# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211094
**Filing Date:** 2025-8
**Character Count:** 72072
**Document Hash:** 440ef1e712bd45d81c698c5a7ff51b5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211094.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211094

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251270085

**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 ex-China Equity ETF (Series ID: S000074753)

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

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 99.2%** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA — 99.2%** |  |  |
| **Communication Services — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen, Cl A | 4400 | $185474 |
| &nbsp;&nbsp;&nbsp;Perfect World, Cl A | 181000 | 383319 |
| &nbsp;&nbsp;&nbsp;Wanda Film Holding, Cl A \* | 40900 | 65263 |
|  |  | 634056 |
| **Consumer Discretionary — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 10100 | 467991 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 39400 | 247077 |
| &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group, Cl A | 17700 | 63504 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 69500 | 700516 |
|  |  | 1479088 |
| **Consumer Staples — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 9060 | 397213 |
| &nbsp;&nbsp;&nbsp;Fujian Wanchen Biotechnology Group, Cl A | 2600 | 65422 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 11900 | 46316 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 5072 | 998037 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 34000 | 564361 |
|  |  | 2071349 |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;China Coal Energy, Cl A | 96800 | 147839 |
|  |  | 147839 |
| **Financials — 26.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 97500 | 135297 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 100400 | 235752 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 188130 | 313587 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 93312 | 151370 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 106100 | 157154 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 87100 | 106760 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl A | 297900 | 172590 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 84097 | 539463 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl A | 190400 | 189785 |
| &nbsp;&nbsp;&nbsp;GF Securities, Cl A | 186000 | 436492 |
| &nbsp;&nbsp;&nbsp;Hithink RoyalFlush Information Network, Cl A | 2500 | 95283 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl A | 189800 | 471907 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 113700 | 370474 |
| &nbsp;&nbsp;&nbsp;Jiangsu Changshu Rural Commercial Bank, Cl A | 187352 | 192762 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhangjiagang Rural Commercial Bank, Cl A | 87300 | 54843 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl A | 45400 | 370773 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl A | 249600 | 303500 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 25300 | 195953 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl A | 99500 | 75981 |
| &nbsp;&nbsp;&nbsp;Qilu Bank, Cl A | 38400 | 33880 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Qingdao Rural Commercial Bank, Cl A | 237000 | $119440 |
| &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank, Cl A | 101000 | 136769 |
|  |  | 4859815 |
| **Health Care — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amoy Diagnostics, Cl A | 49800 | 149682 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 45300 | 328217 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 56000 | 543727 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 27700 | 215741 |
|  |  | 1237367 |
| **Industrials — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Sifang Automation, Cl A | 159100 | 361371 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 562700 | 453261 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 23468 | 826326 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry, Cl A | 80500 | 201723 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 43900 | 298830 |
| &nbsp;&nbsp;&nbsp;Shanghai Liangxin Electrical, Cl A | 71500 | 88936 |
| &nbsp;&nbsp;&nbsp;STO Express, Cl A | 54700 | 81632 |
| &nbsp;&nbsp;&nbsp;Sumec, Cl A | 263200 | 353106 |
|  |  | 2665185 |
| **Information Technology — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 6400 | 162878 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 5400 | 453446 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 19280 | 341881 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 51100 | 152519 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 34400 | 166594 |
| &nbsp;&nbsp;&nbsp;Will Semiconductor Shanghai, Cl A | 11800 | 210280 |
| &nbsp;&nbsp;&nbsp;Yealink Network Technology, Cl A | 11300 | 54835 |
|  |  | 1542433 |
| **Materials — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Jushi, Cl A | 89200 | 141960 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 326500 | 383788 |
| &nbsp;&nbsp;&nbsp;Darbond Technology, Cl A | 31800 | 180328 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement, Cl A | 125600 | 207605 |
| &nbsp;&nbsp;&nbsp;Meihua Holdings Group, Cl A | 186900 | 278922 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum, Cl A | 526800 | 281670 |
| &nbsp;&nbsp;&nbsp;Yonfer Agricultural Technology, Cl A | 34701 | 66998 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiahua Energy Chemical Industry, Cl A | 216700 | 255932 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU, Cl A | 115000 | 341477 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 153800 | $418685 |
|  |  | 2557365 |
| **Real Estate — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Urban Construction Investment & Development, Cl A | 363900 | 230640 |
| &nbsp;&nbsp;&nbsp;Nanjing Gaoke, Cl A | 226000 | 243253 |
|  |  | 473893 |
| **Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 10900 | 45863 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 269900 | 206104 |
|  |  | 251967 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,181,010) |  | 17920357 |
| TOTAL INVESTMENTS— 99.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,181,010) |  | $17920357 |

---

Percentages are based on Net Assets of $18,069,153.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* Non-income producing security.

