# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-045867
**Filing Date:** 2023-2
**Character Count:** 72748
**Document Hash:** 848b6f965e5dcb5985705424ab743326
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045867.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045867

**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:** 23681447

**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 Quantamental Emerging Market Equity ETF (Series ID: S000074753)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000232916 | Rayliant Quantamental Emerging Market Equity ETF | RAYE            |

## 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 Quantamental Emerging Market Equity ETF

- **b. EDGAR series identifier (if any):** S000074753

- **c. LEI of Series:** 549300Z1LULUOF7IIE68

**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:** $19261596.83

**Total Liabilities:** $1112933.95

**Net Assets:** $18148662.88

**Cash Not Reported:** $377394.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232916 | -3.98%               | 11.05%               | -3.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-465825.67              | $-379307.49                                |
| Month 2  | $-971194.60              | $2375882.11                                |
| Month 3  | $-755883.48              | $31116.82                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NOVOLIPETSK STEEL PAO                                            | NOVOLIPETSK STEEL PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               |  | RU        |     98630 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TUBE INVESTMENTS OF INDIA LIMITED                                | TUBE INVESTMENTS OF INDIA LT COMMON STOCK             | CUSIP: N/A<br>LEI: 335800Z8CKZ11SGVKE64       | Long             | EC               |  | IN        |      2540 | NS      | $85215.73     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TURKIYE PETROL RAFINERILERI ANONIM SIRKETI                       | TUPRAS-TURKIYE PETROL RAFINE COMMON STOCK             | CUSIP: N/A<br>LEI: 789000RCNG97UV50EE03       | Long             | EC               |  | TR        |      3485 | NS      | $98651.22     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                                         | TENCENT HOLDINGS LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |      1600 | NS      | $68469.37     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HACI OMER SABANCI HOLDING ANONIM SIRKETI                         | HACI OMER SABANCI HOLDING COMMON STOCK                | CUSIP: N/A<br>LEI: 78900090FFOWNLGP0F20       | Long             | EC               |  | TR        |     32173 | NS      | $77478.50     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON MOTION TECHNOLOGY CORPORATION                            | SILICON MOTION TECHNOL-ADR DEPOSITARY RECEIPT         | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               |  | US        |      6048 | NS      | $393059.52    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDICLINIC INTERNATIONAL PLC                                     | MEDICLINIC INTERNATIONAL PLC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002S5BSBIZTD5I60       | Long             | EC               |  | GB        |     74531 | NS      | $446475.94    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK             | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |     28000 | NS      | $408582.91    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                                           | WNS HOLDINGS LTD-ADR DEPOSITARY RECEIPT               | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               |  | US        |       965 | NS      | $77190.35     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PAGE INDUSTRIES LIMITED                                          | PAGE INDUSTRIES LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               |  | IN        |       280 | NS      | $144980.97    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Company P.J.S.C                            | INTL HOLDING CO PJSC COMMON STOCK                     | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               |  | AE        |      7195 | NS      | $803221.11    | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LG INNOTEK CO.,LTD                                               | LG INNOTEK CO LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 988400KTHH2LMUX7EB48       | Long             | EC               |  | KR        |       317 | NS      | $63299.72     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                                | POWER FINANCE CORPORATION COMMON STOCK                | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |     89829 | NS      | $153261.98    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                            | BANK OF CHINA LTD-H COMMON STOCK                      | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | HK        |    336000 | NS      | $122260.87    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital Public Company Limited                       | BUMRUNGRAD HOSPITAL-FOREIGN COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TH        |     36500 | NS      | $223415.62    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| 3SBIO INC.                                                       | 3SBIO INC COMMON STOCK                                | CUSIP: N/A<br>LEI: 529900P0TQC1E9Y7FN31       | Long             | EC               |  | HK        |     62000 | NS      | $65932.52     | 0.36%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HD HYUNDAI CO.,LTD.                                              | HD HYUNDAI COMMON STOCK                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      5417 | NS      | $244611.07    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CITIC BANK CORPORATION LIMITED                             | CHINA CITIC BANK CORP LTD-H COMMON STOCK              | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               |  | HK        |    189000 | NS      | $83785.29     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LIMITED          | CHINA STATE CONSTRUCTION INT COMMON STOCK             | CUSIP: N/A<br>LEI: 529900QVUUH13RIZIR85       | Long             | EC               |  | HK        |     42000 | NS      | $47193.13     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ORION CORP.                                                      | ORION CORP/REPUBLIC OF KOREA COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |       495 | NS      | $50106.76     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |      1066 | NS      | $46619.06     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERSTAL' PAO                                                   | SEVERSTAL PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |     11625 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar Fuel Company QPSC                                          | QATAR FUEL QSC COMMON STOCK                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | QA        |     12481 | NS      | $61518.21     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Daqo New Energy Corp.                                            | DAQO NEW ENERGY CORP-ADR DEPOSITARY RECEIPT           | CUSIP: 23703Q203<br>LEI: 529900711JBZ5O7VA827 | Long             | EC               |  | US        |      1784 | NS      | $68880.24     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PINDUODUO INC.                                                   | PINDUODUO INC-ADR DEPOSITARY RECEIPT                  | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               |  | US        |       499 | NS      | $40693.45     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Company Limited                           | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK             | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |    117700 | NS      | $60149.85     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corporation Limited                                  | CHINA TOWER CORP LTD-H COMMON STOCK                   | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               |  | HK        |   1810000 | NS      | $194799.45    | 1.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CITIC Limited                                                    | CITIC LTD COMMON STOCK                                | CUSIP: N/A<br>LEI: 2549006I3Q3M98KHOT11       | Long             | EC               |  | HK        |    413000 | NS      | $436020.73    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                           | UNITED TRACTORS TBK PT COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |     42600 | NS      | $71353.46     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing United Information Technology Co Ltd                     | BEIJING UNITED INFORMATION-A COMMON STOCK             | CUSIP: N/A<br>LEI: 836800DCWW5IYKEAGS46       | Long             | EC               |  | CN        |      4300 | NS      | $54964.63     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOSAGRO PAO                                                     | PHOSAGRO PJSC-GDR REG S DEPOSITARY RECEIPT            | CUSIP: 71922G209<br>LEI: 25340053KRUNNYUWF472 | Long             | EC               |  | GB        |     22934 | NS      | $2.29         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COSCO SHIPPING Holdings Co., Ltd.                                | COSCO SHIPPING HOLDINGS CO-H COMMON STOCK             | CUSIP: N/A<br>LEI: 3003009XI0QGYYA29S17       | Long             | EC               |  | HK        |    197500 | NS      | $201423.46    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SHANDONG WEIGAO GROUP MEDICAL POLYMER CO.,LTD                    | SHANDONG WEIGAO GP MEDICAL-H COMMON STOCK             | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               |  | HK        |     30000 | NS      | $49276.42     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Al ELM Information Security Company CJSC                         | ELM CO COMMON STOCK                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |      2117 | NS      | $187026.08    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                   | CREDICORP LTD COMMON STOCK                            | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |       258 | NS      | $35000.28     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                                                | GS HOLDINGS COMMON STOCK                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      6839 | NS      | $236890.63    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen Xiangyu Co., Ltd.                                         | XIAMEN XIANGYU CO LTD-A COMMON STOCK                  | CUSIP: N/A<br>LEI: 300300J43OY0HAWA6E69       | Long             | EC               |  | CN        |    189680 | NS      | $281551.65    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                     | FX Forward Contract: USD/BRL SETTLE 2023-01-04        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-0.10        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GoodWe Technologies Co Ltd                                       | GOODWE TECHNOLOGIES CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |       600 | NS      | $28018.24     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI GLOVIS Co., LTD.                                         | HYUNDAI GLOVIS CO LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               |  | KR        |       741 | NS      | $95811.39     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Communications Co., Ltd.                                 | BANK OF COMMUNICATIONS CO-H COMMON STOCK              | CUSIP: N/A<br>LEI: 549300AX1UM10U30HK09       | Long             | EC               |  | HK        |    200000 | NS      | $115055.19    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corporation                                              | WISTRON CORP COMMON STOCK                             | CUSIP: N/A<br>LEI: 254900DIEONKUALBFM06       | Long             | EC               |  | TW        |    560000 | NS      | $535667.23    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO DO BRASIL S.A.                                             | BANCO DO BRASIL S.A. COMMON STOCK                     | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |      8600 | NS      | $56570.48     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC PHARMACEUTICAL GROUP LIMITED                                | CSPC PHARMACEUTICAL GROUP LT COMMON STOCK             | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               |  | HK        |    218000 | NS      | $229034.14    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| China Galaxy Securities Co., Ltd.                                | CHINA GALAXY SECURITIES CO-H COMMON STOCK             | CUSIP: N/A<br>LEI: 3003008KFQXO06OK8582       | Long             | EC               |  | HK        |     72100 | NS      | $35195.74     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN AERONAUTICS LIMITED                                    | HINDUSTAN AERONAUTICS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               |  | IN        |     24259 | NS      | $742240.95    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN BANK & TRUST CO.                                    | METROPOLITAN BANK & TRUST COMMON STOCK                | CUSIP: N/A<br>LEI: 549300SQYI82RVWFN715       | Long             | EC               |  | PH        |     38410 | NS      | $37219.33     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt.            | RICHTER GEDEON NYRT COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               |  | HU        |      1902 | NS      | $42073.29     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| YUNNAN COPPER CO., LTD                                           | YUNNAN COPPER CO LTD-A COMMON STOCK                   | CUSIP: N/A<br>LEI: 300300BFPGI267QXCG14       | Long             | EC               |  | CN        |     31100 | NS      | $52815.86     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NONGFU SPRING CO., LTD.                                          | NONGFU SPRING CO LTD-H COMMON STOCK                   | CUSIP: N/A<br>LEI: 300300P08GGT4SKR9G93       | Long             | EC               |  | HK        |     53400 | NS      | $301723.91    | 1.66%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PT Adaro Energy Indonesia Tbk                                    | ADARO ENERGY INDONESIA TBK P COMMON STOCK             | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               |  | ID        |    466400 | NS      | $115345.43    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                            | HYUNDAI MOBIS CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               |  | KR        |       451 | NS      | $71510.87     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                                        | HANA FINANCIAL GROUP COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      2285 | NS      | $75985.96     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                                      | ITC LTD COMMON STOCK                                  | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |     10066 | NS      | $40340.65     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENT OVERSEAS (INTERNATIONAL) LIMITED                          | ORIENT OVERSEAS INTL LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               |  | HK        |     16500 | NS      | $298080.06    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes S.A.                                 | BB SEGURIDADE PARTICIPACOES COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     71500 | NS      | $456511.20    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                                  | VOLTRONIC POWER TECHNOLOGY COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      7000 | NS      | $351873.24    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ZHEN DING TECHNOLOGY HOLDING LIMITED                             | ZHEN DING TECHNOLOGY HOLDING COMMON STOCK             | CUSIP: N/A<br>LEI: 549300H7R4K33675UP38       | Long             | EC               |  | TW        |     79000 | NS      | $269883.36    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag | MOL HUNGARIAN OIL AND GAS PL COMMON STOCK             | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               |  | HU        |      5036 | NS      | $34922.94     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Company Limited                             | CHINA SHENHUA ENERGY CO-H COMMON STOCK                | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               |  | HK        |     56500 | NS      | $163239.35    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                         | LG CORP COMMON STOCK                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |       966 | NS      | $59663.58     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPEK, S.A.B. DE C.V.                                            | ALPEK SA DE CV COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300PWKJTP62D4IQ66       | Long             | EC               |  | MX        |    389900 | NS      | $570226.69    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RESOURCES PHARMACEUTICAL GROUP LIMITED                     | CHINA RESOURCES PHARMACEUTIC COMMON STOCK             | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               |  | HK        |    229500 | NS      | $185835.91    | 1.