# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-045842
**Filing Date:** 2023-2
**Character Count:** 57627
**Document Hash:** 527479bb663b38df8ba9ac11412113bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045842.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045842

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23681438

**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 CHINA EQUITY ETF (Series ID: S000070570)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224149 | RAYLIANT QUANTAMENTAL CHINA EQUITY ETF | RAYC            |

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

Cl — Class<br>

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

RAY-QH-001-0500

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

RAY-QH-002-0300

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

Cl — Class<br>

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

RAY-QH-003-0300

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Rayliant Quantamental China Equity ETF

- **b. EDGAR series identifier (if any):** S000070570

- **c. LEI of Series:** 54930033AYXADODKSL23

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $96516556.01

**Total Liabilities:** $1700864.75

**Net Assets:** $94815691.26

**Cash Not Reported:** $307462.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224149 | -2.15%               | 10.06%               | -8.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-640472.55              | $-1526293.80                               |
| Month 2  | $-13936150.80            | $16130825.62                               |
| Month 3  | $-3038746.15             | $-6012831.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lier Chemical Co., Ltd.                                  | LIER CHEMICAL CO LTD -A COMMON STOCK           | CUSIP: N/A<br>LEI: 3003003GSCP26ERDC305 | Long             | EC               |  | CN        |    428802 | NS      | $1113087.28   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Changshu Rural Commercial Bank Co., Ltd.         | JIANGSU CHANGSHU RURAL COM-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300C1115432000063 | Long             | EC               |  | CN        |    211200 | NS      | $230466.05    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| StarPower Semiconductor Ltd                              | STARPOWER SEMICONDUCTOR LT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     11209 | NS      | $533488.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Asymchem Laboratories Tianjin Co Ltd                     | ASYMCHEM LABORATORIES TIAN-A COMMON STOCK      | CUSIP: N/A<br>LEI: 8368002CY8G4Q85YRQ60 | Long             | EC               |  | CN        |     80180 | NS      | $1715117.40   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Avary Holding (Shenzhen) Co., Limited                    | AVARY HOLDING SHENZHEN CO -A COMMON STOCK      | CUSIP: N/A<br>LEI: 30030067AGXAJK5FRS12 | Long             | EC               |  | CN        |    685757 | NS      | $2719696.49   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| China State Construction Engineering Corporation Limited | CHINA STATE CONSTRUCTION -A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300CWW8WOEV3BR645 | Long             | EC               |  | CN        |    303780 | NS      | $238410.34    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Huaxiang Electronic Co.,Ltd.                      | NINGBO HUAXIANG ELECTRONIC-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    250200 | NS      | $502652.90    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing United Information Technology Co Ltd             | BEIJING UNITED INFORMATION-A COMMON STOCK      | CUSIP: N/A<br>LEI: 836800DCWW5IYKEAGS46 | Long             | EC               |  | CN        |     69043 | NS      | $882540.15    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF HANGZHOU CO., LTD.                               | BANK OF HANGZHOU CO LTD-A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300C1092033000075 | Long             | EC               |  | CN        |    145640 | NS      | $275330.61    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tianqi Lithium Corporation                               | TIANQI LITHIUM CORP-A COMMON STOCK             | CUSIP: N/A<br>LEI: 300300IZ1J0MQ8YVEG66 | Long             | EC               |  | CN        |    216385 | NS      | $2470389.03   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangzhou Shiyuan Electronic Technology Company Limited  | GUANGZHOU SHIYUAN ELECTRON-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300XCN9JKXKDKGF57 | Long             | EC               |  | CN        |    238850 | NS      | $2038157.21   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Jiangsu Co., Ltd.                                | BANK OF JIANGSU CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: 300300C1086832000046 | Long             | EC               |  | CN        |   1308530 | NS      | $1378723.88   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA PACIFIC INSURANCE (GROUP) CO., LTD.                | CHINA PACIFIC INSURANCE GR-A COMMON STOCK      | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               |  | CN        |    102400 | NS      | $362899.61    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TONGWEI CO.,LTD                                          | TONGWEI CO LTD-A COMMON STOCK                  | CUSIP: N/A<br>LEI: 3003009CW4QYMCG0BH89 | Long             | EC               |  | CN        |    686800 | NS      | $3829645.68   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NANJING CO., LTD.                                | BANK OF NANJING CO LTD -A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300C1086932000062 | Long             | EC               |  | CN        |    528300 | NS      | $795635.98    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Yongxing Special Materials Technology Co.,Ltd.           | YONGXING SPECIAL MATERIALS-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300ULJO6T9VWWOQ73 | Long             | EC               |  | CN        |     77786 | NS      | $1036232.27   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHUI GUJING DISTILLERY COMPANY LIMITED                  | ANHUI GUJING DISTILLERY CO-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     40925 | NS      | $1578713.59   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| The People's Insurance Company (Group) of China Limited  | PICC HOLDING CO-A COMMON STOCK                 | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66 | Long             | EC               |  | CN        |   3665000 | NS      | $2765098.25   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Yankershop Food Co Ltd                                   | YANKERSHOP FOOD CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     18800 | NS      | $294247.17    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AIMA Technology Group Co Ltd                             | AIMA TECHNOLOGY GROUP CO L-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    440756 | NS      | $2922086.43   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OFFSHORE OIL ENGINEERING CO.,LTD.                        | OFFSHORE OIL ENGINEERING-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    393100 | NS      | $344303.75    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangzhou Kingmed Diagnostics Group Co Ltd               | GUANGZHOU KINGMED DIAGNOST-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     54400 | NS      | $614853.62    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Qingdao Gaoce Technology Co., Ltd.                       | QINGDAO GAOCE TECHNOLOGY C-A COMMON STOCK      | CUSIP: N/A<br>LEI: 655600O5V4MEW0A86G04 | Long             | EC               |  | CN        |     85245 | NS      | $924298.10    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ZHEJIANG QJIANG MOTORCYCLE CO., LTD.                     | ZHEJIANG QIANJIANG MOTOR-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    901750 | NS      | $2408541.88   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Haid Group Co., Limited                        | GUANGDONG HAID GROUP CO-A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300Y7LIHH4R4TWD50 | Long             | EC               |  | CN        |    144300 | NS      | $1287445.02   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WENS FOODSTUFF GROUP CO., LTD.                           | WENS FOODSTUFFS GROUP CO - A COMMON STOCK      | CUSIP: N/A<br>LEI: 3003005O7DXT61IXLJ96 | Long             | EC               |  | CN        |   1349300 | NS      | $3828202.52   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China, Ltd.         | PING AN INSURANCE GROUP CO-A COMMON STOCK      | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               |  | CN        |    512800 | NS      | $3483469.07   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yealink Network Technology Co Ltd                        | YEALINK NETWORK TECHNOLOGY-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    273172 | NS      | $2392231.58   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co., Ltd.                           | CHINA MERCHANTS BANK-A COMMON STOCK            | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               |  | CN        |    888800 | NS      | $4786443.99   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL BANK CO.,LTD.                                 | INDUSTRIAL BANK CO LTD -A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300C1030935001303 | Long             | EC               |  | CN        |    396304 | NS      | $1007535.55   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HUA XIA BANK CO., Limited                                | HUAXIA BANK CO LTD-A COMMON STOCK              | CUSIP: N/A<br>LEI: 300300AKNDEHIGVDZW37 | Long             | EC               |  | CN        |    284600 | NS      | $213485.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| YUNNAN COPPER CO., LTD                                   | YUNNAN COPPER CO LTD-A COMMON STOCK            | CUSIP: N/A<br>LEI: 300300BFPGI267QXCG14 | Long             | EC               |  | CN        |    455700 | NS      | $773896.67    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Dian Diagnostics Group Co., Ltd.                         | DIAN DIAGNOSTICS GROUP CO-A COMMON STOCK       | CUSIP: N/A<br>LEI: 3003006MMJLCVIIKTA82 | Long             | EC               |  | CN        |     84324 | NS      | $306273.75    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang CFMoto Power Co Ltd                             | ZHEJIANG CFMOTO POWER CO L-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     48589 | NS      | $790194.08    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Pylon Technologies Co Ltd                                | PYLON TECHNOLOGIES CO LTD-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     46943 | NS      | $2141621.51   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Henan Shuanghui Investment & Development Co., Ltd.       | HENAN SHUANGHUI INVESTMENT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    675474 | NS      | $2531495.96   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Company Limited                               | PETROCHINA CO LTD-A COMMON STOCK               | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               |  | CN        |   3684849 | NS      | $2646928.25   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SHANDONG WIT DYNE HEALTH CO.,LTD.                        | SHANDONG WIT DYNE HEALTH C-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    123000 | NS      | $808877.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| POSTAL SAVINGS BANK OF CHINA CO., LTD.                   | POSTAL SAVINGS BANK OF CHI-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300C1040311005298 | Long             | EC               |  | CN        |    936300 | NS      | $625205.92    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TIANDI SCIENCE & TECHNOLOGY CO.LTD                       | TIAN DI SCIENCE & TECHNOLO-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |   1036275 | NS      | $778833.19    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ganfeng Lithium Group Co., Ltd.                          | GANFENG LITHIUM GROUP CO L-A COMMON STOCK      | CUSIP: N/A<br>LEI: 3003006BE6UOHWEOOR42 | Long             | EC               |  | CN        |    150980 | NS      | $1516815.63   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Bioperfectus Technologies Co Ltd                 | JIANGSU BIOPERFECTUS TECHN-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     32532 | NS      | $412406.93    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Daqin Railway Co., Ltd.                                  | DAQIN RAILWAY CO LTD -A COMMON STOCK           | CUSIP: N/A<br>LEI: 30030098LARO7YWJL882 | Long             | EC               |  | CN        |    534100 | NS      | $515662.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ginlong Technologies Co.,Ltd.                            | GINLONG TECHNOLOGIES CO LT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    121000 | NS      | $3148796.40   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SHANGHAI MALING AQUARIUS CO., LTD                        | SHANGHAI MALING AQUARIUS-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    619900 | NS      | $712286.72    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingnet Network Co Ltd                                   | KINGNET NETWORK CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |   2914215 | NS      | $2763067.62   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Bank Co., Ltd.                                   | PING AN BANK CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: 549300W9MKNIVWXFM679 | Long             | EC               |  | CN        |    925300 | NS      | $1759967.05   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen Xiangyu Co., Ltd.                                 | XIAMEN XIANGYU CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: 300300J43OY0HAWA6E69 | Long             | EC               |  | CN        |    411200 | NS      | $610365.02    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Guangxin Agrochemical Co Ltd                       | ANHUI GUANGXIN AGROCHEMICA-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    148624 | NS      | $631542.18    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co., Ltd.                                | KWEICHOW MOUTAI CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     11350 | NS      | $2833050.29   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Pudong Construction Co., Ltd.                   | SHANGHAI PUDONG CONSTRUCTI-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300IP1U75OKBZDA10 | Long             | EC               |  | CN        |   1260300 | NS      | $1227721.66   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.                | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               |  | CN        |     12136 | NS      | $690077.85    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Luzhou Laojiao Co.,Ltd                                   | LUZHOU LAOJIAO CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |      7900 | NS      | $256084.75    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                             | FX Forward Contract: USD/CNY SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $-274.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Guangdong Hybribio Biotech Co Ltd                        | GUANGDONG HYBRIBIO BIOTECH-A COMMON STOCK      | CUSIP: N/A<br>LEI: 655600IZO2GZ4A2SFO89 | Long             | EC               |  | CN        |   1116756 | NS      | $2719720.56   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang JIULI Hi-tech Metals Co., Ltd.                  | ZHEJIANG JIULI HI-TECH-A COMMON STOCK          | CUSIP: N/A<br>LEI: 3003004BILR3TF71Z635 | Long             | EC               |  | CN        |    420711 | NS      | $1011820.03   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Beyondsoft Corporation                                   | BEYONDSOFT CORP-A COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    158900 | NS      | $236322.65    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| G-bits Network Technology Xiamen Co Ltd                  | G-BITS NETWORK TECHNOLOGY-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     16500 | NS      | $746057.51    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Shangji Automation Co., Ltd.                        | WUXI SHANGJI AUTOMATION CO-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    175184 | NS      | $2680102.39   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ZANGGE MINING COMPANY LIMITED                            | ZANGGE MINING CO LTD-A COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    711200 | NS      | $2669499.12   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzhou Maxwell Technologies Co Ltd                       | SUZHOU MAXWELL TECHNOLOGIE-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |      3950 | NS      | $235121.15    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Deye Technology Co Ltd                            | NINGBO DEYE TECHNOLOGY CO -A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     24340 | NS      | $1165136.98   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GoodWe Technologies Co Ltd                               | GOODWE TECHNOLOGIES CO LTD-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     18800 | NS      | $877904.85    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GD POWER DEVELOPMENT CO., LTD.                           | GD POWER DEVELOPMENT CO -A COMMON STOCK        | CUSIP: N/A<br>LEI: 300300BVGPH64Z7BNK97 | Long             | EC               |  | CN        |    856500 | NS      | $528592.90    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Binjiang Real Estate Group Co., Ltd             | HANGZHOU BINJIANG REAL EST-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300W1Q832W2SP5417 | Long             | EC               |  | CN        |    681900 | NS      | $870256.91    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd     | BEIJING WANTAI BIOLOGICAL-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300280PS0QGBZBS92 | Long             | EC               |  | CN        |      7702 | NS      | $141041.27    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FUYAO GLASS INDUSTRY GROUP CO., LTD.                     | FUYAO GLASS INDUSTRY GROUP-A COMMON STOCK      | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               |  | CN        |    245700 | NS      | $1245394.68   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHENGDU CO., LTD.                                | BANK OF CHENGDU CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: 30030030JPOKGL9K5418 | Long             | EC               |  | CN        |    221900 | NS      | $490698.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Scientific Industrial (Shanghai) Co., Ltd.     | UNIVERSAL SCIENTIFIC INDUS-A COMMON STOCK      | CUSIP: N/A<br>LEI: 655600ZQ6P2GFIBK8C07 | Long             | EC               |  | CN        |   1324308 | NS      | $3106516.09   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO