# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-045869
**Filing Date:** 2023-2
**Character Count:** 82091
**Document Hash:** 153adfd7e500509e717dc692d871c22b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045869.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045869

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23681449

**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

### Rayliant Quantitative Developed Market Equity ETF (Series ID: S000074754)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232917 | Rayliant Quantitative Developed Market Equity ETF | RAYD            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**CHINA EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 101.4%** | **COMMON STOCK — 101.4%** | **COMMON STOCK — 101.4%** |
|  | **Shares** | **Value** |
| **CHINA — 101.4%** | **CHINA — 101.4%** |  |
| **Communication Services — 3.7%** | **Communication Services — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen, Cl A | 16500 | $746057 |
| &nbsp;&nbsp;&nbsp;Kingnet Network, Cl A \* | 2914215 | 2763068 |
|  |  | 3509125 |
| **Consumer Discretionary — 8.2%** | **Consumer Discretionary — 8.2%** |  |
| &nbsp;&nbsp;&nbsp;AIMA Technology Group, Cl A | 440756 | 2922086 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 245700 | 1245395 |
| &nbsp;&nbsp;&nbsp;Ningbo Huaxiang Electronic, Cl A | 250200 | 502653 |
| &nbsp;&nbsp;&nbsp;Zhejiang Cfmoto Power, Cl A | 48589 | 790194 |
| &nbsp;&nbsp;&nbsp;Zhejiang Qianjiang Motorcycle, Cl A \* | 901750 | 2408542 |
|  |  | 7868870 |
| **Consumer Staples — 18.2%** | **Consumer Staples — 18.2%** |  |
| &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery, Cl A | 40925 | 1578714 |
| &nbsp;&nbsp;&nbsp;Guangdong Haid Group, Cl A | 144300 | 1287445 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 675474 | 2531496 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 11350 | 2833050 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 7900 | 256085 |
| &nbsp;&nbsp;&nbsp;Shanghai Maling Aquarius, Cl A | 619900 | 712287 |
| &nbsp;&nbsp;&nbsp;Tongwei, Cl A | 686800 | 3829646 |
| &nbsp;&nbsp;&nbsp;Wens Foodstuffs Group, Cl A | 1349300 | 3828203 |
| &nbsp;&nbsp;&nbsp;Yankershop Food, Cl A | 18800 | 294247 |
|  |  | 17151173 |
| **Energy — 3.2%** | **Energy — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;Offshore Oil Engineering, Cl A | 393100 | 344304 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 3684849 | 2646928 |
|  |  | 2991232 |
| **Financials — 19.2%** | **Financials — 19.2%** |  |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 221900 | 490698 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 145640 | 275331 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 1308530 | 1378724 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 528300 | 795636 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 888800 | 4786444 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 102400 | 362900 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 284600 | 213485 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 396304 | 1007536 |
| &nbsp;&nbsp;&nbsp;Jiangsu Changshu Rural Commercial Bank, Cl A | 211200 | 230466 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl A | 3665000 | 2765098 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 925300 | 1759967 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 512800 | 3483469 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**CHINA EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **CHINA (continued)** | **CHINA (continued)** |  |
| **Financials (continued)** | **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl A  | 936300 | $625206 |
|  |  | 18174960 |
| **Health Care — 7.0%** | **Health Care — 7.0%** |  |
| &nbsp;&nbsp;&nbsp;Asymchem Laboratories Tianjin, Cl A  | 80180 | 1715117 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A  | 7702 | 141041 |
| &nbsp;&nbsp;&nbsp;Dian Diagnostics Group, Cl A  | 84324 | 306274 |
| &nbsp;&nbsp;&nbsp;Guangdong Hybribio Biotech, Cl A  | 1116756 | 2719721 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group, Cl A  | 54400 | 614854 |
| &nbsp;&nbsp;&nbsp;Jiangsu Bioperfectus Technologies, Cl A  | 32532 | 412407 |
| &nbsp;&nbsp;&nbsp;Shandong WIT Dyne Health, Cl A  | 123000 | 808877 |
|  |  | 6718291 |
| **Industrials — 15.8%** | **Industrials — 15.8%** |  |
| &nbsp;&nbsp;&nbsp;Beijing United Information Technology, Cl A  | 69043 | 882540 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A  | 303780 | 238410 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A  | 12136 | 690078 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A  | 534100 | 515662 |
| &nbsp;&nbsp;&nbsp;Ginlong Technologies, Cl A \* | 121000 | 3148796 |
| &nbsp;&nbsp;&nbsp;GoodWe Technologies, Cl A  | 18800 | 877905 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A  | 24340 | 1165137 |
| &nbsp;&nbsp;&nbsp;Pylon Technologies, Cl A  | 46943 | 2141621 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Construction, Cl A  | 1260300 | 1227722 |
| &nbsp;&nbsp;&nbsp;Suzhou Maxwell Technologies, Cl A  | 3950 | 235121 |
| &nbsp;&nbsp;&nbsp;Tian Di Science & Technology, Cl A  | 1036275 | 778833 |
| &nbsp;&nbsp;&nbsp;Wuxi Shangji Automation, Cl A  | 175184 | 2680102 |
| &nbsp;&nbsp;&nbsp;Xiamen Xiangyu, Cl A  | 411200 | 610365 |
|  |  | 15192292 |
| **Information Technology — 12.7%** | **Information Technology — 12.7%** |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A  | 685757 | 2719696 |
| &nbsp;&nbsp;&nbsp;Beyondsoft, Cl A  | 158900 | 236323 |
| &nbsp;&nbsp;&nbsp;Guangzhou Shiyuan Electronic Technology, Cl A  | 238850 | 2038157 |
| &nbsp;&nbsp;&nbsp;Qingdao Gaoce Technology, Cl A  | 85245 | 924298 |
| &nbsp;&nbsp;&nbsp;StarPower Semiconductor, Cl A  | 11209 | 533488 |
| &nbsp;&nbsp;&nbsp;Universal Scientific Industrial Shanghai, Cl A  | 1324308 | 3106516 |
| &nbsp;&nbsp;&nbsp;Yealink Network Technology, Cl A  | 273172 | 2392232 |
|  |  | 11950710 |
| **Materials — 11.9%** | **Materials — 11.9%** |  |
| &nbsp;&nbsp;&nbsp;Anhui Guangxin Agrochemical, Cl A  | 148624 | 631542 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A  | 150980 | 1516816 |
| &nbsp;&nbsp;&nbsp;Lier Chemical, Cl A  | 428802 | 1113087 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A \* | 216385 | 2470389 |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology, Cl A  | 77786 | 1036232 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**CHINA EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **CHINA (continued)** | **CHINA (continued)** |  |
| **Materials (continued)** | **Materials (continued)** |  |
| &nbsp;&nbsp;&nbsp;Yunnan Copper, Cl A | 455700 | $773897 |
| &nbsp;&nbsp;&nbsp;Zangge Mining, Cl A | 711200 | 2669499 |
| &nbsp;&nbsp;&nbsp;Zhejiang JIULI Hi-tech Metals, Cl A | 420711 | 1011820 |
|  |  | 11223282 |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Hangzhou Binjiang Real Estate Group, Cl A | 681900 | 870257 |
|  |  | 870257 |
| **Utilities — 0.6%** | **Utilities — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A \* | 856500 | 528593 |
|  |  | 528593 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,502,574) | &nbsp;&nbsp;&nbsp;(Cost $100,502,574) | 96178785 |
| TOTAL INVESTMENTS— 101.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,502,574) | &nbsp;&nbsp;&nbsp;(Cost $100,502,574) | $96178785 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $94,813,613. |
| \* | Non-income producing security. |

---

Cl — Class<br>

For more information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

RAY-QH-001-0500

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**EMERGING MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 100.1%** | **COMMON STOCK — 100.1%** | **COMMON STOCK — 100.1%** |
|  | **Shares** | **Value** |
| **BRAZIL — 2.8%** | **BRAZIL — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 8600 | $56571 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 71500 | 456511 |
|  |  | 513082 |
| **CHINA — 31.4%** | **CHINA — 31.4%** |  |
| &nbsp;&nbsp;&nbsp;3SBio | 62000 | 65933 |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 11400 | 45212 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 336000 | 122261 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl H | 200000 | 115055 |
| &nbsp;&nbsp;&nbsp;Beijing United Information Technology, Cl A | 4300 | 54965 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 2500 | 92851 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 189000 | 83785 |
| &nbsp;&nbsp;&nbsp;China Coal Energy, Cl H | 52000 | 42307 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl H | 72100 | 35196 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 65000 | 102268 |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 229500 | 185836 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl H | 56500 | 163239 |
| &nbsp;&nbsp;&nbsp;China State Construction International Holdings | 42000 | 47193 |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 1810000 | 194799 |
| &nbsp;&nbsp;&nbsp;CITIC | 413000 | 436021 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl H | 197500 | 201424 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 218000 | 229034 |
| &nbsp;&nbsp;&nbsp;Daqo New Energy ADR \* | 1784 | 68880 |
| &nbsp;&nbsp;&nbsp;GoodWe Technologies, Cl A | 600 | 28018 |
| &nbsp;&nbsp;&nbsp;Hangzhou Binjiang Real Estate Group, Cl A | 29200 | 37266 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 48000 | 91265 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 102000 | 83770 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 1900 | 90952 |
| &nbsp;&nbsp;&nbsp;Nongfu Spring, Cl H | 53400 | 301724 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 583000 | 193463 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 496000 | 470901 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 499 | 40694 |
| &nbsp;&nbsp;&nbsp;Pylon Technologies, Cl A | 1400 | 63870 |
| &nbsp;&nbsp;&nbsp;Qingdao Gaoce Technology, Cl A | 64391 | 698182 |
| &nbsp;&nbsp;&nbsp;Shandong Weifang Rainbow Chemical, Cl A | 2500 | 31472 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 30000 | 49276 |
| &nbsp;&nbsp;&nbsp;Shanghai Fudan Microelectronics Group, Cl H | 43000 | 162525 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 70800 | 179972 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings | 18000 | 40036 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 1600 | 68469 |
| &nbsp;&nbsp;&nbsp;Tongwei, Cl A | 15200 | 84756 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology, Cl H | 86000 | 181808 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**EMERGING MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **CHINA (continued)** | **CHINA (continued)** |  |
| &nbsp;&nbsp;&nbsp;Xiamen Xiangyu, Cl A | 189680 | $281552 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings | 34000 | 34477 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group, Cl H | 30000 | 91480 |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology, Cl A | 3800 | 50622 |
| &nbsp;&nbsp;&nbsp;Yunnan Copper, Cl A | 31100 | 52816 |
|  |  | 5695625 |
| **COLOMBIA — 0.3%** | **COLOMBIA — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Bancolombia | 6751 | 59172 |
| **CZECH REPUBLIC — 0.9%** | **CZECH REPUBLIC — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;CEZ | 4779 | 162594 |
| **GREECE — 0.3%** | **GREECE — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings \* | 43335 | 48793 |
| **HONG KONG — 1.6%** | **HONG KONG — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Orient Overseas International | 16500 | 298080 |
| **HUNGARY — 0.4%** | **HUNGARY — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 5036 | 34923 |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 1902 | 42073 |
|  |  | 76996 |
| **INDIA — 8.9%** | **INDIA — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 24259 | 742241 |
| &nbsp;&nbsp;&nbsp;ITC | 10066 | 40341 |
| &nbsp;&nbsp;&nbsp;Page Industries | 280 | 144981 |
| &nbsp;&nbsp;&nbsp;Power Finance | 89829 | 153262 |
| &nbsp;&nbsp;&nbsp;Tube Investments of India | 2540 | 85216 |
| &nbsp;&nbsp;&nbsp;Varun Beverages | 23334 | 373025 |
| &nbsp;&nbsp;&nbsp;WNS Holdings ADR \* | 965 | 77190 |
|  |  | 1616256 |
| **INDONESIA — 1.9%** | **INDONESIA — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 466400 | 115345 |
| &nbsp;&nbsp;&nbsp;Sumber Alfaria Trijaya | 554100 | 94323 |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia | 210500 | 63552 |
| &nbsp;&nbsp;&nbsp;United Tractors | 42600 | 71354 |
|  |  | 344574 |
| **MEXICO — 8.0%** | **MEXICO — 8.0%** |  |
| &nbsp;&nbsp;&nbsp;Alpek, Cl A | 389900 | 570227 |
| &nbsp;&nbsp;&nbsp;Banco del Bajio | 21300 | 67090 |
| &nbsp;&nbsp;&nbsp;Grupo Comercial Chedraui | 185300 | 789419 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**EMERGING MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **MEXICO (continued)** | **MEXICO (continued)** |  |
| &nbsp;&nbsp;&nbsp;Regional | 4600 | $33283 |
|  |  | 1460019 |
| **PERU — 0.2%** | **PERU — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 258 | 35000 |
| **PHILIPPINES — 0.2%** | **PHILIPPINES — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust | 38410 | 37219 |
| **QATAR — 3.0%** | **QATAR — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;Qatar Fuel QSC | 12481 | 61518 |
| &nbsp;&nbsp;&nbsp;Qatar Navigation QSC | 169722 | 473036 |
|  |  | 534554 |
| **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC (A) | 111970 |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC \*(A) | 98630 |  |
| &nbsp;&nbsp;&nbsp;PhosAgro PJSC GDR (A) | 22934 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO \*(A) | 11625 | – |
|  |  | – |
| **SAUDI ARABIA — 2.8%** | **SAUDI ARABIA — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance | 2329 | 89110 |
| &nbsp;&nbsp;&nbsp;Dallah Healthcare | 4929 | 194117 |
| &nbsp;&nbsp;&nbsp;Elm | 2117 | 187026 |
| &nbsp;&nbsp;&nbsp;Nahdi Medical | 853 | 37951 |
|  |  | 508204 |
| **SOUTH AFRICA — 4.4%** | **SOUTH AFRICA — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;Thungela Resources | 46836 | 789069 |
| **SOUTH KOREA — 7.6%** | **SOUTH KOREA — 7.6%** |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 3887 | 200728 |
| &nbsp;&nbsp;&nbsp;GS Holdings | 6839 | 236891 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 2285 | 75986 |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 5417 | 244611 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 741 | 95811 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 451 | 71511 |
| &nbsp;&nbsp;&nbsp;LG | 966 | 59663 |
| &nbsp;&nbsp;&nbsp;LG Innotek | 317 | 63300 |
| &nbsp;&nbsp;&nbsp;Orion | 495 | 50107 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 1066 | 46619 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 501 | 234157 |
|  |  | 1379384 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**EMERGING MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **SWITZERLAND — 2.5%** | **SWITZERLAND — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;Mediclinic International | 74531 | $446476 |
| **TAIWAN — 14.9%** | **TAIWAN — 14.9%** |  |
| &nbsp;&nbsp;&nbsp;Lotes | 28000 | 752485 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 6048 | 393060 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 28000 | 408583 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology | 7000 | 351873 |
| &nbsp;&nbsp;&nbsp;Wistron | 560000 | 535667 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding | 79000 | 269883 |
| **THAILAND — 1.6%** | **THAILAND — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Bumrungrad Hospital | 36500 | 223416 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 117700 | 60150 |
|  |  | 283566 |
| **TURKEY — 2.0%** | **TURKEY — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding | 32173 | 77478 |
| &nbsp;&nbsp;&nbsp;KOC Holding | 12954 | 57921 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO \* | 17253 | 129862 |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri \* | 3485 | 98651 |
|  |  | 363912 |
| **UNITED ARAB EMIRATES — 4.4%** | **UNITED ARAB EMIRATES — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 7195 | 803221 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,834,866) | &nbsp;&nbsp;&nbsp;(Cost $18,834,866) | 18167347 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — 3.7%** | **PREFERRED STOCK — 3.7%** | **PREFERRED STOCK — 3.7%** |
| **BRAZIL — 0.2%** | **BRAZIL — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Gerdau (B) | 5600 | 31151 |
| **CHILE — 2.9%** | **CHILE — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile (B) | 6498 | 523227 |
| **COLOMBIA — 0.6%** | **COLOMBIA — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Bancolombia (B) | 15986 | 110609 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $705,139) | &nbsp;&nbsp;&nbsp;(Cost $705,139) | 664987 |
| TOTAL INVESTMENTS— 103.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,540,005) | &nbsp;&nbsp;&nbsp;(Cost $19,540,005) | $18832334 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL** <br>**EMERGING MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $18,148,265. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | There is currently no rate available. |

---

---

| |
|:---|
| ADR — American Depositary Receipt |
| Cl — Class |
| GDR — Global Depositary Receipt |
| PJSC — Public Joint Stock Company |

---

For more information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

RAY-QH-002-0300

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE** <br>**DEVELOPED MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **AUSTRALIA — 1.6%** | **AUSTRALIA — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;AGL Energy | 59397 | $325060 |
| &nbsp;&nbsp;&nbsp;New Hope | 50987 | 219909 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals \* | 34936 | 88844 |
| &nbsp;&nbsp;&nbsp;Viva Energy Group | 134774 | 249514 |
|  |  | 883327 |
| **AUSTRIA — 2.2%** | **AUSTRIA — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;Strabag | 28636 | 1194962 |
| **BRAZIL — 2.1%** | **BRAZIL — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Cl A | 110717 | 925594 |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 259 | 219176 |
|  |  | 1144770 |
| **CANADA — 2.2%** | **CANADA — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;Dollarama | 3515 | 205434 |
| &nbsp;&nbsp;&nbsp;International Petroleum \* | 62146 | 697237 |
| &nbsp;&nbsp;&nbsp;Spin Master | 8400 | 206567 |
| &nbsp;&nbsp;&nbsp;TFI International | 1010 | 101086 |
|  |  | 1210324 |
| **DENMARK — 2.7%** | **DENMARK — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;D/S Norden | 9119 | 547047 |
| &nbsp;&nbsp;&nbsp;Genmab \* | 843 | 355815 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 3956 | 532550 |
|  |  | 1435412 |
| **FRANCE — 1.1%** | **FRANCE — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 8145 | 509829 |
| &nbsp;&nbsp;&nbsp;Vantiva \* | 449844 | 98611 |
|  |  | 608440 |
| **GERMANY — 2.4%** | **GERMANY — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;ADVA Optical Networking \* | 4832 | 113762 |
| &nbsp;&nbsp;&nbsp;Commerzbank \* | 13334 | 125742 |
| &nbsp;&nbsp;&nbsp;PNE | 18482 | 421126 |
| &nbsp;&nbsp;&nbsp;VERBIO Vereinigte BioEnergie | 1449 | 93714 |
| &nbsp;&nbsp;&nbsp;Vitesco Technologies Group \* | 9242 | 535095 |
|  |  | 1289439 |
| **HONG KONG — 0.3%** | **HONG KONG — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings | 25643 | 157867 |
| **INDONESIA — 0.7%** | **INDONESIA — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;First Pacific | 1174709 | 350684 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE** <br>**DEVELOPED MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **IRELAND — 0.2%** | **IRELAND — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group | 13358 | $126881 |
| **ISRAEL — 1.6%** | **ISRAEL — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 1265 | 159592 |
| &nbsp;&nbsp;&nbsp;Plus500 | 32471 | 704635 |
|  |  | 864227 |
| **ITALY — 1.0%** | **ITALY — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Saras \* | 456145 | 559356 |
| **JAPAN — 3.8%** | **JAPAN — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;Central Glass | 20618 | 439096 |
| &nbsp;&nbsp;&nbsp;Hosiden | 50688 | 604668 |
| &nbsp;&nbsp;&nbsp;Inpex | 9900 | 104744 |
| &nbsp;&nbsp;&nbsp;Japan Petroleum Exploration | 12540 | 365427 |
| &nbsp;&nbsp;&nbsp;Mitsubishi | 2800 | 90889 |
| &nbsp;&nbsp;&nbsp;Nippon Soda | 4000 | 130964 |
| &nbsp;&nbsp;&nbsp;Nippon Steel | 7600 | 132019 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical | 4576 | 106922 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas | 4949 | 96958 |
|  |  | 2071687 |
| **LUXEMBOURG — 0.4%** | **LUXEMBOURG — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 7250 | 190150 |
| **NETHERLANDS — 2.3%** | **NETHERLANDS — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 273 | 146787 |
| &nbsp;&nbsp;&nbsp;Pharming Group \* | 578345 | 669085 |
| &nbsp;&nbsp;&nbsp;Randstad | 1525 | 92705 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer | 3301 | 344407 |
|  |  | 1252984 |
| **NORWAY — 0.8%** | **NORWAY — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Elkem | 41100 | 146860 |
| &nbsp;&nbsp;&nbsp;Equinor | 8568 | 305982 |
|  |  | 452842 |
| **SINGAPORE — 0.2%** | **SINGAPORE — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 2957 | 104127 |
| **SWEDEN — 1.7%** | **SWEDEN — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Atlas Copco, Cl B | 13459 | 143509 |
| &nbsp;&nbsp;&nbsp;Boliden | 3666 | 137658 |
| &nbsp;&nbsp;&nbsp;Modern Times Group MTG, Cl B \* | 42023 | 359350 |
| &nbsp;&nbsp;&nbsp;SSAB, Cl A | 30619 | 167325 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE** <br>**DEVELOPED MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Cl B | 20010 | $116955 |
|  |  | 924797 |
| **SWITZERLAND — 2.6%** | **SWITZERLAND — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;Kuehne + Nagel International | 699 | 162586 |
| &nbsp;&nbsp;&nbsp;Mobilezone Holding | 30950 | 512488 |
| &nbsp;&nbsp;&nbsp;u-blox Holding | 4936 | 587924 |
| &nbsp;&nbsp;&nbsp;Valora Holding | 539 | 148849 |
|  |  | 1411847 |
| **UNITED KINGDOM — 0.8%** | **UNITED KINGDOM — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Firstgroup | 356122 | 432665 |
| **UNITED STATES — 70.6%** | **UNITED STATES — 70.6%** |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 7396 | 1195268 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen, Cl A | 1965 | 325620 |
| &nbsp;&nbsp;&nbsp;Amgen | 3586 | 941827 |
| &nbsp;&nbsp;&nbsp;Aon, Cl A | 2668 | 800773 |
| &nbsp;&nbsp;&nbsp;Apple | 17344 | 2253506 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 3077 | 373394 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 2738 | 516223 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 2738 | 511650 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 4762 | 1137451 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 231 | 569688 |
