# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048619
**Filing Date:** 2023-3
**Character Count:** 22688
**Document Hash:** 056e94e3222bbbeafd2c9e7ed1144b8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048619.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048619

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23690132

**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            |

## 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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $78178900.93

**Total Liabilities:** $627913.26

**Net Assets:** $77550987.67

**Cash Not Reported:** $3033960.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233882 | -4.01%               | 3.02%                | 9.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-454819.68              | $-2794107.23                               |
| Month 2  | $-486449.64              | $2654328.55                                |
| Month 3  | $-336998.60              | $5977717.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSX Corporation                             | CSX CORP COMMON STOCK                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               |  | US        |     40359 | NS      | $1250321.82   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS, INC.                      | CELSIUS HOLDINGS INC COMMON STOCK         | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               |  | US        |     10513 | NS      | $1093772.52   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                | ANTERO RESOURCES CORP COMMON STOCK        | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               |  | US        |     43749 | NS      | $1355781.51   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                          | DTE ENERGY COMPANY COMMON STOCK           | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               |  | US        |     12323 | NS      | $1448322.19   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                               | BROADCOM INC COMMON STOCK                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |      2016 | NS      | $1127206.08   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT, INC.                      | WASTE MANAGEMENT INC COMMON STOCK         | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               |  | US        |      7953 | NS      | $1247666.64   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHNOLOGIES, INC.                    | ORMAT TECHNOLOGIES INC COMMON STOCK       | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               |  | US        |     14441 | NS      | $1248857.68   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC COMMON STOCK              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |      2447 | NS      | $1147814.29   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                          | CAMECO CORP COMMON STOCK                  | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     64846 | NS      | $1470058.82   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA, INC.                               | CORTEVA INC COMMON STOCK                  | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               |  | US        |     21309 | NS      | $1252543.02   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED             | UNITEDHEALTH GROUP INC COMMON STOCK       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |      2385 | NS      | $1264479.30   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                             | DEERE & CO COMMON STOCK                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               |  | US        |      2894 | NS      | $1240831.44   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INCORPORATED                  | IRON MOUNTAIN INC REIT                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |     24933 | NS      | $1242910.05   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                 | LOCKHEED MARTIN CORP COMMON STOCK         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |      2616 | NS      | $1272657.84   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLOGG COMPANY                             | KELLOGG CO COMMON STOCK                   | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               |  | US        |     17506 | NS      | $1247127.44   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLINS, INC.                               | ROLLINS INC COMMON STOCK                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               |  | US        |     33962 | NS      | $1240971.48   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.            | PHILIP MORRIS INTERNATIONAL COMMON STOCK  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     12443 | NS      | $1259356.03   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                       | COCA-COLA CO/THE COMMON STOCK             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |     19804 | NS      | $1259732.44   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                 | PFIZER INC COMMON STOCK                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               |  | US        |     24376 | NS      | $1249026.24   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON COMPANY                         | HALLIBURTON CO COMMON STOCK               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               |  | US        |     37477 | NS      | $1474719.95   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                | GENERAL DYNAMICS CORP COMMON STOCK        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      5087 | NS      | $1262135.57   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                           | MERCK & CO. INC. COMMON STOCK             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |      9988 | NS      | $1108168.60   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                         | EOG RESOURCES INC COMMON STOCK            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               |  | US        |     11244 | NS      | $1456322.88   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV INC.                                    | NOV INC COMMON STOCK                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               |  | US        |     71175 | NS      | $1486845.75   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Company              | EDGEWELL PERSONAL CARE CO COMMON STOCK    | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               |  | US        |     28463 | NS      | $1096964.02   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                       | CARDINAL HEALTH INC COMMON STOCK          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |     13937 | NS      | $1071337.19   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                      | CVS HEALTH CORP COMMON STOCK              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               |  | US        |     11887 | NS      | $1107749.53   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                          | INCYTE CORP COMMON STOCK                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |     13725 | NS      | $1102392.