Advisors' Inner Circle Fund III NPORT-P Rayliant SMDAM Japan Equity ETF (Dec 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† — 103.9%

	Shares		Value
CHINA — 103.9%
Communication Services — 1.9%
37 Interactive Entertainment Network Technology Group, Cl A		19,300	$	41,116
Focus Media Information Technology, Cl A		90,972		87,112
Focus Technology, Cl A		9,100		51,664
Hangzhou Shunwang Technology, Cl A		20,100		46,023
Shenzhen Bingchuan Network, Cl A		48,100		129,463
				355,378
Consumer Discretionary — 11.7%
Autel Intelligent Technology, Cl A		36,800		196,293
BYD, Cl A		12,700		488,971
Fuyao Glass Industry Group, Cl A		20,400		173,392
Gree Electric Appliances of Zhuhai, Cl A		40,700		251,967
Haier Smart Home, Cl A		40,000		155,118
Hisense Home Appliances Group, Cl A		17,000		66,921
Huizhou Desay Sv Automotive, Cl A		2,300		34,496
Kunshan Huguang Auto Harness, Cl A		23,100		102,670
Midea Group, Cl A		64,340		659,219
Seres Group, Cl A		7,200		130,819
				2,259,866
Consumer Staples — 14.2%
Eastroc Beverage Group, Cl A		14,060		475,951
Foshan Haitian Flavouring & Food, Cl A		18,620		116,415
Guangdong Haid Group, Cl A		27,500		183,733
Inner Mongolia Yili Industrial Group, Cl A		16,900		69,474
Kweichow Moutai, Cl A		5,072		1,052,881
Laobaixing Pharmacy Chain JSC, Cl A		32,200		71,799
Muyuan Foods, Cl A		16,700		87,441
Wens Foodstuff Group, Cl A		57,800		129,984
Wuliangye Yibin, Cl A		21,800		415,838
Zhanjiang Guolian Aquatic Products, Cl A *		152,000		78,469
				2,681,985
Energy — 1.2%
China Shenhua Energy, Cl A		22,200		131,479
Shaanxi Coal Industry, Cl A		30,600		96,950
				228,429
Financials — 29.5%
Agricultural Bank of China, Cl A		342,200		248,907
Bank of Changsha, Cl A		38,300		46,378
Bank of China, Cl A		187,400		140,649
Bank of Hangzhou, Cl A		70,300		139,901
Bank of Jiangsu, Cl A		287,930		385,136

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

	Shares		Value
CHINA (continued)
Financials (continued)
Bank of Nanjing, Cl A		89,500	$	129,834
China CITIC Bank, Cl A		47,200		44,876
China Everbright Bank, Cl A		87,500		46,125
China Life Insurance, Cl A		68,700		392,277
China Merchants Bank, Cl A		170,497		912,693
China Pacific Insurance Group, Cl A		96,215		446,640
China Zheshang Bank, Cl A		104,400		41,382
Guotai Junan Securities, Cl A		48,500		123,207
Hithink RoyalFlush Information Network, Cl A		3,800		148,812
Huatai Securities, Cl A		50,619		121,282
Huaxia Bank, Cl A		62,400		68,082
Jiangsu Changshu Rural Commercial Bank, Cl A		86,420		89,110
New China Life Insurance, Cl A		67,100		454,249
People's Insurance Group of China, Cl A		270,100		280,346
Ping An Insurance Group of China, Cl A		133,800		959,555
Postal Savings Bank of China, Cl A		217,200		168,044
Shanghai Pudong Development Bank, Cl A		209,200		293,219
				5,680,704
Health Care — 5.8%
Changzhou Qianhong Biopharma, Cl A		124,800		105,395
Dong-E-E-Jiao, Cl E		22,800		194,785
Huadong Medicine, Cl A		19,200		90,488
Jiangsu Hengrui Pharmaceuticals, Cl A		32,300		201,944
Jiangsu Kanion Pharmaceutical, Cl A		63,800		118,362
Shenzhen Mindray Bio-Medical Electronics, Cl A		3,856		133,935
Zhejiang Medicine, Cl A		125,300		270,688
				1,115,597
Industrials — 17.0%
Beijing New Building Materials, Cl A		8,000		33,029
China State Construction Engineering, Cl A		532,900		435,524
Contemporary Amperex Technology, Cl A		23,184		840,011
COSCO SHIPPING Holdings, Cl A		256,300		541,122
CTS International Logistics, Cl A		117,200		102,649
Dongguan Yiheda Automation, Cl A		11,900		40,069
Henan Pinggao Electric, Cl A		66,400		173,654
Henan Thinker Automatic Equipment, Cl A		38,100		123,410
NARI Technology, Cl A		49,600		170,389
Ningbo Deye Technology, Cl A		19,800		228,705
Shaanxi Construction Engineering Group, Cl A		383,500		234,023
Sumec, Cl A		79,600		100,835
Xiamen Xiangyu, Cl A		55,000		48,621

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

	Shares		Value
CHINA (continued)
Industrials (continued)
Yutong Bus, Cl A		24,845	$	89,275
Zhejiang Huayou Cobalt, Cl A		12,400		49,421
Zhejiang Tony Electronic, Cl A *		15,000		34,918
				3,245,655
Information Technology — 15.7%
Anji Microelectronics Technology Shanghai, Cl A		9,400		178,435
Anker Innovations Technology, Cl A		17,020		226,362
Beijing Huafeng Test & Control Technology, Cl A		3,200		45,549
Bestechnic Shanghai, Cl A		2,800		124,094
BOE Technology Group, Cl A		95,400		57,046
Eoptolink Technology, Cl A		7,700		121,224
Espressif Systems Shanghai, Cl A		9,560		283,877
Foxconn Industrial Internet, Cl A		58,000		169,856
GigaDevice Semiconductor, Cl A *		5,400		78,556
Hangzhou Sunrise Technology, Cl A		43,900		100,280
Hygon Information Technology, Cl A		4,800		97,935
Luxshare Precision Industry, Cl A		38,300		212,642
MeiG Smart Technology, Cl A		28,600		116,714
Montage Technology, Cl A		9,600		88,788
Motorcomm Electronic Technology, Cl A *		8,400		113,274
Ninestar, Cl A *		61,000		234,063
Shengyi Technology, Cl A		64,100		209,985
Visionox Technology, Cl A *		47,800		66,932
Will Semiconductor Shanghai, Cl A		15,000		213,328
Xiamen Faratronic, Cl A		4,400		71,273
Yealink Network Technology, Cl A		16,800		88,331
Zhejiang Jiecang Linear Motion Technology, Cl A		12,400		41,736
Zhejiang Lante Optics, Cl A		24,800		91,545
				3,031,825
Materials — 6.0%
Baoshan Iron & Steel, Cl A		69,800		66,553
CMOC Group, Cl A		224,300		203,173
DeHua TB New Decoration Materials, Cl A		56,800		91,914
Jinyuan EP, Cl A *		74,400		49,961
Shanjin International Gold, Cl A		32,500		68,041
Yunnan Aluminium, Cl A		30,400		56,026
Zhejiang NHU, Cl A		110,800		331,577
Zijin Mining Group, Cl A		131,300		270,416
				1,137,661
Utilities — 0.9%
China Yangtze Power, Cl A		29,400		118,337

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

	Shares		Value
CHINA (continued)
Utilities (continued)
CHN Energy Changyuan Electric Power, Cl A		88,600	$	57,325
				175,662
TOTAL COMMON STOCK
(Cost $17,420,499)				19,912,762
TOTAL INVESTMENTS— 103.9%
(Cost $17,420,499)			$	19,912,762

Percentages are based on Net Assets of $19,156,426.

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

* Non-income producing security.

Cl — Class

JSC — Joint Stock Company

RAY-QH-001-0900 

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	EMERGING MARKET ex- CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 100.2%

	Shares		Value
BRAZIL — 3.2%
BRF		53,100	$	217,975
Embraer *		41,900		381,097
Petroleo Brasileiro		76,900		490,564
Santos Brasil Participacoes		136,100		289,258
Vibra Energia		91,300		263,650
				1,642,544
CHILE — 0.3%
Empresas Copec		25,126		153,582
CHINA — 0.5%
Jinan Acetate Chemical		9,000		246,244
CZECHIA — 0.2%
Moneta Money Bank		24,311		123,795
EGYPT — 0.2%
Eastern SAE		139,872		81,177
GREECE — 2.3%
Eurobank Ergasias Services and Holdings		283,262		654,097
National Bank of Greece		12,694		100,688
OPAP		20,612		335,095
Piraeus Financial Holdings		24,325		96,975
				1,186,855
INDIA — 27.6%
360 ONE WAM		15,889		232,877
ABB India		1,064		85,905
Ajanta Pharma		5,993		205,255
Amber Enterprises India *		4,506		388,820
Bajaj Auto		5,167		531,017
Bajaj Holdings & Investment		1,840		255,469
Bharti Airtel		24,414		452,770
Blue Star		10,334		258,206
Central Depository Services India		10,238		210,306
Cholamandalam Financial Holdings		10,594		173,096
Colgate-Palmolive India		14,374		450,064
Dixon Technologies India		2,560		536,327
GE T&D India		20,670		501,191
GlaxoSmithKline Pharmaceuticals		8,201		215,706
Glenmark Pharmaceuticals		5,337		100,308
Great Eastern Shipping		17,099		192,133
HCL Technologies		10,987		246,064
HDFC Asset Management		7,496		367,652

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	EMERGING MARKET ex- CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
INDIA (continued)
Hero MotoCorp		9,582	$	465,660
Himadri Speciality Chemical		15,016		102,552
Hindustan Aeronautics		6,719		327,919
ICICI Bank		40,715		609,509
ICICI Lombard General Insurance		19,817		413,810
InterGlobe Aviation *		2,040		108,518
Kalyan Jewellers India		40,010		358,093
Lupin		24,729		680,429
Neuland Laboratories		1,861		298,316
Oil India		48,036		241,684
Oracle Financial Services Software		2,437		364,052
Page Industries		354		196,465
PB Fintech *		13,927		343,052
Persistent Systems		3,139		236,769
Reliance Industries		9,176		130,271
Solar Industries India		837		95,646
Sun Pharmaceutical Industries		16,047		353,568
Tata Consultancy Services		6,537		312,657
Tech Mahindra		7,470		148,870
Torrent Pharmaceuticals		10,140		397,961
Torrent Power		5,417		94,020
Trent		15,239		1,267,936
UTI Asset Management		10,801		169,376
Voltas		5,036		105,289
Whirlpool of India		17,665		379,685
Zomato *		142,283		462,096
				14,067,369
INDONESIA — 1.5%
Adaro Energy Indonesia		1,261,800		190,505
Indofood Sukses Makmur		521,800		249,634
United Tractors		187,000		311,086
				751,225
MALAYSIA — 0.8%
Petronas Dagangan		32,700		141,287
RHB Bank		168,400		244,041
				385,328
MEXICO — 0.4%
Corporativo Fragua		2,220		72,602
Vista Energy *		2,200		121,042
				193,644

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	EMERGING MARKET ex- CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
PERU — 0.4%
Credicorp		1,165	$	213,568
PHILIPPINES — 0.6%
International Container Terminal Services		16,700		111,439
Metropolitan Bank & Trust		148,240		184,515
				295,954
POLAND — 1.0%
Benefit Systems		434		304,176
CCC *		5,026		223,643
				527,819
QATAR — 0.2%
Barwa Real Estate		142,835		111,020
ROMANIA — 0.8%
NEPI Rockcastle		52,877		386,672
RUSSIA — 0.0%
Gazprom Neft PJSC (A)		111,970		–
Novolipetsk Steel PJSC (A)		98,630		–
PhosAgro PJSC GDR *(A)		22,934		–
Severstal PAO (A)		11,625		–
				–
SAUDI ARABIA — 6.0%
Electrical Industries		439,112		846,109
SAL Saudi Logistics Services		1,363		91,631
Saudi Telecom		121,358		1,291,936
United Electronics		35,576		854,036
				3,083,712
SOUTH AFRICA — 4.0%
AVI		56,064		325,985
Investec		140,651		932,008
Naspers, Cl N		2,467		545,593
OUTsurance Group		72,339		254,931
				2,058,517
SOUTH KOREA — 14.3%
DB Insurance		1,984		138,542
Hana Financial Group		10,924		421,481
HD Hyundai		4,793		257,858
HD Korea Shipbuilding & Offshore Engineering *		1,386		214,657
JB Financial Group		65,727		726,852
Kia		6,658		455,429

