5279 | 784512 |
|  |  | 5020349 |
| **UTILITIES — 3.0%** | **UTILITIES — 3.0%** | **UTILITIES — 3.0%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 1582 | 520589 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,618,600)  |  | 17020680 |
| TOTAL INVESTMENTS— 96.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,618,600) |  | $17020680 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $17,600,821.<br>|
| \* | Non-income producing security. |

---

ADR — American Depositary Receipt <br> Cl — Class <br> PLC — Public Limited Company

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 92.3%** | **COMMON STOCK — 92.3%** | **COMMON STOCK — 92.3%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 9.1%** | **COMMUNICATION SERVICES — 9.1%** | **COMMUNICATION SERVICES — 9.1%** |
| &nbsp;&nbsp;&nbsp;Fox  | 78420 | $4945165 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A  | 9075 | 6664498 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 4390 | 5263259 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 7836 | 5469528 |
|  |  | 22342450 |
| **CONSUMER DISCRETIONARY — 10.6%** | **CONSUMER DISCRETIONARY — 10.6%** | **CONSUMER DISCRETIONARY — 10.6%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 36129 | 4386783 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 345449 | 4045208 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A  | 17242 | 4490506 |
| &nbsp;&nbsp;&nbsp;McDonald's  | 14822 | 4504258 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B  | 59739 | 4165601 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 41525 | 4476810 |
|  |  | 26069166 |
| **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** |
| &nbsp;&nbsp;&nbsp;Altria Group  | 78398 | 5178972 |
| &nbsp;&nbsp;&nbsp;Walmart  | 58523 | 6031380 |
|  |  | 11210352 |
| **ENERGY — 4.8%** | **ENERGY — 4.8%** | **ENERGY — 4.8%** |
| &nbsp;&nbsp;&nbsp;APA  | 227752 | 5529819 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy  | 27047 | 6355504 |
|  |  | 11885323 |
| **FINANCIALS — 10.2%** | **FINANCIALS — 10.2%** | **FINANCIALS — 10.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America  | 91975 | 4744990 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase  | 20264 | 6391874 |
| &nbsp;&nbsp;&nbsp;PJT Partners  | 25566 | 4543845 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 65802 | 9421530 |
|  |  | 25102239 |
| **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** |
| &nbsp;&nbsp;&nbsp;Cencora  | 23907 | 7471655 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare  | 11956 | 5095647 |
| &nbsp;&nbsp;&nbsp;Merck  | 78604 | 6597234 |
|  |  | 19164536 |
| **INDUSTRIALS — 22.2%** | **INDUSTRIALS — 22.2%** | **INDUSTRIALS — 22.2%** |
| &nbsp;&nbsp;&nbsp;AECOM  | 51981 | 6781961 |
| &nbsp;&nbsp;&nbsp;GE Vernova  | 9041 | 5559311 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** | **INDUSTRIALS — continued** | **INDUSTRIALS — continued** |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 264044 | $4261670 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 951545 | 12351054 |
| &nbsp;&nbsp;&nbsp;Quanta Services  | 20060 | 8313265 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 174933 | 8381040 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 48384 | 4740181 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 44734 | 4316831 |
|  |  | 54705313 |
| **INFORMATION TECHNOLOGY — 10.2%** | **INFORMATION TECHNOLOGY — 10.2%** | **INFORMATION TECHNOLOGY — 10.2%** |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 11246 | 5514814 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 228069 | 4709625 |
| &nbsp;&nbsp;&nbsp;Microsoft  | 12492 | 6470231 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 46807 | 8538533 |
|  |  | 25233203 |
| **MATERIALS — 4.1%** | **MATERIALS — 4.1%** | **MATERIALS — 4.1%** |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 146696 | 4306994 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 55955 | 3752902 |
| &nbsp;&nbsp;&nbsp;United States Antimony \* | 321856 | 1995507 |
|  |  | 10055403 |
| **UTILITIES — 8.7%** | **UTILITIES — 8.7%** | **UTILITIES — 8.7%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 13826 | 4549722 |
| &nbsp;&nbsp;&nbsp;Entergy  | 77980 | 7266956 |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 22774 | 2542262 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 16588 | 7056203 |
|  |  | 21415143 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,660,321)  |  | 227183128 |
| **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** |
| &nbsp;&nbsp;&nbsp;Sprott Physical Gold Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,306,609)  | 267992 | 7937923 |
| TOTAL INVESTMENTS— 95.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $192,966,930) |  | $235121051 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $246,255,081.<br>|
| \* | Non-income producing security. |

