| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† — 98.2%
| Shares | Value | |||||||
| AUSTRALIA — 0.0% | ||||||||
| Materials — 0.0% | ||||||||
| Anglogold Ashanti | 346 | $ | 28,031 | |||||
| BRAZIL — 2.8% | ||||||||
| Communication Services — 0.3% | ||||||||
| TIM | 50,400 | 213,929 | ||||||
| Consumer Discretionary — 0.3% | ||||||||
| Vibra Energia | 34,900 | 201,203 | ||||||
| Financials — 1.0% | ||||||||
| Banco do Brasil | 54,300 | 209,292 | ||||||
| BB Seguridade Participacoes | 46,300 | 349,579 | ||||||
| Porto Seguro | 14,100 | 144,162 | ||||||
| 703,033 | ||||||||
| Materials — 0.6% | ||||||||
| Vale | 28,000 | 421,573 | ||||||
| Utilities — 0.6% | ||||||||
| Cia Paranaense de Energia - Copel | 123,700 | 359,680 | ||||||
| CPFL Energia | 14,600 | 126,002 | ||||||
| 485,682 | ||||||||
| 2,025,420 | ||||||||
| CHILE — 0.8% | ||||||||
| Consumer Discretionary — 0.2% | ||||||||
| Falabella | 24,159 | 150,808 | ||||||
| Consumer Staples — 0.0% | ||||||||
| Cencosud | 9,619 | 22,219 | ||||||
| Real Estate — 0.3% | ||||||||
| Plaza | 47,646 | 196,352 | ||||||
| Utilities — 0.3% | ||||||||
| Enel Chile | 1,934,883 | 169,967 | ||||||
| 539,346 | ||||||||
| CHINA — 23.0% | ||||||||
| Communication Services — 5.6% | ||||||||
| Bilibili, Cl Z * | 9,476 | 159,141 | ||||||
| China Tower, Cl H | 299,177 | 336,105 | ||||||
| Giant Network Group, Cl A | 7,900 | 32,075 | ||||||
| Kingnet Network, Cl A | 8,200 | 19,630 | ||||||
| Kingsoft | 35,163 | 99,453 | ||||||
| Kuaishou Technology, Cl B | 30,874 | 163,778 | ||||||
| Meitu | 106,063 | 50,718 | ||||||
| NetEase | 49,571 | 1,279,407 | ||||||
| NetEase Cloud Music * | 3,843 | 50,426 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| CHINA (continued) | ||||||||
| Communication Services (continued) | ||||||||
| Tencent Holdings | 31,111 | $ | 1,705,104 | |||||
| Zhejiang Century Huatong Group, Cl A | 30,100 | 62,523 | ||||||
| 3,958,360 | ||||||||
| Consumer Discretionary — 2.4% | ||||||||
| Alibaba Group Holding | 43,273 | 512,353 | ||||||
| ANTA Sports Products | 2,984 | 27,036 | ||||||
| Fuyao Glass Industry Group, Cl H | 7,506 | 49,006 | ||||||
| H World Group ADR | 11,818 | 493,047 | ||||||
| Huayu Automotive Systems, Cl A | 14,400 | 32,924 | ||||||
| JD.com, Cl A | 3,988 | 50,473 | ||||||
| NIO, Cl A * | 13,672 | 67,540 | ||||||
| SAIC Motor, Cl A | 34,000 | 48,886 | ||||||
| Vipshop Holdings ADR | 23,055 | 305,709 | ||||||
| Yadea Group Holdings | 94,210 | 107,040 | ||||||
| Zhejiang China Commodities City Group, Cl A | 24,300 | 36,371 | ||||||
| 1,730,385 | ||||||||
| Consumer Staples — 0.1% | ||||||||
| Eastroc Beverage Group, Cl A | 2,800 | 50,914 | ||||||
| Want Want China Holdings | 50,509 | 21,834 | ||||||
| 72,748 | ||||||||
| Energy — 0.3% | ||||||||
| PetroChina, Cl H | 171,462 | 185,411 | ||||||
| Financials — 7.3% | ||||||||
| Agricultural Bank of China, Cl A | 269,300 | 240,815 | ||||||
| Agricultural Bank of China, Cl H | 1,385,024 | 943,124 | ||||||
| Bank of Changsha, Cl A | 19,700 | 25,278 | ||||||
| Bank of Chengdu, Cl A | 19,400 | 50,586 | ||||||
| Bank of China, Cl A | 174,900 | 147,382 | ||||||
| Bank of China, Cl H | 678,147 | 431,514 | ||||||
| Bank of Communications, Cl A | 95,900 | 90,842 | ||||||
| Bank of Communications, Cl H | 577,757 | 496,564 | ||||||
| Bank of Hangzhou, Cl A | 32,100 | 68,333 | ||||||
| Bank of Jiangsu, Cl A | 81,900 | 130,065 | ||||||
| Bank of Nanjing, Cl A | 55,400 | 80,717 | ||||||
| Bank of Ningbo, Cl A | 29,200 | 127,718 | ||||||
| Bank of Shanghai, Cl A | 60,700 | 77,619 | ||||||
| Bank of Suzhou, Cl A | 22,100 | 22,660 | ||||||
| China CITIC Bank, Cl A | 54,900 | 56,049 | ||||||
| China CITIC Bank, Cl H | 440,878 | 373,861 | ||||||
| China Construction Bank, Cl A | 95,000 | 134,775 | ||||||
| China Minsheng Banking, Cl H | 445,379 | 178,332 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| CHINA (continued) | ||||||||
| Financials (continued) | ||||||||
| China Taiping Insurance Holdings | 90,471 | $ | 207,890 | |||||
| Chongqing Rural Commercial Bank, Cl H | 162,053 | 119,441 | ||||||
| Far East Horizon | 189,819 | 129,498 | ||||||
| Hithink RoyalFlush Information Network, Cl A | 3,100 | 110,062 | ||||||
| Industrial Bank, Cl A | 8,700 | 21,225 | ||||||
| PICC Property & Casualty, Cl H | 407,120 | 743,423 | ||||||
| Ping An Insurance Group of China, Cl H | 24,812 | 161,521 | ||||||
| Shanghai Rural Commercial Bank, Cl A | 43,400 | 47,888 | ||||||
| 5,217,182 | ||||||||
| Health Care — 1.3% | ||||||||
| APT Medical, Cl A | 400 | 10,699 | ||||||
| CSPC Pharmaceutical Group | 78,906 | 70,131 | ||||||
| Haisco Pharmaceutical Group, Cl A | 3,900 | 38,115 | ||||||
| Hansoh Pharmaceutical Group | 78,677 | 297,169 | ||||||
| Shanghai Allist Pharmaceuticals, Cl A | 2,000 | 32,174 | ||||||
| Sino Biopharmaceutical | 545,043 | 306,507 | ||||||
| Sinopharm Group, Cl H | 88,993 | 180,550 | ||||||
| 935,345 | ||||||||
| Industrials — 2.3% | ||||||||
| China Merchants Port Holdings | 90,611 | 142,583 | ||||||
| China Railway Group, Cl H | 298,726 | 126,087 | ||||||
| China State Construction Engineering, Cl A | 177,300 | 113,359 | ||||||
| China State Construction International Holdings | 97,598 | 86,745 | ||||||
| CITIC | 274,670 | 371,618 | ||||||
| Contemporary Amperex Technology, Cl A | 7,500 | 434,233 | ||||||
| Haitian International Holdings | 45,373 | 108,485 | ||||||
| Metallurgical Corp of China, Cl A | 80,800 | 29,044 | ||||||
| Sichuan Road and Bridge Group, Cl A | 36,100 | 41,589 | ||||||
| Sinotruk Hong Kong | 13,482 | 66,258 | ||||||
| Sungrow Power Supply, Cl A | 2,900 | 67,937 | ||||||
| Yutong Bus, Cl A | 10,000 | 39,496 | ||||||
| 1,627,434 | ||||||||
| Information Technology — 1.4% | ||||||||
| Beijing Kingsoft Office Software, Cl A | 1,800 | 56,495 | ||||||
| Kingdee International Software Group * | 178,364 | 134,648 | ||||||
| Lenovo Group | 27,654 | 81,177 | ||||||
| Piotech, Cl A | 1,200 | 147,083 | ||||||
| Wuhan Guide Infrared, Cl A * | 18,900 | 36,920 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| CHINA (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Zhongji Innolight, Cl A | 3,000 | $ | 561,285 | |||||
| 1,017,608 | ||||||||
| Materials — 1.6% | ||||||||
| Baoshan Iron & Steel, Cl A | 91,800 | 73,434 | ||||||
| China Gold International Resources | 4,809 | 75,121 | ||||||
| China Hongqiao Group | 135,708 | 347,142 | ||||||
| China National Building Material, Cl H | 249,779 | 170,085 | ||||||
| China Nonferrous Mining | 25,546 | 36,648 | ||||||
| Guangzhou Tinci Materials Technology, Cl A | 5,400 | 40,914 | ||||||
| Jiangxi Copper, Cl H | 65,119 | 256,754 | ||||||
| MMG * | 133,917 | 118,513 | ||||||
| 1,118,611 | ||||||||
| Real Estate — 0.0% | ||||||||
| China Resources Mixc Lifestyle Services | 7,699 | 36,011 | ||||||
| Utilities — 0.7% | ||||||||
| Beijing Enterprises Holdings | 35,610 | 122,059 | ||||||
| Guangdong Investment | 193,907 | 191,878 | ||||||
| Kunlun Energy | 229,680 | 188,324 | ||||||
| 502,261 | ||||||||
| 16,401,356 | ||||||||
| CZECH REPUBLIC — 0.2% | ||||||||
| Financials — 0.2% | ||||||||
| Komercni Banka | 3,099 | 141,986 | ||||||
| EGYPT — 0.3% | ||||||||
| Financials — 0.3% | ||||||||
| Commercial International Bank - Egypt (CIB) | 91,870 | 238,126 | ||||||
| GREECE — 0.7% | ||||||||
| Communication Services — 0.3% | ||||||||
| Hellenic Telecommunications Organization | 9,535 | 211,814 | ||||||
| Consumer Discretionary — 0.4% | ||||||||
| Allwyn | 12,557 | 199,842 | ||||||
| JUMBO | 2,203 | 56,519 | ||||||
| 256,361 | ||||||||
| 468,175 | ||||||||
| HUNGARY — 0.7% | ||||||||
| Energy — 0.4% | ||||||||
| MOL Hungarian Oil & Gas | 23,312 | 277,066 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| HUNGARY (continued) | ||||||||
| Health Care — 0.3% | ||||||||
| Richter Gedeon Nyrt | 6,222 | $ | 240,834 | |||||
| 517,900 | ||||||||
| INDIA — 9.8% | ||||||||
| Communication Services — 0.2% | ||||||||
| Bharti Airtel | 9,568 | 187,198 | ||||||
| Consumer Discretionary — 1.1% | ||||||||
| Bosch | 291 | 122,660 | ||||||
| Hero MotoCorp | 4,886 | 247,467 | ||||||
| Page Industries | 406 | 177,440 | ||||||
| Tata Motors Passenger Vehicles Limited | 57,645 | 214,482 | ||||||
| 762,049 | ||||||||
| Consumer Staples — 1.9% | ||||||||
| Britannia Industries | 7,206 | 391,783 | ||||||
| Colgate-Palmolive India | 8,770 | 185,103 | ||||||
| ITC | 18,823 | 57,061 | ||||||
| Marico | 33,132 | 292,700 | ||||||
| Nestle India | 13,403 | 198,966 | ||||||
| United Spirits | 16,175 | 230,752 | ||||||
| 1,356,365 | ||||||||
| Energy — 2.0% | ||||||||
| Bharat Petroleum | 101,880 | 326,707 | ||||||
| Hindustan Petroleum | 64,546 | 268,968 | ||||||
| Indian Oil | 189,644 | 279,241 | ||||||
| Oil & Natural Gas | 171,448 | 425,456 | ||||||
| Petronet LNG | 33,089 | 98,156 | ||||||
| 1,398,528 | ||||||||
| Financials — 0.5% | ||||||||
| Canara Bank | 130,455 | 172,987 | ||||||
| Muthoot Finance | 6,020 | 190,619 | ||||||
| 363,606 | ||||||||
| Health Care — 1.7% | ||||||||
| Alkem Laboratories | 2,899 | 170,586 | ||||||
| Sun Pharmaceutical Industries | 28,441 | 559,603 | ||||||
| Torrent Pharmaceuticals | 6,760 | 329,942 | ||||||
| Zydus Lifesciences | 14,904 | 175,179 | ||||||
| 1,235,310 | ||||||||
| Industrials — 0.1% | ||||||||
| GE Vernova T&D India | 1,232 | 64,347 | ||||||
| Information Technology — 1.3% | ||||||||
| HCL Technologies | 62,848 | 711,614 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| INDIA (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Infosys | 2,601 | $ | 27,489 | |||||
| Tata Consultancy Services | 7,893 | 169,394 | ||||||
| 908,497 | ||||||||
| Materials — 0.7% | ||||||||
| Coromandel International | 8,640 | 183,007 | ||||||
| Pidilite Industries | 17,811 | 299,682 | ||||||
| 482,689 | ||||||||
| Utilities — 0.3% | ||||||||
| Power Grid Corp of India | 67,494 | 204,139 | ||||||
| 6,962,728 | ||||||||
| INDONESIA — 0.6% | ||||||||
| Energy — 0.2% | ||||||||
| United Tractors | 106,356 | 136,811 | ||||||
| Financials — 0.0% | ||||||||
| Bank Negara Indonesia Persero | 95,452 | 16,870 | ||||||
| Industrials — 0.4% | ||||||||
| Astra International | 1,054,364 | 266,539 | ||||||
| 420,220 | ||||||||
| MALAYSIA — 0.2% | ||||||||
| Consumer Staples — 0.2% | ||||||||
| Nestle Malaysia | 5,200 | 119,189 | ||||||
| MEXICO — 0.8% | ||||||||
| Consumer Staples — 0.3% | ||||||||
| Kimberly-Clark de Mexico, Cl A | 99,600 | 220,133 | ||||||
| Materials — 0.5% | ||||||||
| Industrias Penoles | 5,117 | 223,521 | ||||||
| Southern Copper | 626 | 109,087 | ||||||
| 332,608 | ||||||||
| 552,741 | ||||||||
| PERU — 1.0% | ||||||||
| Financials — 0.6% | ||||||||
| Credicorp | 1,077 | 419,578 | ||||||
| Materials — 0.4% | ||||||||
| Cia de Minas Buenaventura SAA ADR | 10,858 | 318,031 | ||||||
| 737,609 | ||||||||
| PHILIPPINES — 0.3% | ||||||||
| Utilities — 0.3% | ||||||||
| Manila Electric | 21,002 | 195,065 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR |
| EMERGING MARKETS EQUITY ETF | |
| JUNE 30, 2026 | |
| (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
| Shares | Value | |||||||
| POLAND — 1.9% | ||||||||
| Energy — 0.6% | ||||||||
| ORLEN | 12,661 | $ | 426,429 | |||||
| Financials — 0.9% | ||||||||
| Powszechny Zaklad Ubezpieczen | 34,541 | 602,998 | ||||||
| Information Technology — 0.2% | ||||||||
| Asseco Poland | 2,947 | 131,048 | ||||||
| Utilities — 0.2% | ||||||||
| PGE Polska Grupa Energetyczna * | 65,178 | 163,689 | ||||||
| 1,324,164 | ||||||||
| QATAR — 0.2% | ||||||||
| Energy — 0.2% | ||||||||
| Qatar Fuel QSC | 43,848 | 169,804 | ||||||
| RUSSIA — 0.0% | ||||||||
| Energy — 0.0% | ||||||||
| Gazprom Neft PJSC *(A) | 111,970 | — | ||||||
| Materials — 0.0% | ||||||||
| Novolipetsk Steel PJSC *(A) | 98,630 | — | ||||||
| PhosAgro PJSC GDR *(A) | 22,934 | — | ||||||
| Severstal PAO *(A) | 11,625 | — | ||||||
| — | ||||||||
| — | ||||||||
| SAUDI ARABIA — 1.0% | ||||||||
| Communication Services — 0.3% | ||||||||
| Saudi Telecom | 21,221 | 244,223 | ||||||
| Consumer Discretionary — 0.3% | ||||||||
| Jarir Marketing | 44,890 | 200,244 | ||||||
| Materials — 0.2% | ||||||||
| SABIC Agri-Nutrients | 5,154 | 169,825 | ||||||
| Utilities — 0.2% | ||||||||
| Saudi Energy | 27,299 | 129,331 | ||||||
| 743,623 | ||||||||
| SOUTH AFRICA — 2.9% | ||||||||
| Consumer Discretionary — 0.2% | ||||||||
| Naspers, Cl N | 3,884 | 194,466 | ||||||
| Consumer Staples — 0.2% | ||||||||
| Clicks Group | 8,888 | 123,353 | ||||||
| Financials — 2.5% | ||||||||
| Capitec Bank Holdings | 1,035 | 299,962 | ||||||
| Discovery | 14,602 | 235,405 | ||||||
| OUTsurance Group | 57,366 | 275,280 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR EMERGING MARKETS EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| SOUTH AFRICA (continued) | ||||||||
| Financials (continued) | ||||||||
| Remgro | 31,086 | $ | 373,639 | |||||
| Sanlam | 110,662 | 595,711 | ||||||
| 1,779,997 | ||||||||
| 2,097,816 | ||||||||
| SOUTH KOREA — 22.3% | ||||||||
| Communication Services — 0.5% | ||||||||
| LG Uplus | 7,800 | 70,484 | ||||||
| SK Telecom | 4,378 | 249,800 | ||||||
| 320,284 | ||||||||
| Consumer Discretionary — 1.4% | ||||||||
| Kia | 5,656 | 503,794 | ||||||
| LG Electronics | 3,428 | 449,160 | ||||||
| 952,954 | ||||||||
| Consumer Staples — 0.5% | ||||||||
| APR | 1,510 | 375,721 | ||||||
| Energy — 0.5% | ||||||||
| HD Hyundai | 2,861 | 368,405 | ||||||
| Financials — 2.4% | ||||||||
| DB Insurance | 2,520 | 217,794 | ||||||
| Industrial Bank of Korea | 14,177 | 182,097 | ||||||
| Mirae Asset Securities | 700 | 19,315 | ||||||
| NH Investment & Securities | 7,923 | 150,349 | ||||||
| Samsung Fire & Marine Insurance | 1,044 | 416,441 | ||||||
| Woori Financial Group | 37,317 | 698,504 | ||||||
| 1,684,500 | ||||||||
| Industrials — 2.2% | ||||||||
| HD Hyundai Electric | 68 | 42,662 | ||||||
| HD Hyundai Heavy Industries | 936 | 357,653 | ||||||
| HD Korea Shipbuilding & Offshore Engineering | 1,029 | 232,460 | ||||||
| Hyosung Heavy Industries | 200 | 443,813 | ||||||
| Hyundai Engineering & Construction | 2,102 | 154,940 | ||||||
| Hyundai Glovis | 1,872 | 221,237 | ||||||
| LG | 2,068 | 129,876 | ||||||
| 1,582,641 | ||||||||
| Information Technology — 14.3% | ||||||||
| Samsung Electronics | 23,517 | 5,069,824 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR EMERGING MARKETS EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| SOUTH KOREA (continued) | ||||||||
| Information Technology (continued) | ||||||||
| SK hynix | 3,005 | $ | 5,139,902 | |||||
| 10,209,726 | ||||||||
| Utilities — 0.5% | ||||||||
| Korea Electric Power | 15,578 | 372,030 | ||||||
| 15,866,261 | ||||||||
| TAIWAN — 26.8% | ||||||||
| Communication Services — 0.5% | ||||||||
| International Games System | 14,000 | 346,743 | ||||||
| Financials — 0.1% | ||||||||
| Cathay Financial Holding | 20,000 | 61,714 | ||||||
| Information Technology — 26.0% | ||||||||
| Asia Vital Components | 4,000 | 317,047 | ||||||
| Asustek Computer | 23,000 | 505,391 | ||||||
| Catcher Technology | 36,000 | 236,184 | ||||||
| Compal Electronics | 252,000 | 279,240 | ||||||
| Delta Electronics | 15,000 | 918,180 | ||||||
| eMemory Technology | 3,000 | 275,454 | ||||||
| Innolux | 435,000 | 938,098 | ||||||
| Lite-On Technology | 87,000 | 606,281 | ||||||
| MediaTek | 28,000 | 3,731,106 | ||||||
| Novatek Microelectronics | 35,000 | 587,792 | ||||||
| Pegatron | 126,000 | 331,449 | ||||||
| Realtek Semiconductor | 27,000 | 683,126 | ||||||
| Taiwan Semiconductor Manufacturing | 118,000 | 8,926,907 | ||||||
| Wistron | 34,000 | 169,165 | ||||||
| 18,505,420 | ||||||||
| Materials — 0.2% | ||||||||
| Asia Cement | 160,000 | 175,788 | ||||||
| 19,089,665 | ||||||||
| THAILAND — 1.4% | ||||||||
| Communication Services — 0.2% | ||||||||
| Advanced Info Service | 14,388 | 158,950 | ||||||
| Financials — 0.9% | ||||||||
| Kasikornbank | 34,352 | 225,425 | ||||||
| Krung Thai Bank | 232,408 | 265,845 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR EMERGING MARKETS EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| THAILAND (continued) | ||||||||
| Financials (continued) | ||||||||
| TMBThanachart Bank | 1,776,172 | $ | 131,527 | |||||
| 622,797 | ||||||||
| Information Technology — 0.3% | ||||||||
| Delta Electronics Thailand | 20,488 | 200,436 | ||||||
| 982,183 | ||||||||
| UNITED ARAB EMIRATES — 0.3% | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| Abu Dhabi National Oil for Distribution PJSC | 213,048 | 227,390 | ||||||
| UNITED SATES — 0.2% | ||||||||
| Health Care — 0.2% | ||||||||
| BeOne Medicines, Cl H * | 5,645 | 122,660 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $56,682,496) | 69,971,458 | |||||||
| PREFERRED STOCK†† — 1.4% | ||||||||
| BRAZIL — 0.2% | ||||||||
| Materials — 0.2% | ||||||||
| Gerdau (B) | 34,100 | 137,034 | ||||||
| COLOMBIA — 0.8% | ||||||||
| Financials — 0.8% | ||||||||
| Grupo Cibest (B) | 28,641 | 561,521 | ||||||
| SOUTH KOREA — 0.4% | ||||||||
| Information Technology — 0.4% | ||||||||
| Samsung Electronics (B) | 1,922 | 262,999 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $743,681) | 961,554 | |||||||
| TOTAL INVESTMENTS— 99.6% | ||||||||
| (Cost $57,426,177) | $ | 70,933,012 | ||||||
| Percentages are based on Net Assets of $71,224,730. | |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | There is currently no rate available. |
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR EMERGING MARKETS EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
ADR — American Depositary Receipt |
| Cl — Class |
| GDR — Global Depositary Receipt |
| PJSC — Public Joint Stock Company |
RAY-QH-002-1000
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR US EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† — 99.3% | ||||||||
| Shares | Value | |||||||
| UNITED STATES — 99.3% | ||||||||
| Communication Services — 10.2% | ||||||||
| Alphabet, Cl A | 10,973 | $ | 3,921,421 | |||||
| Alphabet, Cl C | 9,857 | 3,482,774 | ||||||
| AT&T | 7,152 | 148,046 | ||||||
| Electronic Arts | 3,464 | 710,258 | ||||||
| Fox, Cl A | 3,168 | 165,243 | ||||||
| Fox, Cl B | 2,067 | 96,818 | ||||||
| Meta Platforms, Cl A | 1,164 | 655,670 | ||||||
| Netflix * | 10,262 | 732,707 | ||||||
| 9,912,937 | ||||||||
| Consumer Discretionary — 8.6% | ||||||||
| Amazon.com * | 9,120 | 2,173,661 | ||||||
| Booking Holdings | 7,890 | 1,406,314 | ||||||
| Domino's Pizza | 509 | 150,684 | ||||||
| eBay | 6,869 | 767,611 | ||||||
| Expedia Group | 1,955 | 500,245 | ||||||
| General Motors | 14,240 | 1,097,619 | ||||||
| Hasbro | 2,285 | 188,718 | ||||||
| O'Reilly Automotive * | 12,004 | 1,105,448 | ||||||
| Tapestry | 3,237 | 473,832 | ||||||
| Tesla * | 533 | 224,180 | ||||||
| Ulta Beauty * | 564 | 254,353 | ||||||
| 8,342,665 | ||||||||
| Consumer Staples — 5.0% | ||||||||
| Altria Group | 26,879 | 1,933,944 | ||||||
| Colgate-Palmolive | 4,125 | 378,180 | ||||||
| Costco Wholesale | 898 | 840,052 | ||||||
| Kroger | 9,781 | 543,139 | ||||||
| Philip Morris International | 3,040 | 549,966 | ||||||
| Tyson Foods, Cl A | 1,994 | 114,157 | ||||||
| Walmart | 4,077 | 461,761 | ||||||
| 4,821,199 | ||||||||
| Energy — 4.5% | ||||||||
| Exxon Mobil | 10,578 | 1,446,224 | ||||||
| Phillips 66 | 6,088 | 1,029,176 | ||||||
| Valero Energy | 2,675 | 696,677 | ||||||
| Williams | 16,487 | 1,225,644 | ||||||
| 4,397,721 | ||||||||
| Financials — 12.1% | ||||||||
| Allstate | 4,089 | 972,937 | ||||||
| American International Group | 8,433 | 628,511 | ||||||
| Assurant | 837 | 224,760 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR US EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Financials (continued) | ||||||||
| Bank of New York Mellon | 10,530 | $ | 1,522,743 | |||||
| Cboe Global Markets | 455 | 110,415 | ||||||
| Chubb | 2,059 | 701,584 | ||||||
| CME Group, Cl A | 261 | 57,637 | ||||||
| Everest Re Group | 668 | 238,630 | ||||||
| Hartford Insurance Group | 4,302 | 570,101 | ||||||
| Interactive Brokers Group, Cl A | 5,894 | 513,014 | ||||||
| Mastercard, Cl A | 4,638 | 2,382,077 | ||||||
| MetLife | 2,368 | 200,356 | ||||||
| MSCI, Cl A | 163 | 91,286 | ||||||
| Progressive | 6,791 | 1,483,494 | ||||||
| Robinhood Markets, Cl A * | 836 | 83,834 | ||||||
| Synchrony Financial | 5,652 | 429,834 | ||||||
| Travelers | 3,558 | 1,174,567 | ||||||
| W R Berkley | 4,636 | 326,977 | ||||||
| 11,712,757 | ||||||||
| Health Care — 11.3% | ||||||||
| AbbVie | 4,255 | 1,070,728 | ||||||
| Bristol-Myers Squibb | 8,485 | 488,906 | ||||||
| Cardinal Health | 3,632 | 862,818 | ||||||
| Cencora | 2,681 | 758,669 | ||||||
| Eli Lilly | 1,319 | 1,582,048 | ||||||
| Gilead Sciences | 13,733 | 1,735,027 | ||||||
| HCA Healthcare | 2,559 | 997,729 | ||||||
| IDEXX Laboratories * | 1,072 | 564,344 | ||||||
| Incyte * | 2,721 | 308,452 | ||||||
| Johnson & Johnson | 3,486 | 885,340 | ||||||
| McKesson | 1,562 | 1,180,247 | ||||||
| Merck | 974 | 125,159 | ||||||
| Regeneron Pharmaceuticals | 277 | 172,720 | ||||||
| Universal Health Services, Cl B | 684 | 101,704 | ||||||
| Vertex Pharmaceuticals * | 349 | 173,359 | ||||||
| 11,007,250 | ||||||||
| Industrials — 5.3% | ||||||||
| Comfort Systems USA | 558 | 1,105,928 | ||||||
| EMCOR Group | 506 | 419,919 | ||||||
| GE Vernova | 1,436 | 1,687,099 | ||||||
| Lockheed Martin | 1,593 | 811,570 | ||||||
| Northrop Grumman | 744 | 378,927 | ||||||
| RTX | 1,394 | 264,484 | ||||||
| Uber Technologies * | 4,535 | 327,246 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR US EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Industrials (continued) | ||||||||
| Waste Management | 579 | $ | 129,047 | |||||
| 5,124,220 | ||||||||
| Information Technology — 40.6% | ||||||||
| Adobe * | 6,780 | 1,390,036 | ||||||
| Apple | 28,286 | 8,184,837 | ||||||
| AppLovin, Cl A * | 559 | 288,014 | ||||||
| Arista Networks * | 2,439 | 414,337 | ||||||
| Autodesk * | 3,497 | 679,887 | ||||||
| Broadcom | 2,835 | 1,070,921 | ||||||
| Ciena * | 2,131 | 1,045,383 | ||||||
| Cisco Systems | 3,968 | 466,081 | ||||||
| Datadog, Cl A * | 653 | 170,015 | ||||||
| Dell Technologies, Cl C | 3,344 | 1,442,802 | ||||||
| Fair Isaac * | 120 | 143,374 | ||||||
| First Solar * | 242 | 57,102 | ||||||
| Fortinet * | 3,622 | 556,412 | ||||||
| KLA | 610 | 184,043 | ||||||
| Lam Research | 9,309 | 4,033,869 | ||||||
| Micron Technology | 3,754 | 4,333,205 | ||||||
| Microsoft | 6,591 | 2,458,575 | ||||||
| NetApp | 3,261 | 504,672 | ||||||
| NVIDIA | 30,553 | 6,113,350 | ||||||
| Palantir Technologies, Cl A * | 6,653 | 776,205 | ||||||
| QUALCOMM | 4,286 | 792,010 | ||||||
| Seagate Technology Holdings | 562 | 542,330 | ||||||
| ServiceNow * | 2,804 | 278,381 | ||||||
| Teradyne | 1,062 | 513,838 | ||||||
| VeriSign | 1,335 | 335,833 | ||||||
| Western Digital | 4,208 | 2,687,734 | ||||||
| 39,463,246 | ||||||||
| Materials — 1.0% | ||||||||
| CF Industries Holdings | 2,607 | 282,234 | ||||||
| Corteva | 8,129 | 688,445 | ||||||
| 970,679 | ||||||||
| Real Estate — 0.7% | ||||||||
| Simon Property Group ‡ | 3,241 | 724,850 | ||||||
| 96,477,524 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $80,945,047) | 96,477,524 | |||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT NXTGEN MULTIFACTOR US EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| WARRANTS — 0.0% | ||||||||
Number of Warrants | Value | |||||||
| CANADA — 0.0% | ||||||||
| Constellation Software, Expires 03/31/2040 (A) | 202 | $ | – | |||||
| TOTAL WARRANTS | ||||||||
| (Cost $—) | – | |||||||
| TOTAL INVESTMENTS— 99.3% | ||||||||
| (Cost $80,945,047) | $ | 96,477,524 | ||||||
| Percentages are based on Net Assets of $97,143,983. | |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust. |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| Cl — Class | |
RAY-QH-003-1000
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT SMDAM JAPAN EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† — 97.4% | ||||||||
| Shares | Value | |||||||
| JAPAN — 97.4% | ||||||||
| Communication Services — 0.0% | ||||||||
| Internet Initiative Japan | 52 | $ | 1,023 | |||||
| 1,023 | ||||||||
| Consumer Discretionary — 22.8% | ||||||||
| Asics | 49,142 | 1,322,850 | ||||||
| Fast Retailing | 3,041 | 1,549,455 | ||||||
| Food & Life | 52,054 | 1,563,622 | ||||||
| Resorttrust | 8,146 | 87,186 | ||||||
| Ryohin Keikaku | 51 | 1,111 | ||||||
| Sanrio | 4,016 | 27,181 | ||||||
| Seiren | 34,725 | 700,803 | ||||||
| Sony Group | 29,786 | 601,127 | ||||||
| 5,853,335 | ||||||||
| Consumer Staples — 0.9% | ||||||||
| Kao | 11,422 | 226,507 | ||||||
| 226,507 | ||||||||
| Financials — 9.4% | ||||||||
| Mitsubishi UFJ Financial Group | 122,392 | 2,415,082 | ||||||
| 2,415,082 | ||||||||
| Health Care — 3.4% | ||||||||
| Chugai Pharmaceutical | 18,900 | 876,127 | ||||||
| 876,127 | ||||||||
| Industrials — 29.9% | ||||||||
| Daifuku | 33,258 | 1,458,011 | ||||||
| Ebara | 40,383 | 1,554,444 | ||||||
| FANUC | 13,000 | 588,310 | ||||||
| Fujikura | 20,712 | 794,964 | ||||||
| Hitachi | 11,237 | 309,126 | ||||||
| Kawasaki Heavy Industries | 69,562 | 1,250,853 | ||||||
| Kinden | 4,718 | 230,667 | ||||||
| Mitsubishi Electric | 14,518 | 524,890 | ||||||
| Recruit Holdings | 11,103 | 774,016 | ||||||
| Toyota Tsusho | 5,649 | 207,782 | ||||||
| 7,693,063 | ||||||||
| Information Technology — 19.8% | ||||||||
| Disco | 304 | 151,995 | ||||||
| Kioxia Holdings * | 5,504 | 3,037,063 | ||||||
| Maruwa | 1,527 | 665,200 | ||||||
| Murata Manufacturing | 1,829 | 128,236 | ||||||
| NEC | 33,622 | 811,976 | ||||||
| THE ADVISORS’ INNER CIRCLE FUND III | RAYLIANT SMDAM JAPAN EQUITY ETF JUNE 30, 2026 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK†† (continued) | ||||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Simplex Holdings | 51,450 | $ | 296,623 | |||||
| 5,091,093 | ||||||||
| Materials — 9.8% | ||||||||
| Osaka Soda | 29,859 | 346,127 | ||||||
| Resonac Holdings | 19,921 | 2,169,523 | ||||||
| 2,515,650 | ||||||||
| Real Estate — 1.4% | ||||||||
| Mitsui Fudosan | 38,076 | 351,182 | ||||||
| 351,182 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $24,335,635) | 25,023,062 | |||||||
| TOTAL INVESTMENTS— 97.4% | ||||||||
| (Cost $24,335,635) | $ | 25,023,062 | ||||||
| Percentages are based on Net Assets of $25,701,276. | |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
RAY-QH-004-0500