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE J. M. SMUCKER COMPANY                   | JM SMUCKER CO/THE COMMON STOCK            | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               |  | US        |      7920 | NS      | $1255003.20   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORPORATION                    | BROWN-FORMAN CORP-CLASS B COMMON STOCK    | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               |  | US        |     19037 | NS      | $1250350.16   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CULLEN/FROST BANKERS, INC.                  | CULLEN/FROST BANKERS INC COMMON STOCK     | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               |  | US        |      8466 | NS      | $1131904.20   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCH & DWIGHT CO., INC.                   | CHURCH & DWIGHT CO INC COMMON STOCK       | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               |  | US        |     15380 | NS      | $1239781.80   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISOURCEBERGEN CORPORATION               | AMERISOURCEBERGEN CORP COMMON STOCK       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               |  | US        |      6563 | NS      | $1087554.73   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMPBELL SOUP COMPANY                       | CAMPBELL SOUP CO COMMON STOCK             | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               |  | US        |     19504 | NS      | $1106852.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| JUNIPER NETWORKS, INC.                      | JUNIPER NETWORKS INC COMMON STOCK         | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               |  | US        |     35229 | NS      | $1125918.84   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                       | ELI LILLY & CO COMMON STOCK               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |      3445 | NS      | $1260318.80   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                           | JOHNSON & JOHNSON COMMON STOCK            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |      7119 | NS      | $1257571.35   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS, INC.                        | CONAGRA BRANDS INC COMMON STOCK           | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               |  | US        |     32528 | NS      | $1258833.60   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                | NORTHROP GRUMMAN CORP COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      2363 | NS      | $1289276.43   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                      | MCDONALD'S CORP COMMON STOCK              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               |  | US        |      4711 | NS      | $1241489.83   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                    | ALLSTATE CORP COMMON STOCK                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               |  | US        |      9279 | NS      | $1258232.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD FINANCIAL SERVICES GROUP, INC. | HARTFORD FINANCIAL SVCS GRP COMMON STOCK  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               |  | US        |     14611 | NS      | $1107952.13   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | EXXON MOBIL CORP COMMON STOCK             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     13453 | NS      | $1483865.90   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                        | SILGAN HOLDINGS INC COMMON STOCK          | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               |  | US        |     21066 | NS      | $1092061.44   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORPORATION                           | CIGNA CORP COMMON STOCK                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |      3333 | NS      | $1104356.22   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP COMMON STOCK               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      4681 | NS      | $1122597.42   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                             | PPL CORP COMMON STOCK                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     49378 | NS      | $1442825.16   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                | COSTCO WHOLESALE CORP COMMON STOCK        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      2726 | NS      | $1244419.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION            | OCCIDENTAL PETROLEUM CORP COMMON STOCK    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |     22938 | NS      | $1444864.62   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBEMARLE CORPORATION                       | ALBEMARLE CORP COMMON STOCK               | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               |  | US        |      5582 | NS      | $1210512.52   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                        | HCA HEALTHCARE INC COMMON STOCK           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               |  | US        |      4646 | NS      | $1114854.16   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES, INC.                 | L3HARRIS TECHNOLOGIES INC COMMON STOCK    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               |  | US        |      6122 | NS      | $1274661.62   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                      | LOWE'S COS INC COMMON STOCK               | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |      6270 | NS      | $1249234.80   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                   | COLGATE-PALMOLIVE CO COMMON STOCK         | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |     15872 | NS      | $1250554.88   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PEABODY ENERGY CORPORATION                  | PEABODY ENERGY CORP COMMON STOCK          | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               |  | US        |     49624 | NS      | $1311066.08   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.           | HANOVER INSURANCE GROUP INC/ COMMON STOCK | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               |  | US        |      9211 | NS      | $1244682.43   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                       | CHENIERE ENERGY INC COMMON STOCK          | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |      9446 | NS      | $1416522.16   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY              | ARCHER-DANIELS-MIDLAND CO COMMON STOCK    | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               |  | US        |     13365 | NS      | $1240940.25   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                             | EQT CORP COMMON STOCK                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               |  | US        |     40729 | NS      | $1377862.07   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                      | CMS ENERGY CORP COMMON STOCK              | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               |  | US        |     23009 | NS      | $1457159.97   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO