# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004726
**Filing Date:** 2026-6
**Character Count:** 33536
**Document Hash:** 44297a41cc6211ba8c5ea2b56946651c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004726.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002048251-26-004726

**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:** 261048866

**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**<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 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:** 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:** $518998254.49

**Total Liabilities:** $238553.96

**Net Assets:** $518759700.53

**Cash Not Reported:** $72495041.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233882 | -1.68%               | -0.27%               | 3.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7060194.51             | $-2549376.27                               |
| Month 2  | $-18385905.06            | $17123367.61                               |
| Month 3  | $15884753.09             | $-2713661.40                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APPLE INC.                          | APPLE INC COMMON STOCK                    | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     46449 | NS      | $11788291.71  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT, INC.              | WASTE MANAGEMENT INC COMMON STOCK         | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               |  | US        |     59411 | NS      | $13652053.69  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                 | ENTERGY CORP COMMON STOCK                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |    156048 | NS      | $17533553.28  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.        | MARRIOTT INTERNATIONAL -CL A COMMON STOCK | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               |  | US        |     48758 | NS      | $15947279.06  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                    | SALESFORCE INC COMMON STOCK               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               |  | US        |     42204 | NS      | $7878220.68   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION             | DUKE ENERGY CORP COMMON STOCK             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               |  | US        |    100347 | NS      | $13139436.18  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                        | VENTAS INC REIT                           | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    156962 | NS      | $12836352.36  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORPORATION              | ROCKET LAB CORP COMMON STOCK              | CUSIP: 773121108<br>LEI: 254900LNRW7906KUMM93 | Long             | EC               |  | US        |    147992 | NS      | $9504046.24   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc            | AMPRIUS TECHNOLOGIES INC COMMON STOCK     | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               |  | US        |    847659 | NS      | $14291530.74  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                        | WALMART INC COMMON STOCK                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               |  | US        |    117322 | NS      | $14580778.16  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                     | KLA CORP COMMON STOCK                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      5143 | NS      | $7572604.63   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ONTO INNOVATION INC.                | ONTO INNOVATION INC COMMON STOCK          | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               |  | US        |     56650 | NS      | $11617215.50  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY               | COCA-COLA CO/THE COMMON STOCK             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |    169628 | NS      | $12900209.40  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-3 Month Treasury Bond ETF | ISHARES 0-3 MONTH TREASURY B MUTUAL FUND  | CUSIP: 46436E718<br>LEI: N/A                  | Long             | EC               | RF                | US        |    128493 | NS      | $12934105.38  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION, INC.           | ROCKWELL AUTOMATION INC COMMON STOCK      | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               |  | US        |     32989 | NS      | $11839092.32  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SPHERE ENTERTAINMENT CO.            | SPHERE ENTERTAINMENT CO COMMON STOCK      | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               |  | US        |    129308 | NS      | $15180759.20  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                      | CME GROUP INC COMMON STOCK                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |     47581 | NS      | $14053048.35  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                   | MERCK & CO. INC. COMMON STOCK             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |    107978 | NS      | $12988673.62  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET LABS PBC                     | PLANET LABS PBC COMMON STOCK              | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               |  | US        |    495509 | NS      | $13849476.55  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION         | WESTERN DIGITAL CORP COMMON STOCK         | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               |  | US        |     30128 | NS      | $8149322.72   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                 | CHEVRON CORP COMMON STOCK                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |     71326 | NS      | $14757349.40  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                | EDISON INTERNATIONAL COMMON STOCK         | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               |  | US        |    224550 | NS      | $16432569.00  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| F/m US Treasury 3 Month Bill Fund   | F/M US TREASURY 3 MONTH BILL MUTUAL FUND  | CUSIP: 74933W452<br>LEI: N/A                  | Long             | EC               | RF                | US        |    259138 | NS      | $12920620.68  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                   | JOHNSON & JOHNSON COMMON STOCK            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |     54100 | NS      | $13224204.00  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL, INC.                | VENTURE GLOBAL INC-CL A COMMON STOCK      | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               |  | US        |    984015 | NS      | $15508076.40  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION              | MCDONALD'S CORP COMMON STOCK              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               |  | US        |     34074 | NS      | $10589858.46  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.               | QUANTA SERVICES INC COMMON STOCK          | CUSIP: N/A<br>LEI: SHVRXXEACT60MMH07S24       | Long             | EC               |  | US        |     35570 | NS      | $19528641.40  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION        | COSTCO WHOLESALE CORP COMMON STOCK        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |     13103 | NS      | $13056222.29  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION    | OCCIDENTAL PETROLEUM CORP COMMON STOCK    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |    252290 | NS      | $16398850.00  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                       | ALPHABET INC-CL A COMMON STOCK            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     48629 | NS      | $13983755.24  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AFLAC INCORPORATED                  | AFLAC INC COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300N0B7DOGLXWPP39       | Long             | EC               |  | US        |    108997 | NS      | $11958060.87  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                     | GE VERNOVA INC COMMON STOCK               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |     14583 | NS      | $12729500.70  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.            | MARVELL TECHNOLOGY INC COMMON STOCK       | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               |  | US        |     98958 | NS      | $9801789.90   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.     | ARCHER-DANIELS-MIDLAND CO COMMON STOCK    | CUSIP: N/A<br>LEI: 549300LO13MQ9HYSTR83       | Long             | EC               |  | US        |    179200 | NS      | $13026048.00  | 2.51%             |  |  |  | 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