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	EMERGING MARKET ex- CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
SOUTH KOREA (continued)
Korea Electric Power *		27,569	$	375,477
Korea Investment Holdings		4,641		224,776
LG Uplus		15,690		110,096
Meritz Financial Group		2,135		150,827
NH Investment & Securities		17,168		162,683
Samsung Electronics		54,541		1,970,982
Samsung Securities *		19,536		577,262
SK Hynix		6,611		780,935
Woori Financial Group		71,280		744,200
				7,312,057
TAIWAN — 29.6%
Asustek Computer		43,000		807,943
Compal Electronics		224,000		257,244
CTBC Financial Holding		645,000		769,251
Eva Airways		270,000		365,249
Evergreen Marine Taiwan		111,000		761,793
Fubon Financial Holding		477,400		1,314,927
Hon Hai Precision Industry		159,000		892,373
International Games System		12,000		356,510
Makalot Industrial		25,440		249,088
Taiwan Semiconductor Manufacturing		252,000		8,263,051
Topco Scientific		38,000		324,544
Tripod Technology		33,000		198,798
Wan Hai Lines		46,000		113,791
Yang Ming Marine Transport		191,000		441,022
				15,115,584
THAILAND — 1.2%
SCB X		66,600		229,521
TMBThanachart Bank		2,659,700		145,096
True *		724,200		235,771
				610,388
TÜRKIYE — 0.6%
TAV Havalimanlari Holding *		37,524		290,765
UNITED ARAB EMIRATES — 3.5%
ADNOC Drilling PJSC		147,317		213,773
ADNOC Logistics & Services		188,885		279,236
Emirates Integrated Telecommunications PJSC		235,463		480,151
Salik PJSC		537,177		789,740
				1,762,900

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTAMENTAL
	EMERGING MARKET ex- CHINA EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
UNITED STATES — 1.0%
JBS S		88,400	$	519,423
TOTAL COMMON STOCK
(Cost $48,280,764)				51,120,142
PREFERRED STOCK — 3.3%
BRAZIL — 2.8%
Cia Energetica de Minas Gerais (B)		200,400		360,392
Cia Paranaense de Energia - Copel (B)		121,500		179,953
Itau Unibanco Holding (B)		143,300		712,806
Itausa (B)		117,652		168,159
				1,421,310
SOUTH KOREA — 0.5%
Hyundai Motor (B)		2,363		244,944
TOTAL PREFERRED STOCK
(Cost $1,926,096)				1,666,254

RIGHTS — 0.0%    

	Number of
	Rights		Value
MEXICO — 0.0%
Alfa, Expires 10/25/2024		26,925		5,620
TOTAL RIGHTS
(Cost $–)				5,620
TOTAL INVESTMENTS— 103.5%
(Cost $50,206,860)			$	52,792,016

Percentages are based on Net Assets of $50,983,477.

* Non-income producing security.

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

(B) There is currently no rate available.

Cl — Class 

GDR — Global Depositary Receipt 

PJSC — Public Joint Stock Company

RAY-QH-002-0700

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTITATIVE
	DEVELOPED MARKET EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 100.8%

	Shares		Value
BELGIUM — 0.2%
KBC Group		1,647	$	127,125
CANADA — 2.8%
Agnico Eagle Mines		5,726		447,831
Celestica *		7,600		701,026
Manulife Financial, Cl Common Subs. Receipt		20,000		614,101
				1,762,958
CHINA — 0.2%
BOC Hong Kong Holdings		37,496		120,434
DENMARK — 0.6%
Danske Bank		3,669		103,779
Novo Nordisk, Cl B		3,056		264,879
				368,658
FINLAND — 0.4%
Nokia		58,009		256,761
FRANCE — 2.0%
AXA		20,571		731,057
Credit Agricole		11,147		153,402
Engie		11,322		179,493
Societe Generale		8,524		239,730
				1,303,682
GERMANY — 0.8%
MTU Aero Engines		582		194,056
Siemens Energy *		6,028		314,471
				508,527
HONG KONG — 0.3%
Techtronic Industries		13,996		184,681
ISRAEL — 0.7%
Check Point Software Technologies *		923		172,324
Teva Pharmaceutical Industries ADR *		12,453		274,464
				446,788
ITALY — 0.3%
Intesa Sanpaolo		54,579		218,323
JAPAN — 2.9%
Asics		6,721		133,000
MS&AD Insurance Group Holdings		14,200		311,630
Recruit Holdings		15,342		1,087,978

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTITATIVE
	DEVELOPED MARKET EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
JAPAN (continued)
Sumitomo Mitsui Financial Group		14,100	$	337,697
				1,870,305
NETHERLANDS — 1.7%
Adyen *		230		342,242
ING Groep		38,319		600,346
NN Group		2,850		124,156
				1,066,744
NEW ZEALAND — 0.2%
Xero *		1,316		137,343
NORWAY — 0.3%
DNB Bank		10,584		211,450
SINGAPORE — 0.7%
Sea ADR *		4,115		436,602
SOUTH KOREA — 1.0%
Coupang, Cl A *		28,763		632,211
SPAIN — 0.4%
CaixaBank		45,967		249,227
SWEDEN — 1.6%
Essity, Cl B		4,223		113,016
Evolution		2,100		162,081
Skandinaviska Enskilda Banken, Cl A		18,153		248,820
Svenska Handelsbanken, Cl A		16,591		171,477
Swedbank		9,680		191,248
Telefonaktiebolaget LM Ericsson, Cl B		17,655		143,614
				1,030,256
SWITZERLAND — 0.3%
ABB		3,412		184,747
UNITED KINGDOM — 6.5%
Barclays		167,832		563,630
HSBC Holdings		134,704		1,314,447
International Consolidated Airlines Group		441,001		1,667,416
NatWest Group		80,451		405,142
Rolls-Royce Holdings *		27,385		195,012
				4,145,647
UNITED STATES — 76.9%
AbbVie		8,534		1,516,492
Acuity Brands		4,322		1,262,586

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTITATIVE
	DEVELOPED MARKET EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
UNITED STATES (continued)
Allison Transmission Holdings		5,649	$	610,431
Alphabet, Cl A		10,500		1,987,650
Altria Group		18,504		967,574
Amazon.com *		10,259		2,250,722
American Electric Power		4,616		425,734
Apple		10,074		2,522,731
AT&T		28,281		643,958
Axis Capital Holdings		2,088		185,039
BellRing Brands *		14,793		1,114,504
Booking Holdings		111		551,495
Booz Allen Hamilton Holding, Cl A		1,526		196,396
Bright Horizons Family Solutions *		1,657		183,678
Bristol-Myers Squibb		8,485		479,912
Brown & Brown		2,815		287,186
Cava Group *		1,984		223,795
Cencora, Cl A		1,475		331,403
CNA Financial		3,950		191,062
Colgate-Palmolive		6,936		630,552
CommVault Systems *		3,174		478,988
Corpay *		739		250,092
CubeSmart ‡		6,301		269,998
CyberArk Software *		379		126,264
DocuSign, Cl A *		2,150		193,371
DoorDash, Cl A *		3,169		531,600
Dynatrace *		3,190		173,377
eBay		2,806		173,832
Ecolab		716		167,773
Eli Lilly		1,224		944,928
Evergy		2,575		158,491
Exelixis *		41,027		1,366,199
Fortinet *		6,282		593,523
Garmin		1,093		225,442
General Motors		11,243		598,915
Gilead Sciences		7,834		723,626
GoDaddy, Cl A *		1,014		200,133
Guidewire Software *		3,403		573,678
HCA Healthcare		1,858		557,679
Houlihan Lokey, Cl A		831		144,311
Kimberly-Clark		4,040		529,402
Leidos Holdings		722		104,011
Lockheed Martin		545		264,837
Lowe's		5,855		1,445,014

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTITATIVE
	DEVELOPED MARKET EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

