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

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC LARGE CAP CORE ETF DECEMBER 31, 2024 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK** — 99.8%
	Shares		Value
Communication Services — 14.9%
Alphabet, Cl A	5,476	$	1,036,607
Alphabet, Cl C	4,886		930,490
Electronic Arts	2,586		378,332
Meta Platforms, Cl A	2,666		1,560,970
Netflix *	1,136		1,012,539
Omnicom Group	5,829		501,527
Walt Disney	5,489		611,200
			6,031,665
Consumer Discretionary — 7.4%
BorgWarner	17,994		572,029
CarMax *	6,056		495,138
Ralph Lauren, Cl A	1,860		429,623
Ross Stores	4,099		620,056
Tapestry	6,838		446,726
Ulta Beauty *	992		431,451
			2,995,023
Consumer Staples — 7.6%
Colgate-Palmolive	6,741		612,824
Costco Wholesale	1,808		1,656,616
Hormel Foods	12,726		399,215
Kimberly-Clark	3,212		420,900
			3,089,555
Financials — 9.2%
Everest Group	2,319		840,545
Loews	21,286		1,802,711
Moody's	1,487		703,901
MSCI, Cl A	661		396,607
			3,743,764
Health Care — 6.2%
Agilent Technologies	2,984		400,871
Danaher	2,241		514,421
Henry Schein *	5,458		377,694
Stryker	3,363		1,210,848
			2,503,834
Industrials — 9.7%
Automatic Data Processing	3,519		1,030,117
Nordson	3,670		767,911
Paychex	3,723		522,039

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC LARGE CAP CORE ETF DECEMBER 31, 2024 (UNAUDITED)

COMMON STOCK** — continued
	Shares		Value
Industrials — continued
Veralto		6,955	$	708,367
Xylem		7,814		906,580
				3,935,014
Information Technology — 38.4%
Adobe *		886		393,986
Advanced Micro Devices *		6,439		777,767
Amphenol, Cl A		17,139		1,190,304
Apple		8,479		2,123,311
Arista Networks *		5,901		652,238
Autodesk *		1,359		401,680
Cadence Design Systems *		1,364		409,827
CDW		2,362		411,082
Gartner *		1,022		495,128
International Business Machines		4,526		994,951
KLA		1,626		1,024,575
Lam Research		11,126		803,631
Microsoft		4,676		1,970,934
NVIDIA		15,307		2,055,577
Salesforce		2,055		687,048
ServiceNow *		732		776,008
Synopsys *		822		398,966
				15,567,013
Materials — 1.7%
Avery Dennison		3,722		696,498
Real Estate — 4.7%
American Tower, Cl A ‡		3,719		682,102
Kimco Realty ‡		51,507		1,206,809
				1,888,911
Total Common Stock
(Cost $34,623,913)				40,451,277
Total Investments - 99.8%
(Cost $34,623,913)			$	40,451,277

Percentages are based on Net Assets of $40,550,764.

* Non-income producing security.

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC LARGE CAP CORE ETF DECEMBER 31, 2024 (UNAUDITED)

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

‡ Real Estate Investment Trust.

Cl — Class 

MSCI — Morgan Stanley Capital International

RAM-QH-001-0900