| &nbsp;&nbsp;&nbsp;Booking Holdings \* | 339 | 683180 |
| &nbsp;&nbsp;&nbsp;Box, Cl A \* | 3938 | 122590 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 6550 | 471272 |
| &nbsp;&nbsp;&nbsp;Broadcom | 1029 | 575345 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 3527 | 566577 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 2005 | 109172 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 3451 | 265278 |
| &nbsp;&nbsp;&nbsp;Carlisle | 792 | 186635 |
| &nbsp;&nbsp;&nbsp;Centene \* | 7229 | 592850 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 3028 | 257986 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 1598 | 146313 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 1309 | 196298 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 1347 | 127116 |
| &nbsp;&nbsp;&nbsp;Cigna | 3114 | 1031793 |
| &nbsp;&nbsp;&nbsp;CommScope Holding \* | 33298 | 244740 |
| &nbsp;&nbsp;&nbsp;Computershare | 5647 | 100333 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 4014 | 346047 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics \* | 9044 | 183684 |
| &nbsp;&nbsp;&nbsp;Corning | 3187 | 101793 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE** <br>**DEVELOPED MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale  | 282 | $128733 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1895 | 199524 |
| &nbsp;&nbsp;&nbsp;DocGo \* | 29480 | 208424 |
| &nbsp;&nbsp;&nbsp;Electronic Arts  | 3506 | 428363 |
| &nbsp;&nbsp;&nbsp;Elevance Health  | 1495 | 766890 |
| &nbsp;&nbsp;&nbsp;Eli Lilly  | 2023 | 740094 |
| &nbsp;&nbsp;&nbsp;EQT  | 4435 | 150036 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington  | 2152 | 223636 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 326 | 195137 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings  | 2823 | 245347 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 8646 | 422703 |
| &nbsp;&nbsp;&nbsp;Gen Digital  | 7507 | 160875 |
| &nbsp;&nbsp;&nbsp;Genuine Parts  | 1782 | 309195 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 2021 | 151211 |
| &nbsp;&nbsp;&nbsp;H&R Block  | 19730 | 720342 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 2592 | 142819 |
| &nbsp;&nbsp;&nbsp;Hershey  | 1221 | 282747 |
| &nbsp;&nbsp;&nbsp;HF Sinclair  | 2158 | 111979 |
| &nbsp;&nbsp;&nbsp;Hormel Foods  | 3179 | 144803 |
| &nbsp;&nbsp;&nbsp;Humana  | 983 | 503483 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 2380 | 191162 |
| &nbsp;&nbsp;&nbsp;International Money Express \* | 42180 | 1027927 |
| &nbsp;&nbsp;&nbsp;Invitae \* | 50388 | 93722 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A  | 18988 | 660592 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 2254 | 385592 |
| &nbsp;&nbsp;&nbsp;KLA  | 1767 | 666212 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings  | 1791 | 160044 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings  | 1071 | 231518 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum  | 6474 | 753509 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A  | 578 | 200988 |
| &nbsp;&nbsp;&nbsp;McKesson  | 1809 | 678592 |
| &nbsp;&nbsp;&nbsp;Merck  | 967 | 107289 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 273 | 394608 |
| &nbsp;&nbsp;&nbsp;Microsoft  | 3490 | 836972 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare \* | 737 | 243372 |
| &nbsp;&nbsp;&nbsp;Murphy USA  | 4069 | 1137448 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 784 | 93641 |
| &nbsp;&nbsp;&nbsp;NRG Energy  | 2937 | 93455 |
| &nbsp;&nbsp;&nbsp;PACCAR  | 4608 | 456054 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 2742 | 382619 |
| &nbsp;&nbsp;&nbsp;Paychex  | 3812 | 440515 |
| &nbsp;&nbsp;&nbsp;Paycom Software \* | 683 | 211942 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE** <br>**DEVELOPED MARKET EQUITY ETF<br> DECEMBER 31, 2022** <br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| &nbsp;&nbsp;&nbsp;Pfizer | 5222 | $267575 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 6332 | 640862 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1328 | 138218 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 1144 | 128391 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 3458 | 123866 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals \* | 518 | 373732 |
| &nbsp;&nbsp;&nbsp;Robert Half International | 1430 | 105577 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 2560 | 250112 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 1962 | 186979 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 325 | 103769 |
| &nbsp;&nbsp;&nbsp;Sysco | 4695 | 358933 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 69 | 161752 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 4213 | 262259 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 636 | 298328 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 1532 | 266323 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 3025 | 1603794 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1249 | 158448 |
| &nbsp;&nbsp;&nbsp;VeriSign \* | 1217 | 250020 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3222 | 930449 |
| &nbsp;&nbsp;&nbsp;VMware, Cl A \* | 2653 | 325682 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 547 | 304269 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 11190 | 305935 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 1542 | 197499 |
|  |  | 38361288 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,644,353) | &nbsp;&nbsp;&nbsp;(Cost $54,644,353) | 55028076 |
| TOTAL INVESTMENTS— 101.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,644,353) | &nbsp;&nbsp;&nbsp;(Cost $54,644,353) | $55028076 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $54,323,088. |
| \* | Non-income producing security. |

