# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001542
**Filing Date:** 2026-2
**Character Count:** 37820
**Document Hash:** dc2f9085f2e420106f9c3d8b23dac990
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001542.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001542

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26696200

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $60949834.19

**Total Liabilities:** $1786348.06

**Net Assets:** $59163486.13

**Cash Not Reported:** $2240737.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233881 | 1.96%                | -0.41%               | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1353764.26              | $-254864.18                                |
| Month 2  | $-134089.09              | $-110073.27                                |
| Month 3  | $706998.82               | $-605864.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAR CORP.                                      | AAR CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: MP76T5YQX3YK5VVAQ802       | Long             | EC               |  | US        |      1404 | NS      | $116237.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC.                    | ACADIA PHARMACEUTICALS INC COMMON STOCK        | CUSIP: N/A<br>LEI: 529900O3044NO0PEA039       | Long             | EC               |  | US        |      4489 | NS      | $119901.19    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION INC.                  | ADTALEM GLOBAL EDUCATION INC COMMON STOCK      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               |  | US        |      1228 | NS      | $127061.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC COMMON STOCK                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     19055 | NS      | $1098711.30   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                          | ARLO TECHNOLOGIES INC COMMON STOCK             | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               |  | US        |      8163 | NS      | $114200.37    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                           | ASTELLAS PHARMA INC COMMON STOCK               | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               |  | JP        |     75000 | NS      | $1001467.35   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC COMMON STOCK               | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               |  | US        |      2061 | NS      | $1170503.73   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                       | BAYER AG-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |     23955 | NS      | $1041240.40   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC COMMON STOCK                        | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               |  | US        |      6155 | NS      | $1083218.45   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMERIEUX SA                                  | BIOMERIEUX COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300AK8Y0LBIQ4T071       | Long             | EC               |  | FR        |      7517 | NS      | $973768.70    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOW GROUP INC.                             | BRISTOW GROUP INC COMMON STOCK                 | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               |  | US        |      3110 | NS      | $113888.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.               | BROOKFIELD ASSET MGMT-A COMMON STOCK           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |     17612 | NS      | $923802.88    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                             | CAMECO CORP COMMON STOCK                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | CA        |     10456 | NS      | $958679.61    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                       | CENTURY ALUMINUM COMPANY COMMON STOCK          | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |      3755 | NS      | $147120.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP COMMON STOCK                       | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |       271 | NS      | $115950.06    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEMOURS COMPANY                           | CHEMOURS CO/THE COMMON STOCK                   | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               |  | US        |      9002 | NS      | $106133.58    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE NATURAL RESOURCES, INC.                   | CORE NATURAL RESOURCES INC COMMON STOCK        | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               |  | US        |      1414 | NS      | $125153.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CORECIVIC, INC.                                | CORECIVIC INC COMMON STOCK                     | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               |  | US        |      6279 | NS      | $119991.69    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               |  | AU        |      8400 | NS      | $967104.34    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                        | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |      9467 | NS      | $1075545.87   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC COMMON STOCK                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               |  | US        |     17288 | NS      | $1147404.56   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC-CLASS A COMMON STOCK               | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               |  | US        |      3900 | NS      | $108420.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAVAX TECHNOLOGIES CORPORATION               | DYNAVAX TECHNOLOGIES CORP COMMON STOCK         | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               |  | US        |     10598 | NS      | $162997.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                      | EBAY INC COMMON STOCK                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |     13579 | NS      | $1182730.90   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eisai Co., Ltd.                                | EISAI CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               |  | JP        |     31700 | NS      | $942435.17    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC COMMON STOCK                          | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      2145 | NS      | $118918.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                      | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |      2638 | NS      | $115623.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                   | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |     21265 | NS      | $961897.52    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       636 | NS      | $1075234.32   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP COMMON STOCK                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      2651 | NS      | $105059.13    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK                | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     16800 | NS      | $1227576.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                      | FRESENIUS MEDICAL CARE AG COMMON STOCK         | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               |  | DE        |     20261 | NS      | $969908.58    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/AUD SETTLE 2026-01-05 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $82.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/CAD SETTLE 2026-01-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $17.22        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/CAD SETTLE 2026-01-05 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-1.63        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/EUR SETTLE 2026-01-05 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-61.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                  | FX Forward Contract: USD/GBP SETTLE 2026-01-05 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-123.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                   | GENERAL DYNAMICS CORP COMMON STOCK             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |      3329 | NS      | $1120741.14   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                            | GEO GROUP INC/THE COMMON STOCK                 | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               |  | US        |      6821 | NS      | $109954.52    | 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        |       753 | NS      | $125231.43    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H&R BLOCK INC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300CE3KUCWLZBG404       | Long             | EC               |  | US        |      2742 | NS      | $119496.36    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY BIOSCIENCES HOLDINGS, INC.             | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |      3165 | NS      | $118434.30    | 0.20%             |  |  |  | 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        |      1714 | NS      | $920923.26    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC COMMON STOCK                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               |  | US        |      1186 | NS      | $108649.46    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXCEL CORPORATION                             | HEXCEL CORP COMMON STOCK                       | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               |  | US        |      1545 | NS      | $114175.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS & HERS HEALTH INC COMMON STOCK            | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               |  | US        |      3149 | NS      | $102248.03    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION          | HONEYWELL INTERNATIONAL INC COMMON STOCK       | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               |  | US        |      5786 | NS      | $1128790.74   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.            | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK      | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      3620 | NS      | $1231053.40   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC COMMON STOCK                      | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               |  | US        |       910 | NS      | $119355.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                             | INCYTE CORP COMMON STOCK                       | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |     11020 | NS      | $1088445.40   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                           | INGEVITY CORP COMMON STOCK                     | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |      2216 | NS      | $131142.88    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC COMMON STOCK                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |       343 | NS      | $109204.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.                    | IRIDIUM COMMUNICATIONS INC COMMON STOCK        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               |  | US        |      6848 | NS      | $119018.24    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC COMMON STOCK              | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               |  | US        |      4009 | NS      | $108563.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC.      | KRATOS DEFENSE & SECURITY COMMON STOCK         | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               |  | US        |      1606 | NS      | $121911.46    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Kirin Co., Ltd.                          | KYOWA KIRIN CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               |  | JP        |     57800 | NS      | $931835.78    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC COMMON STOCK             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |      1949 | NS      | $129705.95    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION              | LATTICE SEMICONDUCTOR CORP COMMON STOCK        | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |      1548 | NS      | $113901.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC COMMON STOCK               | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               |  | US        |      5941 | NS      | $1071756.40   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                        | LIVERAMP HOLDINGS INC COMMON STOCK             | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |      4004 | NS      | $117597.48    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP COMMON STOCK              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |      2507 | NS      | $1212560.69   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDU-CL A COMMON STOCK          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |     21271 | NS      | $921034.30    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC COMMON STOCK                   | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               |  | US        |     33174 | NS      | $1071188.46   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MATERION CORPORATION                           | MATERION CORP COMMON STOCK                     | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               |  | US        |       938 | NS      | $116612.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                                  | MAXIMUS INC COMMON STOCK                       | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |      1371 | NS      | $118344.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MYRIAD GENETICS, INC.                          | MYRIAD GENETICS INC COMMON STOCK               | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               |  | US        |     15970 | NS      | $98215.