# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002934
**Filing Date:** 2025-11
**Character Count:** 60137
**Document Hash:** 79fa785653bd94784b8cd1fe966527b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002934.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002934

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251533937

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### STRATEGAS GLOBAL POLICY OPPORTUNITIES ETF (Series ID: S000075077)

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

## Nport-Ex

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO**

**MOMENTUM ETF<br> SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 96.7%** | **COMMON STOCK — 96.7%** | **COMMON STOCK — 96.7%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 9.3%** | **COMMUNICATION SERVICES — 9.3%** | **COMMUNICATION SERVICES — 9.3%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 473 | $330154 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 3368 | 870156 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A  | 2158 | 435830 |
|  |  | 1636140 |
| **CONSUMER DISCRETIONARY — 19.7%** | **CONSUMER DISCRETIONARY — 19.7%** | **CONSUMER DISCRETIONARY — 19.7%** |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 2151 | 472295 |
| &nbsp;&nbsp;&nbsp;Carnival \* | 24082 | 696211 |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 17636 | 567879 |
| &nbsp;&nbsp;&nbsp;DR Horton  | 2355 | 399102 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A  | 2947 | 371440 |
| &nbsp;&nbsp;&nbsp;Sony Group ADR  | 16482 | 474517 |
| &nbsp;&nbsp;&nbsp;Toyota Motor ADR  | 2504 | 478489 |
|  |  | 3459933 |
| **ENERGY — 2.0%** | **ENERGY — 2.0%** | **ENERGY — 2.0%** |
| &nbsp;&nbsp;&nbsp;Cameco  | 4231 | 354812 |
| **FINANCIALS — 21.1%** | **FINANCIALS — 21.1%** | **FINANCIALS — 21.1%** |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 8653 | 632361 |
| &nbsp;&nbsp;&nbsp;Bank of America  | 13589 | 701057 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital \* | 11657 | 394123 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group  | 922 | 734235 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley  | 4425 | 703398 |
| &nbsp;&nbsp;&nbsp;Wells Fargo  | 6542 | 548350 |
|  |  | 3713524 |
| **INDUSTRIALS — 13.1%** | **INDUSTRIALS — 13.1%** | **INDUSTRIALS — 13.1%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies  | 2860 | 527298 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin  | 988 | 749052 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 3241 | 358973 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 6941 | 680010 |
|  |  | 2315333 |
| **INFORMATION TECHNOLOGY — 28.5%** | **INFORMATION TECHNOLOGY — 28.5%** | **INFORMATION TECHNOLOGY — 28.5%** |
| &nbsp;&nbsp;&nbsp;Apple  | 1803 | 459098 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1314 | 417418 |
| &nbsp;&nbsp;&nbsp;Broadcom  | 2050 | 676315 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1077 | 528139 |
| &nbsp;&nbsp;&nbsp;International Business Machines  | 1380 | 389381 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO**

**MOMENTUM ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;KLA  | 763 | $822972 |
| &nbsp;&nbsp;&nbsp;Micron Technology  | 5633 | 942514 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 5279 | 784512 |
|  |  | 5020349 |
| **UTILITIES — 3.0%** | **UTILITIES — 3.0%** | **UTILITIES — 3.0%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 1582 | 520589 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,618,600)  |  | 17020680 |
| TOTAL INVESTMENTS— 96.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,618,600) |  | $17020680 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $17,600,821.<br>|
| \* | Non-income producing security. |

---

ADR — American Depositary Receipt <br> Cl — Class <br> PLC — Public Limited Company

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 92.3%** | **COMMON STOCK — 92.3%** | **COMMON STOCK — 92.3%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 9.1%** | **COMMUNICATION SERVICES — 9.1%** | **COMMUNICATION SERVICES — 9.1%** |
| &nbsp;&nbsp;&nbsp;Fox  | 78420 | $4945165 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A  | 9075 | 6664498 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 4390 | 5263259 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 7836 | 5469528 |
|  |  | 22342450 |
| **CONSUMER DISCRETIONARY — 10.6%** | **CONSUMER DISCRETIONARY — 10.6%** | **CONSUMER DISCRETIONARY — 10.6%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 36129 | 4386783 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 345449 | 4045208 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A  | 17242 | 4490506 |
| &nbsp;&nbsp;&nbsp;McDonald's  | 14822 | 4504258 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B  | 59739 | 4165601 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 41525 | 4476810 |
|  |  | 26069166 |
| **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** |
| &nbsp;&nbsp;&nbsp;Altria Group  | 78398 | 5178972 |
| &nbsp;&nbsp;&nbsp;Walmart  | 58523 | 6031380 |
|  |  | 11210352 |
| **ENERGY — 4.8%** | **ENERGY — 4.8%** | **ENERGY — 4.8%** |
| &nbsp;&nbsp;&nbsp;APA  | 227752 | 5529819 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy  | 27047 | 6355504 |
|  |  | 11885323 |
| **FINANCIALS — 10.2%** | **FINANCIALS — 10.2%** | **FINANCIALS — 10.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America  | 91975 | 4744990 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase  | 20264 | 6391874 |
| &nbsp;&nbsp;&nbsp;PJT Partners  | 25566 | 4543845 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 65802 | 9421530 |
|  |  | 25102239 |
| **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** |
| &nbsp;&nbsp;&nbsp;Cencora  | 23907 | 7471655 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare  | 11956 | 5095647 |
| &nbsp;&nbsp;&nbsp;Merck  | 78604 | 6597234 |
|  |  | 19164536 |
| **INDUSTRIALS — 22.2%** | **INDUSTRIALS — 22.2%** | **INDUSTRIALS — 22.2%** |
| &nbsp;&nbsp;&nbsp;AECOM  | 51981 | 6781961 |
| &nbsp;&nbsp;&nbsp;GE Vernova  | 9041 | 5559311 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** | **INDUSTRIALS — continued** | **INDUSTRIALS — continued** |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 264044 | $4261670 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 951545 | 12351054 |
| &nbsp;&nbsp;&nbsp;Quanta Services  | 20060 | 8313265 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 174933 | 8381040 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 48384 | 4740181 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 44734 | 4316831 |
|  |  | 54705313 |
| **INFORMATION TECHNOLOGY — 10.2%** | **INFORMATION TECHNOLOGY — 10.2%** | **INFORMATION TECHNOLOGY — 10.2%** |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 11246 | 5514814 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 228069 | 4709625 |
| &nbsp;&nbsp;&nbsp;Microsoft  | 12492 | 6470231 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 46807 | 8538533 |
|  |  | 25233203 |
| **MATERIALS — 4.1%** | **MATERIALS — 4.1%** | **MATERIALS — 4.1%** |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 146696 | 4306994 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 55955 | 3752902 |
| &nbsp;&nbsp;&nbsp;United States Antimony \* | 321856 | 1995507 |
|  |  | 10055403 |
| **UTILITIES — 8.7%** | **UTILITIES — 8.7%** | **UTILITIES — 8.7%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 13826 | 4549722 |
| &nbsp;&nbsp;&nbsp;Entergy  | 77980 | 7266956 |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 22774 | 2542262 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 16588 | 7056203 |
|  |  | 21415143 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,660,321)  |  | 227183128 |
| **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** |
| &nbsp;&nbsp;&nbsp;Sprott Physical Gold Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,306,609)  | 267992 | 7937923 |
| TOTAL INVESTMENTS— 95.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $192,966,930) |  | $235121051 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS MACRO THEMATIC**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $246,255,081.<br>|
| \* | Non-income producing security. |

---

Cl — Class <br> PBC — Public Benefit Corporation

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** |
|  | **Shares** | **Value** |
| **AUSTRALIA — 1.5%** | **AUSTRALIA — 1.5%** | **AUSTRALIA — 1.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL  | 7036 | $924231 |
| **CANADA — 3.2%** | **CANADA — 3.2%** | **CANADA — 3.2%** |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco  | 12680 | 1064413 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management, Cl A  | 16361 | 931286 |
|  |  | 1995699 |
| **DENMARK — 1.5%** | **DENMARK — 1.5%** | **DENMARK — 1.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B  | 17186 | 932369 |
| **FRANCE — 1.6%** | **FRANCE — 1.6%** | **FRANCE — 1.6%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMerieux  | 7173 | 959142 |
| **GERMANY — 5.0%** | **GERMANY — 5.0%** | **GERMANY — 5.0%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer  | 29075 | 964429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care  | 19916 | 1045107 |
|  |  | 2009536 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVESTRO AG-TEND \* | 14847 | 1017061 |
|  |  | 3026597 |
| **IRELAND — 1.5%** | **IRELAND — 1.5%** | **IRELAND — 1.5%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian PLC  | 18712 | 937615 |
| **JAPAN — 6.0%** | **JAPAN — 6.0%** | **JAPAN — 6.0%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma  | 85700 | 928753 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisai  | 29700 | 1000491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyowa Kirin  | 54500 | 848212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings  | 17600 | 936577 |
|  |  | 3714033 |
| **LUXEMBOURG — 1.6%** | **LUXEMBOURG — 1.6%** | **LUXEMBOURG — 1.6%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology \* | 1375 | 959750 |
| **NETHERLANDS — 1.6%** | **NETHERLANDS — 1.6%** | **NETHERLANDS — 1.6%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group  | 34197 | 986862 |
| **SOUTH KOREA — 1.8%** | **SOUTH KOREA — 1.8%** | **SOUTH KOREA — 1.8%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric  | 2688 | 1115011 |
| **SWEDEN — 1.8%** | **SWEDEN — 1.8%** | **SWEDEN — 1.8%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B  | 18085 | 1104702 |
| **SWITZERLAND — 4.5%** | **SWITZERLAND — 4.5%** | **SWITZERLAND — 4.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis  | 7559 | 951181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding  | 2827 | 923443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group  | 15855 | 939962 |
|  |  | 2814586 |
| **UNITED KINGDOM — 7.7%** | **UNITED KINGDOM — 7.7%** | **UNITED KINGDOM — 7.7%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pearson PLC  | 67935 | 966254 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC  | 51047 | 919162 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX PLC  | 20594 | 986172 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC  | 30734 | 973161 |
|  |  | 1959333 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A  | 17804 | 873108 |
|  |  | 4717857 |
| **UNITED STATES — 58.4%** | **UNITED STATES — 58.4%** | **UNITED STATES — 58.4%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox  | 19081 | 1203248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications  | 4907 | 85676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group  | 31030 | 1095980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A  | 584 | 115480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 3811 | 118903 |
|  |  | 2619287 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education \* | 897 | 138542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay  | 12472 | 1134328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 2315 | 153693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 588 | 129078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block  | 2352 | 118940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education  | 3677 | 138476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride \* | 745 | 110960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands  | 8075 | 1227400 |
|  |  | 3151417 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group  | 17423 | 1150963 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** | &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** | &nbsp;&nbsp;&nbsp;**ENERGY — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group \* | 3237 | 116791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSOL Energy  | 1709 | 142667 |
|  |  | 259458 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 3782 | 1276387 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 12.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 4739 | 101130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen \* | 8290 | 1161263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed  | 261 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 8559 | 1137234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies \* | 12111 | 120262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis \* | 3233 | 133523 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 3331 | $| 91802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity \* | 1237 |  | 117230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 2512 |  | 142481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic \* | 17477 |  | 1179523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina \* | 1239 |  | 117668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 13581 |  | 1151805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 2246 |  | 115197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics \* | 17799 |  | 128687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 862 |  | 121008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 6548 |  | 126180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings  | 9289 |  | 119271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group \* | 1160 |  | 130152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 2922 |  | 1144372 |
|  |  |  | 7455648 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 19.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A O Smith  | 15972 |  | 1172505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR \* | 1569 |  | 140692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment \* | 533 |  | 167837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise \* | 1589 |  | 1140330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic \* | 6082 |  | 123769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 2913 |  | 122550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics  | 3599 |  | 1227259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group \* | 5717 |  | 117141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries  | 4298 |  | 1237437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 1901 |  | 173694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings  | 6497 |  | 1227673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin  | 2539 |  | 1267494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus  | 1367 |  | 124903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman  | 2001 |  | 1219249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons \* | 1635 |  | 135574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes  | 9874 |  | 112662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International  | 1137 |  | 112984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker  | 15525 |  | 1153973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron  | 14267 |  | 1205419 |
|  |  |  | 12183145 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies \* | 6626 |  | 112310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter  | 660 |  | 117863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 4106 |  | 124042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac \* | 763 |  | 1141853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital  | 419 |  | 144651 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**STRATEGAS GLOBAL POLICY**

