# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211096
**Filing Date:** 2025-8
**Character Count:** 72644
**Document Hash:** 1f72ab921ebb5d3eae351d14867eb2e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211096.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211096

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251270087

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

\* Non-income producing security.

Cl — Class

RAY-QH-001-1000

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **MEXICO — 1.1%** |  |  |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alfa, Cl A | 386400 | $283276 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Gentera | 119300 | 252846 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fibra MTY ‡ | 504500 | 350896 |
|  |  | 887018 |
| **PERU — 1.1%** |  |  |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 3762 | 840882 |
| **PHILIPPINES — 1.2%** |  |  |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DigiPlus Interactive | 373790 | 345058 |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;China Banking | 523230 | 631164 |
|  |  | 976222 |
| **POLAND — 3.0%** |  |  |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 19751 | 448719 |
| **Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 820764 | 1910554 |
|  |  | 2359273 |
| **QATAR — 1.2%** |  |  |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Doha Bank QPSC | 1387752 | 969635 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC (A) | 111970 | – |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC (A) | 98630 |  |
| &nbsp;&nbsp;&nbsp;PhosAgro PJSC GDR \*(A) | 22934 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO (A) | 11625 | – |
|  |  | – |
|  |  | – |
| **SAUDI ARABIA — 3.4%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Electronics | 9929 | 233631 |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Riyad Bank | 194113 | 1487484 |

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

\* Non-income producing security.

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

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

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

---

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

---

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

QPSC — Qatari Public Shareholding Company

RAY-QH-002-0800

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

\* Non-income producing security.

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

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

Cl — Class

RAY-QH-003-0800

---

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

---

---

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

---

---

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

---

---

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

---

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

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

RAY-QH-004-0300

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Rayliant 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:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $97008631.92

**Total Liabilities:** $103671.95

**Net Assets:** $96904959.97

**Cash Not Reported:** $381486.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232917 | 3.52%                | 5.25%                | 1.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1076210.01              | $2177197.20                                |
| Month 2  | $-57493.11               | $4450270.18                                |
| Month 3  | $449977.78               | $65005.67                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADOBE INC.                                      | ADOBE INC COMMON STOCK                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |      1222 | NS      | $472767.36    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANTEST CORPORATION                           | ADVANTEST CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               |  | JP        |      4100 | NS      | $302436.91    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen N.V.                                      | ADYEN NV COMMON STOCK                           | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               |  | NL        |       126 | NS      | $230494.66    | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                      | AGNICO EAGLE MINES LTD COMMON STOCK             | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               |  | US        |      1189 | NS      | $141407.77    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.             | ALLISON TRANSMISSION HOLDING COMMON STOCK       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               |  | US        |     11239 | NS      | $1067592.61   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                   | ALPHABET INC-CL A COMMON STOCK                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     14520 | NS      | $2558859.60   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                              | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     16155 | NS      | $947167.65    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                | AMAZON.COM INC COMMON STOCK                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |     16313 | NS      | $3578909.07   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                      | APPLE INC COMMON STOCK                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |     10565 | NS      | $2167621.05   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                | ARCELORMITTAL COMMON STOCK                      | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               |  | NL        |      7173 | NS      | $226245.46    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                           | ARISTA NETWORKS INC COMMON STOCK                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               |  | US        |     12965 | NS      | $1326449.15   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS Corporation                               | ASICS CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85       | Long             | EC               |  | JP        |      9500 | NS      | $242029.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                       | AT&T INC COMMON STOCK                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |     87584 | NS      | $2534680.96   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                           | ATLASSIAN CORP-CL A COMMON STOCK                | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               |  | US        |      1533 | NS      | $311336.97    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                        | ATMOS ENERGY CORP COMMON STOCK                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |      2491 | NS      | $383888.01    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation         | BANK OF NEW YORK MELLON CORP COMMON STOCK       | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               |  | US        |     11064 | NS      | $1008041.04   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                    | BARCLAYS PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |    161545 | NS      | $746692.37    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent, Inc.                                | BAYCURRENT INC COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     35844 | NS      | $1841271.63   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Belimo Holding AG                               | BELIMO HOLDING AG-REG COMMON STOCK              | CUSIP: N/A<br>LEI: 506700339DLX749VEM23       | Long             | EC               |  | CH        |       489 | NS      | $496371.86    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.              | BJ'S WHOLESALE CLUB HOLDINGS COMMON STOCK       | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               |  | US        |      2706 | NS      | $291787.98    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC HONG KONG (HOLDINGS) LIMITED                | BOC HONG KONG HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               |  | HK        |     46764 | NS      | $203140.43    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                   | BOSTON SCIENTIFIC CORP COMMON STOCK             | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               |  | US        |      3353 | NS      | $360145.73    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                         | BRISTOL-MYERS SQUIBB CO COMMON STOCK            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               |  | US        |     31704 | NS      | $1467578.16   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.                | BROOKFIELD ASSET MGMT-A COMMON STOCK            | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | US        |      5498 | NS      | $303929.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN, INC.                             | BROWN & BROWN INC COMMON STOCK                  | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               |  | US        |      3754 | NS      | $416205.98    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                           | CARDINAL HEALTH INC COMMON STOCK                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |      3682 | NS      | $618576.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                      | CARRIER GLOBAL CORP COMMON STOCK                | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |      4779 | NS      | $349775.01    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                             | CENTENE CORP COMMON STOCK                       | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      7348 | NS      | $398849.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.          | CHECK POINT SOFTWARE TECH COMMON STOCK          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               |  | US        |      1267 | NS      | $280323.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                             | CISCO SYSTEMS INC COMMON STOCK                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |     36166 | NS      | $2509197.08   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE, INC.                                | CLOUDFLARE INC - CLASS A COMMON STOCK           | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               |  | US        |      4394 | NS      | $860477.02    | 0.89%             |  |  |  | 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      |
| CREDIT AGRICOLE SA                              | CREDIT AGRICOLE SA COMMON STOCK                 | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               |  | FR        |     16650 | NS      | $313983.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                          | CVS HEALTH CORP COMMON STOCK                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               |  | US        |     16553 | NS      | $1141825.94   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S                                 | DANSKE BANK A/S COMMON STOCK                    | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               |  | DK        |     10553 | NS      | $428874.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                             | DEUTSCHE TELEKOM AG-REG COMMON STOCK            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |     18145 | NS      | $659643.91    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                  | DOORDASH INC - A COMMON STOCK                   | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               |  | US        |      2483 | NS      | $612084.33    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DSM-Firmenich AG                                | DSM-FIRMENICH AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 506700G44V67MPM4BI12       | Long             | EC               |  | NL        |      2826 | NS      | $299418.66    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                    | DUOLINGO COMMON STOCK                           | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               |  | US        |      1281 | NS      | $525235.62    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                       | EBAY INC COMMON STOCK                           | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |      3270 | NS      | $243484.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                           | ELI LILLY & CO COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |      1640 | NS      | $1278429.20   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERA INCORPORATED                              | EMERA INC COMMON STOCK                          | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               |  | CA        |      5182 | NS      | $236902.28    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                    | ENCOMPASS HEALTH CORP COMMON STOCK              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               |  | US        |     15984 | NS      | $1960117.92   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEOS Holdings, Inc.                            | ENEOS Holdings, Inc. COMMON STOCK               | CUSIP: N/A<br>LEI: 3538001KQ5SAOZSQTT44       | Long             | EC               |  | JP        |     50800 | NS      | $251494.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                 | ERICSSON LM-B SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               |  | SE        |     22495 | NS      | $191046.05    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOLUTION MINING LIMITED                        | EVOLUTION MINING LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               |  | AU        |    202795 | NS      | $1035305.75   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                  | EXELIXIS INC COMMON STOCK                       | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |     45803 | NS      | $2018767.23   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                       | EXLSERVICE HOLDINGS INC COMMON STOCK            | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               |  | US        |     38713 | NS      | $1695242.27   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                  | FORTINET INC COMMON STOCK                       | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               |  | US        |      8339 | NS      | $881599.08    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                   | FX Forward Contract: USD/JPY SETTLE 2025-07-01  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.36        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                   | FX Forward Contract: USD/JPY SETTLE 2025-07-01  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-2.79        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GE VERNOVA INC.                                 | GE VERNOVA INC COMMON STOCK                     | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |      3680 | NS      | $1947272.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSICURAZIONI GENERALI SOCIETA PER AZIONI       | GENERALI COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | EC               |  | IT        |     14947 | NS      | $530049.15    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                           | GILEAD SCIENCES INC COMMON STOCK                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     17635 | NS      | $1955192.45   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                       | HAL TRUST COMMON STOCK                          | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               |  | NL        |      6849 | NS      | $974408.73    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC HOLDINGS PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |     84935 | NS      | $1026333.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HYDRO ONE LIMITED                               | HYDRO ONE LTD COMMON STOCK                      | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               |  | CA        |      5300 | NS      | $190598.02    | 0.20%             |  |  |  | Yes           |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                             | IMPERIAL BRANDS PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               |  | GB        |     11593 | NS      | $457054.03    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Airlines Group, S.A. | INTL CONSOLIDATED AIRLINE-DI COMMON STOCK       | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               |  | GB        |    361331 | NS      | $1689452.91   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                     | INTUIT INC COMMON STOCK                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |      2372 | NS      | $1868258.36   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC.                                     | KENVUE INC COMMON STOCK                         | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               |  | US        |     20710 | NS      | $433460.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KONGSBERG GRUPPEN ASA                           | KONGSBERG GRUPPEN ASA COMMON STOCK              | CUSIP: R60837151<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               |  | NO        |      6095 | NS      | $235405.27    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN N.V.                            | KONINKLIJKE KPN NV COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               |  | NL        |     56629 | NS      | $274935.49    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                        | LAM RESEARCH CORP COMMON STOCK                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |      6441 | NS      | $626966.94    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                          | LOWE'S COS INC COMMON STOCK                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |      2053 | NS      | $455499.11    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                   | MAPLEBEAR INC COMMON STOCK                      | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               |  | US        |     19255 | NS      | $871096.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                        | MASTERCARD INC - A COMMON STOCK                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |       489 | NS      | $274788.66    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                            | MCKESSON CORP COMMON STOCK                      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               |  | US        |      1945 | NS      | $1425257.10   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                | MEDTRONIC PLC COMMON STOCK                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               |  | US        |     10202 | NS      | $889308.34    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                           | MICROSOFT CORP COMMON STOCK                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     10497 | NS      | $5221312.77   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                        | MOTOROLA SOLUTIONS INC COMMON STOCK             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               |  | US        |       479 | NS      | $201400.34    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                       | NATIONAL FUEL GAS CO COMMON STOCK               | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               |  | US        |     11001 | NS      | $931894.71    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                               | NATWEST GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               |  | GB        |    109875 | NS      | $770001.30    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| THE NEW YORK TIMES COMPANY                      | NEW YORK TIMES CO-A COMMON STOCK                | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               |  | US        |     10282 | NS      | $575586.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group N.V.                                   | NN GROUP NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               |  | NL        |      3646 | NS      | $241468.86    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                                  | NNN REIT INC REIT                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |     16472 | NS      | $711260.96    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                 | NORDEA BANK ABP COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               |  | SE        |     50874 | NS      | $751601.11    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                | NOVO NORDISK A/S-B COMMON STOCK                 | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |      4650 | NS      | $321618.05    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                              | NVIDIA CORP COMMON STOCK                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     39075 | NS      | $6173459.25   | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.                | OMEGA HEALTHCARE INVESTORS REIT                 | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     13879 | NS      | $508665.35    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                      | PALANTIR TECHNOLOGIES INC-A COMMON STOCK        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      2404 | NS      | $327713.28    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                                     | PANDORA A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               |  | DK        |      1252 | NS      | $219047.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA, INC.                                  | PENUMBRA INC COMMON STOCK                       | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               |  | US        |      1818 | NS      | $466553.34    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     12388 | NS      | $2256226.44   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER CORPORATION DU CANADA                     | POWER CORP OF CANADA COMMON STOCK               | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               |  | CA        |      8786 | NS      | $342489.81    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORPORATION                              | ROBLOX CORP -CLASS A COMMON STOCK               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               |  | US        |      6798 | NS      | $715149.60    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK, INC.                                    | RUBRIK INC-A COMMON STOCK                       | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               |  | US        |     19980 | NS      | $1790008.20   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanwa Holdings Corporation                      | SANWA HOLDINGS CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70       | Long             | EC               |  | JP        |     59164 | NS      | $1961552.12   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                               | SIEMENS ENERGY AG COMMON STOCK                  | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               |  | DE        |      1696 | NS      | $195222.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM S.P.A.                                     | SNAM SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               |  | IT        |     34852 | NS      | $210363.87    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE SA                             | SOCIETE GENERALE SA COMMON STOCK                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               |  | FR        |     11551 | NS      | $658294.46    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp.                                  | SOFTBANK CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               |  | JP        |    473400 | NS      | $730853.96    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.                    | SPROUTS FARMERS MARKET INC COMMON STOCK         | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               |  | US        |     10781 | NS      | $1774983.84   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCORP GROUP LIMITED                           | SUNCORP GROUP LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300BVOKRTHDIWVT46       | Long             | EC               |  | AU        |     16398 | NS      | $232230.67    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                        | SVENSKA HANDELSBANKEN-A SHS COMMON STOCK        | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               |  | SE        |     22961 | NS      | $304648.12    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                  | TAPESTRY INC COMMON STOCK                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |     18301 | NS      | $1607010.81   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                                  | TECHNIPFMC PLC COMMON STOCK                     | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               |  | US        |     17688 | NS      | $609174.72    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                 | THE CIGNA GROUP COMMON STOCK                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |      2537 | NS      | $838681.46    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                      | TORONTO-DOMINION BANK COMMON STOCK              | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               |  | CA        |     27000 | NS      | $1981912.79   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                           | TRADEWEB MARKETS INC-CLASS A COMMON STOCK       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               |  | US        |      1813 | NS      | $265423.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                                 | UGI CORP COMMON STOCK                           | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               |  | US        |     15204 | NS      | $553729.68    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                              | VEEVA SYSTEMS INC-CLASS A COMMON STOCK          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               |  | US        |      2290 | NS      | $659474.20    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                             | VERALTO CORP COMMON STOCK                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      3645 | NS      | $367962.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                  | VERISIGN INC COMMON STOCK                       | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               |  | US        |      1109 | NS      | $320279.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                          | VERISK ANALYTICS INC COMMON STOCK               | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               |  | US        |      2118 | NS      | $659757.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                       | VISA INC-CLASS A SHARES COMMON STOCK            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |      1509 | NS      | $535770.45    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| XERO LIMITED                                    | XERO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 254900UG5D8YST164N14       | Long             | EC               |  | AU        |      2152 | NS      | $253574.68    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                       | ZOOM COMMUNICATIONS INC COMMON STOCK            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               |  | US        |      3707 | NS      | $289071.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                   | ZSCALER INC COMMON STOCK                        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               |  | US        |      1283 | NS      | $402785.02    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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