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                   | NEUROCRINE BIOSCIENCES INC COMMON STOCK        | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |       773 | NS      | $109634.59    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORPORATION                       | NIPPON STEEL CORP COMMON STOCK                 | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               |  | JP        |    247900 | NS      | $1015038.57   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | NORTHROP GRUMMAN CORP COMMON STOCK             | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      2026 | NS      | $1155245.46   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG-REG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |      7135 | NS      | $987057.12    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |     20185 | NS      | $1032324.56   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                      | Nexstar Media Group Inc COMMON STOCK           | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       616 | NS      | $125078.80    | 0.21%             |  |  |  | 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        |     16500 | NS      | $934029.79    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC-A COMMON STOCK       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      6395 | NS      | $1136711.25   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORPORATION                            | PARSONS CORP COMMON STOCK                      | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               |  | US        |      1407 | NS      | $86952.60     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PEARSON PLC                                    | PEARSON PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 2138004JBXWWJKIURC57       | Long             | EC               |  | GB        |     70560 | NS      | $996516.34    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORPORATION                 | PERDOCEO EDUCATION CORP COMMON STOCK           | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               |  | US        |      4081 | NS      | $119695.73    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PHIBRO ANIMAL HEALTH CORPORATION               | PHIBRO ANIMAL HEALTH CORP-A COMMON STOCK       | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               |  | US        |      2788 | NS      | $104159.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.               | PHILIP MORRIS INTERNATIONAL COMMON STOCK       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |      7340 | NS      | $1177336.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                              | PITNEY BOWES INC COMMON STOCK                  | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               |  | US        |     11842 | NS      | $125169.94    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                                   | POLARIS INC COMMON STOCK                       | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |      1762 | NS      | $111446.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PUBLIC LIMITED COMPANY                    | RELX PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |     23183 | NS      | $941701.21    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |      2442 | NS      | $1011630.67   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAB Aktiebolag                                | SAAB AB-B COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               |  | SE        |     19138 | NS      | $1116044.26   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                | SANDOZ GROUP AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               |  | CH        |     13371 | NS      | $976180.04    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS, INC.                     | SAREPTA THERAPEUTICS INC COMMON STOCK          | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               |  | US        |      5325 | NS      | $114594.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION | SCIENCE APPLICATIONS INTE COMMON STOCK         | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               |  | US        |      1326 | NS      | $133475.16    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SCOTTS MIRACLE-GRO COMPANY                 | SCOTTS MIRACLE-GRO CO COMMON STOCK             | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               |  | US        |      2062 | NS      | $120317.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP COMMON STOCK      | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               |  | US        |      7663 | NS      | $113795.55    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                             | SMITH & NEPHEW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     56632 | NS      | $943396.94    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                        | SMITH (A.O.) CORP COMMON STOCK                 | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     16624 | NS      | $1111813.12   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHS GROUP PLC                               | SMITHS GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               |  | GB        |     28466 | NS      | $900534.41    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                        | SPOTIFY TECHNOLOGY SA COMMON STOCK             | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      1673 | NS      | $971527.83    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER, INC.                   | STANLEY BLACK & DECKER INC COMMON STOCK        | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               |  | US        |     15452 | NS      | $1147774.56   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE, INC.                                   | STRIDE INC COMMON STOCK                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               |  | US        |      1885 | NS      | $122393.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY, INC.                           | SUNCOKE ENERGY INC COMMON STOCK                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               |  | US        |     17056 | NS      | $122803.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                            | SYLVAMO CORP COMMON STOCK                      | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               |  | US        |      2434 | NS      | $117197.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADYNE, INC.                                 | TERADYNE INC COMMON STOCK                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               |  | US        |      5712 | NS      | $1105614.72   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC COMMON STOCK                       | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               |  | US        |     13399 | NS      | $1167990.83   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSMEDICS GROUP, INC.                        | TRANSMEDICS GROUP INC COMMON STOCK             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               |  | US        |       844 | NS      | $102672.60    | 0.17%             |  |  |  | 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        |     37290 | NS      | $973570.93    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                 | VERISIGN INC COMMON STOCK                      | CUSIP: N/A<br>LEI: LMPL4N8ZOJRMF0KOF759       | Long             | EC               |  | US        |      4445 | NS      | $1079912.75   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      2427 | NS      | $1100304.72   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                      | YELP INC COMMON STOCK                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |      3878 | NS      | $117852.42    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM! BRANDS INC COMMON STOCK                   | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      7539 | NS      | $1140499.92   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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