# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-210994
**Filing Date:** 2025-8
**Character Count:** 35693
**Document Hash:** 431a8cb7a0d089198f4b693625c47713
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210994.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210994

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251269919

**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            |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $52343652.04

**Total Liabilities:** $30808.59

**Net Assets:** $52312843.45

**Cash Not Reported:** $911092.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233881 | 4.81%                | 1.92%                | 2.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $978307.77               | $1458690.89                                |
| Month 2  | $-230287.41              | $1047219.49                                |
| Month 3  | $0.00                    | $1098943.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAR CORP.                                      | AAR CORP COMMON STOCK                     | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               |  | US        |      1582 | NS      | $108825.78    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC.                    | ACADIA PHARMACEUTICALS INC COMMON STOCK   | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               |  | US        |      4565 | NS      | $98467.05     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION INC.                  | ADTALEM GLOBAL EDUCATION INC COMMON STOCK | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               |  | US        |       775 | NS      | $98603.25     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROVIRONMENT, INC.                            | AEROVIRONMENT INC COMMON STOCK            | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               |  | US        |       539 | NS      | $153588.05    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC COMMON STOCK             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     15882 | NS      | $931161.66    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEDISYS, INC.                                 | AMEDISYS INC COMMON STOCK                 | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               |  | US        |      1057 | NS      | $103998.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                          | ARLO TECHNOLOGIES INC COMMON STOCK        | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               |  | US        |      6842 | NS      | $116040.32    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                           | ASTELLAS PHARMA INC COMMON STOCK          | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               |  | JP        |     80200 | NS      | $786481.36    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC COMMON STOCK          | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               |  | US        |      1267 | NS      | $1048999.98   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                             | BADGER METER INC COMMON STOCK             | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               |  | US        |       392 | NS      | $96020.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                       | BAYER AG-REG COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |     28213 | NS      | $845661.42    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMERIEUX SA                                  | BIOMERIEUX COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300AK8Y0LBIQ4T071       | Long             | EC               |  | FR        |      5940 | NS      | $818589.04    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOW GROUP INC.                             | BRISTOW GROUP INC COMMON STOCK            | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               |  | US        |      3337 | NS      | $110020.89    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.               | BROOKFIELD ASSET MGMT-A COMMON STOCK      | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |     14546 | NS      | $803467.95    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                             | CAMECO CORP COMMON STOCK                  | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | CA        |     13361 | NS      | $990251.32    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE CORPORATION                           | CELANESE CORP COMMON STOCK                | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               |  | US        |      1865 | NS      | $103190.45    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | CENTURY ALUMINUM COMPANY COMMON STOCK     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |      5419 | NS      | $97650.38     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP COMMON STOCK                  | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |       175 | NS      | $85212.75     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEMOURS COMPANY                           | CHEMOURS CO/THE COMMON STOCK              | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               |  | US        |     10266 | NS      | $117545.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL, INC.                          | COINBASE GLOBAL INC -CLASS A COMMON STOCK | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               |  | US        |      3718 | NS      | $1303121.82   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC, INC.                                | CORECIVIC INC COMMON STOCK                | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               |  | US        |      4611 | NS      | $97153.77     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                    | COVESTRO AG-TEND COMMON STOCK             | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               |  | DE        |     11410 | NS      | $808972.88    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               |  | AU        |      5025 | NS      | $788640.80    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                   | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |      7137 | NS      | $1016665.65   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC-CLASS A COMMON STOCK          | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               |  | US        |      3448 | NS      | $98612.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAVAX TECHNOLOGIES CORPORATION               | DYNAVAX TECHNOLOGIES CORP COMMON STOCK    | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               |  | US        |     10155 | NS      | $100737.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL COMPANY                       | EASTMAN CHEMICAL CO COMMON STOCK          | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               |  | US        |     12029 | NS      | $898085.14    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Eisai Co., Ltd.                                | EISAI CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               |  | JP        |     29900 | NS      | $858632.70    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVIRI CORPORATION                             | ENVIRI CORP COMMON STOCK                  | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               |  | US        |     12045 | NS      | $104550.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC COMMON STOCK                     | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      1681 | NS      | $84318.96     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |      2348 | NS      | $103488.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                   | EXPERIAN PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |     16101 | NS      | $827842.14    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       550 | NS      | $1005378.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED HERMES, INC.                         | FEDERATED HERMES INC COMMON STOCK         | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               |  | US        |      2362 | NS      | $104683.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                              | FIRST SOLAR INC COMMON STOCK              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               |  | US        |      6127 | NS      | $1014263.58   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP COMMON STOCK                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      2288 | NS      | $117305.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK           | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     17281 | NS      | $968427.24    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                      | FRESENIUS MEDICAL CARE AG COMMON STOCK    | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               |  | DE        |     14453 | NS      | $825376.75    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                   | GENERAL DYNAMICS CORP COMMON STOCK        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      3494 | NS      | $1019060.04   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                            | GEO GROUP INC/THE COMMON STOCK            | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               |  | US        |      3762 | NS      | $90099.90     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H&R BLOCK INC COMMON STOCK                | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               |  | US        |      1711 | NS      | $93916.79     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY BIOSCIENCES HOLDINGS, INC.             | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |      2829 | NS      | $89396.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                  | HD HYUNDAI ELECTRIC CO COMMON STOCK       | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               |  | KR        |      2907 | NS      | $1092063.57   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC COMMON STOCK             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               |  | US        |       971 | NS      | $101721.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS & HERS HEALTH INC COMMON STOCK       | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               |  | US        |      1717 | NS      | $85592.45     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                    | HUMANA INC COMMON STOCK                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |      4081 | NS      | $997722.88    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.            | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      4253 | NS      | $1026929.38   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC COMMON STOCK                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |      1227 | NS      | $117068.07    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                             | INCYTE CORP COMMON STOCK                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |     14431 | NS      | $982751.10    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC COMMON STOCK             | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |       456 | NS      | $102248.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.                    | IRIDIUM COMMUNICATIONS INC COMMON STOCK   | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               |  | US        |      3820 | NS      | $115249.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC COMMON STOCK         | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               |  | US        |      3209 | NS      | $103169.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Kirin Co., Ltd.                          | KYOWA KIRIN CO LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               |  | JP        |     49600 | NS      | $846611.51    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                          | LABCORP HOLDINGS INC COMMON STOCK         | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               |  | US        |      3860 | NS      | $1013288.60   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC COMMON STOCK        | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |      1294 | NS      | $105926.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION              | LATTICE SEMICONDUCTOR CORP COMMON STOCK   | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |      2180 | NS      | $106798.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC COMMON STOCK          | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               |  | US        |      6819 | NS      | $1075765.44   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                        | LIVERAMP HOLDINGS INC COMMON STOCK        | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |      3067 | NS      | $101333.68    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP COMMON STOCK         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |      2001 | NS      | $926743.14    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDU-CL A COMMON STOCK     | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |     14542 | NS      | $841400.12    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC COMMON STOCK              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               |  | US        |     31743 | NS      | $980541.27    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP COMMON STOCK                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               |  | US        |      1315 | NS      | $104371.55    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC COMMON STOCK                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |      1408 | NS      | $98841.60     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                        | MOLINA HEALTHCARE INC COMMON STOCK        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               |  | US        |      3259 | NS      | $970856.10    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                              | MP MATERIALS CORP COMMON STOCK            | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |      4661 | NS      | $155071.47    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MYRIAD GENETICS, INC.                          | MYRIAD GENETICS INC COMMON STOCK          | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               |  | US        |     20819 | NS      | $110548.89    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                   | NEUROCRINE BIOSCIENCES INC COMMON STOCK   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |       798 | NS      | $100300.62    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | NORTHROP GRUMMAN CORP COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      1977 | NS      | $988460.46    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG-REG COMMON STOCK              | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |      6892 | NS      | $832667.89    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A/S-B COMMON STOCK           | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |     11168 | NS      | $772436.64    | 1.48%             |  |  |  | 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        |     16300 | NS      | $806959.74    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC-A COMMON STOCK  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      7281 | NS      | $992545.92    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORPORATION                            | PARSONS CORP COMMON STOCK                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               |  | US        |      1526 | NS      | $109521.02    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PEARSON PLC                                    | PEARSON PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 2138004JBXWWJKIURC57       | Long             | EC               |  | GB        |     53728 | NS      | $788904.98    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORPORATION                 | PERDOCEO EDUCATION CORP COMMON STOCK      | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               |  | US        |      2984 | NS      | $97546.96     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                              | PITNEY BOWES INC COMMON STOCK             | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               |  | US        |      9792 | NS      | $106830.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMERICA, INC.                                | PRIMERICA INC COMMON STOCK                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               |  | US        |       366 | NS      | $100163.22    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PUBLIC LIMITED COMPANY                    | RELX PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |     14805 | NS      | $798740.44    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |      2494 | NS      | $809610.05    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAB Aktiebolag                                | SAAB AB-B COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               |  | SE        |     15432 | NS      | $854310.75    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                | SANDOZ GROUP AG COMMON STOCK              | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               |  | CH        |     15635 | NS      | $852853.89    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION | SCIENCE APPLICATIONS INTE COMMON STOCK    | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               |  | US        |       987 | NS      | $111146.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SCOTTS MIRACLE-GRO COMPANY                 | SCOTTS MIRACLE-GRO CO COMMON STOCK        | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               |  | US        |      1715 | NS      | $113121.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP COMMON STOCK | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               |  | US        |      6589 | NS      | $100021.02    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                             | SMITH & NEPHEW PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     54877 | NS      | $836984.42    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                        | SMITH (A.O.) CORP COMMON STOCK            | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     15071 | NS      | $988205.47    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GROUP PLC                               | SMITHS GROUP PLC COMMON STOCK             | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               |  | GB        |     27843 | NS      | $856954.23    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                        | SPOTIFY TECHNOLOGY SA COMMON STOCK        | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      1195 | NS      | $916971.30    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER, INC.                   | STANLEY BLACK & DECKER INC COMMON STOCK   | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               |  | US        |     14935 | NS      | $1011846.25   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                   | STRIDE INC COMMON STOCK                   | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               |  | US        |       661 | NS      | $95970.59     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY, INC.                           | SUNCOKE ENERGY INC COMMON STOCK           | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               |  | US        |     12265 | NS      | $105356.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                            | SYLVAMO CORP COMMON STOCK                 | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               |  | US        |      1874 | NS      | $93887.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC COMMON STOCK                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               |  | US        |     12958 | NS      | $1040397.82   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSMEDICS GROUP, INC.                        | TRANSMEDICS GROUP INC COMMON STOCK        | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               |  | US        |       779 | NS      | $104393.79    | 0.20%             |  |  |  | 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        |     25876 | NS      | $834690.08    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                 | VERISIGN INC COMMON STOCK                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               |  | US        |      3528 | NS      | $1018886.40   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARMACEUTICALS INC COMMON STOCK   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      2155 | NS      | $959406.00    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WK KELLOGG CO                                  | WK KELLOGG CO COMMON STOCK                | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               |  | US        |      6179 | NS      | $98493.26     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                      | YELP INC COMMON STOCK                     | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |      2676 | NS      | $91706.52     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM! BRANDS INC COMMON STOCK              | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      6718 | NS      | $995473.24    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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