---

Cl — Class <br> PBC — Public Benefit Corporation

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** |
|  | **Shares** | **Value** |
| **AUSTRALIA — 1.5%** | **AUSTRALIA — 1.5%** | **AUSTRALIA — 1.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL  | 7036 | $924231 |
| **CANADA — 3.2%** | **CANADA — 3.2%** | **CANADA — 3.2%** |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco  | 12680 | 1064413 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management, Cl A  | 16361 | 931286 |
|  |  | 1995699 |
| **DENMARK — 1.5%** | **DENMARK — 1.5%** | **DENMARK — 1.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B  | 17186 | 932369 |
| **FRANCE — 1.6%** | **FRANCE — 1.6%** | **FRANCE — 1.6%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMerieux  | 7173 | 959142 |
| **GERMANY — 5.0%** | **GERMANY — 5.0%** | **GERMANY — 5.0%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer  | 29075 | 964429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care  | 19916 | 1045107 |
|  |  | 2009536 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVESTRO AG-TEND \* | 14847 | 1017061 |
|  |  | 3026597 |
| **IRELAND — 1.5%** | **IRELAND — 1.5%** | **IRELAND — 1.5%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian PLC  | 18712 | 937615 |
| **JAPAN — 6.0%** | **JAPAN — 6.0%** | **JAPAN — 6.0%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma  | 85700 | 928753 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisai  | 29700 | 1000491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyowa Kirin  | 54500 | 848212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings  | 17600 | 936577 |
|  |  | 3714033 |
| **LUXEMBOURG — 1.6%** | **LUXEMBOURG — 1.6%** | **LUXEMBOURG — 1.6%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology \* | 1375 | 959750 |
| **NETHERLANDS — 1.6%** | **NETHERLANDS — 1.6%** | **NETHERLANDS — 1.6%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group  | 34197 | 986862 |
| **SOUTH KOREA — 1.8%** | **SOUTH KOREA — 1.8%** | **SOUTH KOREA — 1.8%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric  | 2688 | 1115011 |
| **SWEDEN — 1.8%** | **SWEDEN — 1.8%** | **SWEDEN — 1.8%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B  | 18085 | 1104702 |
| **SWITZERLAND — 4.5%** | **SWITZERLAND — 4.5%** | **SWITZERLAND — 4.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis  | 7559 | 951181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding  | 2827 | 923443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group  | 15855 | 939962 |
|  |  | 2814586 |
| **UNITED KINGDOM — 7.7%** | **UNITED KINGDOM — 7.7%** | **UNITED KINGDOM — 7.7%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pearson PLC  | 67935 | 966254 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC  | 51047 | 919162 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX PLC  | 20594 | 986172 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC  | 30734 | 973161 |
|  |  | 1959333 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A  | 17804 | 873108 |
|  |  | 4717857 |
| **UNITED STATES — 58.4%** | **UNITED STATES — 58.4%** | **UNITED STATES — 58.4%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox  | 19081 | 1203248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications  | 4907 | 85676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group  | 31030 | 1095980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A  | 584 | 115480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 3811 | 118903 |
|  |  | 2619287 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education \* | 897 | 138542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay  | 12472 | 1134328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 2315 | 153693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 588 | 129078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block  | 2352 | 118940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education  | 3677 | 138476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride \* | 745 | 110960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands  | 8075 | 1227400 |
|  |  | 3151417 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group  | 17423 | 1150963 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** | &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** | &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group \* | 3237 | 116791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOL Energy  | 1709 | 142667 |
|  |  | 259458 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 3782 | 1276387 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 4739 | 101130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen \* | 8290 | 1161263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed  | 261 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 8559 | 1137234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies \* | 12111 | 120262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis \* | 3233 | 133523 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 3331 | $| 91802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity \* | 1237 |  | 117230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 2512 |  | 142481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic \* | 17477 |  | 1179523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina \* | 1239 |  | 117668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 13581 |  | 1151805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 2246 |  | 115197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics \* | 17799 |  | 128687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 862 |  | 121008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 6548 |  | 126180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings  | 9289 |  | 119271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group \* | 1160 |  | 130152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 2922 |  | 1144372 |
|  |  |  | 7455648 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A O Smith  | 15972 |  | 1172505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR \* | 1569 |  | 140692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment \* | 533 |  | 167837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise \* | 1589 |  | 1140330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic \* | 6082 |  | 123769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 2913 |  | 122550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics  | 3599 |  | 1227259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group \* | 5717 |  | 117141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries  | 4298 |  | 1237437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 1901 |  | 173694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings  | 6497 |  | 1227673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin  | 2539 |  | 1267494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus  | 1367 |  | 124903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman  | 2001 |  | 1219249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons \* | 1635 |  | 135574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes  | 9874 |  | 112662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International  | 1137 |  | 112984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker  | 15525 |  | 1153973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron  | 14267 |  | 1205419 |
|  |  |  | 12183145 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies \* | 6626 |  | 112310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter  | 660 |  | 117863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 4106 |  | 124042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac \* | 763 |  | 1141853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital  | 419 |  | 144651 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 1832 | $134322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 4351 | 118086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 7433 | 1355928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne  | 9718 | 1337586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign  | 4186 | 1170280 |
|  |  | 5756921 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum \* | 5488 | 161128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours  | 8010 | 126878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical  | 16911 | 1066239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings  | 4224 | 118272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion  | 1089 | 131562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials \* | 1885 | 126427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro  | 1930 | 109914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy  | 15882 | 129597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo  | 2705 | 119615 |
|  |  | 2089632 |
|  |  | 35942858 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,174,547)  |  | 60131312 |
| TOTAL INVESTMENTS— 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,174,547) |  | $60131312 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $61,516,236.<br>|
| \* | Non-income producing security. |

