# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048620
**Filing Date:** 2023-3
**Character Count:** 35626
**Document Hash:** 5b0bfc04779d7a4699406f137ff197a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048620.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048620

**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:** 23690133

**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:** 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:** $20118843.35

**Total Liabilities:** $114481.26

**Net Assets:** $20004362.09

**Cash Not Reported:** $371810.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233881 | -2.23%               | 8.18%                | 7.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $209790.14               | $-659068.31                                |
| Month 2  | $-58664.93               | $1502086.48                                |
| Month 3  | $0.00                    | $1087747.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SERVICENOW, INC.                               | SERVICENOW INC COMMON STOCK               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |       832 | NS      | $323040.64    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPLIFON S.P.A.                                | AMPLIFON SPA COMMON STOCK                 | CUSIP: N/A<br>LEI: ZYXJDNVM2JI3VBM8G556       | Long             | EC               |  | IT        |     12871 | NS      | $382150.52    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED HERMES, INC.                         | FEDERATED HERMES INC COMMON STOCK         | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               |  | US        |      1438 | NS      | $52213.78     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOW GROUP INC.                             | BRISTOW GROUP INC COMMON STOCK            | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               |  | US        |      2027 | NS      | $54992.51     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP.                             | MP MATERIALS CORP COMMON STOCK            | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               |  | US        |      1585 | NS      | $38483.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                           | ASTELLAS PHARMA INC COMMON STOCK          | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               |  | JP        |     23500 | NS      | $357366.71    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA HEALTH SCIENCES, INC.                    | USANA HEALTH SCIENCES INC COMMON STOCK    | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               |  | US        |       955 | NS      | $50806.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP COMMON STOCK                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               |  | US        |       655 | NS      | $57319.05     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUEBLUE, INC.                                 | TRUEBLUE INC COMMON STOCK                 | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               |  | US        |      2387 | NS      | $46737.46     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC COMMON STOCK          | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               |  | US        |       285 | NS      | $47290.05     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |        85 | NS      | $50879.30     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                       | RELX PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |     12911 | NS      | $355342.92    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                             | INCYTE CORP COMMON STOCK                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |      4346 | NS      | $349070.72    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK           | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     10671 | NS      | $324078.27    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORPORATION                 | PERDOCEO EDUCATION CORP COMMON STOCK      | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               |  | US        |      3669 | NS      | $50999.10     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP COMMON STOCK                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      1565 | NS      | $54242.90     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS, INC.                 | CATALYST PHARMACEUTICALS INC COMMON STOCK | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               |  | US        |      3141 | NS      | $58422.60     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC COMMON STOCK        | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |       848 | NS      | $43214.08     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC COMMON STOCK                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |       751 | NS      | $55070.83     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC COMMON STOCK                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |      1590 | NS      | $321498.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                   | NEUROCRINE BIOSCIENCES INC COMMON STOCK   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |       416 | NS      | $49687.04     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                                   | POLARIS INC COMMON STOCK                  | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |       459 | NS      | $46359.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM! BRANDS INC COMMON STOCK              | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      2693 | NS      | $344919.44    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co. KGaA           | FRESENIUS MEDICAL CARE AG & COMMON STOCK  | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               |  | DE        |     11613 | NS      | $378882.82    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |      3081 | NS      | $49419.24     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                       | KONINKLIJKE PHILIPS NV COMMON STOCK       | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               |  | NL        |     24358 | NS      | $364048.10    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                | BAE SYSTEMS PLC COMMON STOCK              | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               |  | GB        |     36359 | NS      | $374384.16    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANOGENESIS HOLDINGS INC.                    | ORGANOGENESIS HOLDINGS INC COMMON STOCK   | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               |  | US        |     19218 | NS      | $51696.42     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KONGSBERG GRUPPEN ASA                          | KONGSBERG GRUPPEN ASA COMMON STOCK        | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               |  | NO        |      8758 | NS      | $369487.85    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| INARI MEDICAL, INC.                            | INARI MEDICAL INC COMMON STOCK            | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               |  | US        |       712 | NS      | $45254.72     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY                    | INTERNATIONAL PAPER CO COMMON STOCK       | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               |  | US        |      9328 | NS      | $323028.64    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC COMMON STOCK                     | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      2622 | NS      | $314063.16    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc               | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |       880 | NS      | $48488.