Advisors' Inner Circle Fund III NPORT-P Democratic Large Cap Core ETF (Jun 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	DEMOCRATIC
	LARGE CAP CORE ETF
	JUNE 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK** — 99.8%
	Shares		Value
Communication Services — 14.6%
Alphabet, Cl A		5,110	$	930,786
Alphabet, Cl C		4,558		836,028
Electronic Arts		2,635		367,135
Meta Platforms, Cl A		2,308		1,163,740
Netflix *		548		369,834
Omnicom Group		6,008		538,918
Walt Disney		10,731		1,065,481
				5,271,922
Consumer Discretionary — 8.6%
Booking Holdings		93		368,419
BorgWarner		21,242		684,842
CarMax *		5,094		373,594
Ralph Lauren, Cl A		2,402		420,494
Ross Stores		3,687		535,795
Tapestry		8,452		361,661
Ulta Beauty *		903		348,441
				3,093,246
Consumer Staples — 10.0%
Colgate-Palmolive		9,446		916,640
Costco Wholesale		2,010		1,708,480
Hormel Foods		11,681		356,153
Kimberly-Clark		4,494		621,071
				3,602,344
Financials — 9.1%
Everest Group		1,912		728,510
Loews		22,929		1,713,714
Moody’s		1,090		458,814
MSCI, Cl A		739		356,013
				3,257,051
Health Care — 6.9%
Agilent Technologies		4,113		533,168
Danaher		3,510		876,974
Henry Schein *		5,403		346,332
Stryker		2,088		710,442
				2,466,916
Industrials — 8.0%
Automatic Data Processing		3,298		787,200
Nordson		1,915		444,165

THE ADVISORS’ INNER CIRCLE FUND III	DEMOCRATIC
	LARGE CAP CORE ETF
	JUNE 30, 2024
	(UNAUDITED)

COMMON STOCK** — continued
	Shares		Value
Industrials — continued
Paychex		4,378	$	519,056
Veralto		3,545		338,441
Xylem		5,727		776,753
				2,865,615
Information Technology — 37.7%
Adobe *		780		433,321
Advanced Micro Devices *		3,359		544,863
Amphenol, Cl A		20,759		1,398,534
Apple		8,356		1,759,941
Arista Networks *		1,079		378,168
Autodesk *		1,605		397,157
Cadence Design Systems *		1,164		358,221
CDW		1,591		356,129
Gartner *		828		371,822
International Business Machines		6,351		1,098,405
KLA		1,078		888,822
Lam Research		776		826,324
Microsoft		4,054		1,811,935
NVIDIA		13,812		1,706,335
Salesforce		1,954		502,373
ServiceNow *		504		396,482
Synopsys *		610		362,987
				13,591,819
Materials — 1.9%
Avery Dennison		3,136		685,686
Real Estate — 3.0%
American Tower, Cl A ‡		2,729		530,463
Kimco Realty ‡		28,689		558,288
				1,088,751
Total Common Stock
(Cost $29,489,046)				35,923,350
Total Investments - 99.8%
(Cost $29,489,046)			$	35,923,350

  Percentages are based on Net Assets of $36,009,981.

* Non-income producing security.

THE ADVISORS’ INNER CIRCLE FUND III	DEMOCRATIC
	LARGE CAP CORE ETF
	JUNE 30, 2024
	(UNAUDITED)

** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

‡ Real Estate Investment Trust.

Cl — Class

RAM-QH-001-0800