	Shares		Value
UNITED STATES (continued)
McKesson		1,450	$	826,369
Meta Platforms, Cl A		226		132,325
Microsoft		7,236		3,049,974
Motorola Solutions		1,067		493,200
Netflix *		264		235,308
NextEra Energy		6,121		438,815
NVIDIA		29,497		3,961,152
Omega Healthcare Investors ‡		10,662		403,557
Otis Worldwide		2,149		199,019
Philip Morris International		12,757		1,535,305
Pinnacle West Capital		6,686		566,772
ROBLOX, Cl A *		4,616		267,082
RTX		3,626		419,601
Ryan Specialty Holdings, Cl A		2,178		139,740
Shell		34,060		1,056,177
Smartsheet, Cl A *		25,114		1,407,138
Spotify Technology *		1,649		737,730
Sprouts Farmers Market *		9,518		1,209,452
Targa Resources		2,148		383,418
Tenet Healthcare *		6,520		823,020
Toast, Cl A *		4,345		158,375
Tyson Foods, Cl A		2,443		140,326
Unum Group		19,418		1,418,097
Veeva Systems, Cl A *		850		178,712
Veralto		2,660		270,921
VeriSign *		921		190,610
Viking Holdings *		23,569		1,038,450
Zoom Video Communications, Cl A *		2,776		226,549
				49,265,578
TOTAL COMMON STOCK
(Cost $59,886,723)				64,528,047

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT QUANTITATIVE
	DEVELOPED MARKET EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

WARRANT — 0.0%

	Number of
	Warrants		Value
CANADA — 0.0%
Constellation Software, Expires 08/22/2028 (A)		202	$	–
TOTAL WARRANT
(Cost $—)				–
TOTAL INVESTMENTS— 100.8%
(Cost $59,886,723)			$	64,528,047

Percentages are based on Net Assets of $64,022,174.

* Non-income producing security.

‡ Real Estate Investment Trust.

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

ADR — American Depositary Receipt

Cl — Class

RAY-QH-003-0700

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT SMDAM
	JAPAN EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† — 100.4%

	Shares		Value
JAPAN — 100.4%
Communication Services — 3.4%
Internet Initiative Japan		59,671	$	1,133,544
				1,133,544
Consumer Discretionary — 31.3%
ABC-Mart		52,700		1,070,029
Asics		70,700		1,399,065
Denso		56,780		800,072
Fast Retailing		4,669		1,598,916
Japan Eyewear Holdings		24,874		381,435
Resorttrust		62,400		1,247,524
Sanrio		45,573		1,606,480
Seiren		58,600		1,044,404
Toyota Motor		67,100		1,343,196
				10,491,121
Consumer Staples — 5.4%
Lifedrink		66,636		964,178
Toyo Suisan Kaisha		12,172		833,359
				1,797,537
Financials — 9.6%
Mitsubishi UFJ Financial Group		165,200		1,940,438
Premium Group		77,000		1,266,022
				3,206,460
Health Care — 2.9%
Daiichi Sankyo		34,967		968,290
				968,290
Industrials — 27.9%
Ebara		43,400		679,471
Fuji Electric		14,589		794,430
Fujikura		50,731		2,113,684
Hitachi		50,165		1,256,679
Hoshizaki		20,474		816,042
Kawasaki Heavy Industries		19,400		898,651
Kyudenko		20,863		686,849
Mitsubishi		46,646		772,882
SIGMAXYZ Holdings		216,400		1,292,947
				9,311,635
Information Technology — 14.6%
Disco		3,486		947,803
Maruwa		5,802		1,784,975
NEC		15,223		1,328,961

THE ADVISORS’ INNER CIRCLE FUND III	RAYLIANT SMDAM
	JAPAN EQUITY ETF
	DECEMBER 31, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

	Shares		Value
JAPAN (continued)
Information Technology (continued)
SCSK		39,800	$	843,559
				4,905,298
Materials — 5.3%
Osaka Soda		78,930		1,002,445
Shin-Etsu Chemical		22,782		767,711
				1,770,156
TOTAL COMMON STOCK
(Cost $30,047,587)				33,584,041
TOTAL INVESTMENTS— 100.4%
(Cost $30,047,587)			$	33,584,041

Percentages are based on Net Assets of $33,459,528. 

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

RAY-QH-004-0200