---

Cl — Class <br> PLC — Public Limited Company

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent annual or semi-annual financial statements.

STR-QH-001-0800

## 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:** Strategas Macro Thematic Opportunities ETF

- **b. EDGAR series identifier (if any):** S000075078

- **c. LEI of Series:** 549300MMS7W4O6FEF809

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **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:** $246295986.86

**Total Liabilities:** $111474.81

**Net Assets:** $246184512.05

**Cash Not Reported:** $3485266.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233882 | 6.22%                | -1.38%               | 3.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3679748.70              | $9649989.38                                |
| Month 2  | $2396180.62              | $-5404761.24                               |
| Month 3  | $616402.62               | $5533787.96                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CROWDSTRIKE HOLDINGS, INC.                   | CROWDSTRIKE HOLDINGS INC - A COMMON STOCK | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               |  | US        |     11246 | NS      | $5514813.48   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC COMMON STOCK             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     78398 | NS      | $5178971.88   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT PARTNERS INC.                            | PJT PARTNERS INC - A COMMON STOCK         | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               |  | US        |     25566 | NS      | $4543845.18   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                | NETFLIX INC COMMON STOCK                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |      4390 | NS      | $5263258.80   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                          | ENTERGY CORP COMMON STOCK                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |     77980 | NS      | $7266956.20   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                  | BANK OF AMERICA CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |     91975 | NS      | $4744990.25   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                 | MARRIOTT INTERNATIONAL -CL A COMMON STOCK | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               |  | US        |     17242 | NS      | $4490506.48   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC.                              | DRAFTKINGS INC-CL A COMMON STOCK          | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               |  | US        |     96327 | NS      | $3602629.80   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORPORATION                       | ROCKET LAB CORP COMMON STOCK              | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               |  | US        |    174933 | NS      | $8381040.03   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                              | FOX CORP - CLASS A COMMON STOCK           | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     78420 | NS      | $4945165.20   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                 | WALMART INC COMMON STOCK                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               |  | US        |     58523 | NS      | $6031380.38   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY | FLUTTER ENTERTAINMENT PLC-DI COMMON STOCK | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               |  | US        |     15322 | NS      | $3891788.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                            | TALEN ENERGY CORP COMMON STOCK            | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |     16588 | NS      | $7056203.44   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                | CENCORA INC COMMON STOCK                  | CUSIP: N/A<br>LEI: AI8GXW8LG5WK7E9UD086       | Long             | EC               |  | US        |     23907 | NS      | $7471654.71   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                   | PALANTIR TECHNOLOGIES INC-A COMMON STOCK  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |     46807 | NS      | $8538532.94   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                              | APA CORP COMMON STOCK                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               |  | US        |    227752 | NS      | $5529818.56   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp                  | UNITED STATES ANTIMONY CORP COMMON STOCK  | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               |  | US        |    321856 | NS      | $1995507.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                         | META PLATFORMS INC COMMON STOCK           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      9075 | NS      | $6664498.50   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                                 | COURSERA INC COMMON STOCK                 | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               |  | US        |    345449 | NS      | $4045207.79   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.               | UNITED AIRLINES HOLDINGS INC COMMON STOCK | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               |  | US        |     44734 | NS      | $4316831.