# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004727
**Filing Date:** 2026-6
**Character Count:** 31885
**Document Hash:** 203de6d5ca21575b2ad154561fab7b91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004727.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002048251-26-004727

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 261048867

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

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

## Series and Classes Contracts Data

### Strategas Macro Momentum ETF (Series ID: S000084480)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000248869 | Strategas Macro Momentum ETF | SAMM            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| **STRATEGAS MACRO** **<br> MOMENTUM ETF<br> MARCH 31, 2026<br> (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | | |
| **COMMON STOCK — 88.3%**  | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 4408 | $888873 |
| **CONSUMER DISCRETIONARY — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 2768 | 905330 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 11083 | 814379 |
|  |  | 1719709 |
| **CONSUMER STAPLES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo | 3232 | 501897 |
| **ENERGY — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;APA | 31922 | 1354770 |
| &nbsp;&nbsp;&nbsp;Cameco | 6934 | 753102 |
| &nbsp;&nbsp;&nbsp;Chevron | 3819 | 790151 |
|  |  | 2898023 |
| **FINANCIALS — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 788 | 666640 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3302 | 543410 |
|  |  | 1210050 |
| **HEALTH CARE — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen | 2905 | 1022124 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 763 | 701784 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 7139 | 994962 |
| &nbsp;&nbsp;&nbsp;Natera \* | 3607 | 721364 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 1307 | 1009841 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 1199 | 535402 |
|  |  | 4985477 |
| **INDUSTRIALS — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX | 16405 | 673425 |
| &nbsp;&nbsp;&nbsp;Deere | 1351 | 761018 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1216 | 1061447 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 1127 | 1008936 |
| &nbsp;&nbsp;&nbsp;XPO \* | 2613 | 508359 |
|  |  | 4013185 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| **STRATEGAS MACRO** **<br> MOMENTUM ETF<br> MARCH 31, 2026<br> (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding, Cl G | 467 | $616827 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 4652 | 763533 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 3583 | 1011732 |
|  |  | 2392092 |
| **MATERIALS — 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 14189 | 941157 |
| &nbsp;&nbsp;&nbsp;Dow | 26933 | 1121759 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 15126 | 889106 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR \* | 11075 | 896411 |
|  |  | 3848433 |
| **UTILITIES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 8239 | 765238 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,166,488) |  | 23222977 |
| TOTAL INVESTMENTS— 88.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,166,488) |  | $23222977 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $26,300,914. |
| \* | Non-income producing security. |

---

ADR — American Depositary Receipt <br> Cl — Class

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | | |
| **COMMON STOCK — 81.0%** | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 49665 | $14281667 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 132052 | 15502905 |
|  |  | 29784572 |
| **CONSUMER DISCRETIONARY — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 49794 | 16286123 |
| &nbsp;&nbsp;&nbsp;McDonald's | 34802 | 10816114 |
|  |  | 27102237 |
| **CONSUMER STAPLES — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 183008 | 13302851 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 173212 | 13172773 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 13383 | 13335223 |
| &nbsp;&nbsp;&nbsp;Walmart | 119814 | 14890484 |
|  |  | 54701331 |
| **ENERGY — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 72838 | 15070182 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 257638 | 16746470 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 1004847 | 15836389 |
|  |  | 47653041 |
| **FINANCIALS — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 111293 | 12209955 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 48589 | 14350761 |
|  |  | 26560716 |
| **HEALTH CARE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 55248 | 13504821 |
| &nbsp;&nbsp;&nbsp;Merck | 110274 | 13264860 |
|  |  | 26769681 |
| **INDUSTRIALS — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amprius Technologies \* | 865607 | 14594134 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 14891 | 12998354 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 506009 | 14142952 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 36326 | 19943701 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 151128 | 9705440 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 33689 | 12090308 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management | 60671 | $13941589 |
|  |  | 97416478 |
| **INFORMATION TECHNOLOGY — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 47429 | 12037006 |
| &nbsp;&nbsp;&nbsp;KLA | 5255 | 7737514 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 101058 | 10009795 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 57854 | 11864120 |
| &nbsp;&nbsp;&nbsp;Salesforce | 43100 | 8045477 |
| &nbsp;&nbsp;&nbsp;Western Digital | 30772 | 8323518 |
|  |  | 58017430 |
| **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ventas ‡ | 160294 | 13108843 |
| &nbsp;&nbsp;&nbsp;&nbsp;**UTILITIES — 9.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy | 102475 | 13418076 |
| &nbsp;&nbsp;&nbsp;Edison International | 229310 | 16780906 |
| &nbsp;&nbsp;&nbsp;Entergy | 159352 | 17904791 |
|  |  | 48103773 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $381,274,276) |  | 429218102 |
| **EXCHANGE-TRADED FUNDS — 5.0%** | **EXCHANGE-TRADED FUNDS — 5.0%** | **EXCHANGE-TRADED FUNDS — 5.0%** |
| **U.S. TREASURY BILLS — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;F/m US Treasury 3 Month Bill ETF | 264626 | 13194252 |
| &nbsp;&nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF, Cl 3 | 131209 | 13207498 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,396,280) |  | 26401750 |
| TOTAL INVESTMENTS— 86.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $407,670,556) |  | $455619852 |