---

Cl — Class<br>

For more information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

RAY-QH-003-0300

## 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:** Rayliant Quantitative Developed Market Equity ETF

- **b. EDGAR series identifier (if any):** S000074754

- **c. LEI of Series:** 549300SXXPBSEESF3183

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $55153790.36

**Total Liabilities:** $829511.60

**Net Assets:** $54324278.76

**Cash Not Reported:** $75150.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232917 | -4.26%               | 5.39%                | 8.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $598642.75               | $-3082446.89                               |
| Month 2  | $-90254.09               | $2875528.10                                |
| Month 3  | $-1991956.69             | $6168390.03                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARTHUR J. GALLAGHER & CO.                     | ARTHUR J GALLAGHER & CO COMMON STOCK      | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               |  | US        |      2738 | NS      | $516222.52    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesco Technologies Group Aktiengesellschaft | VITESCO TECHNOLOGIES GROUP A COMMON STOCK | CUSIP: N/A<br>LEI: 529900CCDMZ7UCYYS252       | Long             | EC               |  | DE        |      9242 | NS      | $535094.82    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                     | YELP INC COMMON STOCK                     | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               |  | US        |     11190 | NS      | $305934.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INCORPORATED                          | CORNING INC COMMON STOCK                  | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               |  | US        |      3187 | NS      | $101792.78    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| u-blox Holding AG                             | U-BLOX HOLDING AG COMMON STOCK            | CUSIP: N/A<br>LEI: 506700B2W2NUXS9X8479       | Long             | EC               |  | CH        |      4936 | NS      | $587923.91    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                             | H&R BLOCK INC COMMON STOCK                | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               |  | US        |     19730 | NS      | $720342.30    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                | FORTINET INC COMMON STOCK                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               |  | US        |      8646 | NS      | $422702.94    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                               | MURPHY USA INC COMMON STOCK               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |      4069 | NS      | $1137448.26   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                       | TEXAS PACIFIC LAND CORP COMMON STOCK      | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               |  | US        |        69 | NS      | $161751.87    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORPORATION                       | HF SINCLAIR CORP COMMON STOCK             | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               |  | US        |      2158 | NS      | $111978.62    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                         | ARISTA NETWORKS INC COMMON STOCK          | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               |  | US        |      3077 | NS      | $373393.95    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                              | NOVO NORDISK A/S-B COMMON STOCK           | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               |  | DK        |      3956 | NS      | $532549.93    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                | VERISIGN INC COMMON STOCK                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               |  | US        |      1217 | NS      | $250020.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AGL ENERGY LIMITED                            | AGL ENERGY LTD COMMON STOCK               | CUSIP: Q01630195<br>LEI: 549300QAZ8A74DEDXO80 | Long             | EC               |  | AU        |     59397 | NS      | $325060.21    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc.                   | ARCOS DORADOS HOLDINGS INC-A COMMON STOCK | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               |  | US        |    110717 | NS      | $925594.12    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.               | AUTOMATIC DATA PROCESSING COMMON STOCK    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               |  | US        |      4762 | NS      | $1137451.32   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                      | PALO ALTO NETWORKS INC COMMON STOCK       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               |  | US        |      2742 | NS      | $382618.68    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SARAS S.P.A.                                  | SARAS SPA COMMON STOCK                    | CUSIP: N/A<br>LEI: 5299005KJSU2AQUJUH84       | Long             | EC               |  | IT        |    456145 | NS      | $559355.61    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                | SYNOPSYS INC COMMON STOCK                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |       325 | NS      | $103769.25    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Spin Master Corp                              | SPIN MASTER CORP-SUB VTG SHR COMMON STOCK | CUSIP: 848510103<br>LEI: N/A                  | Long             | EC               |  | CA        |      8400 | NS      | $206567.03    | 0.38%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PAYCOM SOFTWARE, INC.                         | PAYCOM SOFTWARE INC COMMON STOCK          | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               |  | US        |       683 | NS      | $211941.73    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC.                             | STONEX GROUP INC COMMON STOCK             | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               |  | US        |      1962 | NS      | $186978.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VIVA ENERGY GROUP LIMITED                     | VIVA ENERGY GROUP LTD COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |    134774 | NS      | $249513.78    | 0.46%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CIGNA CORPORATION                             | CIGNA CORP COMMON STOCK                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |      3114 | NS      | $1031792.76   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                 | PAYCHEX INC COMMON STOCK                  | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               |  | US        |      3812 | NS      | $440514.72    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                            | INCYTE CORP COMMON STOCK                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               |  | US        |      2380 | NS      | $191161.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                   | RAMBUS INC COMMON STOCK                   | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |      3458 | NS      | $123865.56    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.              | PHILIP MORRIS INTERNATIONAL COMMON STOCK  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |      6332 | NS      | $640861.72    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISOURCEBERGEN CORPORATION                 | AMERISOURCEBERGEN CORP COMMON STOCK       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               |  | US        |      1965 | NS      | $325620.15    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PILBARA MINERALS LIMITED                      | PILBARA MINERALS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 5299000VV1CZVF5K9C16       | Long             | EC               |  | AU        |     34936 | NS      | $88844.43     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                               | EQT CORP COMMON STOCK                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               |  | US        |      4435 | NS      | $150036.05    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES, INC.                   | KEYSIGHT TECHNOLOGIES IN COMMON STOCK     | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               |  | US        |      2254 | NS      | $385591.78    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                      | MASTERCARD INC - A COMMON STOCK           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |       578 | NS      | $200987.94    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC.                        | JACKSON FINANCIAL INC-A COMMON STOCK      | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               |  | US        |     18988 | NS      | $660592.52    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corporation                        | MITSUBISHI CORP COMMON STOCK              | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               |  | JP        |      2800 | NS      | $90889.39     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                              | ARCELORMITTAL COMMON STOCK                | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               |  | NL        |      7250 | NS      | $190150.11    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL MONEY EXPRESS, INC.             | INTERNATIONAL MONEY EXPRESS COMMON STOCK  | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               |  | US        |     42180 | NS      | $1027926.60   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                   | PHILLIPS 66 COMMON STOCK                  | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               |  | US        |      1328 | NS      | $138218.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank Aktiengesellschaft                | COMMERZBANK AG COMMON STOCK               | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               |  | DE        |     13334 | NS      | $125742.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVA Optical Networking SE                    | ADVA OPTICAL NETWORKING SE COMMON STOCK   | CUSIP: N/A<br>LEI: 5299001QZNN0TKI9J120       | Long             | EC               |  | DE        |      4832 | NS      | $113762.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                    | APPLE INC COMMON STOCK                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |     17344 | NS      | $2253505.92   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                           | WW GRAINGER INC COMMON STOCK              | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               |  | US        |       547 | NS      | $304268.75    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED               | UNITEDHEALTH GROUP INC COMMON STOCK       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |      3025 | NS      | $1603794.50   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GENMAB A/S                                    | GENMAB A/S COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               |  | DK        |       843 | NS      | $355814.63    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF IRELAND GROUP PUBLIC LIMITED COMPANY  | BANK OF IRELAND GROUP PLC COMMON STOCK    | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               |  | IE        |     13358 | NS      | $126880.97    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE, INC.                                | AUTOZONE INC COMMON STOCK                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               |  | US        |       231 | NS      | $569687.58    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                    | AMGEN INC COMMON STOCK                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               |  | US        |      3586 | NS      | $941827.04    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                   | PFIZER INC COMMON STOCK                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               |  | US        |      5222 | NS      | $267575.28    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VERBIO Vereinigte BioEnergie AG               | VERBIO VEREINIGTE BIOENERGI COMMON STOCK  | CUSIP: N/A<br>LEI: 529900W51PINCFFALS96       | Long             | EC               |  | DE        |      1449 | NS      | $93714.34     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INCORPORATED             | CORCEPT THERAPEUTICS INC COMMON STOCK     | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               |  | US        |      9044 | NS      | $183683.64    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                             | INPEX CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |      9900 | NS      | $104743.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX, INC.                                     | BOX INC - CLASS A COMMON STOCK            | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               |  | US        |      3938 | NS      | $122589.94    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                       | STMICROELECTRONICS NV COMMON STOCK        | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               |  | FR        |      2957 | NS      | $104127.28    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                       | MOLINA HEALTHCARE INC COMMON STOCK        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               |  | US        |       737 | NS      | $243372.14    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vantiva S.A                                   | VANTIVA SA COMMON STOCK                   | CUSIP: N/A<br>LEI: 4N6SD705LP5XZKA2A097       | Long             | EC               |  | FR        |    449844 | NS      | $98611.47     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                          | ELECTRONIC ARTS INC COMMON STOCK          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      3506 | NS      | $428363.08    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc.                        | TFI INTERNATIONAL INC COMMON STOCK        | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               |  | CA        |      1010 | NS      | $101085.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| STRABAG SE                                    | STRABAG SE-BR COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TYYSRJH2VJSP60       | Long             | EC               |  | AT        |     28636 | NS      | $1194962.17   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                    | PACCAR INC COMMON STOCK                   | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               |  | US        |      4608 | NS      | $456053.76    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                  | CADENCE DESIGN SYS INC COMMON STOCK       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               |  | US        |      3527 | NS      | $566577.28    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLARAMA INC.                                | DOLLARAMA INC COMMON STOCK                | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               |  | CA        |      3515 | NS      | $205434.04    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED               | CARLISLE COS INC COMMON STOCK             | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               |  | US        |       792 | NS      | $186634.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                   | LPL FINANCIAL HOLDINGS INC COMMON STOCK   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               |  | US        |      1071 | NS      | $231518.07    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Soda Co., Ltd.                         | NIPPON SODA CO LTD COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      4000 | NS      | $130963.66    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW HOPE CORPORATION LIMITED                  | NEW HOPE CORP LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 254900DHRUGXZSLSNZ83       | Long             | EC               |  | AU        |     50987 | NS      | $219908.67    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PETROLEUM CORPORATION           | INTERNATIONAL PETROLEUM CORP COMMON STOCK | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               |  | SE        |     62146 | NS      | $697237.62    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC   | EXPEDITORS INTL WASH INC COMMON STOCK     | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               |  | US        |      2152 | NS      | $223635.84    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.               | REGENERON PHARMACEUTICALS COMMON STOCK    | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               |  | US        |       518 | NS      | $373731.82    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTGROUP PLC                                | FIRSTGROUP PLC COMMON STOCK               | CUSIP: N/A<br>LEI: 549300DEJZCPWA4HKM93       | Long             | EC               |  | GB        |    356122 | NS      | $432665.18    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                         | ELEVANCE HEALTH INC COMMON STOCK          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |      1495 | NS      | $766890.15    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO GAS CO.,LTD.                            | TOKYO GAS CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               |  | JP        |      4949 | NS      | $96958.32     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBERT HALF INTERNATIONAL INC.                | ROBERT HALF INTL INC COMMON STOCK         | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               |  | US        |      1430 | NS      | $105576.