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                           | DOMINO'S PIZZA INC COMMON STOCK           | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               |  | US        |       888 | NS      | $307603.20    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROJET ROCKETDYNE HOLDINGS, INC.              | AEROJET ROCKETDYNE HOLDINGS COMMON STOCK  | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               |  | US        |      1014 | NS      | $56713.02     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC COMMON STOCK                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               |  | US        |      4851 | NS      | $343450.80    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                   | EXPERIAN PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |     10276 | NS      | $347716.74    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERUS BIOSCIENCES, INC.                      | COHERUS BIOSCIENCES INC COMMON STOCK      | CUSIP: 19249H103<br>LEI: 5493007IL8W5MV932D26 | Long             | EC               |  | US        |      7674 | NS      | $60778.08     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vir Biotechnology Inc                          | VIR BIOTECHNOLOGY INC COMMON STOCK        | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               |  | US        |      1867 | NS      | $47253.77     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                   | GENERAL DYNAMICS CORP COMMON STOCK        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      1372 | NS      | $340406.92    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC COMMON STOCK          | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               |  | US        |      3166 | NS      | $333031.54    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERGENT BIOSOLUTIONS INC.                     | EMERGENT BIOSOLUTIONS INC COMMON STOCK    | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               |  | US        |      4279 | NS      | $50534.99     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC COMMON STOCK             | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |      1047 | NS      | $51805.56     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIRA BIOSCIENCES, INC.                       | PACIRA BIOSCIENCES INC COMMON STOCK       | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               |  | US        |      1092 | NS      | $42162.12     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR CORP.                                      | AAR CORP COMMON STOCK                     | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               |  | US        |      1154 | NS      | $51814.60     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                            | GEO GROUP INC/THE COMMON STOCK            | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               |  | US        |      4453 | NS      | $48760.35     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LHC GROUP, INC.                                | LHC GROUP INC COMMON STOCK                | CUSIP: 50187A107<br>LEI: 5299009NPLWAMRQYZX73 | Long             | EC               |  | US        |       329 | NS      | $53196.01     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                 | FORTINET INC COMMON STOCK                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               |  | US        |      6515 | NS      | $318518.35    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                 | VERISIGN INC COMMON STOCK                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               |  | US        |      1731 | NS      | $355616.64    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC, INC.                                | CORECIVIC INC COMMON STOCK                | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               |  | US        |      3968 | NS      | $45870.08     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL COMPANY                       | EASTMAN CHEMICAL CO COMMON STOCK          | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               |  | US        |      3996 | NS      | $325434.24    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                      | YELP INC COMMON STOCK                     | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |      1701 | NS      | $46505.34     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | CENTURY ALUMINUM COMPANY COMMON STOCK     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |      5846 | NS      | $47820.28     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |      1104 | NS      | $346640.73    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL HOTELS GROUP PLC              | INTERCONTINENTAL HOTELS GROU COMMON STOCK | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               |  | GB        |      6221 | NS      | $355006.78    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Regenxbio Inc                                  | REGENXBIO INC COMMON STOCK                | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               |  | US        |      2203 | NS      | $49964.04     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC COMMON STOCK             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |      7430 | NS      | $339625.30    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC COMMON STOCK                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |      2736 | NS      | $300795.84    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUCORA, INC.                                  | BLUCORA INC COMMON STOCK                  | CUSIP: 095229100<br>LEI: 5299001IO03J69IP6L77 | Long             | EC               |  | US        |      2104 | NS      | $53715.12     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED         | TEVA PHARMACEUTICAL IND LTD COMMON STOCK  | CUSIP: N/A<br>LEI: 549300BAFGM4RC74ZJ94       | Long             | EC               |  | IL        |     41572 | NS      | $388680.82    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP COMMON STOCK                  | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |        97 | NS      | $49511.71     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY    | JAZZ PHARMACEUTICALS PLC COMMON STOCK     | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               |  | US        |      2292 | NS      | $365138.52    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                        | AON PLC-CLASS A COMMON STOCK              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               |  | US        |      1167 | NS      | $350263.38    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                        | SMITH (A.O.) CORP COMMON STOCK            | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |      5700 | NS      | $326268.