Cl — Class

RAY-QH-001-1000

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.0%** | | |
|  |<br>**Shares** |<br>**Value** |
| **BRAZIL — 2.3%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 100300 | $659190 |
| **Health Care — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz | 27700 | 179613 |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Suzano | 103500 | 972070 |
|  |  | 1810873 |
| **CHILE — 0.4%** |  |  |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Falabella | 55622 | 294966 |
| **GREECE — 0.7%** |  |  |
| **Consumer Discretionary — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 23087 | 521687 |
| **HUNGARY — 1.8%** |  |  |
| **Communication Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications ADR | 182804 | 955618 |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 49599 | 430290 |
|  |  | 1385908 |
| **INDIA — 24.4%** |  |  |
| **Communication Services — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 53797 | 1260616 |
| &nbsp;&nbsp;&nbsp;Bharti Hexacom | 11234 | 255791 |
|  |  | 1516407 |
| **Consumer Discretionary — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dixon Technologies India | 4543 | 793701 |
| &nbsp;&nbsp;&nbsp;Page Industries | 826 | 475894 |
|  |  | 1269595 |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Marico | 31059 | 261608 |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 134245 | 685705 |
| **Financials — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 63930 | 698116 |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment | 3559 | 596722 |
| &nbsp;&nbsp;&nbsp;Cholamandalam Investment and Finance | 8019 | 152226 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 8359 | 195086 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 35852 | 340418 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 53397 | 900203 |
| &nbsp;&nbsp;&nbsp;ICICI Lombard General Insurance | 28887 | 687211 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDIA (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 10860 | $273969 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 14498 | 443579 |
|  |  | 4287530 |
| **Health Care — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Pharmaceuticals | 14994 | 592364 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals | 16100 | 329246 |
| &nbsp;&nbsp;&nbsp;Krishna Institute of Medical Sciences \* | 22925 | 180064 |
|  |  | 1101674 |
| **Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 10511 | 732498 |
| &nbsp;&nbsp;&nbsp;Polycab India | 2040 | 155831 |
|  |  | 888329 |
| **Information Technology — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 78640 | 1585087 |
| &nbsp;&nbsp;&nbsp;Hexaware Technologies | 60494 | 599967 |
| &nbsp;&nbsp;&nbsp;Persistent Systems | 14392 | 1013867 |
| &nbsp;&nbsp;&nbsp;Redington | 272754 | 1034754 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 73609 | 1447976 |
|  |  | 5681651 |
| **Materials — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coromandel International | 57956 | 1692996 |
| &nbsp;&nbsp;&nbsp;JK Cement | 7176 | 514604 |
| &nbsp;&nbsp;&nbsp;Solar Industries India | 2602 | 533932 |
| &nbsp;&nbsp;&nbsp;UPL | 32817 | 253035 |
| &nbsp;&nbsp;&nbsp;Welspun | 39163 | 422180 |
|  |  | 3416747 |
|  |  | 19109246 |
| **INDONESIA — 1.8%** |  |  |
| **Materials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 7453500 | 1395666 |
| **MALAYSIA — 1.0%** |  |  |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan | 39400 | 201375 |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AMMB Holdings | 184200 | 223114 |
| &nbsp;&nbsp;&nbsp;RHB Bank | 217800 | 325885 |
|  |  | 548999 |
|  |  | 750374 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **MEXICO — 1.1%** |  |  |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alfa, Cl A | 386400 | $283276 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Gentera | 119300 | 252846 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fibra MTY ‡ | 504500 | 350896 |
|  |  | 887018 |
| **PERU — 1.1%** |  |  |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 3762 | 840882 |
| **PHILIPPINES — 1.2%** |  |  |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DigiPlus Interactive | 373790 | 345058 |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;China Banking | 523230 | 631164 |
|  |  | 976222 |
| **POLAND — 3.0%** |  |  |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 19751 | 448719 |
| **Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 820764 | 1910554 |
|  |  | 2359273 |
| **QATAR — 1.2%** |  |  |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Doha Bank QPSC | 1387752 | 969635 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC (A) | 111970 | – |
| **Materials — 0.0%** |  |  |
| &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 — 3.4%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Electronics | 9929 | 233631 |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Riyad Bank | 194113 | 1487484 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SAUDI ARABIA (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Investment Bank | 72014 | $278801 |
|  |  | 1766285 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Riyadh Cables Group | 16735 | 630937 |
|  |  | 2630853 |
| **SOUTH AFRICA — 3.9%** |  |  |
| **Consumer Discretionary — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 3318 | 1029755 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Investec | 65440 | 487028 |
| &nbsp;&nbsp;&nbsp;Momentum Group | 538409 | 1038871 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group | 82413 | 363250 |
| &nbsp;&nbsp;&nbsp;Sanlam | 30932 | 154336 |
|  |  | 2043485 |
|  |  | 3073240 |
| **SOUTH KOREA — 16.6%** |  |  |
| **Communication Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;LG Uplus | 27212 | 288331 |
| &nbsp;&nbsp;&nbsp;SK Telecom | 7019 | 294885 |
|  |  | 583216 |
| **Consumer Discretionary — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia | 7956 | 571233 |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 4953 | 475262 |
| **Financials — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 36262 | 490623 |
| &nbsp;&nbsp;&nbsp;JB Financial Group | 62105 | 945656 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings | 5296 | 547808 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 87791 | 1460365 |
|  |  | 3444452 |
| **Industrials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha | 5955 | 416091 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries | 1620 | 514352 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 3042 | 824964 |
|  |  | 1755407 |
| **Information Technology — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 69569 | 3082563 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SOUTH KOREA (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 9077 | $1963903 |
|  |  | 5046466 |
| **Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 38314 | 1115694 |
|  |  | 12991730 |
| **TAIWAN — 27.2%** |  |  |
| **Communication Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;International Games System | 13000 | 381829 |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Makalot Industrial | 38440 | 310552 |
| **Health Care — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;PharmaEssentia \* | 29000 | 544023 |
| **Industrials — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | 28000 | 190743 |
| &nbsp;&nbsp;&nbsp;United Integrated Services | 83000 | 1770129 |
| &nbsp;&nbsp;&nbsp;Wan Hai Lines | 55000 | 167568 |
|  |  | 2128440 |
| **Information Technology — 22.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 46000 | 1149528 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 57000 | 1256607 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 233000 | 1284164 |
| &nbsp;&nbsp;&nbsp;King Slide Works | 9000 | 626968 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 26000 | 504656 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 353000 | 12809120 |
| &nbsp;&nbsp;&nbsp;Tripod Technology | 44000 | 372792 |
|  |  | 18003835 |
|  |  | 21368679 |
| **THAILAND — 2.9%** |  |  |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank | 311100 | 1330193 |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 77300 | 364995 |
| &nbsp;&nbsp;&nbsp;SCB X | 111000 | 401200 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank | 3126000 | 181740 |
|  |  | 2278128 |
| **UNITED ARAB EMIRATES — 3.0%** |  |  |
| **Communication Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Integrated Telecommunications PJSC | 426028 | 1150659 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Salik PJSC | 340929 | 561586 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED ARAB EMIRATES (continued)** |  |  |
| **Real Estate — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | 123310 | $453240 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 61171 | 226507 |
|  |  | 679747 |
|  |  | 2391992 |
| **UNITED STATES — 1.0%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;JBS | 53200 | 771411 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,047,585) |  | 76807783 |
| **PREFERRED STOCK — 1.9%** |  |  |
| **BRAZIL — 0.4%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco (B) | 55900 | 172170 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 22300 | 150646 |
|  |  | 322816 |
| **CHILE — 1.3%** |  |  |
| **Consumer Staples — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina (B) | 251812 | 1025404 |
| **SOUTH KOREA — 0.2%** |  |  |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor (B) | 1594 | 187675 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,319,624) |  | 1535895 |
| TOTAL INVESTMENTS— 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,367,209) |  | $78343678 |

