# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004728
**Filing Date:** 2026-6
**Character Count:** 55761
**Document Hash:** 470b09627b00bb594f5eab55817d4893
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004728.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002048251-26-004728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261048868

**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 GLOBAL POLICY OPPORTUNITIES ETF (Series ID: S000075077)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000233881 | STRATEGAS GLOBAL POLICY OPPORTUNITIES ETF | SAGP            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| **STRATEGAS MACRO** **<br> MOMENTUM ETF<br> MARCH 31, 2026<br> (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | | |
| **COMMON STOCK — 88.3%**  | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 4408 | $888873 |
| **CONSUMER DISCRETIONARY — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 2768 | 905330 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 11083 | 814379 |
|  |  | 1719709 |
| **CONSUMER STAPLES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo | 3232 | 501897 |
| **ENERGY — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;APA | 31922 | 1354770 |
| &nbsp;&nbsp;&nbsp;Cameco | 6934 | 753102 |
| &nbsp;&nbsp;&nbsp;Chevron | 3819 | 790151 |
|  |  | 2898023 |
| **FINANCIALS — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 788 | 666640 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3302 | 543410 |
|  |  | 1210050 |
| **HEALTH CARE — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen | 2905 | 1022124 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 763 | 701784 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 7139 | 994962 |
| &nbsp;&nbsp;&nbsp;Natera \* | 3607 | 721364 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 1307 | 1009841 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 1199 | 535402 |
|  |  | 4985477 |
| **INDUSTRIALS — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX | 16405 | 673425 |
| &nbsp;&nbsp;&nbsp;Deere | 1351 | 761018 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1216 | 1061447 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 1127 | 1008936 |
| &nbsp;&nbsp;&nbsp;XPO \* | 2613 | 508359 |
|  |  | 4013185 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| **STRATEGAS MACRO** **<br> MOMENTUM ETF<br> MARCH 31, 2026<br> (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding, Cl G | 467 | $616827 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 4652 | 763533 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 3583 | 1011732 |
|  |  | 2392092 |
| **MATERIALS — 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 14189 | 941157 |
| &nbsp;&nbsp;&nbsp;Dow | 26933 | 1121759 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 15126 | 889106 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR \* | 11075 | 896411 |
|  |  | 3848433 |
| **UTILITIES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 8239 | 765238 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,166,488) |  | 23222977 |
| TOTAL INVESTMENTS— 88.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,166,488) |  | $23222977 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $26,300,914. |
| \* | Non-income producing security. |

---

ADR — American Depositary Receipt <br> Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | | |
| **COMMON STOCK — 81.0%** | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 49665 | $14281667 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 132052 | 15502905 |
|  |  | 29784572 |
| **CONSUMER DISCRETIONARY — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 49794 | 16286123 |
| &nbsp;&nbsp;&nbsp;McDonald's | 34802 | 10816114 |
|  |  | 27102237 |
| **CONSUMER STAPLES — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 183008 | 13302851 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 173212 | 13172773 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 13383 | 13335223 |
| &nbsp;&nbsp;&nbsp;Walmart | 119814 | 14890484 |
|  |  | 54701331 |
| **ENERGY — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 72838 | 15070182 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 257638 | 16746470 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 1004847 | 15836389 |
|  |  | 47653041 |
| **FINANCIALS — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 111293 | 12209955 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 48589 | 14350761 |
|  |  | 26560716 |
| **HEALTH CARE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 55248 | 13504821 |
| &nbsp;&nbsp;&nbsp;Merck | 110274 | 13264860 |
|  |  | 26769681 |
| **INDUSTRIALS — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amprius Technologies \* | 865607 | 14594134 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 14891 | 12998354 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 506009 | 14142952 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 36326 | 19943701 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 151128 | 9705440 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 33689 | 12090308 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management | 60671 | $13941589 |
|  |  | 97416478 |
| **INFORMATION TECHNOLOGY — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 47429 | 12037006 |
| &nbsp;&nbsp;&nbsp;KLA | 5255 | 7737514 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 101058 | 10009795 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 57854 | 11864120 |
| &nbsp;&nbsp;&nbsp;Salesforce | 43100 | 8045477 |
| &nbsp;&nbsp;&nbsp;Western Digital | 30772 | 8323518 |
|  |  | 58017430 |
| **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ventas ‡ | 160294 | 13108843 |
| &nbsp;&nbsp;&nbsp;&nbsp;**UTILITIES — 9.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy | 102475 | 13418076 |
| &nbsp;&nbsp;&nbsp;Edison International | 229310 | 16780906 |
| &nbsp;&nbsp;&nbsp;Entergy | 159352 | 17904791 |
|  |  | 48103773 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $381,274,276) |  | 429218102 |
| **EXCHANGE-TRADED FUNDS — 5.0%** | **EXCHANGE-TRADED FUNDS — 5.0%** | **EXCHANGE-TRADED FUNDS — 5.0%** |
| **U.S. TREASURY BILLS — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;F/m US Treasury 3 Month Bill ETF | 264626 | 13194252 |
| &nbsp;&nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF, Cl 3 | 131209 | 13207498 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,396,280) |  | 26401750 |
| TOTAL INVESTMENTS— 86.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $407,670,556) |  | $455619852 |