---

Percentages are based on Net Assets of $529,747,047.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**STRATEGAS MACRO THEMATIC**<br>**OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)**<br>|

---

\* Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust

Cl — Class

PBC — Public Benefit Corporation

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **AUSTRALIA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL | 11845 | $1142095 |
| **CANADA — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco | 10666 | 1156213 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management, Cl A | 25795 | 1143220 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City | 14277 | 1119919 |
|  |  | 3419352 |
| **DENMARK — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 31494 | 1121282 |
| **FRANCE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMerieux | 11003 | 1163816 |
| **GERMANY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care | 26455 | 1175676 |
| **IRELAND — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian PLC | 33052 | 1132360 |
| **JAPAN — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma | 80500 | 1274621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eisai | 39200 | 1200221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyowa Kirin | 88500 | 1434113 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings | 18900 | $1307996 |
|  |  | 5216951 |
| **LUXEMBOURG — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology \* | 2198 | 1065832 |
| **NETHERLANDS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group | 54141 | 1037718 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial | 18065 | 1153546 |
|  |  | 2191264 |
| **SINGAPORE — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 144000 | 1206557 |
| **SWEDEN — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | 39023 | 1173609 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B | 17849 | 1156801 |
|  |  | 2330410 |
| **SWITZERLAND — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BeOne Medicines, Cl H \* | 53700 | 1175342 |
| **UNITED KINGDOM — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 9244 | 1205418 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 20752 | 1196157 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 69725 | $1089568 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | 34716 | 1133516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 34704 | 1043427 |
|  |  | 2176943 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 18450 | 1486332 |
|  |  | 7154418 |
| **UNITED STATES — 57.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox | 24915 | 1455036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications | 6341 | 175899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group | 46714 | 1434587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 600 | 108498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance, Cl B | 124560 | 1123531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 6263 | 154947 |
|  |  | 4452498 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covista \* | 1491 | 171838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay | 15724 | 1431198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 2686 | 134246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 923 | 156938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block | 4798 | 152288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education | 4427 | 164729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris | 2788 | 151946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride \* | 1762 | 155355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands | 9229 | 1434925 |
|  |  | 3953463 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group | 21812 | 1439374 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group | 3414 | 160082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | 1711 | 179193 |
|  |  | 339275 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 6785 | 151034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals \* | 11699 | 145419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed | 370 | 139764 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 9747 | $1498016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom \* | 20686 | 1299081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis \* | 3683 | 157964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 5340 | 149573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity \* | 1901 | 158867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 9592 | 199130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina \* | 1188 | 146433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 15036 | 1415188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 1993 | 151169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics \* | 29645 | 133403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 1172 | 154399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 3065 | 169525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 9381 | 204131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings | 9366 | 152572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group \* | 1086 | 107959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3175 | 1417765 |
|  |  | 7951392 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 22.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A O Smith | 20306 | 1338978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR \* | 1375 | 150508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise \* | 2564 | 1088905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic \* | 8267 | 156329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | 7074 | 1273815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 3296 | 153758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics | 4054 | 1391414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group \* | 10190 | 171294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel | 1705 | 137986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International | 6141 | 1388050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 3469 | 1317873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 1779 | 125437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings | 8324 | 1294548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | 2234 | 1350207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus | 1931 | 123777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman | 1977 | 1348788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons \* | 2322 | 125783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes | 13959 | 154247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International | 1628 | 154530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker | 18781 | 1334578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron | 15171 | 1328373 |
|  |  | 15909178 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**  | **STRATEGAS GLOBAL POLICY<br> OPPORTUNITIES ETF<br> MARCH 31, 2026<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies \* | 10681 | $151990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 5762 | 130913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac \* | 991 | 1057932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital | 418 | 126236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 1671 | 155002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 5198 | 137851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 9579 | 1401216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 4038 | 206140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne | 4787 | 1419154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign | 6127 | 1521702 |
|  |  | 6308136 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum \* | 2825 | 165799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours | 9096 | 200385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingevity \* | 2267 | 161478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings | 3998 | 154643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion | 1012 | 146386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy | 24255 | 157900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo | 3371 | 142391 |
|  |  | 1128982 |
|  |  | 41482298 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,745,442) |  | 70977653 |
| TOTAL INVESTMENTS— 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,745,442) |  | $70977653 |

---

Percentages are based on Net Assets of $71,798,586.

\* Non-income producing security

Cl — Class <br> PLC — Public Limited Company

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent annual or semi-annual financial statements.

STR-QH-001-0900

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Strategas Macro Momentum ETF

- **b. EDGAR series identifier (if any):** S000084480

- **c. LEI of Series:** 529900QD2YV99BJ84525

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $26836846.41

**Total Liabilities:** $535932.36

**Net Assets:** $26300914.05

**Cash Not Reported:** $3019627.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248869 | -3.51%               | 2.12%                | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-740097.56              | $-145254.03                                |
| Month 2  | $1076459.29              | $-602809.97                                |
| Month 3  | $386968.49               | $24841.91                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KEYSIGHT TECHNOLOGIES, INC.             | KEYSIGHT TECHNOLOGIES IN COMMON STOCK           | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               |  | US        |      3583 | NS      | $1011731.71   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED     | VERTEX PHARMACEUTICALS INC COMMON STOCK         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      1199 | NS      | $535401.46    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                         | GE VERNOVA INC COMMON STOCK                     | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |      1216 | NS      | $1061446.40   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                          | MORGAN STANLEY COMMON STOCK                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               |  | US        |      3302 | NS      | $543410.14    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                   | GILEAD SCIENCES INC COMMON STOCK                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |      7139 | NS      | $994962.43    | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                              | AMGEN INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 62QBXGPJ34PQ72Z12S66       | Long             | EC               |  | US        |      2905 | NS      | $1022124.25   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                      | CAMECO CORP COMMON STOCK                        | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |      6934 | NS      | $753101.74    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                    | NEXTERA ENERGY INC COMMON STOCK                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |      8239 | NS      | $765238.32    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.           | GOLDMAN SACHS GROUP INC COMMON STOCK            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               |  | US        |       788 | NS      | $666640.12    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                            | NATERA INC COMMON STOCK                         | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               |  | US        |      3607 | NS      | $721363.93    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                     | VIKING HOLDINGS LTD COMMON STOCK                | CUSIP: G93A5A101<br>LEI: 52990032GOPN7BVQMN13 | Long             | EC               |  | US        |     11083 | NS      | $814378.84    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                         | APA CORP COMMON STOCK                           | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               |  | US        |     31922 | NS      | $1354769.68   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO GROUP HOLDINGS, INC.                | TKO GROUP HOLDINGS INC COMMON STOCK             | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               |  | US        |      4408 | NS      | $888873.20    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORPORATION             | PARKER HANNIFIN CORP COMMON STOCK               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               |  | US        |      1127 | NS      | $1008935.48   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                     | CHEVRON CORP COMMON STOCK                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |      3819 | NS      | $790151.10    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.            | MARRIOTT INTERNATIONAL -CL A COMMON STOCK       | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               |  | US        |      2768 | NS      | $905329.76    | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                         | CSX CORP COMMON STOCK                           | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               |  | US        |     16405 | NS      | $673425.25    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                       | ASML HOLDING NV-NY REG SHS DEPOSITARY RECEIPT   | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               |  | US        |       467 | NS      | $616827.61    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.         | REGENERON PHARMACEUTICALS COMMON STOCK          | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               |  | US        |      1307 | NS      | $1009840.48   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                   | FREEPORT-MCMORAN INC COMMON STOCK               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               |  | US        |     15126 | NS      | $889106.28    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                           | PEPSICO INC COMMON STOCK                        | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               |  | US        |      3232 | NS      | $501897.28    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                         | DEERE & CO COMMON STOCK                         | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               |  | US        |      1351 | NS      | $761018.30    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A. | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     11075 | NS      | $896410.50    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                   | ELI LILLY & CO COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |       763 | NS      | $701784.51    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC.                                | DOW INC COMMON STOCK                            | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               |  | US        |     26933 | NS      | $1121759.45   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO, INC.                               | XPO INC COMMON STOCK                            | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               |  | US        |      2613 | NS      | $508359.15    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                  | DELL TECHNOLOGIES -C COMMON STOCK               | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               |  | US        |      4652 | NS      | $763532.76    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                       | ALCOA CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300T12EZ1F6PWWU29       | Long             | EC               |  | US        |     14189 | NS      | $941156.37    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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