---

Percentages are based on Net Assets of $78,402,704.

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(A) Level
 3 security in accordance with fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(B) There
 is currently no rate available.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTAMENTAL<br> EMERGING MARKET ex- CHINA EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

QPSC — Qatari Public Shareholding Company

RAY-QH-002-0800

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 99.6%** | | |
|  |<br>**Shares** |<br>**Value** |
| **AUSTRALIA — 1.3%** |  |  |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Suncorp Group | 16398 | $232230 |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Evolution Mining | 202795 | 1035306 |
|  |  | 1267536 |
| **CANADA — 2.8%** |  |  |
| **Financials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Corp of Canada | 8786 | 342490 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 27000 | 1981913 |
|  |  | 2324403 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Emera | 5182 | 236902 |
| &nbsp;&nbsp;&nbsp;Hydro One | 5300 | 190598 |
|  |  | 427500 |
|  |  | 2751903 |
| **CHINA — 0.2%** |  |  |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings | 46764 | 203140 |
| **DENMARK — 1.0%** |  |  |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 1252 | 219048 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Danske Bank | 10553 | 428874 |
| **Health Care — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 4650 | 321618 |
|  |  | 969540 |
| **FRANCE — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Agricole | 16650 | 313983 |
| &nbsp;&nbsp;&nbsp;Societe Generale | 11551 | 658295 |
|  |  | 972278 |
| **GERMANY — 0.9%** |  |  |
| **Communication Services — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 18145 | 659644 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens Energy \* | 1696 | 195222 |
|  |  | 854866 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **ISRAEL — 0.3%** |  |  |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 1267 | $280324 |
| **ITALY — 0.8%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Generali | 14947 | 530049 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Snam | 34852 | 210364 |
|  |  | 740413 |
| **JAPAN — 5.5%** |  |  |
| **Communication Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SoftBank | 473400 | 730854 |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Asics | 9500 | 242030 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings | 50800 | 251494 |
| **Industrials — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BayCurrent | 35844 | 1841272 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings | 59164 | 1961552 |
|  |  | 3802824 |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Advantest | 4100 | 302437 |
|  |  | 5329639 |
| **LUXEMBOURG — 0.2%** |  |  |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 7173 | 226246 |
| **NETHERLANDS — 1.8%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN | 56629 | 274935 |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adyen \* | 126 | 230495 |
| &nbsp;&nbsp;&nbsp;HAL Trust | 6849 | 974409 |
| &nbsp;&nbsp;&nbsp;NN Group | 3646 | 241469 |
|  |  | 1446373 |
|  |  | 1721308 |
| **NEW ZEALAND — 0.3%** |  |  |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Xero \* | 2152 | 253575 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **NORWAY — 0.2%** |  |  |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen | 6095 | $235405 |
| **SWEDEN — 1.3%** |  |  |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 50874 | 751601 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken, Cl A | 22961 | 304648 |
|  |  | 1056249 |
| **Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Cl B | 22495 | 191046 |
|  |  | 1247295 |
| **SWITZERLAND — 0.8%** |  |  |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Belimo Holding | 489 | 496372 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich | 2826 | 299419 |
|  |  | 795791 |
| **UNITED KINGDOM — 5.5%** |  |  |
| **Consumer Staples — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 11593 | 457054 |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC | 17688 | 609175 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Barclays | 161545 | 746692 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 84935 | 1026334 |
| &nbsp;&nbsp;&nbsp;NatWest Group | 109875 | 770001 |
|  |  | 2543027 |
| **Industrials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group | 361331 | 1689453 |
|  |  | 5298709 |
| **UNITED STATES — 75.7%** |  |  |
| **Communication Services — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 14520 | 2558860 |
| &nbsp;&nbsp;&nbsp;AT&T | 87584 | 2534681 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 10282 | 575586 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 6798 | 715150 |
|  |  | 6384277 |
| **Consumer Discretionary — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 16313 | 3578909 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 2483 | 612084 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 1281 | 525236 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;eBay | 3270 | $243484 |
| &nbsp;&nbsp;&nbsp;Lowe's | 2053 | 455499 |
| &nbsp;&nbsp;&nbsp;Tapestry | 18301 | 1607011 |
|  |  | 7022223 |
| **Consumer Staples — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 16155 | 947168 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 2706 | 291788 |
| &nbsp;&nbsp;&nbsp;Kenvue | 20710 | 433460 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 19255 | 871096 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 12388 | 2256226 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 10781 | 1774984 |
|  |  | 6574722 |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 11064 | 1008041 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Cl A | 5498 | 303929 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 3754 | 416206 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 489 | 274789 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 1813 | 265423 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1509 | 535771 |
|  |  | 2804159 |
| **Health Care — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 3353 | 360146 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 31704 | 1467578 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 3682 | 618576 |
| &nbsp;&nbsp;&nbsp;Centene \* | 7348 | 398850 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 2537 | 838682 |
| &nbsp;&nbsp;&nbsp;CVS Health | 16553 | 1141826 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 1640 | 1278429 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 15984 | 1960118 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 45803 | 2018767 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 17635 | 1955192 |
| &nbsp;&nbsp;&nbsp;McKesson | 1945 | 1425257 |
| &nbsp;&nbsp;&nbsp;Medtronic | 10202 | 889308 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 1818 | 466553 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 2290 | 659474 |
|  |  | 15478756 |
| **Industrials — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 11239 | 1067593 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 4779 | 349775 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings \* | 38713 | 1695242 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 3680 | 1947272 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Veralto | 3645 | $367963 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 2118 | 659757 |
|  |  | 6087602 |
| **Information Technology — 26.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 1222 | 472768 |
| &nbsp;&nbsp;&nbsp;Apple | 10565 | 2167621 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 12965 | 1326449 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 1533 | 311337 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 36166 | 2509197 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 4394 | 860477 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 8339 | 881599 |
| &nbsp;&nbsp;&nbsp;Intuit | 2372 | 1868259 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6441 | 626967 |
| &nbsp;&nbsp;&nbsp;Microsoft | 10497 | 5221313 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 479 | 201400 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 39075 | 6173459 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 2404 | 327713 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 19980 | 1790008 |
| &nbsp;&nbsp;&nbsp;VeriSign | 1109 | 320279 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 3707 | 289072 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 1283 | 402785 |
|  |  | 25750703 |
| **Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines | 1189 | 141408 |
| **Real Estate — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 16472 | 711261 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 13879 | 508665 |
|  |  | 1219926 |
| **Utilities — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 2491 | 383888 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 11001 | 931895 |
| &nbsp;&nbsp;&nbsp;UGI | 15204 | 553729 |
|  |  | 1869512 |
|  |  | 73333288 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $86,846,194) |  | 96481256 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT QUANTITATIVE<br> DEVELOPED MARKET EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **WARRANT — 0.0%** | | |
|  |<br>**Number of<br> Warrants** |<br>**Value** |
| **CANADA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Expires 08/22/2028 (A) | 202 | $– |
| TOTAL WARRANT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | – |
| TOTAL INVESTMENTS— 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $86,846,194) |  | $96481256 |

---

Percentages are based on Net Assets of $96,904,954.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(A) Level
3 security in accordance with fair value hierarchy.

Cl — Class

RAY-QH-003-0800

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM<br> JAPAN EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 98.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN — 98.8%** |  |  |
| **Communication Services — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan | 20529 | $404057 |
|  |  | 404057 |
| **Consumer Discretionary — 32.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ABC-Mart | 9257 | 189825 |
| &nbsp;&nbsp;&nbsp;Asics | 23187 | 590731 |
| &nbsp;&nbsp;&nbsp;Fast Retailing | 1252 | 429223 |
| &nbsp;&nbsp;&nbsp;Food & Life | 8150 | 395806 |
| &nbsp;&nbsp;&nbsp;Resorttrust | 42493 | 518053 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku | 14786 | 708872 |
| &nbsp;&nbsp;&nbsp;Sanrio | 11614 | 560257 |
| &nbsp;&nbsp;&nbsp;Seiren | 21578 | 347770 |
| &nbsp;&nbsp;&nbsp;Sony Group | 18264 | 471631 |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 29058 | 501517 |
|  |  | 4713685 |
| **Consumer Staples — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kao | 10410 | 465349 |
| &nbsp;&nbsp;&nbsp;Lifedrink | 18973 | 278202 |
| &nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha | 4041 | 268150 |
|  |  | 1011701 |
| **Financials — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 55600 | 763299 |
| &nbsp;&nbsp;&nbsp;Premium Group | 32258 | 468757 |
|  |  | 1232056 |
| **Health Care — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo | 13602 | 316873 |
|  |  | 316873 |
| **Industrials — 22.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ebara | 20652 | 397184 |
| &nbsp;&nbsp;&nbsp;Fujikura | 9640 | 505275 |
| &nbsp;&nbsp;&nbsp;Hitachi | 15835 | 460979 |
| &nbsp;&nbsp;&nbsp;Hoshizaki | 10531 | 362783 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries | 7475 | 564073 |
| &nbsp;&nbsp;&nbsp;Mitsubishi | 14633 | 292569 |
| &nbsp;&nbsp;&nbsp;SIGMAXYZ Holdings | 70121 | 608756 |
|  |  | 3191619 |
| **Information Technology — 17.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Disco | 1656 | 488735 |
| &nbsp;&nbsp;&nbsp;Maruwa | 2430 | 695463 |
| &nbsp;&nbsp;&nbsp;NEC | 26635 | 777964 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM<br> JAPAN EQUITY ETF<br> JUNE 30, 2025<br> (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SCSK | 19495 | $586827 |
|  |  | 2548989 |
| **Materials — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Osaka Soda | 39564 | 492205 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 8624 | 284909 |
|  |  | 777114 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,477,837) |  | 14196094 |
| TOTAL INVESTMENTS— 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,477,837) |  | $14196094 |

---

Percentages are based on Net Assets of $14,362,688.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

RAY-QH-004-0300

## 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 ex-China 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $78814627.07