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Company SJSC               | BUPA ARABIA FOR COOPERATIVE COMMON STOCK              | CUSIP: N/A<br>LEI: 558600B2WJHD5P31XS68       | Long             | EC               |  | SA        |      2329 | NS      | $89109.70     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                               | SITC INTERNATIONAL HOLDINGS COMMON STOCK              | CUSIP: N/A<br>LEI: 529900JUV4MOM9CE3V12       | Long             | EC               |  | HK        |     18000 | NS      | $40036.13     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Deye Technology Co Ltd                                    | NINGBO DEYE TECHNOLOGY CO -A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      1900 | NS      | $90951.53     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CEZ, a.s.                                                        | CEZ AS COMMON STOCK                                   | CUSIP: N/A<br>LEI: 529900S5R9YHJHYKKG94       | Long             | EC               |  | CZ        |      4779 | NS      | $162594.11    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Thungela Resources Ltd                                           | THUNGELA RESOURCES LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800EGYK3BN3SRIF27       | Long             | EC               |  | ZA        |     46836 | NS      | $789068.93    | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Comercial Chedraui, S.A.B. de C.V.                         | GRUPO COMERCIAL CHEDRAUI SA COMMON STOCK              | CUSIP: N/A<br>LEI: 4469000001BRXSV0JO96       | Long             | EC               |  | MX        |    185300 | NS      | $789419.03    | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dallah Healthcare Company SJSC                                   | DALLAH HEALTHCARE CO COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |      4929 | NS      | $194117.08    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco del Bajio S.A., Institucion de Banca Multiple              | BANCO DEL BAJIO SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 4469000001BD95FFLY16       | Long             | EC               |  | MX        |     21300 | NS      | $67089.71     | 0.37%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TravelSky Technology Limited                                     | TRAVELSKY TECHNOLOGY LTD-H COMMON STOCK               | CUSIP: N/A<br>LEI: 5299007TAWP4DZ6QFG73       | Long             | EC               |  | HK        |     86000 | NS      | $181807.70    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DB INSURANCE CO.,LTD                                             | DB INSURANCE CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               |  | KR        |      3887 | NS      | $200728.43    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONAL, S.A.B. DE C.V.                                         | REGIONAL SAB DE CV COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |      4600 | NS      | $33283.30     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TURK HAVA YOLLARI ANONIM ORTAKLIGI                               | TURK HAVA YOLLARI AO COMMON STOCK                     | CUSIP: N/A<br>LEI: 789000EV8M3BL7ZPFB03       | Long             | EC               |  | TR        |     17253 | NS      | $129861.79    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM NEFT' PAO                                                | GAZPROM NEFT PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               |  | RU        |    111970 | NS      | $0.15         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Unilever Indonesia Tbk                                        | UNILEVER INDONESIA TBK PT COMMON STOCK                | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               |  | ID        |    210500 | NS      | $63552.27     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The People's Insurance Company (Group) of China Limited          | PEOPLE'S INSURANCE CO GROU-H COMMON STOCK             | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               |  | HK        |    583000 | NS      | $193463.12    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Coal Energy Company Limited                                | CHINA COAL ENERGY CO-H COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900KRC89344UI3Z10       | Long             | EC               |  | HK        |     52000 | NS      | $42306.48     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                     | FX Forward Contract: USD/BRL SETTLE 2023-01-04        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-0.24        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MEDICAL SYSTEM HOLDINGS LIMITED                            | CHINA MEDICAL SYSTEM HOLDING COMMON STOCK             | CUSIP: N/A<br>LEI: 529900Z57DVJXUBLHX66       | Long             | EC               |  | HK        |     65000 | NS      | $102268.43    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCOLOMBIA S.A.                                                 | Bancolombia SA PREFERRED STOCK                        | CUSIP: N/A<br>LEI: 54930052NWJRPNMP1W58       | Long             | EP               |  | CO        |     15986 | NS      | $110609.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU S.A.                                                      | Gerdau SA PREFERRED STOCK                             | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               |  | BR        |      5600 | NS      | $31151.47     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTES CO., LTD                                                   | LOTES CO LTD COMMON STOCK                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     28000 | NS      | $752484.91    | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Limited                                             | LENOVO GROUP LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               |  | HK        |    102000 | NS      | $83769.92     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC HOLDING ANONIM SIRKETI                                       | KOC HOLDING AS COMMON STOCK                           | CUSIP: N/A<br>LEI: 7890005U0H950VH19H45       | Long             | EC               |  | TR        |     12954 | NS      | $57920.87     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A.                     | EUROBANK ERGASIAS SERVICES A COMMON STOCK             | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               |  | GR        |     43335 | NS      | $48792.87     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG SDI CO., LTD.                                            | SAMSUNG SDI CO LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               |  | KR        |       501 | NS      | $234156.58    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Avary Holding (Shenzhen) Co., Limited                            | AVARY HOLDING SHENZHEN CO -A COMMON STOCK             | CUSIP: N/A<br>LEI: 30030067AGXAJK5FRS12       | Long             | EC               |  | CN        |     11400 | NS      | $45212.14     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding (Holdings) Ltd.                         | YANGZIJIANG SHIPBUILDING COMMON STOCK                 | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               |  | SG        |     34000 | NS      | $34476.59     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                                              | BYD CO LTD -A COMMON STOCK                            | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | CN        |      2500 | NS      | $92851.41     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Weifang Rainbow Chemical Co Ltd                         | SHANDONG WEIFANG RAINBOW C-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      2500 | NS      | $31471.99     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                          | Sociedad Quimica y Minera de Chile SA PREFERRED STOCK | CUSIP: N/A<br>LEI: TJ88LXZZW5PWIN93ZC81       | Long             | EP               |  | CL        |      6498 | NS      | $523226.48    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCOLOMBIA S.A.                                                 | BANCOLOMBIA SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 54930052NWJRPNMP1W58       | Long             | EC               |  | CO        |      6751 | NS      | $59171.85     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Nahdi Medical Company SCJSC                                   | NAHDI MEDICAL CO COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |       853 | NS      | $37951.46     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VARUN BEVERAGES LIMITED                                          | VARUN BEVERAGES LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               |  | IN        |     23334 | NS      | $373025.28    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited                       | PICC PROPERTY & CASUALTY-H COMMON STOCK               | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |    496000 | NS      | $470901.16    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TONGWEI CO.,LTD                                                  | TONGWEI CO LTD-A COMMON STOCK                         | CUSIP: N/A<br>LEI: 3003009CW4QYMCG0BH89       | Long             | EC               |  | CN        |     15200 | NS      | $84756.28     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Yankuang Energy Group Company Limited                            | YANKUANG ENERGY GROUP CO-H COMMON STOCK               | CUSIP: N/A<br>LEI: 3003005N7A6HYZ4Z0K39       | Long             | EC               |  | HK        |     30000 | NS      | $91480.41     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Yongxing Special Materials Technology Co.,Ltd.                   | YONGXING SPECIAL MATERIALS-A COMMON STOCK             | CUSIP: N/A<br>LEI: 300300ULJO6T9VWWOQ73       | Long             | EC               |  | CN        |      3800 | NS      | $50622.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Binjiang Real Estate Group Co., Ltd                     | HANGZHOU BINJIANG REAL EST-A COMMON STOCK             | CUSIP: N/A<br>LEI: 300300W1Q832W2SP5417       | Long             | EC               |  | CN        |     29200 | NS      | $37265.73     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Sumber Alfaria Trijaya Tbk                                    | SUMBER ALFARIA TRIJAYA TBK P COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ID        |    554100 | NS      | $94322.47     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Navigation Q.P.S.C.                                        | QATAR NAVIGATION COMMON STOCK                         | CUSIP: N/A<br>LEI: 25490074EFRBM1MC1K04       | Long             | EC               |  | QA        |    169722 | NS      | $473035.85    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED                      | HANSOH PHARMACEUTICAL GROUP COMMON STOCK              | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               |  | HK        |     48000 | NS      | $91265.16     | 0.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SINOPHARM GROUP CO. LTD.                                         | SINOPHARM GROUP CO-H COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               |  | HK        |     70800 | NS      | $179971.94    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Pylon Technologies Co Ltd                                        | PYLON TECHNOLOGIES CO LTD-A COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      1400 | NS      | $63870.44     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Fudan Microelectronics Group CO.,LTD.                   | SHANGHAI FUDAN MICROELECT-H COMMON STOCK              | CUSIP: N/A<br>LEI: 300300MN0B6IF027O317       | Long             | EC               |  | HK        |     43000 | NS      | $162525.06    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Qingdao Gaoce Technology Co., Ltd.                               | QINGDAO GAOCE TECHNOLOGY C-A COMMON STOCK             | CUSIP: N/A<br>LEI: 655600O5V4MEW0A86G04       | Long             | EC               |  | CN        |     64391 | NS      | $698181.46    | 3.85%             |  |  |  | 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