---

Percentages are based on Net Assets of $529,747,047.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

\* Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust

Cl — Class

PBC — Public Benefit Corporation

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **AUSTRALIA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL | 11845 | $1142095 |
| **CANADA — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco | 10666 | 1156213 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management, Cl A | 25795 | 1143220 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City | 14277 | 1119919 |
|  |  | 3419352 |
| **DENMARK — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 31494 | 1121282 |
| **FRANCE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMerieux | 11003 | 1163816 |
| **GERMANY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care | 26455 | 1175676 |
| **IRELAND — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian PLC | 33052 | 1132360 |
| **JAPAN — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma | 80500 | 1274621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisai | 39200 | 1200221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyowa Kirin | 88500 | 1434113 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings | 18900 | $1307996 |
|  |  | 5216951 |
| **LUXEMBOURG — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology \* | 2198 | 1065832 |
| **NETHERLANDS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group | 54141 | 1037718 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial | 18065 | 1153546 |
|  |  | 2191264 |
| **SINGAPORE — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 144000 | 1206557 |
| **SWEDEN — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | 39023 | 1173609 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B | 17849 | 1156801 |
|  |  | 2330410 |
| **SWITZERLAND — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BeOne Medicines, Cl H \* | 53700 | 1175342 |
| **UNITED KINGDOM — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 9244 | 1205418 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 20752 | 1196157 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 69725 | $1089568 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | 34716 | 1133516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 34704 | 1043427 |
|  |  | 2176943 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 18450 | 1486332 |
|  |  | 7154418 |
| **UNITED STATES — 57.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox | 24915 | 1455036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications | 6341 | 175899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group | 46714 | 1434587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 600 | 108498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance, Cl B | 124560 | 1123531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 6263 | 154947 |
|  |  | 4452498 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covista \* | 1491 | 171838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay | 15724 | 1431198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 2686 | 134246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 923 | 156938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block | 4798 | 152288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education | 4427 | 164729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris | 2788 | 151946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride \* | 1762 | 155355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands | 9229 | 1434925 |
|  |  | 3953463 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group | 21812 | 1439374 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group | 3414 | 160082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | 1711 | 179193 |
|  |  | 339275 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 6785 | 151034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals \* | 11699 | 145419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed | 370 | 139764 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 9747 | $1498016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom \* | 20686 | 1299081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis \* | 3683 | 157964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 5340 | 149573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity \* | 1901 | 158867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 9592 | 199130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina \* | 1188 | 146433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 15036 | 1415188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 1993 | 151169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics \* | 29645 | 133403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 1172 | 154399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 3065 | 169525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 9381 | 204131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings | 9366 | 152572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group \* | 1086 | 107959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3175 | 1417765 |
|  |  | 7951392 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 22.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A O Smith | 20306 | 1338978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR \* | 1375 | 150508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise \* | 2564 | 1088905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic \* | 8267 | 156329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | 7074 | 1273815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 3296 | 153758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics | 4054 | 1391414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group \* | 10190 | 171294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel | 1705 | 137986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International | 6141 | 1388050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 3469 | 1317873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 1779 | 125437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings | 8324 | 1294548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | 2234 | 1350207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus | 1931 | 123777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman | 1977 | 1348788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons \* | 2322 | 125783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes | 13959 | 154247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International | 1628 | 154530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker | 18781 | 1334578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron | 15171 | 1328373 |
|  |  | 15909178 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies \* | 10681 | $151990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 5762 | 130913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac \* | 991 | 1057932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital | 418 | 126236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 1671 | 155002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 5198 | 137851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 9579 | 1401216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 4038 | 206140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne | 4787 | 1419154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign | 6127 | 1521702 |
|  |  | 6308136 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum \* | 2825 | 165799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours | 9096 | 200385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingevity \* | 2267 | 161478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings | 3998 | 154643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion | 1012 | 146386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy | 24255 | 157900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo | 3371 | 142391 |
|  |  | 1128982 |
|  |  | 41482298 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,745,442) |  | 70977653 |
| TOTAL INVESTMENTS— 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,745,442) |  | $70977653 |