**Total Liabilities:** $411915.31

**Net Assets:** $78402711.76

**Cash Not Reported:** $262221.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232916 | 8.14%                | 6.73%                | 3.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $999535.74               | $4571985.80                                |
| Month 2  | $572176.95               | $3693557.64                                |
| Month 3  | $-2062200.85             | $3926254.96                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accton Technology Corp.                                          | ACCTON TECHNOLOGY CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               |  | TW        |     46000 | NS      | $1149527.59   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ALFA, S.A.B. DE C.V.                                             | ALFA S.A.B.-A COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300ZCGJ6T8YDJ4M34       | Long             | EC               |  | MX        |    386400 | NS      | $283275.46    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AMMB HOLDINGS BERHAD                                             | AMMB HOLDINGS BHD COMMON STOCK              | CUSIP: N/A<br>LEI: 254900R0GQB7U67SCH62       | Long             | EC               |  | MY        |    184200 | NS      | $223113.64    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Aneka Tambang Tbk                                             | ANEKA TAMBANG TBK COMMON STOCK              | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               |  | ID        |   7453500 | NS      | $1395666.15   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ASUSTEK COMPUTER INCORPORATION                                   | ASUSTEK COMPUTER INC COMMON STOCK           | CUSIP: N/A<br>LEI: 254900B3WB4OGRB7HM13       | Long             | EC               |  | TW        |     57000 | NS      | $1256606.87   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINANCE LIMITED                                            | BAJAJ FINANCE LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               |  | IN        |     63930 | NS      | $698116.20    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ HOLDINGS & INVESTMENT LIMITED.                             | BAJAJ HOLDINGS AND INVESTMEN COMMON STOCK   | CUSIP: N/A<br>LEI: 335800NL7NWD9IPOHL48       | Long             | EC               |  | IN        |      3559 | NS      | $596721.79    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited                              | BANGKOK BANK PUBLIC CO LTD COMMON STOCK     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               |  | TH        |    311100 | NS      | $1330192.64   | 1.70%             |  |  |  | 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        |    100300 | NS      | $659190.16    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                            | BHARTI AIRTEL LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |     53797 | NS      | $1260616.27   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI HEXACOM LIMITED                                           | BHARTI HEXACOM LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 335800GJ4U5YVWJGAP02       | Long             | EC               |  | IN        |     11234 | NS      | $255790.95    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                              | Banco Bradesco SA PREFERRED STOCK           | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EP               |  | BR        |     55900 | NS      | $172170.18    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA BANKING CORPORATION                                        | CHINA BANKING CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 549300UF0WW28Z71DM64       | Long             | EC               |  | PH        |    523230 | NS      | $631164.18    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED             | CHOLAMANDALAM INVESTMENT AND COMMON STOCK   | CUSIP: N/A<br>LEI: 3358008DNPV45O4EII52       | Long             | EC               |  | IN        |      8019 | NS      | $152226.35    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COROMANDEL INTERNATIONAL LIMITED                                 | COROMANDEL INTERNATIONAL LTD COMMON STOCK   | CUSIP: N/A<br>LEI: 335800U73K3HJSQKT249       | Long             | EC               |  | IN        |     57956 | NS      | $1692996.40   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                   | CREDICORP LTD COMMON STOCK                  | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |      3762 | NS      | $840882.24    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DigiPlus Interactive Corp                                        | DIGIPLUS INTERACTIVE CORP COMMON STOCK      | CUSIP: N/A<br>LEI: 254900M9EXJ3M6S66M06       | Long             | EC               |  | PH        |    373790 | NS      | $345057.34    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DIXON TECHNOLOGIES (INDIA) LIMITED                               | DIXON TECHNOLOGIES INDIA LTD COMMON STOCK   | CUSIP: N/A<br>LEI: 335800D7XO7AVXXJ8575       | Long             | EC               |  | IN        |      4543 | NS      | $793700.66    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Doha Bank Q.P.S.C.                                               | DOHA BANK QPSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300O5KAG21BMZ8N83       | Long             | EC               |  | QA        |   1387752 | NS      | $969635.02    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                                           | EMAAR DEVELOPMENT PJSC COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |    123310 | NS      | $453240.67    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EMAAR PROPERTIES (P.J.S.C)                                       | EMAAR PROPERTIES PJSC COMMON STOCK          | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               |  | AE        |     61171 | NS      | $226506.83    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EMIRATES INTEGRATED TELECOMMUNICATIONS COMPANY PJSC              | EMIRATES INTEGRATED TELECOMM COMMON STOCK   | CUSIP: N/A<br>LEI: 254900USBXS6XN200K29       | Long             | EC               |  | AE        |    426028 | NS      | $1150658.96   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGREEN MARINE CORP. (TAIWAN) LTD.                             | EVERGREEN MARINE CORP LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               |  | TW        |     28000 | NS      | $190743.53    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Embotelladora Andina S.A                                         | Embotelladora Andina SA PREFERRED STOCK     | CUSIP: N/A<br>LEI: 254900NNPKP1J9XTSA53       | Long             | EP               |  | CL        |    251812 | NS      | $1025403.66   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FALABELLA S.A.                                                   | FALABELLA SA COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               |  | CL        |     55622 | NS      | $294966.28    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra Mty, S.A.P.I. de C.V.                                      | FIBRA MTY SAPI DE CV REIT                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    504500 | NS      | $350896.15    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM NEFT' PAO                                                | GAZPROM NEFT PJSC COMMON STOCK              | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               |  | RU        |    111970 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gentera, S.A.B. de C.V.                                          | GENTERA SAB DE CV COMMON STOCK              | CUSIP: N/A<br>LEI: 4469000001ECOWXFNE33       | Long             | EC               |  | MX        |    119300 | NS      | $252846.28    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAXOSMITHKLINE PHARMACEUTICALS LIMITED                          | GLAXOSMITHKLINE PHARMACEUTIC COMMON STOCK   | CUSIP: N/A<br>LEI: 3358002TNSC1U2DWNY52       | Long             | EC               |  | IN        |     14994 | NS      | $592364.41    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENMARK PHARMACEUTICALS LIMITED                                 | GLENMARK PHARMACEUTICALS LTD COMMON STOCK   | CUSIP: Y2711C144<br>LEI: 335800WKECZXIIT9GK20 | Long             | EC               |  | IN        |     16100 | NS      | $329246.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HANWHA CORP                                                      | HANWHA CORPORATION COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JE9FIHQS7TX614       | Long             | EC               |  | KR        |      5955 | NS      | $416091.06    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL TECHNOLOGIES LIMITED                                         | HCL TECHNOLOGIES LTD COMMON STOCK           | CUSIP: Y3121G147<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               |  | IN        |     78640 | NS      | $1585087.50   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI CO.,LTD.                                              | HD HYUNDAI COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      4953 | NS      | $475261.93    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRIES CO.,LTD.                             | HD HYUNDAI HEAVY INDUSTRIES CO COMMON STOCK | CUSIP: N/A<br>LEI: 988400CAR8W9URQLGF30       | Long             | EC               |  | KR        |      1620 | NS      | $514352.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.           | HD KOREA SHIPBUILDING & OFFS COMMON STOCK   | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               |  | KR        |      3042 | NS      | $824964.43    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                                | HDFC BANK LIMITED COMMON STOCK              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               |  | IN        |      8359 | NS      | $195085.57    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC LIFE INSURANCE COMPANY LIMITED                              | HDFC LIFE INSURANCE CO LTD COMMON STOCK     | CUSIP: N/A<br>LEI: 335800RQI8GAFHIRGZ37       | Long             | EC               |  | IN        |     35852 | NS      | $340418.42    | 0.43%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HEXAWARE TECHNOLOGIES LIMITED                                    | HEXAWARE TECHNOLOGIES LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 335800ZHALNQ1Q2JCP43       | Long             | EC               |  | IN        |     60494 | NS      | $599967.02    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN PETROLEUM CORPORATION LIMITED                          | HINDUSTAN PETROLEUM CORP COMMON STOCK       | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               |  | IN        |    134245 | NS      | $685704.55    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                             | HON HAI PRECISION INDUSTRY COMMON STOCK     | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               |  | TW        |    233000 | NS      | $1284164.04   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                            | Hyundai Motor Co PREFERRED STOCK            | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      1594 | NS      | $187675.31    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                               | ICICI BANK LTD COMMON STOCK                 | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |     53397 | NS      | $900202.69    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED                  | ICICI LOMBARD GENERAL INSURA COMMON STOCK   | CUSIP: N/A<br>LEI: 335800ZZITZ7ZZZ2ZX87       | Long             | EC               |  | IN        |     28887 | NS      | $687211.49    | 0.88%             |  |  |  | Yes           |                  1 | On Loan: No      |
| INDUSTRIAL BANK OF KOREA                                         | INDUSTRIAL BANK OF KOREA COMMON STOCK       | CUSIP: N/A<br>LEI: 988400RBIWE3YA18PK12       | Long             | EC               |  | KR        |     36262 | NS      | $490622.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERGLOBE AVIATION LIMITED                                      | INTERGLOBE AVIATION LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               |  | IN        |     10511 | NS      | $732497.57    | 0.93%             |  |  |  | Yes           |                  1 | On Loan: No      |
| International Games System Co Ltd                                | INTERNATIONAL GAMES SYSTEM C COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     13000 | NS      | $381829.39    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTEC LIMITED                                                 | INVESTEC LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800CU7SM6O4UWOZ70       | Long             | EC               |  | ZA        |     65440 | NS      | $487027.89    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                                       | Itau Unibanco Holding SA PREFERRED STOCK    | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |     22300 | NS      | $150645.58    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JB FINANCIAL GROUP CO.,LTD                                       | JB FINANCIAL GROUP CO LTD COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     62105 | NS      | $945656.31    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS N.V.                                                         | JBS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900JSFON4WL81TW77       | Long             | EC               |  | BR        |     53200 | NS      | $771411.45    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| J. K. CEMENT LIMITED.                                            | JK CEMENT LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               |  | IN        |      7176 | NS      | $514603.54    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                              | KASIKORNBANK PCL COMMON STOCK               | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |     77300 | NS      | $364995.58    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                                  | KIA CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |      7956 | NS      | $571233.25    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| KING SLIDE WORKS CO.,LTD                                         | KING SLIDE WORKS CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      9000 | NS      | $626968.37    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                 | KOREA ELECTRIC POWER CORP COMMON STOCK      | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               |  | KR        |     38314 | NS      | $1115693.69   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Investment Holdings Co., Ltd                               | KOREA INVESTMENT HOLDINGS CO COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      5296 | NS      | $547807.94    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KOTAK MAHINDRA BANK LIMITED                                      | KOTAK MAHINDRA BANK LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 335800E6GTTXKHXE2I75       | Long             | EC               |  | IN        |     10860 | NS      | $273969.33    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Krishna Institute of Medical Sciences Ltd                        | KRISHNA INSTITUTE OF MEDICAL COMMON STOCK   | CUSIP: N/A<br>LEI: 254900JA6LS4UY2ZCR81       | Long             | EC               |  | IN        |     22925 | NS      | $180063.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                    | LG UPLUS CORP COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     27212 | NS      | $288331.06    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag    | MAGYAR TELEKOM TELECOMMUNICA COMMON STOCK   | CUSIP: N/A<br>LEI: 529900CA1YDA41X76751       | Long             | EC               |  | HU        |    182804 | NS      | $955617.69    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Makalot Industrial Co., Ltd.                                     | MAKALOT INDUSTRIAL CO LTD COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     38440 | NS      | $310551.83    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MARICO LIMITED                                                   | MARICO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 3358003SFDQFGJPC5O84       | Long             | EC               |  | IN        |     31059 | NS      | $261607.61    | 0.33%             |  |  |  | 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        |     49599 | NS      | $430290.64    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MOMENTUM GROUP LIMITED                                           | MOMENTUM GROUP LIMITED COMMON STOCK         | CUSIP: N/A<br>LEI: 98450051AABCKEC84814       | Long             | EC               |  | ZA        |    538409 | NS      | $1038871.47   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MUTHOOT FINANCE LIMITED                                          | MUTHOOT FINANCE LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               |  | IN        |     14498 | NS      | $443578.62    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LIMITED                                                  | NASPERS LTD-N SHS COMMON STOCK              | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |      3318 | NS      | $1029754.85   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOLIPETSK STEEL PAO                                            | NOVOLIPETSK STEEL PJSC COMMON STOCK         | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               |  | RU        |     98630 | NS      | $0.13         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.                  | OPAP SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |     23087 | NS      | $521686.52    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ORLEN SPOLKA AKCYJNA                                             | ORLEN SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               |  | PL        |     19751 | NS      | $448718.67    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTsurance Group Limited                                         | OUTSURANCE GROUP LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 984500AC307E8L2D9X52       | Long             | EC               |  | ZA        |     82413 | NS      | $363250.21    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PAGE INDUSTRIES LIMITED                                          | PAGE INDUSTRIES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               |  | IN        |       826 | NS      | $475893.89    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSISTENT SYSTEMS LIMITED                                       | PERSISTENT SYSTEMS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 3358006QYD77Z66S1J89       | Long             | EC               |  | IN        |     14392 | NS      | $1013867.40   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PETRONAS DAGANGAN BERHAD                                         | PETRONAS DAGANGAN BHD COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |     39400 | NS      | $201374.66    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PharmaEssentia Corp                                              | PHARMAESSENTIA CORP COMMON STOCK            | CUSIP: N/A<br>LEI: 54930001GNQLDIFASK68       | Long             | EC               |  | TW        |     29000 | NS      | $544023.00    | 0.69%             |  |  |  | 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            |                  3 | On Loan: No      |
| POLYCAB INDIA LIMITED                                            | POLYCAB INDIA LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 335800ZAL1L11ERZVW68       | Long             | EC               |  | IN        |      2040 | NS      | $155830.69    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                                      | REALTEK SEMICONDUCTOR CORP COMMON STOCK     | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               |  | TW        |     26000 | NS      | $504655.62    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz S.A.                                          | REDE D'OR SAO LUIZ SA COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     27700 | NS      | $179613.40    | 0.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| REDINGTON LIMITED                                                | REDINGTON LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800DTFNX7F2LM5227       | Long             | EC               |  | IN        |    272754 | NS      | $1034754.13   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RHB BANK BERHAD                                                  | RHB BANK BHD COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300ZHRPSV7QIUJT80       | Long             | EC               |  | MY        |    217800 | NS      | $325885.29    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyad Bank SJSC                                                  | RIYAD BANK COMMON STOCK                     | CUSIP: N/A<br>LEI: 54930037RJ782ISGGM71       | Long             | EC               |  | SA        |    194113 | NS      | $1487483.70   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyadh Cables Group Company SJSC                                 | RIYADH CABLES GROUP CO COMMON STOCK         | CUSIP: N/A<br>LEI: 558600VWEJBGFYTZ1S78       | Long             | EC               |  | SA        |     16735 | NS      | $630936.94    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SALIK COMPANY P.J.S.C.                                           | SALIK CO PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |    340929 | NS      | $561585.81    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     69569 | NS      | $3082562.39   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SANLAM LIMITED                                                   | SANLAM LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 37890014418406D9FC23       | Long             | EC               |  | ZA        |     30932 | NS      | $154335.82    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SAUDI INVESTMENT BANK SJSC                                   | SAUDI INVESTMENT BANK/THE COMMON STOCK      | CUSIP: N/A<br>LEI: 558600V3J4M5TUY9HR70       | Long             | EC               |  | SA        |     72014 | NS      | $278801.03    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                                     | SCB X PCL COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |    111000 | NS      | $401199.68    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERSTAL' PAO                                                   | SEVERSTAL PJSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |     11625 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SK hynix Inc.                                                    | SK HYNIX INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |      9077 | NS      | $1963903.38   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SK TELECOM CO.,LTD                                               | SK TELECOM COMMON STOCK                     | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               |  | KR        |      7019 | NS      | $294885.37    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAR INDUSTRIES INDIA LIMITED                                   | SOLAR INDUSTRIES INDIA LTD COMMON STOCK     | CUSIP: N/A<br>LEI: 3358002ANWRT2YJ79L60       | Long             | EC               |  | IN        |      2602 | NS      | $533931.86    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZANO S.A.                                                      | SUZANO SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               |  | BR        |    103500 | NS      | $972069.59    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK   | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    353000 | NS      | $12809119.54  | 16.34%            |  |  |  | No            |                  1 | On Loan: No      |
| TAURON POLSKA ENERGIA SPOLKA AKCYJNA                             | TAURON POLSKA ENERGIA SA COMMON STOCK       | CUSIP: N/A<br>LEI: 259400NAPDFBOTNCRL54       | Long             | EC               |  | PL        |    820764 | NS      | $1910554.62   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TECH MAHINDRA LIMITED                                            | TECH MAHINDRA LTD COMMON STOCK              | CUSIP: Y85491127<br>LEI: 3358005FZUZ1I25XQH69 | Long             | EC               |  | IN        |     73609 | NS      | $1447975.55   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TMBTHANACHART BANK PUBLIC COMPANY LIMITED                        | TMBTHANACHART BANK PCL COMMON STOCK         | CUSIP: N/A<br>LEI: 549300WKGLXEV3DB7I54       | Long             | EC               |  | TH        |   3126000 | NS      | $181739.99    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripod Technology Corporation                                    | TRIPOD TECHNOLOGY CORP COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     44000 | NS      | $372792.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Electronics Company JSC                                   | UNITED ELECTRONICS CO COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |      9929 | NS      | $233631.32    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Integrated Services Co Ltd                                | UNITED INTEGRATED SERVICES COMMON STOCK     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     83000 | NS      | $1770128.71   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL LIMITED                                                      | UPL LTD COMMON STOCK                        | CUSIP: Y9305P100<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               |  | IN        |     32817 | NS      | $253034.53    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WAN HAI LINES LTD.                                               | WAN HAI LINES LTD COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     55000 | NS      | $167568.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WELSPUN CORP LIMITED                                             | WELSPUN CORP LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 335800XKRIPYYRZNRQ31       | Long             | EC               |  | IN        |     39163 | NS      | $422180.43    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Woori Financial Group Inc.                                       | WOORI FINANCIAL GROUP INC COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     87791 | NS      | $1460364.52   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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