**OPPORTUNITIES ETF**

**SEPTEMBER 30, 2025**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 1832 | $134322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 4351 | 118086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 7433 | 1355928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne  | 9718 | 1337586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign  | 4186 | 1170280 |
|  |  | 5756921 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum \* | 5488 | 161128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours  | 8010 | 126878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical  | 16911 | 1066239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings  | 4224 | 118272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion  | 1089 | 131562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials \* | 1885 | 126427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro  | 1930 | 109914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy  | 15882 | 129597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo  | 2705 | 119615 |
|  |  | 2089632 |
|  |  | 35942858 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,174,547)  |  | 60131312 |
| TOTAL INVESTMENTS— 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,174,547) |  | $60131312 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $61,516,236.<br>|
| \* | 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-001-0800

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Strategas Global Policy Opportunities ETF

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

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

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $61544452.75

**Total Liabilities:** $28217.23

**Net Assets:** $61516235.52

**Cash Not Reported:** $1444020.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233881 | 1.81%                | 2.90%                | -0.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $633176.72               | $378891.65                                 |
| Month 2  | $155454.79               | $1444973.03                                |
| Month 3  | $0.00                    | $-193040.72                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRISTOW GROUP INC.                             | BRISTOW GROUP INC COMMON STOCK                 | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               |  | US        |      3237 | NS      | $116790.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                              | MP MATERIALS CORP COMMON STOCK                 | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |      1885 | NS      | $126426.95    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                           | ASTELLAS PHARMA INC COMMON STOCK               | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               |  | JP        |     85700 | NS      | $928752.75    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP COMMON STOCK                     | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               |  | US        |      1089 | NS      | $131562.09    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      2922 | NS      | $1144372.08   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                        | SPOTIFY TECHNOLOGY SA COMMON STOCK             | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      1375 | NS      | $959750.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC COMMON STOCK               | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               |  | US        |      1589 | NS      | $1140329.96   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       763 | NS      | $1141852.39   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PUBLIC LIMITED COMPANY                    | RELX PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |     20594 | NS      | $986172.02    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                             | INCYTE CORP COMMON STOCK                       | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |     13581 | NS      | $1151804.61   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY, INC.                           | SUNCOKE ENERGY INC COMMON STOCK                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               |  | US        |     15882 | NS      | $129597.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK                | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     19081 | NS      | $1203247.86   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORPORATION                 | PERDOCEO EDUCATION CORP COMMON STOCK           | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               |  | US        |      3677 | NS      | $138475.82    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC COMMON STOCK                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               |  | US        |      1237 | NS      | $117230.49    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP COMMON STOCK                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      2913 | NS      | $122549.91    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                          | ARLO TECHNOLOGIES INC COMMON STOCK             | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               |  | US        |      6626 | NS      | $112310.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                            | SYLVAMO CORP COMMON STOCK                      | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               |  | US        |      2705 | NS      | $119615.10    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC COMMON STOCK             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |      2246 | NS      | $115197.34    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                  | HD HYUNDAI ELECTRIC CO COMMON STOCK            | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               |  | KR        |      2688 | NS      | $1115010.87   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC COMMON STOCK                       | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |      1367 | NS      | $124902.79    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |      1239 | NS      | $117667.83    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                   | NEUROCRINE BIOSCIENCES INC COMMON STOCK        | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |       862 | NS      | $121007.56    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H&R BLOCK INC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300CE3KUCWLZBG404       | Long             | EC               |  | US        |      2352 | NS      | $118940.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS, INC.                     | SAREPTA THERAPEUTICS INC COMMON STOCK          | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               |  | US        |      6548 | NS      | $126179.96    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                  | HOLOGIC INC COMMON STOCK                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               |  | US        |     17477 | NS      | $1179522.73   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAB Aktiebolag                                | SAAB AB-B COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               |  | SE        |     18085 | NS      | $1104701.97   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM! BRANDS INC COMMON STOCK                   | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      8075 | NS      | $1227400.