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                             | SYSCO CORP COMMON STOCK                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               |  | US        |      4695 | NS      | $358932.75    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                          | MCKESSON CORP COMMON STOCK                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               |  | US        |      1809 | NS      | $678592.08    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                             | ASML HOLDING NV COMMON STOCK              | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |       273 | NS      | $146786.41    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                         | ELI LILLY & CO COMMON STOCK               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |      2023 | NS      | $740094.32    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                       | AON PLC-CLASS A COMMON STOCK              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               |  | US        |      2668 | NS      | $800773.52    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ONO PHARMACEUTICAL CO., LTD.                  | ONO PHARMACEUTICAL CO LTD COMMON STOCK    | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               |  | JP        |      4576 | NS      | $106921.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST PACIFIC COMPANY LIMITED                 | FIRST PACIFIC CO COMMON STOCK             | CUSIP: N/A<br>LEI: 254900VS1MDQSDM9DE09       | Long             | EC               |  | HK        |   1174709 | NS      | $350684.11    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE HOLDING COMPANY, INC.               | COMMSCOPE HOLDING CO INC COMMON STOCK     | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               |  | US        |     33298 | NS      | $244740.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| mobilezone holding ag                         | MOBILEZONE HOLDING AG-REG COMMON STOCK    | CUSIP: N/A<br>LEI: 506700P3R89PJL1LM545       | Long             | EC               |  | CH        |     30950 | NS      | $512488.11    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. ROBINSON WORLDWIDE, INC.                 | C.H. ROBINSON WORLDWIDE INC COMMON STOCK  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               |  | US        |      1598 | NS      | $146312.88    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HERSHEY COMPANY                           | HERSHEY CO/THE COMMON STOCK               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               |  | US        |      1221 | NS      | $282746.97    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CAL-MAINE FOODS, INC.                         | CAL-MAINE FOODS INC COMMON STOCK          | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               |  | US        |      2005 | NS      | $109172.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                         | CARDINAL HEALTH INC COMMON STOCK          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |      3451 | NS      | $265278.37    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hosiden Corporation                           | HOSIDEN CORP COMMON STOCK                 | CUSIP: N/A<br>LEI: 353800IQGIGW1XT2JX97       | Long             | EC               |  | JP        |     50688 | NS      | $604667.94    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                   | HUMANA INC COMMON STOCK                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |       983 | NS      | $503482.77    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                         | CHENIERE ENERGY INC COMMON STOCK          | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |      1309 | NS      | $196297.64    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS, INC.                             | TYSON FOODS INC-CL A COMMON STOCK         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               |  | US        |      4213 | NS      | $262259.25    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                               | KLA CORP COMMON STOCK                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      1767 | NS      | $666212.01    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer N.V.                           | WOLTERS KLUWER COMMON STOCK               | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               |  | NL        |      3301 | NS      | $344406.83    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                   | ABBVIE INC COMMON STOCK                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               |  | US        |      7396 | NS      | $1195267.56   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                              | GEN DIGITAL INC COMMON STOCK              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               |  | US        |      7507 | NS      | $160875.01    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                | MARATHON PETROLEUM CORP COMMON STOCK      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               |  | US        |      6474 | NS      | $753508.86    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                   | UNITED PARCEL SERVICE-CL B COMMON STOCK   | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               |  | US        |      1532 | NS      | $266322.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORPORATION                 | CHESAPEAKE ENERGY CORP COMMON STOCK       | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               |  | US        |      1347 | NS      | $127116.39    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HORMEL FOODS CORPORATION                      | HORMEL FOODS CORP COMMON STOCK            | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               |  | US        |      3179 | NS      | $144803.45    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                              | TOTALENERGIES SE COMMON STOCK             | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |      8145 | NS      | $509828.55    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE, INC.                            | MERCADOLIBRE INC COMMON STOCK             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |       259 | NS      | $219176.16    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                    | CROWDSTRIKE HOLDINGS INC - A COMMON STOCK | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               |  | US        |      1895 | NS      | $199524.55    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                      | FIRSTCASH HOLDINGS INC COMMON STOCK       | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               |  | US        |      2823 | NS      | $245346.93    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SSAB AB                                       | SSAB AB-A SHARES COMMON STOCK             | CUSIP: N/A<br>LEI: 529900329VS14ZIML164       | Long             | EC               |  | SE        |     30619 | NS      | $167325.29    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo Inc                                     | DOCGO INC COMMON STOCK                    | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               |  | US        |     29480 | NS      | $208423.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                             | YUM! BRANDS INC COMMON STOCK              | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               |  | US        |      1542 | NS      | $197499.36    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.        | CHECK POINT SOFTWARE TECH COMMON STOCK    | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               |  | US        |      1265 | NS      | $159592.40    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ELKEM ASA                                     | ELKEM ASA COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300CVBE06T0SH6T76       | Long             | EC               |  | NO        |     41100 | NS      | $146860.22    | 0.27%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MERCK & CO., INC.                             | MERCK & CO. INC. COMMON STOCK             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |       967 | NS      | $107288.65    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.             | CONSTELLATION ENERGY COMMON STOCK         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |      4014 | NS      | $346046.94    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Valora Holding AG                             | VALORA HOLDING AG-REG COMMON STOCK        | CUSIP: N/A<br>LEI: 529900J05DZPTAGY8U53       | Long             | EC               |  | CH        |       539 | NS      | $148848.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMB WESTON HOLDINGS, INC.                    | LAMB WESTON HOLDINGS INC COMMON STOCK     | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               |  | US        |      1791 | NS      | $160043.76    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Glass Co.,Ltd.                        | CENTRAL GLASS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     20618 | NS      | $439096.44    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED           | VERTEX PHARMACEUTICALS INC COMMON STOCK   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      3222 | NS      | $930449.16    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                          | STEEL DYNAMICS INC COMMON STOCK           | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               |  | US        |      2560 | NS      | $250112.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                         | BOOKING HOLDINGS INC COMMON STOCK         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |       339 | NS      | $683179.92    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                  | COSTCO WHOLESALE CORP COMMON STOCK        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |       282 | NS      | $128733.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad N.V.                                 | RANDSTAD NV COMMON STOCK                  | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               |  | NL        |      1525 | NS      | $92705.37     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc              | HARMONY BIOSCIENCES HOLDINGS COMMON STOCK | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               |  | US        |      2592 | NS      | $142819.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                | AUTODESK INC COMMON STOCK                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               |  | US        |      2738 | NS      | $511650.06    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VMWARE, INC.                                  | VMWARE INC-CLASS A COMMON STOCK           | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               |  | US        |      2653 | NS      | $325682.28    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                             | ULTA BEAUTY INC COMMON STOCK              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |       636 | NS      | $298328.52    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                 | BROADCOM INC COMMON STOCK                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |      1029 | NS      | $575344.77    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Modern Times Group MTG AB                     | MODERN TIMES GROUP-B SHS COMMON STOCK     | CUSIP: N/A<br>LEI: 549300E8NDODRSX29339       | Long             | EC               |  | SE        |     42023 | NS      | $359350.19    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITAE CORPORATION                           | INVITAE CORP COMMON STOCK                 | CUSIP: 46185L103<br>LEI: 549300MYI59DZW1WIX92 | Long             | EC               |  | US        |     50388 | NS      | $93721.68     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                     | VALERO ENERGY CORP COMMON STOCK           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               |  | US        |      1249 | NS      | $158448.14    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORPORATION                      | NIPPON STEEL CORP COMMON STOCK            | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               |  | JP        |      7600 | NS      | $132018.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                  | BRISTOL-MYERS SQUIBB CO COMMON STOCK      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               |  | US        |      6550 | NS      | $471272.50    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuehne + Nagel International AG               | KUEHNE + NAGEL INTL AG-REG COMMON STOCK   | CUSIP: N/A<br>LEI: 529900Q0YED3805QXQ66       | Long             | EC               |  | CH        |       699 | NS      | $162586.25    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Plus500 Ltd                                   | PLUS500 LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               |  | GB        |     32471 | NS      | $704634.61    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                     | CK ASSET HOLDINGS LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               |  | HK        |     25643 | NS      | $157867.27    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson               | ERICSSON LM-B SHS COMMON STOCK            | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               |  | SE        |     20010 | NS      | $116954.65    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PNE AG                                        | PNE AG COMMON STOCK                       | CUSIP: N/A<br>LEI: 391200KEHI6OQSGGN373       | Long             | EC               |  | DE        |     18482 | NS      | $421125.84    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPUTERSHARE LIMITED                         | COMPUTERSHARE LTD COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |      5647 | NS      | $100333.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL INC.             | METTLER-TOLEDO INTERNATIONAL COMMON STOCK | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               |  | US        |       273 | NS      | $394607.85    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DAMPSKIBSSELSKABET NORDEN A/S                 | D/S NORDEN COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900RGXD3CBR3BRU63       | Long             | EC               |  | DK        |      9119 | NS      | $547047.08    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                  | CF INDUSTRIES HOLDINGS INC COMMON STOCK   | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               |  | US        |      3028 | NS      | $257985.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                                   | EQUINOR ASA COMMON STOCK                  | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               |  | NO        |      8568 | NS      | $305981.36    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                        | FAIR ISAAC CORP COMMON STOCK              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       326 | NS      | $195137.08    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                    | BOLIDEN AB COMMON STOCK                   | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               |  | SE        |      3666 | NS      | $137657.52    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco Aktiebolag                        | ATLAS COPCO AB-B SHS COMMON STOCK         | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               |  | SE        |     13459 | NS      | $143509.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                    | QUALYS INC COMMON STOCK                   | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               |  | US        |      1144 | NS      | $128391.12    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GENUINE PARTS COMPANY                         | GENUINE PARTS CO COMMON STOCK             | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               |  | US        |      1782 | NS      | $309194.82    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                              | NRG ENERGY INC COMMON STOCK               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               |  | US        |      2937 | NS      | $93455.34     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Pharming Group N.V.                           | PHARMING GROUP NV COMMON STOCK            | CUSIP: N/A<br>LEI: 724500DCJ9MPG74JEH91       | Long             | EC               |  | NL        |    578345 | NS      | $669085.03    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Petroleum Exploration Co., Ltd.         | JAPAN PETROLEUM EXPLORATION COMMON STOCK  | CUSIP: N/A<br>LEI: 549300WXUNBZ356DMN17       | Long             | EC               |  | JP        |     12540 | NS      | $365427.26    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                         | MICROSOFT CORP COMMON STOCK               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      3490 | NS      | $836971.80    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                  | GODADDY INC - CLASS A COMMON STOCK        | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               |  | US        |      2021 | NS      | $151211.22    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                  | NEUROCRINE BIOSCIENCES INC COMMON STOCK   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               |  | US        |       784 | NS      | $93640.96     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                           | CENTENE CORP COMMON STOCK                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      7229 | NS      | $592850.29    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO