# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001413
**Filing Date:** 2026-2
**Character Count:** 72520
**Document Hash:** adaa603e2015ab3a8bbfa1da363df024
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001413.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001413

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26695500

**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 Wilshire NxtGen US Large Cap Equity ETF (Series ID: S000074754)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000232917 | Rayliant Wilshire NxtGen US Large Cap Equity ETF | RWLC            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 99.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **BRAZIL — 2.2%** |  |  |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 114000 | $456021 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 52300 | 345024 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding | 40891 | 271251 |
| &nbsp;&nbsp;&nbsp;Porto Seguro | 14700 | 129731 |
|  |  | 1202027 |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale | 36300 | 476691 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CPFL Energia | 15100 | 146846 |
|  |  | 1825564 |
| **CHILE — 0.5%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cencosud | 50515 | 162206 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Quinenco | 19967 | 97003 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 91836 | 144033 |
|  |  | 403242 |
| **CHINA — 31.2%** |  |  |
| **Communication Services — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 3100 | 52374 |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 375000 | 556947 |
| &nbsp;&nbsp;&nbsp;Hello Group ADR | 10846 | 71041 |
| &nbsp;&nbsp;&nbsp;Kingnet Network, Cl A | 8600 | 26946 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 36800 | 134463 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 26700 | 219370 |
| &nbsp;&nbsp;&nbsp;Meitu | 111000 | 99827 |
| &nbsp;&nbsp;&nbsp;NetEase | 69200 | 1907923 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music \* | 4350 | 103951 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 37300 | 2870521 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 12600 | 111698 |
| &nbsp;&nbsp;&nbsp;XD | 21400 | 178299 |
|  |  | 6333360 |
| **Consumer Discretionary — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 67900 | 1245727 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 10000 | 103488 |
| &nbsp;&nbsp;&nbsp;Atour Lifestyle Holdings ADR | 8630 | 340022 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 36200 | 443460 |
| &nbsp;&nbsp;&nbsp;Dongfeng Motor Group, Cl H \* | 174000 | 197171 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl H | 21600 | 186487 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group, Cl H | 55000 | $163795 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 14200 | 203600 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 2861 | 324409 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 25000 | 602878 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 34836 | 616249 |
| &nbsp;&nbsp;&nbsp;Zhejiang Cfmoto Power, Cl A | 700 | 27948 |
|  |  | 4455234 |
| **Consumer Staples — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 2300 | 88109 |
| &nbsp;&nbsp;&nbsp;Fujian Wanchen Biotechnology Group, Cl A | 800 | 23045 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \* | 73000 | 132054 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 94000 | 98185 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 54000 | 32191 |
|  |  | 373584 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 220000 | 236860 |
| **Financials — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 353500 | 388954 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 1822000 | 1353011 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 206200 | 169274 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 875000 | 501381 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 66400 | 68969 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl H | 1305000 | 1081422 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 64100 | 92753 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 572000 | 510012 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 45300 | 60227 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl H | 248000 | 115979 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl H | 542000 | 273663 |
| &nbsp;&nbsp;&nbsp;China Reinsurance Group, Cl H | 509000 | 109863 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 111400 | 267497 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 178000 | 140644 |
| &nbsp;&nbsp;&nbsp;Far East Horizon | 189000 | 195228 |
| &nbsp;&nbsp;&nbsp;FinVolution Group ADR | 11160 | 58367 |
| &nbsp;&nbsp;&nbsp;LexinFintech Holdings ADR | 10165 | 33240 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 552000 | 1160239 |
| &nbsp;&nbsp;&nbsp;Qfin Holdings ADR | 5246 | 101090 |
|  |  | 6681813 |
| **Health Care — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 145000 | 82900 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 86000 | 93143 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 92000 | 426461 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Health Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 780000 | $619310 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 107600 | 268741 |
|  |  | 1490555 |
| **Industrials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AviChina Industry & Technology, Cl H | 198000 | 100991 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 190000 | 109360 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings | 92000 | 178953 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 322000 | 158445 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 184900 | 135895 |
| &nbsp;&nbsp;&nbsp;China State Construction International Holdings | 148000 | 173223 |
| &nbsp;&nbsp;&nbsp;CITIC | 384000 | 594982 |
| &nbsp;&nbsp;&nbsp;Fosun International | 171000 | 96227 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group, Cl H | 113500 | 111699 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong | 15000 | 53228 |
| &nbsp;&nbsp;&nbsp;Xiamen C & D, Cl A | 12900 | 17095 |
| &nbsp;&nbsp;&nbsp;Yutong Bus, Cl A | 9900 | 46380 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 132000 | 121596 |
|  |  | 1898074 |
| **Information Technology — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings | 47000 | 177288 |
| &nbsp;&nbsp;&nbsp;Rockchip Electronics, Cl A | 1900 | 48529 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 359400 | 1814662 |
| &nbsp;&nbsp;&nbsp;ZTE, Cl H | 59000 | 205725 |
|  |  | 2246204 |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 97000 | 103532 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 274000 | 180238 |
