Advisors' Inner Circle Fund III NPORT-P Strategas Global Policy Opportunities ETF (Sep 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS MACRO
	MOMENTUM ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 90.2%
	Shares		Value
COMMUNICATION SERVICES — 7.6%
Alphabet, Cl A		941	$	156,065
Tencent Holdings ADR		5,075		281,155
Trade Desk, Cl A *		3,559		390,244
				827,464
CONSUMER DISCRETIONARY — 7.3%
Alibaba Group Holding ADR		2,228		236,435
General Motors		3,294		147,703
Green Brick Partners *		4,930		411,754
				795,892
ENERGY — 3.4%
CNX Resources *		11,594		377,617
FINANCIALS — 12.4%
Banco Santander ADR		38,185		194,744
Goldman Sachs Group		866		428,765
Morgan Stanley		3,558		370,886
PNC Financial Services Group		1,997		369,145
				1,363,540
HEALTH CARE — 12.9%
Amgen		955		307,710
Bristol-Myers Squibb		4,132		213,790
Intuitive Surgical *		975		478,988
Vertex Pharmaceuticals *		883		410,666
				1,411,154
INDUSTRIALS — 18.6%
Carrier Global		7,318		589,026
Cummins		1,177		381,101
Dycom Industries *		1,689		332,902
Parker-Hannifin		701		442,905
Tetra Tech		6,236		294,090
				2,040,024
INFORMATION TECHNOLOGY — 11.8%
International Business Machines		1,589		351,296
Oracle		2,459		419,014

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS MACRO
	MOMENTUM ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Palantir Technologies, Cl A *		14,180	$	527,496
				1,297,806
MATERIALS — 8.0%
CRH		5,983		554,863
Wheaton Precious Metals		5,251		320,731
				875,594
REAL ESTATE — 4.8%
Simon Property Group ‡		1,611		272,291
Vornado Realty Trust ‡		6,474		255,076
				527,367
UTILITIES — 3.4%
Dominion Energy		6,386		369,047
TOTAL COMMON STOCK
(Cost $8,587,136)				9,885,505
EXCHANGE TRADED FUNDS — 2.9%
iShares 10-20 Year Treasury Bond ETF
(Cost $160,006)		1,453		158,856
iShares 20+ Year Treasury Bond ETF
(Cost $160,024)		1,608		157,745
TOTAL EXCHANGE TRADED FUNDS
(Cost $320,030)				316,601
REGISTERED INVESTMENT COMPANY — 2.7%
Sprott Physical Gold Trust
(Cost $272,863)		14,512		295,755
TOTAL INVESTMENTS— 95.8%
(Cost $9,180,029)			$	10,497,861

Percentages are based on Net Assets of $10,952,859.

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS MACRO
	MOMENTUM ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

*	Non-income producing security.
‡	Real Estate Investment Trust

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS MACRO THEMATIC
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 92.6%
	Shares		Value
COMMUNICATION SERVICES — 4.1%
Alphabet, Cl A		8,815	$	1,461,968
Meta Platforms, Cl A		2,841		1,626,302
				3,088,270
CONSUMER DISCRETIONARY — 3.5%
Murphy USA		5,360		2,641,783
CONSUMER STAPLES — 17.7%
Altria Group		33,399		1,704,685
Coca-Cola		31,772		2,283,136
Costco Wholesale		3,886		3,445,017
Kroger		30,709		1,759,626
Procter & Gamble		10,755		1,862,766
Walmart		28,438		2,296,368
				13,351,598
ENERGY — 5.1%
Exxon Mobil		19,721		2,311,696
Liberty Energy, Cl A		79,216		1,512,233
				3,823,929
FINANCIALS — 9.3%
Baldwin Insurance Group, Cl A *		55,630		2,770,374
BlackRock, Cl A		2,470		2,345,290
Marsh & McLennan		8,479		1,891,580
				7,007,244
HEALTH CARE — 12.5%
Cencora		11,445		2,576,041
Eli Lilly		3,281		2,906,769
Intuitive Surgical *		4,732		2,324,690
Novo Nordisk ADR		13,345		1,588,989
				9,396,489
INDUSTRIALS — 19.9%
FTI Consulting *		8,231		1,873,046
General Dynamics		8,373		2,530,321
L3Harris Technologies		8,688		2,066,615
Northrop Grumman		4,165		2,199,411
Quanta Services		8,021		2,391,461