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOZYMES A/S                                  | NOVOZYMES A/S-B SHARES COMMON STOCK       | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               |  | DK        |      6265 | NS      | $316403.70    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOCURE LIMITED                               | NOVOCURE LTD COMMON STOCK                 | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               |  | US        |      4679 | NS      | $343204.65    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                        | LIVERAMP HOLDINGS INC COMMON STOCK        | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |      2397 | NS      | $56185.68     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDU-CL A COMMON STOCK     | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |      4231 | NS      | $351299.93    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | NORTHROP GRUMMAN CORP COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |       652 | NS      | $355737.72    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H&R BLOCK INC COMMON STOCK                | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               |  | US        |      1203 | NS      | $43921.53     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                    | RAMBUS INC COMMON STOCK                   | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |      1372 | NS      | $49145.04     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN PLAINS INC.                              | GREEN PLAINS INC COMMON STOCK             | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               |  | US        |      1524 | NS      | $46482.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEDISYS, INC.                                 | AMEDISYS INC COMMON STOCK                 | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               |  | US        |       579 | NS      | $48369.66     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP COMMON STOCK | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               |  | US        |      2141 | NS      | $53161.03     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                        | MOLINA HEALTHCARE INC COMMON STOCK        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               |  | US        |      1027 | NS      | $339135.94    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORPORATION                       | BROWN-FORMAN CORP-CLASS B COMMON STOCK    | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               |  | US        |      4742 | NS      | $311454.56    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTA OUTDOOR INC.                             | VISTA OUTDOOR INC COMMON STOCK            | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               |  | US        |      1882 | NS      | $45864.34     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GROUP PLC                               | SMITHS GROUP PLC COMMON STOCK             | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               |  | GB        |     18791 | NS      | $361321.92    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAVAX TECHNOLOGIES CORPORATION               | DYNAVAX TECHNOLOGIES CORP COMMON STOCK    | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               |  | US        |      4238 | NS      | $45092.32     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP COMMON STOCK         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |       712 | NS      | $346380.88    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ELBIT SYSTEMS LTD                              | ELBIT SYSTEMS LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32       | Long             | EC               |  | IL        |      2063 | NS      | $334663.79    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                              | PITNEY BOWES INC COMMON STOCK             | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               |  | US        |     13785 | NS      | $52383.00     | 0.26%             |  |  |  | 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        |     15365 | NS      | $369124.70    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC COMMON STOCK                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               |  | US        |      1132 | NS      | $313473.44    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                     | AMGEN INC COMMON STOCK                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               |  | US        |      1207 | NS      | $317006.48    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                  | Pediatrix Medical Group Inc COMMON STOCK  | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               |  | US        |      3296 | NS      | $48978.56     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                             | SMITH & NEPHEW PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     27501 | NS      | $367035.08    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MYRIAD GENETICS, INC.                          | MYRIAD GENETICS INC COMMON STOCK          | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               |  | US        |      2601 | NS      | $37740.51     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION              | LATTICE SEMICONDUCTOR CORP COMMON STOCK   | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |       726 | NS      | $47102.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE PHARMACEUTICALS, INC.                    | EAGLE PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               |  | US        |      1469 | NS      | $42938.87     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION | SCIENCE APPLICATIONS INTE COMMON STOCK    | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               |  | US        |       481 | NS      | $53357.33     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                   | STRIDE INC COMMON STOCK                   | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               |  | US        |      1484 | NS      | $46419.52     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Eisai Co., Ltd.                                | EISAI CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               |  | JP        |      5500 | NS      | $362817.84    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                   | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |      4694 | NS      | $350500.98    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.            | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      1494 | NS      | $344635.92    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VECTOR GROUP LTD.                              | VECTOR GROUP LTD COMMON STOCK             | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               |  | US        |      4746 | NS      | $56287.56     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A/S-B COMMON STOCK           | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               |  | DK        |      2908 | NS      | $391469.97    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC COMMON STOCK              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               |  | US        |      6849 | NS      | $284165.01    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.               | PHILIP MORRIS INTERNATIONAL COMMON STOCK  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |      3474 | NS      | $351603.54    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY    | HORIZON THERAPEUTICS PLC COMMON STOCK     | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               |  | US        |      3585 | NS      | $407973.00    | 2.04%             |  |  |  | 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