| &nbsp;&nbsp;&nbsp;China Nonferrous Mining | 29000 | 54956 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper, Cl H | 92000 | 506836 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum, Cl A | 54000 | 41622 |
|  |  | 887184 |
| **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings | 77000 | 83791 |
| **Utilities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 38000 | 155349 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 220000 | 191919 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 302000 | 288284 |
|  |  | 635552 |
|  |  | 25322211 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **COLOMBIA — 0.2%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ecopetrol | 256403 | $126925 |
| **CZECH REPUBLIC — 0.4%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 5912 | 333782 |
| **EGYPT — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 112587 | 243112 |
| **GREECE — 1.2%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 11053 | 218863 |
| **Consumer Discretionary — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 8946 | 293136 |
| &nbsp;&nbsp;&nbsp;OPAP | 13671 | 306669 |
|  |  | 599805 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Athens International Airport | 9863 | 124408 |
|  |  | 943076 |
| **HONG KONG — 0.1%** |  |  |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings | 68000 | 115234 |
| **HUNGARY — 0.6%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications | 23091 | 126576 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 30420 | 273576 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 3270 | 98677 |
|  |  | 498829 |
| **INDIA — 14.9%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 9828 | 230240 |
| &nbsp;&nbsp;&nbsp;Bharti Hexacom | 5993 | 121468 |
|  |  | 351708 |
| **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bosch | 313 | 125507 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 6300 | 404512 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDIA (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Page Industries | 431 | $172847 |
|  |  | 702866 |
| **Consumer Staples — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Britannia Industries | 9406 | 631152 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India | 10554 | 243737 |
| &nbsp;&nbsp;&nbsp;ITC | 18443 | 82694 |
| &nbsp;&nbsp;&nbsp;Marico | 42665 | 356304 |
| &nbsp;&nbsp;&nbsp;Nestle India | 14663 | 210125 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Hygiene & Health Care | 754 | 108814 |
| &nbsp;&nbsp;&nbsp;United Spirits | 18323 | 294316 |
|  |  | 1927142 |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 76072 | 422385 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 121423 | 224880 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 167469 | 447891 |
| &nbsp;&nbsp;&nbsp;Petronet LNG | 35105 | 110963 |
|  |  | 1206119 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment | 2135 | 269086 |
| &nbsp;&nbsp;&nbsp;General Insurance Corp of India | 24680 | 104564 |
| &nbsp;&nbsp;&nbsp;Life Insurance Corp of India | 17691 | 168270 |
| &nbsp;&nbsp;&nbsp;Max Financial Services \* | 20880 | 388378 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 7013 | 297415 |
| &nbsp;&nbsp;&nbsp;SBI Cards & Payment Services | 23872 | 228868 |
|  |  | 1456581 |
| **Health Care — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott India | 416 | 134340 |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories | 2909 | 178221 |
| &nbsp;&nbsp;&nbsp;Cipla | 29810 | 501248 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare | 37327 | 367126 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Pharmaceuticals | 3166 | 87132 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals | 4001 | 90597 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 34880 | 667374 |
| &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals | 8454 | 362129 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences | 19973 | 203187 |
|  |  | 2591354 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;3M India | 212 | 82826 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDIA (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 2401 | $107322 |
|  |  | 190148 |
| **Information Technology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 84219 | 1521068 |
| &nbsp;&nbsp;&nbsp;Infosys | 16993 | 305415 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 8047 | 287055 |
|  |  | 2113538 |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Coromandel International | 9600 | 242074 |
| &nbsp;&nbsp;&nbsp;JK Cement | 3336 | 205291 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries | 22300 | 367799 |
| &nbsp;&nbsp;&nbsp;Solar Industries India | 1481 | 201884 |
|  |  | 1017048 |
| **Real Estate — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Embassy Office Parks REIT ‡ | 46342 | 224452 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 73031 | 214999 |
| &nbsp;&nbsp;&nbsp;Torrent Power | 5889 | 85616 |
|  |  | 300615 |
|  |  | 12081571 |
| **INDONESIA — 1.4%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur | 347200 | 141066 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia | 886200 | 96193 |
| &nbsp;&nbsp;&nbsp;United Tractors | 110800 | 196018 |
|  |  | 292211 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 1463600 | 588073 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 554100 | 104673 |
|  |  | 1126023 |
| **MEXICO — 1.9%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico, Cl A | 119900 | 256145 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 23470 | 614858 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **MEXICO (continued)** |  |  |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fresnillo | 14080 | $631400 |
|  |  | 1502403 |
| **PERU — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 2080 | 596960 |
| &nbsp;&nbsp;&nbsp;Intercorp Financial Services | 2426 | 102765 |
|  |  | 699725 |
| **PHILIPPINES — 0.3%** |  |  |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 23410 | 228400 |
| **POLAND — 1.9%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 5963 | 159408 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 45248 | 839967 |
| **Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 3074 | 195289 |
| **Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna \* | 69921 | 171224 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 83091 | 199731 |
|  |  | 370955 |
|  |  | 1565619 |
| **QATAR — 0.4%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ooredoo QPSC | 40492 | 144908 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Fuel QSC | 47246 | 196848 |
|  |  | 341756 |
| **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 | – |
|  |  | – |
|  |  | – |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SAUDI ARABIA — 1.1%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Telecom | 25795 | $295582 |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Jarir Marketing | 46645 | 158932 |
| **Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Co for Cooperative Insurance | 2584 | 80604 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients | 5382 | 158843 |
| &nbsp;&nbsp;&nbsp;Yanbu National Petrochemical | 12699 | 93038 |
|  |  | 251881 |
| **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Electricity | 26509 | 99299 |
|  |  | 886298 |
| **SOUTH AFRICA — 3.9%** |  |  |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 7266 | 484331 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group | 9502 | 193005 |
| **Financials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1213 | 304224 |
| &nbsp;&nbsp;&nbsp;Discovery | 16827 | 231110 |
| &nbsp;&nbsp;&nbsp;Investec | 20216 | 149064 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 183949 | 165410 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group | 68542 | 296422 |
| &nbsp;&nbsp;&nbsp;Remgro | 42123 | 461675 |
| &nbsp;&nbsp;&nbsp;Sanlam | 144887 | 861190 |
|  |  | 2469095 |
|  |  | 3146431 |
| **SOUTH KOREA — 13.3%** |  |  |
| **Communication Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KT ADR | 19782 | 375265 |
| &nbsp;&nbsp;&nbsp;LG Uplus | 16675 | 170391 |
| &nbsp;&nbsp;&nbsp;SK Telecom | 8510 | 316049 |
|  |  | 861705 |
| **Consumer Discretionary — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 4087 | 246545 |
| &nbsp;&nbsp;&nbsp;Kia | 14998 | 1268097 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 4598 | 293330 |
|  |  | 1807972 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Samyang Foods | 142 | 121344 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SOUTH KOREA (continued)** |  |  |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 3365 | $440320 |
| **Financials — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 4250 | 386779 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 19584 | 284811 |
| &nbsp;&nbsp;&nbsp;Mirae Asset Securities | 10250 | 166143 |
| &nbsp;&nbsp;&nbsp;NH Investment & Securities | 9160 | 134168 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 1293 | 446094 |
| &nbsp;&nbsp;&nbsp;Samsung Securities \* | 4984 | 260868 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 51061 | 992474 |
|  |  | 2671337 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;PharmaResearch \* | 428 | 119735 |
| **Industrials — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Doosan | 528 | 286257 |
| &nbsp;&nbsp;&nbsp;Hanwha | 2590 | 146711 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries | 1852 | 654381 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 2211 | 624676 |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries | 418 | 516787 |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction | 5662 | 275524 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2900 | 363569 |
| &nbsp;&nbsp;&nbsp;LG | 2383 | 133496 |
| &nbsp;&nbsp;&nbsp;Samsung E&A | 12375 | 206601 |
|  |  | 3208002 |
| **Information Technology — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 12645 | 1052470 |
| **Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 15813 | 518117 |
|  |  | 10801002 |
| **TAIWAN — 21.6%** |  |  |
| **Communication Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;International Games System | 18000 | 413043 |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry | 144000 | 135198 |
| &nbsp;&nbsp;&nbsp;Nien Made Enterprise | 13000 | 149361 |
| &nbsp;&nbsp;&nbsp;Pou Chen | 200000 | 191913 |
|  |  | 476472 |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;United Integrated Services | 14000 | 422845 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **TAIWAN (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | 15000 | $26591 |
|  |  | 449436 |
| **Information Technology — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 6000 | 226285 |
| &nbsp;&nbsp;&nbsp;Advantech | 38000 | 348308 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components | 8000 | 384462 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 29000 | 505784 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 43000 | 284655 |
| &nbsp;&nbsp;&nbsp;Chicony Electronics | 52000 | 193632 |
| &nbsp;&nbsp;&nbsp;Compal Electronics | 320000 | 309607 |
| &nbsp;&nbsp;&nbsp;Elite Material | 1000 | 52354 |
| &nbsp;&nbsp;&nbsp;eMemory Technology | 5000 | 275298 |
| &nbsp;&nbsp;&nbsp;Global Unichip | 2000 | 135262 |
| &nbsp;&nbsp;&nbsp;Innolux | 602000 | 326669 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 100000 | 520361 |
| &nbsp;&nbsp;&nbsp;MediaTek | 47000 | 2139049 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 47000 | 559444 |
| &nbsp;&nbsp;&nbsp;Pegatron | 164000 | 358059 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 36000 | 560271 |
| &nbsp;&nbsp;&nbsp;Synnex Technology International | 100000 | 184275 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 159000 | 7843605 |
| &nbsp;&nbsp;&nbsp;Tripod Technology | 39000 | 394090 |
| &nbsp;&nbsp;&nbsp;Wistron | 36000 | 172435 |
| &nbsp;&nbsp;&nbsp;WPG Holdings | 127000 | 235241 |
|  |  | 16009146 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 171000 | 202454 |
|  |  | 17550551 |
| **THAILAND — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 34200 | 211138 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 277500 | 248829 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank | 3071700 | 196948 |
|  |  | 656915 |
| **TURKEY — 0.2%** |  |  |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KOC Holding | 38290 | 150436 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED ARAB EMIRATES — 0.5%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi National Oil for Distribution PJSC | 229146 | $243314 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 188499 | 182192 |
|  |  | 425506 |
| **UNITED SATES — 0.0%** |  |  |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Cl A \* | 600 | 23089 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,864,328) |  | 80997700 |
| **PREFERRED STOCK†† — 1.9%** | **PREFERRED STOCK†† — 1.9%** | **PREFERRED STOCK†† — 1.9%** |
| **BRAZIL — 0.3%** |  |  |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau (B) | 65000 | 241863 |
| **CHILE — 0.1%** |  |  |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina (B) | 29065 | 136044 |
| **COLOMBIA — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest (B) | 36234 | 573779 |
| **SOUTH KOREA — 0.8%** |  |  |
| **Consumer Discretionary — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor (B) | 4420 | 644712 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,469,217) |  | 1596398 |
| TOTAL INVESTMENTS— 101.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $76,333,545) |  | $82594098 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $81,185,242. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | There is currently no rate available. |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

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

---

RAY-QH-002-0900

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 113.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES — 113.9%** |  |  |
| **Communication Services — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 5518 | $1727134 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 9357 | 2936227 |
| &nbsp;&nbsp;&nbsp;AT&T | 8446 | 209799 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 4221 | 862477 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 3881 | 283585 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 2463 | 159922 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5494 | 3626534 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 11929 | 1118463 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 393 | 90339 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 11133 | 902107 |
|  |  | 11916587 |
| **Consumer Discretionary — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 14788 | 3413366 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 312 | 1058148 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 405 | 2168909 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 330 | 139266 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 4520 | 1023690 |
| &nbsp;&nbsp;&nbsp;eBay | 8519 | 742005 |
| &nbsp;&nbsp;&nbsp;General Motors | 17762 | 1444406 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1138 | 391586 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1752 | 422512 |
| &nbsp;&nbsp;&nbsp;NVR \* | 52 | 379224 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 14010 | 1277852 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 602 | 270731 |
|  |  | 12731695 |
| **Consumer Staples — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 31359 | 1808160 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4941 | 390438 |
| &nbsp;&nbsp;&nbsp;Kroger | 12263 | 766192 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 12732 | 2042213 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 2430 | 142446 |
| &nbsp;&nbsp;&nbsp;Walmart | 4921 | 548249 |
|  |  | 5697698 |
| **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 2052 | 398888 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 2982 | 313140 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 13333 | 1604493 |
| &nbsp;&nbsp;&nbsp;Williams | 19514 | 1172987 |
|  |  | 3489508 |
| **Financials — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 4890 | 1017853 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 2253 | $192744 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 13151 | 1526700 |
| &nbsp;&nbsp;&nbsp;Citigroup | 2845 | 331983 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 310 | 84655 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group | 5236 | 721521 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 7121 | 457952 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 3187 | 591252 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 4717 | 2692841 |
| &nbsp;&nbsp;&nbsp;MetLife | 2873 | 226795 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 1369 | 785436 |
| &nbsp;&nbsp;&nbsp;Progressive | 7629 | 1737276 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 7684 | 869060 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 6924 | 577669 |
| &nbsp;&nbsp;&nbsp;Travelers | 1801 | 522398 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 5549 | 389096 |
|  |  | 12725231 |
| **Health Care — 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 5075 | 1159587 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 554 | 220298 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 10320 | 556661 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 4451 | 914681 |
| &nbsp;&nbsp;&nbsp;Cencora | 3380 | 1141595 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 468 | 502950 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 19962 | 2450136 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 9356 | 1936224 |
| &nbsp;&nbsp;&nbsp;Merck | 1197 | 125996 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 2767 | 617677 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3354 | 1520569 |
|  |  | 11146374 |
| **Industrials — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;3M | 8920 | 1428092 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 1826 | 407508 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 3991 | 2608398 |
| &nbsp;&nbsp;&nbsp;General Electric | 7123 | 2194098 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 3775 | 800036 |
| &nbsp;&nbsp;&nbsp;RTX | 1668 | 305911 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 5539 | 452592 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 779 | 180198 |
| &nbsp;&nbsp;&nbsp;Veralto | 2156 | 215126 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 1367 | 305784 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management | 662 | $145448 |
|  |  | 9043191 |
| **Information Technology — 41.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 34961 | 9504498 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 713 | 480434 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 2941 | 385359 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 2984 | 483826 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 3968 | 1174568 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2352 | 814027 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 4694 | 361579 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 705 | 95873 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 184 | 311074 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 4231 | 335984 |
| &nbsp;&nbsp;&nbsp;HP | 5340 | 118975 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 751 | 301376 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 6896 | 2042664 |
| &nbsp;&nbsp;&nbsp;KLA | 2117 | 2572324 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6160 | 1054469 |
| &nbsp;&nbsp;&nbsp;Microsoft | 9706 | 4694016 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 2901 | 1112011 |
| &nbsp;&nbsp;&nbsp;NetApp | 3713 | 397625 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 36596 | 6825154 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 7634 | 1356943 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 5042 | 862434 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 3902 | 1074572 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 8354 | 1279749 |
| &nbsp;&nbsp;&nbsp;VeriSign | 1730 | 420304 |
| &nbsp;&nbsp;&nbsp;Western Digital | 1011 | 174165 |
|  |  | 38234003 |
| **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Corteva | 9804 | 657162 |
| **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 515 | 95332 |
|  |  | 105736781 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $97,982,035) |  | 105736781 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **WARRANTS — 0.0%** | | |
|  |<br>**Number of<br> Warrants** |<br>**Value**  |
| **CANADA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Expires 03/31/2040 (A) | 202 | $– |
| TOTAL WARRANTS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | – |
| TOTAL INVESTMENTS— 113.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $97,982,035) |  | $105736781 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $92,818,634. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |

---

Cl — Class

RAY-QH-003-0900

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM** |
|  | **JAPAN EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 101.3%** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN — 101.3%** |  |  |
| **Communication Services — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan | 27286 | $481415 |
|  |  | 481415 |
| **Consumer Discretionary — 30.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Asics | 22907 | 548763 |
| &nbsp;&nbsp;&nbsp;Fast Retailing | 1321 | 479873 |
| &nbsp;&nbsp;&nbsp;Food & Life | 13363 | 674608 |
| &nbsp;&nbsp;&nbsp;Resorttrust | 31994 | 400576 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku | 25048 | 444566 |
| &nbsp;&nbsp;&nbsp;Sanrio | 7577 | 237686 |
| &nbsp;&nbsp;&nbsp;Seiren | 23109 | 451137 |
| &nbsp;&nbsp;&nbsp;Sony Group | 24532 | 629792 |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 38683 | 828225 |
|  |  | 4695226 |
| **Consumer Staples — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ariake Japan | 4801 | 162029 |
| &nbsp;&nbsp;&nbsp;Kao | 7839 | 313120 |
| &nbsp;&nbsp;&nbsp;Lifedrink | 22243 | 246774 |
|  |  | 721923 |
| **Financials — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 61756 | 982218 |
| &nbsp;&nbsp;&nbsp;Premium Group | 28599 | 353599 |
|  |  | 1335817 |
| **Health Care — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo | 19967 | 426486 |
|  |  | 426486 |
| **Industrials — 27.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Daifuku | 16900 | 531329 |
| &nbsp;&nbsp;&nbsp;Ebara | 18135 | 426230 |
| &nbsp;&nbsp;&nbsp;Fujikura | 4691 | 521937 |
| &nbsp;&nbsp;&nbsp;Hitachi | 21428 | 670133 |
| &nbsp;&nbsp;&nbsp;Hoshizaki | 12291 | 408772 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries | 8003 | 529976 |
| &nbsp;&nbsp;&nbsp;Kinden | 12900 | 559059 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho | 18100 | 609011 |
|  |  | 4256447 |
| **Information Technology — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Disco | 931 | 286110 |
| &nbsp;&nbsp;&nbsp;Maruwa | 1658 | 450610 |
| &nbsp;&nbsp;&nbsp;NEC | 24462 | 828691 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM** |
|  | **JAPAN EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Simplex Holdings | 71300 | $478078 |
|  |  | 2043489 |
| **Materials — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Osaka Soda | 42421 | 586200 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings | 13800 | 574556 |
|  |  | 1160756 |
| **Real Estate — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan | 48000 | 545242 |
|  |  | 545242 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,370,032) |  | 15666801 |
| TOTAL INVESTMENTS— 101.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,370,032) |  | $15666801 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $15,463,081. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

RAY-QH-004-0400

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Rayliant Quantitative Developed Market Equity ETF

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $106467930.40

**Total Liabilities:** $13649296.77

**Net Assets:** $92818633.63

**Cash Not Reported:** $583122.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232917 | -0.13%               | 0.58%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3728116.66              | $-3759689.52                               |
| Month 2  | $2372.56                 | $571587.11                                 |
| Month 3  | $1117135.15              | $-1394339.79                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3M COMPANY                                         | 3M CO COMMON STOCK                              | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               |  | US        |      8920 | NS      | $1428092.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                        | ABBVIE INC COMMON STOCK                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               |  | US        |      5075 | NS      | $1159586.75   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                           | ALLSTATE CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: OBT0W1ED8G0NWVOLOJ77       | Long             | EC               |  | US        |      4890 | NS      | $1017853.50   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                      | ALNYLAM PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               |  | US        |       554 | NS      | $220298.10    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC-CL A COMMON STOCK                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      5518 | NS      | $1727134.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC-CL C COMMON STOCK                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      9357 | NS      | $2936226.60   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                 | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     31359 | NS      | $1808159.94   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON.COM INC COMMON STOCK                     | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |     14788 | NS      | $3413366.16   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.                 | AMERICAN INTERNATIONAL GROUP COMMON STOCK       | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |      2253 | NS      | $192744.15    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                         | APPLE INC COMMON STOCK                          | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     34961 | NS      | $9504497.46   | 10.24%            |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                               | APPLOVIN CORP-CLASS A COMMON STOCK              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               |  | US        |       713 | NS      | $480433.66    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                              | ARISTA NETWORKS INC COMMON STOCK                | CUSIP: N/A<br>LEI: 635400H1WKBLOQERUU95       | Long             | EC               |  | US        |      2941 | NS      | $385359.23    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                          | AT&T INC COMMON STOCK                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |      8446 | NS      | $209798.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                              | ATLASSIAN CORP-CL A COMMON STOCK                | CUSIP: N/A<br>LEI: 549300V7ZY5P02D2MY38       | Long             | EC               |  | US        |      2984 | NS      | $483825.76    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                     | AUTODESK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |      3968 | NS      | $1174567.68   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE, INC.                                     | AUTOZONE INC COMMON STOCK                       | CUSIP: N/A<br>LEI: GA3JGKJ41LJKXDN23E90       | Long             | EC               |  | US        |       312 | NS      | $1058148.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation            | BANK OF NEW YORK MELLON CORP COMMON STOCK       | CUSIP: N/A<br>LEI: WFLLPEPC7FZXENRZV188       | Long             | EC               |  | US        |     13151 | NS      | $1526699.59   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                              | BOOKING HOLDINGS INC COMMON STOCK               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |       405 | NS      | $2168908.65   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                       | BRISTOL-MYERS SQUIBB CO COMMON STOCK            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               |  | US        |     10320 | NS      | $556660.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC COMMON STOCK                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |      2352 | NS      | $814027.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC.               | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               |  | US        |      1826 | NS      | $407508.42    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                              | CARDINAL HEALTH INC COMMON STOCK                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |      4451 | NS      | $914680.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO.                                        | CARVANA CO COMMON STOCK                         | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               |  | US        |       330 | NS      | $139266.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                      | CENCORA INC COMMON STOCK                        | CUSIP: N/A<br>LEI: AI8GXW8LG5WK7E9UD086       | Long             | EC               |  | US        |      3380 | NS      | $1141595.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                              | CHENIERE ENERGY INC COMMON STOCK                | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |      2052 | NS      | $398888.28    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                | CISCO SYSTEMS INC COMMON STOCK                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |      4694 | NS      | $361578.82    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC COMMON STOCK                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |      2845 | NS      | $331983.05    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                                     | CME GROUP INC COMMON STOCK                      | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |       310 | NS      | $84654.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                          | COLGATE-PALMOLIVE CO COMMON STOCK               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |      4941 | NS      | $390437.82    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC - WARRANTS              | CONSTELLATION SOFTWARE INC - WARRANTS ISSUE 1:1 | CUSIP: 21037X134<br>LEI: N/A                  | Long             | EC               |  | CA        |       202 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CORTEVA, INC.                                      | CORTEVA INC COMMON STOCK                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               |  | US        |      9804 | NS      | $657162.12    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                      | DATADOG INC - CLASS A COMMON STOCK              | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               |  | US        |       705 | NS      | $95872.95     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                     | DOORDASH INC - A COMMON STOCK                   | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               |  | US        |      4520 | NS      | $1023689.60   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                          | EBAY INC COMMON STOCK                           | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |      8519 | NS      | $742004.90    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                               | ELECTRONIC ARTS INC COMMON STOCK                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      4221 | NS      | $862476.93    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                              | ELI LILLY & CO COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |       468 | NS      | $502950.24    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                                | EOG RESOURCES INC COMMON STOCK                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               |  | US        |      2982 | NS      | $313139.82    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                            | EXXON MOBIL CORP COMMON STOCK                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     13333 | NS      | $1604493.22   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                             | FAIR ISAAC CORP COMMON STOCK                    | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |       184 | NS      | $311074.08    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                     | FORTINET INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300O0QJWDBAS0QX03       | Long             | EC               |  | US        |      4231 | NS      | $335983.71    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                    | FOX CORP - CLASS A COMMON STOCK                 | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |      3881 | NS      | $283584.67    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                    | FOX CORP - CLASS B COMMON STOCK                 | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |      2463 | NS      | $159922.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                      | FX Forward Contract: USD/HKD SETTLE 2026-01-05  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-2.64        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                           | GE AEROSPACE COMMON STOCK                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |      7123 | NS      | $2194097.69   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                    | GE VERNOVA INC COMMON STOCK                     | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |      3991 | NS      | $2608397.87   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                             | GENERAL MOTORS CO COMMON STOCK                  | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               |  | US        |     17762 | NS      | $1444405.84   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                              | GILEAD SCIENCES INC COMMON STOCK                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     19962 | NS      | $2450135.88   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD INSURANCE GROUP, INC.                 | HARTFORD INSURANCE GROUP INC/THE COMMON STOCK   | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               |  | US        |      5236 | NS      | $721520.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                               | HOME DEPOT INC COMMON STOCK                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               |  | US        |      1138 | NS      | $391585.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC.                                            | HP INC COMMON STOCK                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               |  | US        |      5340 | NS      | $118975.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT, INC.                                      | HUBSPOT INC COMMON STOCK                        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               |  | US        |       751 | NS      | $301376.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.                    | INTERACTIVE BROKERS GRO-CL A COMMON STOCK       | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               |  | US        |      7121 | NS      | $457951.51    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION        | INTL BUSINESS MACHINES CORP COMMON STOCK        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      6896 | NS      | $2042664.16   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                  | JOHNSON & JOHNSON COMMON STOCK                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |      9356 | NS      | $1936224.20   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                    | KLA CORP COMMON STOCK                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |      2117 | NS      | $2572324.36   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                                     | KROGER CO COMMON STOCK                          | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               |  | US        |     12263 | NS      | $766192.24    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                           | LAM RESEARCH CORP COMMON STOCK                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |      6160 | NS      | $1054468.80   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                             | LOWE'S COS INC COMMON STOCK                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |      1752 | NS      | $422512.32    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COMPANIES, INC.                   | MARSH & MCLENNAN COS COMMON STOCK               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               |  | US        |      3187 | NS      | $591252.24    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                           | MASTERCARD INC - A COMMON STOCK                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |      4717 | NS      | $2692840.96   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                  | MERCK & CO. INC. COMMON STOCK                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |      1197 | NS      | $125996.22    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC COMMON STOCK                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      5494 | NS      | $3626534.46   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE, INC.                                      | METLIFE INC COMMON STOCK                        | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               |  | US        |      2873 | NS      | $226794.62    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP COMMON STOCK                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      9706 | NS      | $4694015.72   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                           | MOTOROLA SOLUTIONS INC COMMON STOCK             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               |  | US        |      2901 | NS      | $1112011.32   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                          | MSCI INC COMMON STOCK                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               |  | US        |      1369 | NS      | $785436.37    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                       | NETAPP INC COMMON STOCK                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               |  | US        |      3713 | NS      | $397625.17    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                      | NETFLIX INC COMMON STOCK                        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |     11929 | NS      | $1118463.04   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP COMMON STOCK                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     36596 | NS      | $6825154.00   | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                          | NVR INC COMMON STOCK                            | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               |  | US        |        52 | NS      | $379224.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'REILLY AUTOMOTIVE INC COMMON STOCK            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               |  | US        |     14010 | NS      | $1277852.10   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                         | PALANTIR TECHNOLOGIES INC-A COMMON STOCK        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      7634 | NS      | $1356943.50   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                   | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     12732 | NS      | $2042212.80   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                        | PROGRESSIVE CORP COMMON STOCK                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |      7629 | NS      | $1737275.88   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                              | QUALCOMM INC COMMON STOCK                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |      5042 | NS      | $862434.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                                        | REDDIT INC-CL A COMMON STOCK                    | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               |  | US        |       393 | NS      | $90338.91     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                            | REPUBLIC SERVICES INC COMMON STOCK              | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               |  | US        |      3775 | NS      | $800035.75    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS, INC.                            | ROBINHOOD MARKETS INC - A COMMON STOCK          | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               |  | US        |      7684 | NS      | $869060.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORPORATION                                 | ROBLOX CORP -CLASS A COMMON STOCK               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               |  | US        |     11133 | NS      | $902106.99    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                                    | RTX CORPORATION COMMON STOCK                    | CUSIP: N/A<br>LEI: I07WOS4YJ0N7YRFE7309       | Long             | EC               |  | US        |      1668 | NS      | $305911.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | SEAGATE TECHNOLOGY HOLDINGS COMMON STOCK        | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               |  | US        |      3902 | NS      | $1074571.78   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                                   | SERVICENOW INC COMMON STOCK                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      8354 | NS      | $1279749.26   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                         | SIMON PROPERTY GROUP INC REIT                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |       515 | NS      | $95331.65     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                | SYNCHRONY FINANCIAL COMMON STOCK                | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               |  | US        |      6924 | NS      | $577669.32    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                        | TESLA INC COMMON STOCK                          | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               |  | US        |       602 | NS      | $270731.44    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| The Travelers Companies, Inc.                      | TRAVELERS COS INC/THE COMMON STOCK              | CUSIP: N/A<br>LEI: 549300Y650407RU8B149       | Long             | EC               |  | US        |      1801 | NS      | $522398.06    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS, INCORPORATED                          | TYSON FOODS INC-CL A COMMON STOCK               | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               |  | US        |      2430 | NS      | $142446.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                            | UBER TECHNOLOGIES INC COMMON STOCK              | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |      5539 | NS      | $452591.69    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                          | UNION PACIFIC CORP COMMON STOCK                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               |  | US        |       779 | NS      | $180198.28    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                                 | VEEVA SYSTEMS INC-CLASS A COMMON STOCK          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               |  | US        |      2767 | NS      | $617677.41    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                                | VERALTO CORP COMMON STOCK                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      2156 | NS      | $215125.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                     | VERISIGN INC COMMON STOCK                       | CUSIP: N/A<br>LEI: LMPL4N8ZOJRMF0KOF759       | Long             | EC               |  | US        |      1730 | NS      | $420303.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                             | VERISK ANALYTICS INC COMMON STOCK               | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               |  | US        |      1367 | NS      | $305784.23    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED                | VERTEX PHARMACEUTICALS INC COMMON STOCK         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               |  | US        |      3354 | NS      | $1520569.44   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                       | WALMART INC COMMON STOCK                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               |  | US        |      4921 | NS      | $548248.61    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT, INC.                             | WASTE MANAGEMENT INC COMMON STOCK               | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               |  | US        |       662 | NS      | $145448.02    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                        | WESTERN DIGITAL CORP COMMON STOCK               | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               |  | US        |      1011 | NS      | $174164.97    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                       | WILLIAMS COS INC COMMON STOCK                   | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               |  | US        |     19514 | NS      | $1172986.54   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                          | WR BERKLEY CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: SQOAGCLKBDWNVYV1OV80       | Long             | EC               |  | US        |      5549 | NS      | $389095.88    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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