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS MACRO THEMATIC
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Rocket Lab USA *		399,774	$	3,889,801
				14,950,655
INFORMATION TECHNOLOGY — 11.2%
Applied Materials		7,214		1,457,589
Broadcom		8,964		1,546,290
Microsoft		3,356		1,444,087
NVIDIA		15,498		1,882,077
Palantir Technologies, Cl A *		55,603		2,068,431
				8,398,474
UTILITIES — 9.3%
American Electric Power		22,249		2,282,748
Duke Energy		19,598		2,259,649
Entergy		18,700		2,461,107
				7,003,504
TOTAL COMMON STOCK
(Cost $56,756,190)				69,661,946
REGISTERED INVESTMENT COMPANY — 4.6%
Sprott Physical Gold Trust
(Cost $2,891,246)		168,137		3,426,632
TOTAL INVESTMENTS— 97.2%
(Cost $59,647,436)			$	73,088,578

	Percentages are based on Net Assets of $75,187,198.
*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
	Shares		Value
CANADA — 3.7%
FINANCIALS — 1.8%
Brookfield Asset Management, Cl A		14,597	$	690,871
MATERIALS — 1.9%
Ivanhoe Mines, Cl A *		49,319		734,519
				1,425,390
CAYMAN ISLANDS — 2.0%
HEALTH CARE — 2.0%
BeiGene *		40,500		754,471
DENMARK — 2.9%
HEALTH CARE — 1.3%
Novo Nordisk, Cl B		4,327		509,691
MATERIALS — 1.6%
Novonesis (Novozymes) B, Cl B		8,666		625,607
				1,135,298
GERMANY — 3.3%
HEALTH CARE — 1.7%
Fresenius Medical Care		15,505		660,851
MATERIALS — 1.6%
Covestro (A)		9,877		616,637
				1,277,488
INDIA — 1.5%
HEALTH CARE — 1.5%
Lupin		22,175		579,796
IRELAND — 1.7%
INDUSTRIALS — 1.7%
Experian PLC		12,326		649,929

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
ISRAEL — 1.7%
INDUSTRIALS — 1.7%
Elbit Systems		3,225	$	642,278
JAPAN — 2.9%
HEALTH CARE — 2.9%
Astellas Pharma		47,500		546,927
Eisai		15,700		586,665
				1,133,592
NETHERLANDS — 1.6%
COMMUNICATION SERVICES — 1.6%
Universal Music Group		22,793		597,794
NORWAY — 1.6%
INDUSTRIALS — 1.6%
Kongsberg Gruppen		6,489		635,799
SWEDEN — 1.5%
INDUSTRIALS — 1.5%
Saab, Cl B		26,881		572,540
SWITZERLAND — 6.5%
HEALTH CARE — 4.9%
Novartis		4,985		574,113
Roche Holding		1,952		626,177
Sandoz Group		15,046		629,094
				1,829,384
INFORMATION TECHNOLOGY — 1.6%
Logitech International		6,621		593,068
				2,422,452
UNITED KINGDOM — 9.2%
CONSUMER DISCRETIONARY — 1.5%
Pearson PLC		42,284		574,831

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — 1.5%
Smith & Nephew PLC		38,592	$	599,441
INDUSTRIALS — 4.6%
BAE Systems PLC		34,573		573,882
RELX PLC		12,753		600,256
Smiths Group PLC		25,186		566,543
				1,740,681
MATERIALS — 1.6%
LyondellBasell Industries, Cl A		6,205		595,060
				3,510,013
UNITED STATES — 57.6%
COMMUNICATION SERVICES — 4.2%
Fox		17,370		735,272
Match Group *		19,348		732,128
Shutterstock		2,161		76,435
Yelp, Cl A *		2,213		77,632
				1,621,467
CONSUMER DISCRETIONARY — 7.0%
Adtalem Global Education *		1,012		76,386
Domino's Pizza		1,765		759,197
Etsy *		13,016		722,778
H&R Block		1,180		74,989
Perdoceo Education		3,425		76,172
Polaris		901		74,999
Strategic Education		767		70,986
Stride *		921		78,571
Yum! Brands		5,339		745,912
				2,679,990
CONSUMER STAPLES — 2.0%
Altria Group		13,181		672,758
Vector Group		4,946		73,795
				746,553
ENERGY — 0.4%
Bristow Group *		1,895		65,738
CONSOL Energy		776		81,208
				146,946
FINANCIALS — 0.4%
Federated Hermes, Cl B		2,133		78,430

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Primerica		286	$	75,833
				154,263
HEALTH CARE — 14.1%
Addus HomeCare *		570		75,827
Amedisys *		762		73,541
Biogen *		3,481		674,757
Chemed		127		76,323
DaVita *		4,495		736,865
Dynavax Technologies *		6,822		75,997
Edwards Lifesciences *		10,366		684,052
Enhabit *		9,189		72,593
Exelixis *		2,874		74,580
Glaukos *		559		72,827
Harmony Biosciences Holdings *		2,043		81,720
HealthEquity *		945		77,348
Incyte *		10,748		710,443
Insulet *		3,283		764,118
Lantheus Holdings *		703		77,154
Masimo *		651		86,798
Myriad Genetics *		2,705		74,090
Neurocrine Biosciences *		592		68,210
Pediatrix Medical Group *		6,964		80,713
Select Medical Holdings		2,104		73,367
Vertex Pharmaceuticals *		1,497		696,225
				5,407,548
INDUSTRIALS — 18.9%
A O Smith		8,770		787,809
AAR *		1,144		74,772
AeroVironment *		386		77,393
Axon Enterprise *		1,897		758,041
CoreCivic *		5,607		70,928
Fluor *		1,570		74,905
General Dynamics		2,416		730,115
GEO Group *		5,620		72,217
Honeywell International		3,481		719,558
Huntington Ingalls Industries		2,589		684,480
Leidos Holdings		4,575		745,725
Lockheed Martin		1,257		734,792
Matson		552		78,726
Maximus		822		76,578
Northrop Grumman		1,363		719,759

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Pitney Bowes		10,951	$	78,081
Science Applications International		579		80,637
Textron		8,013		709,792
				7,274,308
INFORMATION TECHNOLOGY — 4.9%
Dropbox, Cl A *		3,095		78,706
Fair Isaac *		400		777,408
InterDigital		550		77,896
Lattice Semiconductor *		1,723		91,440
LiveRamp Holdings *		2,906		72,011
Rambus *		1,830		77,262
VeriSign *		3,855		732,296
				1,907,019
MATERIALS — 5.7%
Arch Resources		571		78,890
Century Aluminum *		5,692		92,381
Chemours		3,986		80,996
Eastman Chemical		7,106		795,517
International Paper		14,921		728,891
Koppers Holdings		1,923		70,247
Materion		699		78,190
MP Materials *		5,728		101,099
Scotts Miracle-Gro		1,053		91,295
Sylvamo		977		83,875
				2,201,381
				22,139,475
TOTAL COMMON STOCK
(Cost $33,012,617)				37,476,315
TOTAL INVESTMENTS— 97.7%
(Cost $33,012,617)			$	37,476,315

	Percentages are based on Net Assets of $38,371,094.
*	Non-income producing security.

THE ADVISORS’ INNER CIRCLE FUND III	STRATEGAS GLOBAL POLICY
	OPPORTUNITIES ETF
	SEPTEMBER 30, 2024
	(UNAUDITED)

Cl — Class

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-001-0600