---

Percentages are based on Net Assets of $71,798,586.

\* 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-001-0900

## 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 Global Policy Opportunities ETF

- **b. EDGAR series identifier (if any):** S000075077

- **c. LEI of Series:** 549300JZLO1JO0JT0Z52

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $71842473.90

**Total Liabilities:** $43776.88

**Net Assets:** $71798697.02

**Cash Not Reported:** $820436.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233881 | -7.38%               | 3.49%                | 5.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3135712.99              | $-9198724.57                               |
| Month 2  | $50834.14                | $2462572.26                                |
| Month 3  | $-42578.05               | $2982399.45                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRISTOW GROUP INC.                             | BRISTOW GROUP INC COMMON STOCK                 | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               |  | US        |      3414 | NS      | $160082.46    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                           | ASTELLAS PHARMA INC COMMON STOCK               | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               |  | JP        |     80500 | NS      | $1274621.28   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP COMMON STOCK                     | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               |  | US        |      1012 | NS      | $146385.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      3175 | NS      | $1417764.50   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                        | SPOTIFY TECHNOLOGY SA COMMON STOCK             | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      2198 | NS      | $1065832.18   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC COMMON STOCK               | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               |  | US        |      2564 | NS      | $1088905.16   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       991 | NS      | $1057932.14   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                       | RELX PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |     34716 | NS      | $1133516.40   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                             | INCYTE CORP COMMON STOCK                       | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |     15036 | NS      | $1415188.32   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY, INC.                           | SUNCOKE ENERGY INC COMMON STOCK                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               |  | US        |     24255 | NS      | $157900.05    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK                | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     24915 | NS      | $1455036.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORPORATION                 | PERDOCEO EDUCATION CORP COMMON STOCK           | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               |  | US        |      4427 | NS      | $164728.67    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC COMMON STOCK                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               |  | US        |      1901 | NS      | $158866.57    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP COMMON STOCK                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      3296 | NS      | $153758.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                          | ARLO TECHNOLOGIES INC COMMON STOCK             | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               |  | US        |     10681 | NS      | $151990.63    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                            | SYLVAMO CORP COMMON STOCK                      | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               |  | US        |      3371 | NS      | $142391.04    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC COMMON STOCK             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |      1993 | NS      | $151169.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC COMMON STOCK                       | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |      1931 | NS      | $123777.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |      1188 | NS      | $146432.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                   | NEUROCRINE BIOSCIENCES INC COMMON STOCK        | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |      1172 | NS      | $154399.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H&R BLOCK INC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300CE3KUCWLZBG404       | Long             | EC               |  | US        |      4798 | NS      | $152288.52    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS, INC.                     | SAREPTA THERAPEUTICS INC COMMON STOCK          | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               |  | US        |      9381 | NS      | $204130.56    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                                   | POLARIS INC COMMON STOCK                       | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |      2788 | NS      | $151946.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAB Aktiebolag                                | SAAB AB-B COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               |  | SE        |     17849 | NS      | $1156800.69   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM! BRANDS INC COMMON STOCK                   | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      9229 | NS      | $1434924.92   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                      | FRESENIUS MEDICAL CARE AG COMMON STOCK         | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               |  | DE        |     26455 | NS      | $1175676.17   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                      | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |      3683 | NS      | $157963.87    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT SKYDANCE CORPORATION                 | PARAMOUNT SKYDANCE CORP COMMON STOCK           | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               |  | US        |    124560 | NS      | $1123531.20   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC.      | KRATOS DEFENSE & SECURITY COMMON STOCK         | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               |  | US        |      1779 | NS      | $125437.29    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC.                    | ACADIA PHARMACEUTICALS INC COMMON STOCK        | CUSIP: N/A<br>LEI: 529900O3044NO0PEA039       | Long             | EC               |  | US        |      6785 | NS      | $151034.10    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                             | SMITH & NEPHEW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     69725 | NS      | $1089568.06   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines AG                             | BEONE MEDICINES LTD-H COMMON STOCK             | CUSIP: H0743H114<br>LEI: N/A                  | Long             | EC               |  | HK        |     53700 | NS      | $1175342.47   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS & HERS HEALTH INC COMMON STOCK            | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               |  | US        |      9592 | NS      | $199129.92    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.                | BRITISH AMERICAN TOBACCO PLC COMMON STOCK      | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |     20752 | NS      | $1196157.19   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC-A COMMON STOCK       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      9579 | NS      | $1401216.12   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC COMMON STOCK                          | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      2686 | NS      | $134246.28    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEMOURS COMPANY                           | CHEMOURS CO/THE COMMON STOCK                   | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               |  | US        |      9096 | NS      | $200384.88    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY BIOSCIENCES HOLDINGS, INC.             | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |      5340 | NS      | $149573.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC.                                   | EQUIFAX INC COMMON STOCK                       | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               |  | US        |      7074 | NS      | $1273815.18   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PHIBRO ANIMAL HEALTH CORPORATION               | PHIBRO ANIMAL HEALTH CORP-A COMMON STOCK       | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               |  | US        |      3065 | NS      | $169525.15    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXCEL CORPORATION                             | HEXCEL CORP COMMON STOCK                       | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               |  | US        |      1705 | NS      | $137985.65    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC COMMON STOCK                       | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               |  | US        |     15171 | NS      | $1328372.76   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC-CLASS A COMMON STOCK               | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               |  | US        |      5762 | NS      | $130912.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                   | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |     33052 | NS      | $1132359.64   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.                    | IRIDIUM COMMUNICATIONS INC COMMON STOCK        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               |  | US        |      6341 | NS      | $175899.34    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT AB                                         | EQT AB COMMON STOCK                            | CUSIP: N/A<br>LEI: 213800U7P9GOIRKCTB34       | Long             | EC               |  | SE        |     39023 | NS      | $1173608.66   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                   | GENERAL DYNAMICS CORP COMMON STOCK             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      4054 | NS      | $1391413.88   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC COMMON STOCK               | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               |  | US        |      8324 | NS      | $1294548.48   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR CORP.                                      | AAR CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: MP76T5YQX3YK5VVAQ802       | Long             | EC               |  | US        |      1375 | NS      | $150507.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC COMMON STOCK                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |       418 | NS      | $126236.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                            | GEO GROUP INC/THE COMMON STOCK                 | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               |  | US        |     10190 | NS      | $171293.90    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Kirin Co., Ltd.                          | KYOWA KIRIN CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               |  | JP        |     88500 | NS      | $1434112.77   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC COMMON STOCK                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               |  | US        |     20686 | NS      | $1299080.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                      | EBAY INC COMMON STOCK                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |     15724 | NS      | $1431198.48   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC, INC.                                | CORECIVIC INC COMMON STOCK                     | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               |  | US        |      8267 | NS      | $156328.97    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                             | CAMECO CORP COMMON STOCK                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | CA        |     10666 | NS      | $1156212.59   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE NATURAL RESOURCES, INC.                   | CORE NATURAL RESOURCES INC COMMON STOCK        | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               |  | US        |      1711 | NS      | $179193.03    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                      | YELP INC COMMON STOCK                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |      6263 | NS      | $154946.62    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/JPY SETTLE 2026-04-01 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-29.15       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | CENTURY ALUMINUM COMPANY COMMON STOCK          | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |      2825 | NS      | $165799.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL HOTELS GROUP PLC              | INTERCONTINENTAL HOTELS GROU COMMON STOCK      | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               |  | GB        |      9244 | NS      | $1205417.60   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC COMMON STOCK              | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               |  | US        |      3998 | NS      | $154642.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC COMMON STOCK                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     21812 | NS      | $1439373.88   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAREDGE TECHNOLOGIES, INC.                   | SOLAREDGE TECHNOLOGIES INC COMMON STOCK        | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               |  | US        |      4038 | NS      | $206139.90    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP COMMON STOCK                       | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |       370 | NS      | $139763.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAND CANYON EDUCATION, INC.                   | GRAND CANYON EDUCATION INC COMMON STOCK        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               |  | US        |       923 | NS      | $156937.69    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                        | SMITH (A.O.) CORP COMMON STOCK                 | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     20306 | NS      | $1338977.64   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |     31494 | NS      | $1121282.36   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.               | BROOKFIELD ASSET MGMT-A COMMON STOCK           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |     25795 | NS      | $1143220.06   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                        | LIVERAMP HOLDINGS INC COMMON STOCK             | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |      5198 | NS      | $137850.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMERIEUX SA                                  | BIOMERIEUX COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300AK8Y0LBIQ4T071       | Long             | EC               |  | FR        |     11003 | NS      | $1163815.42   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDU-CL A COMMON STOCK          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |     18450 | NS      | $1486332.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | NORTHROP GRUMMAN CORP COMMON STOCK             | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      1977 | NS      | $1348788.48   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadien Pacifique Kansas City Limitee         | CANADIAN PACIFIC KANSAS CITY COMMON STOCK      | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               |  | CA        |     14277 | NS      | $1119919.16   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION          | HONEYWELL INTERNATIONAL INC COMMON STOCK       | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               |  | US        |      6141 | NS      | $1388050.23   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER, INC.                   | STANLEY BLACK & DECKER INC COMMON STOCK        | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               |  | US        |     18781 | NS      | $1334577.86   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AMNEAL PHARMACEUTICALS, INC.                   | AMNEAL PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 03168L105<br>LEI: N/A                  | Long             | EC               |  | US        |     11699 | NS      | $145418.57    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADYNE, INC.                                 | TERADYNE INC COMMON STOCK                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               |  | US        |      4787 | NS      | $1419154.02   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP COMMON STOCK      | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               |  | US        |      9366 | NS      | $152572.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORPORATION                            | PARSONS CORP COMMON STOCK                      | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               |  | US        |      2322 | NS      | $125782.74    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SE                                   | FERROVIAL SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 72450022R2ZFL41Y6I04       | Long             | EC               |  | ES        |     18065 | NS      | $1153545.68   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co., Ltd.                      | OTSUKA HOLDINGS CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     18900 | NS      | $1307995.47   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GROUP PLC                               | SMITHS GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               |  | GB        |     34704 | NS      | $1043426.52   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP COMMON STOCK              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |      2234 | NS      | $1350207.26   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                      | Nexstar Media Group Inc COMMON STOCK           | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       600 | NS      | $108498.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                              | PITNEY BOWES INC COMMON STOCK                  | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               |  | US        |     13959 | NS      | $154246.95    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                 | VERISIGN INC COMMON STOCK                      | CUSIP: N/A<br>LEI: LMPL4N8ZOJRMF0KOF759       | Long             | EC               |  | US        |      6127 | NS      | $1521701.72   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V.                     | UNIVERSAL MUSIC GROUP NV COMMON STOCK          | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               |  | NL        |     54141 | NS      | $1037718.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| COVISTA INC.                                   | COVISTA INC COMMON STOCK                       | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               |  | US        |      1491 | NS      | $171837.75    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                           | INGEVITY CORP COMMON STOCK                     | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |      2267 | NS      | $161478.41    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MYRIAD GENETICS, INC.                          | MYRIAD GENETICS INC COMMON STOCK               | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               |  | US        |     29645 | NS      | $133402.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD         | SINGAPORE TECH ENGINEERING COMMON STOCK        | CUSIP: N/A<br>LEI: 254900OEXGGWCR24DG90       | Long             | EC               |  | SG        |    144000 | NS      | $1206557.38   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSMEDICS GROUP, INC.                        | TRANSMEDICS GROUP INC COMMON STOCK             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               |  | US        |      1086 | NS      | $107959.26    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION              | LATTICE SEMICONDUCTOR CORP COMMON STOCK        | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |      1671 | NS      | $155001.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION | SCIENCE APPLICATIONS INTE COMMON STOCK         | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               |  | US        |      1628 | NS      | $154529.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                   | STRIDE INC COMMON STOCK                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               |  | US        |      1762 | NS      | $155355.54    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eisai Co., Ltd.                                | EISAI CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               |  | JP        |     39200 | NS      | $1200221.26   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                        | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |      9747 | NS      | $1498016.43   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.            | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK      | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      3469 | NS      | $1317873.10   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               |  | AU        |     11845 | NS      | $1142095.31   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC COMMON STOCK                   | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               |  | US        |     46714 | NS      | $1434586.94   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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