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                            | MERCK & CO. INC. COMMON STOCK             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |     78604 | NS      | $6597233.72   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET LABS PBC                              | PLANET LABS PBC COMMON STOCK              | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               |  | US        |    951545 | NS      | $12351054.10  | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                     | CENTURY ALUMINUM COMPANY COMMON STOCK     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |    146696 | NS      | $4306994.56   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                 | AIRBNB INC-CLASS A COMMON STOCK           | CUSIP: N/A<br>LEI: 549300HMUDNO0RY56D37       | Long             | EC               |  | US        |     36129 | NS      | $4386783.18   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                            | MP MATERIALS CORP COMMON STOCK            | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     55955 | NS      | $3752901.85   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                            | JOBY AVIATION INC COMMON STOCK            | CUSIP: G65163100<br>LEI: N/A                  | Long             | EC               |  | US        |    264044 | NS      | $4261670.16   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.            | CONSTELLATION ENERGY COMMON STOCK         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |     13826 | NS      | $4549721.82   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                     | OKLO INC COMMON STOCK                     | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               |  | US        |     22774 | NS      | $2542261.62   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                    | O'REILLY AUTOMOTIVE INC COMMON STOCK      | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               |  | US        |     41525 | NS      | $4476810.25   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                       | MCDONALD'S CORP COMMON STOCK              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               |  | US        |     14822 | NS      | $4504257.58   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                       | EXTREME NETWORKS INC COMMON STOCK         | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               |  | US        |    228069 | NS      | $4709624.85   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Gold Trust                   | SPROTT PHYSICAL GOLD TRUST MUTUAL FUND    | CUSIP: 85207H104<br>LEI: N/A                  | Long             | EC               |  | US        |    267992 | NS      | $7937923.04   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                        | MICROSOFT CORP COMMON STOCK               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     12492 | NS      | $6470231.40   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                        | QUANTA SERVICES INC COMMON STOCK          | CUSIP: N/A<br>LEI: SHVRXXEACT60MMH07S24       | Long             | EC               |  | US        |     20060 | NS      | $8313265.20   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                         | HCA HEALTHCARE INC COMMON STOCK           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               |  | US        |     11956 | NS      | $5095647.20   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                   | NIKE INC -CL B COMMON STOCK               | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               |  | US        |     59739 | NS      | $4165600.47   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM COMMON STOCK                        | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |     51981 | NS      | $6781961.07   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                      | SPOTIFY TECHNOLOGY SA COMMON STOCK        | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      7836 | NS      | $5469528.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                              | GE VERNOVA INC COMMON STOCK               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |      9041 | NS      | $5559310.90   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                         | JPMORGAN CHASE & CO COMMON STOCK          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |     20264 | NS      | $6391873.52   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                      | UBER TECHNOLOGIES INC COMMON STOCK        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |     48384 | NS      | $4740180.48   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS, INC.                      | ROBINHOOD MARKETS INC - A COMMON STOCK    | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               |  | US        |     65802 | NS      | $9421530.36   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                        | CHENIERE ENERGY INC COMMON STOCK          | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |     27047 | NS      | $6355504.06   | 2.58%             |  |  |  | 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