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                      | FRESENIUS MEDICAL CARE AG COMMON STOCK         | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               |  | DE        |     19916 | NS      | $1045106.76   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                      | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |      3233 | NS      | $133522.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC.      | KRATOS DEFENSE & SECURITY COMMON STOCK         | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               |  | US        |      1901 | NS      | $173694.37    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC.                    | ACADIA PHARMACEUTICALS INC COMMON STOCK        | CUSIP: N/A<br>LEI: 529900O3044NO0PEA039       | Long             | EC               |  | US        |      4739 | NS      | $101130.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                             | SMITH & NEPHEW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     51047 | NS      | $919162.13    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS & HERS HEALTH INC COMMON STOCK            | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               |  | US        |      2512 | NS      | $142480.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC-A COMMON STOCK       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      7433 | NS      | $1355927.86   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC COMMON STOCK                          | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      2315 | NS      | $153692.85    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEMOURS COMPANY                           | CHEMOURS CO/THE COMMON STOCK                   | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               |  | US        |      8010 | NS      | $126878.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY BIOSCIENCES HOLDINGS, INC.             | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |      3331 | NS      | $91802.36     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC COMMON STOCK                       | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               |  | US        |     14267 | NS      | $1205418.83   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC-CLASS A COMMON STOCK               | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               |  | US        |      4106 | NS      | $124042.26    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                   | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |     18712 | NS      | $937615.29    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.                    | IRIDIUM COMMUNICATIONS INC COMMON STOCK        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               |  | US        |      4907 | NS      | $85676.22     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                   | GENERAL DYNAMICS CORP COMMON STOCK             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      3599 | NS      | $1227259.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC COMMON STOCK               | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               |  | US        |      6497 | NS      | $1227673.12   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR CORP.                                      | AAR CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: MP76T5YQX3YK5VVAQ802       | Long             | EC               |  | US        |      1569 | NS      | $140692.23    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC COMMON STOCK                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |       419 | NS      | $144651.37    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                            | GEO GROUP INC/THE COMMON STOCK                 | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               |  | US        |      5717 | NS      | $117141.33    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Kirin Co., Ltd.                          | KYOWA KIRIN CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               |  | JP        |     54500 | NS      | $848212.41    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                      | EBAY INC COMMON STOCK                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |     12472 | NS      | $1134328.40   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC, INC.                                | CORECIVIC INC COMMON STOCK                     | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               |  | US        |      6082 | NS      | $123768.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                             | CAMECO CORP COMMON STOCK                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | CA        |     12680 | NS      | $1064412.82   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL COMPANY                       | EASTMAN CHEMICAL CO COMMON STOCK               | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               |  | US        |     16911 | NS      | $1066238.55   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE NATURAL RESOURCES, INC.                   | CORE NATURAL RESOURCES INC COMMON STOCK        | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               |  | US        |      1709 | NS      | $142667.32    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                      | YELP INC COMMON STOCK                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |      3811 | NS      | $118903.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | CENTURY ALUMINUM COMPANY COMMON STOCK          | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |      5488 | NS      | $161127.68    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |      2827 | NS      | $923442.85    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC COMMON STOCK              | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               |  | US        |      4224 | NS      | $118272.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC COMMON STOCK                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     17423 | NS      | $1150963.38   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                    | COVESTRO AG-TEND COMMON STOCK                  | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               |  | DE        |     14847 | NS      | $1017061.19   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG-REG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |      7559 | NS      | $951180.90    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SCOTTS MIRACLE-GRO COMPANY                 | SCOTTS MIRACLE-GRO CO COMMON STOCK             | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               |  | US        |      1930 | NS      | $109913.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP COMMON STOCK                       | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |       261 | NS      | $116860.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAND CANYON EDUCATION, INC.                   | GRAND CANYON EDUCATION INC COMMON STOCK        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               |  | US        |       588 | NS      | $129077.76    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-10.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| A. O. SMITH CORPORATION                        | SMITH (A.O.) CORP COMMON STOCK                 | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     15972 | NS      | $1172504.52   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |     17186 | NS      | $932369.18    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.               | BROOKFIELD ASSET MGMT-A COMMON STOCK           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |     16361 | NS      | $931285.90    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                        | LIVERAMP HOLDINGS INC COMMON STOCK             | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |      4351 | NS      | $118086.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMERIEUX SA                                  | BIOMERIEUX COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300AK8Y0LBIQ4T071       | Long             | EC               |  | FR        |      7173 | NS      | $959142.01    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDU-CL A COMMON STOCK          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |     17804 | NS      | $873108.16    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | NORTHROP GRUMMAN CORP COMMON STOCK             | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      2001 | NS      | $1219249.32   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER, INC.                   | STANLEY BLACK & DECKER INC COMMON STOCK        | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               |  | US        |     15525 | NS      | $1153973.25   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADYNE, INC.                                 | TERADYNE INC COMMON STOCK                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               |  | US        |      9718 | NS      | $1337585.52   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP COMMON STOCK      | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               |  | US        |      9289 | NS      | $119270.76    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORPORATION                            | PARSONS CORP COMMON STOCK                      | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               |  | US        |      1635 | NS      | $135574.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co., Ltd.                      | OTSUKA HOLDINGS CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     17600 | NS      | $936577.17    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GROUP PLC                               | SMITHS GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               |  | GB        |     30734 | NS      | $973160.58    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAVAX TECHNOLOGIES CORPORATION               | DYNAVAX TECHNOLOGIES CORP COMMON STOCK         | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               |  | US        |     12111 | NS      | $120262.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP COMMON STOCK              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |      2539 | NS      | $1267494.19   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                      | Nexstar Media Group Inc COMMON STOCK           | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       584 | NS      | $115480.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                              | PITNEY BOWES INC COMMON STOCK                  | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               |  | US        |      9874 | NS      | $112662.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                       | BAYER AG-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |     29075 | NS      | $964429.36    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                 | VERISIGN INC COMMON STOCK                      | CUSIP: N/A<br>LEI: LMPL4N8ZOJRMF0KOF759       | Long             | EC               |  | US        |      4186 | NS      | $1170280.02   | 1.90%             |  |  |  | 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        |     34197 | NS      | $986861.47    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL, INC.                          | COINBASE GLOBAL INC -CLASS A COMMON STOCK      | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               |  | US        |      3782 | NS      | $1276387.18   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC COMMON STOCK                        | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               |  | US        |      8290 | NS      | $1161263.20   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                             | BADGER METER INC COMMON STOCK                  | CUSIP: N/A<br>LEI: 5493002JENE20OGTUG20       | Long             | EC               |  | US        |       660 | NS      | $117862.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROVIRONMENT, INC.                            | AEROVIRONMENT INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 529900PGHVI29YLZ6221       | Long             | EC               |  | US        |       533 | NS      | $167836.37    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION INC.                  | ADTALEM GLOBAL EDUCATION INC COMMON STOCK      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               |  | US        |       897 | NS      | $138541.65    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MYRIAD GENETICS, INC.                          | MYRIAD GENETICS INC COMMON STOCK               | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               |  | US        |     17799 | NS      | $128686.77    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSMEDICS GROUP, INC.                        | TRANSMEDICS GROUP INC COMMON STOCK             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               |  | US        |      1160 | NS      | $130152.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION              | LATTICE SEMICONDUCTOR CORP COMMON STOCK        | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |      1832 | NS      | $134322.24    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION | SCIENCE APPLICATIONS INTE COMMON STOCK         | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               |  | US        |      1137 | NS      | $112983.69    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                   | STRIDE INC COMMON STOCK                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               |  | US        |       745 | NS      | $110960.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eisai Co., Ltd.                                | EISAI CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               |  | JP        |     29700 | NS      | $1000490.91   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                        | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |      8559 | NS      | $1137234.33   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.            | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK      | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      4298 | NS      | $1237437.18   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               |  | AU        |      7036 | NS      | $924231.01    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                | SANDOZ GROUP AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               |  | CH        |     15855 | NS      | $939961.48    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC COMMON STOCK                   | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               |  | US        |     31030 | NS      | $1095979.60   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PEARSON PLC                                    | PEARSON PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 2138004JBXWWJKIURC57       | Long             | EC               |  | GB        |     67935 | NS      | $966253.74    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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