NPORT-EX 2 fp0089822-1_nportex.htm SCHEDULE F

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 99.6%
   

Shares

    

Value

  

CHINA — 99.6%

        

Communication Services — 0.8%

        

37 Interactive Entertainment Network Technology Group, Cl A

    59,000     $ 105,460  

Focus Media Information Technology, Cl A

    157,072       130,376  

Kaiser China Cultural, Cl A *

     139,000       47,978  
              283,814  

Consumer Discretionary — 12.5%

        

Autel Intelligent Technology, Cl A

    35,800       118,371  

Beijing Roborock Technology, Cl A

    5,600       301,138  

BYD, Cl A

    21,900       750,663  

Changzhou Xingyu Automotive Lighting Systems, Cl A

    3,800       58,315  

China Tourism Group Duty Free, Cl A

    15,700       134,381  

Fuyao Glass Industry Group, Cl A

    37,500       246,033  

Gree Electric Appliances of Zhuhai, Cl A

    81,000       435,130  

Guangdong TCL Smart Home Appliances, Cl A *

     102,100       126,701  

Guangdong Xinbao Electrical Appliances Holdings, Cl A

    39,500       76,123  

Haier Smart Home, Cl A

    71,100       276,381  

Hisense Home Appliances Group, Cl A

    62,400       275,554  

Huali Industrial Group, Cl A

    11,500       95,848  

Midea Group, Cl A

    99,240       876,744  

Sailun Group, Cl A

    38,100       73,060  

Seres Group, Cl A *

     12,600       157,257  

Vatti, Cl A

    156,800       133,801  
              4,135,500  

Consumer Staples — 13.9%

        

Anhui Gujing Distillery, Cl A

    4,800       138,770  

Chengdu Hongqi Chain, Cl A

    78,000       49,465  

Chongqing Brewery, Cl A

    7,400       61,524  

COFCO Sugar Holding, Cl A

    125,100       164,325  

Eastroc Beverage Group, Cl A

    12,700       375,302  

Guangdong Haid Group, Cl A

    28,300       182,378  

Inner Mongolia Yili Industrial Group, Cl A

    105,900       374,813  

Jiangsu King's Luck Brewery JSC, Cl A

    17,985       113,810  

Jonjee Hi-Tech Industrial And Commercial Holding, Cl A

    20,400       63,400  

Kweichow Moutai, Cl A

    8,472       1,702,778  

Luzhou Laojiao, Cl A

    24,100       473,658  

Shanxi Xinghuacun Fen Wine Factory, Cl A

    9,000       259,959  

Wuliangye Yibin, Cl A

    36,300       636,618  
              4,596,800  

Energy — 3.3%

        

China Petroleum & Chemical, Cl A

    398,500       344,963  

China Shenhua Energy, Cl A

    11,800       71,713  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

CHINA (continued)

        

Energy (continued)

        

Jinneng Holding Shanxi Coal Industry, Cl A

    27,300     $ 61,773  

PetroChina, Cl A

    400,684       566,380  

Shaanxi Coal Industry, Cl A

    19,100       67,418  
              1,112,247  

Financials — 18.8%

        

Agricultural Bank of China, Cl A

    183,800       109,764  

Bank of Beijing, Cl A

    178,400       142,703  

Bank of Changsha, Cl A

    144,200       161,564  

Bank of Chengdu, Cl A

    46,300       96,331  

Bank of Communications, Cl A

    205,000       209,750  

Bank of Hangzhou, Cl A

    121,600       217,355  

Bank of Jiangsu, Cl A

    443,830       451,681  

Bank of Ningbo, Cl A

    41,500       125,395  

China Construction Bank, Cl A

    72,900       73,890  

China Merchants Bank, Cl A

    158,397       741,776  

China Merchants Securities, Cl A

    69,500       132,415  

China Minsheng Banking, Cl A

    281,315       146,036  

China Pacific Insurance Group, Cl A

    139,415       532,007  

China Zheshang Bank, Cl A

    458,300       173,255  

CITIC Securities, Cl A

    30,900       77,156  

Guotai Junan Securities, Cl A

    81,000       150,332  

Huatai Securities, Cl A

    91,819       155,823  

Industrial Bank, Cl A

    72,500       174,973  

Jiangsu Changshu Rural Commercial Bank, Cl A

    144,820       150,159  

Jiangsu Financial Leasing, Cl A

    456,040       315,443  

Jiangsu Suzhou Rural Commercial Bank, Cl A

    84,800       55,869  

New China Life Insurance, Cl A

    17,000       69,925  

People's Insurance Group of China, Cl A

    75,000       52,905  

Ping An Insurance Group of China, Cl A

    240,700       1,363,588  

Postal Savings Bank of China, Cl A

    83,500       57,986  

Qilu Bank, Cl A

    85,100       57,232  

Shanghai Pudong Development Bank, Cl A

    145,800       164,355  
              6,159,668  

Health Care — 6.2%

        

Aier Eye Hospital Group, Cl A

    62,700       88,629  

China Resources Sanjiu Medical & Pharmaceutical, Cl A

    10,270       59,897  

Dong-E-E-Jiao, Cl E

    13,200       113,181  

Guangxi LiuYao Group, Cl A

    24,800       59,445  

Henan Lingrui Pharmaceutical, Cl A

    33,700       111,751  

Hualan Biological Engineering, Cl A

    24,800       53,636  

Imeik Technology Development, Cl A

    2,620       61,760  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

CHINA (continued)

        

Health Care (continued)

        

Jiangsu Hengrui Pharmaceuticals, Cl A

    28,000     $ 147,501  

Jiangsu Kanion Pharmaceutical, Cl A

    29,700       63,868  

Shenzhen Mindray Bio-Medical Electronics, Cl A

    28,056       1,117,921  

WuXi AppTec, Cl A

    30,900       165,867  
              2,043,456  

Industrials — 16.6%

        

Beijing New Building Materials, Cl A

    102,200       415,192  

Beijing Sifang Automation, Cl A

    60,400       159,007  

China State Construction Engineering, Cl A

    820,600       596,833  

Contemporary Amperex Technology, Cl A

    39,484       973,627  

COSCO SHIPPING Holdings, Cl A

    114,700       243,356  

Dongfang Electric, Cl A

    28,100       71,012  

Goneo Group, Cl A

    4,640       49,013  

Henan Pinggao Electric, Cl A

    134,300       357,785  

Jiangsu Hengli Hydraulic, Cl A

    9,600       61,249  

Ming Yang Smart Energy Group, Cl A

    39,500       51,073  

NARI Technology, Cl A

    62,500       213,674  

Power Construction Corp of China, Cl A

    82,800       63,397  

Shanghai M&G Stationery, Cl A

    19,100       81,833  

Shenzhen Inovance Technology, Cl A

    33,200       233,282  

Sinotrans, Cl A

    100,600       77,577  

Spring Airlines, Cl A *

     15,300       118,048  

Sungrow Power Supply, Cl A

    28,460       241,804  

Weichai Power, Cl A

    314,100       698,684  

Xuji Electric, Cl A

    16,000       75,410  

Yutong Bus, Cl A

    96,345       340,467  

Zhejiang Dingli Machinery, Cl A

    25,600       211,859  

Zhejiang Sanhua Intelligent Controls, Cl A

    19,500       50,961  

Zhengzhou Coal Mining Machinery Group, Cl A

    30,500       61,828  

Zoomlion Heavy Industry Science and Technology, Cl A

    64,000       67,324  
              5,514,295  

Information Technology — 15.1%

        

Advanced Micro-Fabrication Equipment China, Cl A

    10,707       207,164  

Anker Innovations Technology, Cl A

    16,020       156,254  

Beijing Kingsoft Office Software, Cl A

    1,600       49,857  

BOE Technology Group, Cl A

    162,900       91,258  

Dongguan Aohai Technology, Cl A

    14,400       73,372  

Electric Connector Technology, Cl A

    12,500       68,879  

Espressif Systems Shanghai, Cl A

    14,360       194,093  

Flat Glass Group, Cl A

    21,900       60,293  

Foxconn Industrial Internet, Cl A

    163,900       615,115  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

CHINA (continued)

        

Information Technology (continued)

        

GigaDevice Semiconductor, Cl A *

     9,900     $ 129,661  

Hexing Electrical, Cl A

    11,200       71,840  

Jiangsu Yinhe Electronics, Cl A

    106,400       71,557  

Luxshare Precision Industry, Cl A

    69,800       375,824  

Maxscend Microelectronics, Cl A

    12,700       135,231  

Montage Technology, Cl A

    18,000       140,926  

NAURA Technology Group, Cl A

    5,000       219,077  

Newland Digital Technology, Cl A

    81,900       156,041  

Shengyi Technology, Cl A

    56,800       163,845  

Shennan Circuits, Cl A

    5,100       73,886  

Shenzhen SC New Energy Technology, Cl A

    7,800       57,703  

Shenzhen Techwinsemi Technology, Cl A

    6,930       82,011  

Shenzhen Transsion Holdings, Cl A

    49,484       518,772  

TCL Technology Group, Cl A

    318,140       188,247  

Will Semiconductor Shanghai, Cl A

    28,600       389,267  

Wuxi Autowell Technology, Cl A

    8,360       47,875  

Yealink Network Technology, Cl A

    28,300       142,530  

Zhejiang Dahua Technology, Cl A

    46,300       98,043  

Zhongji Innolight, Cl A

    18,640       352,025  
              4,930,646  

Materials — 8.5%

        

Aluminum Corp of China, Cl A

    289,000       302,029  

Beijing Oriental Yuhong Waterproof Technology, Cl A

    51,800       87,553  

CMOC Group, Cl A

    277,400       322,962  

DeHua TB New Decoration Materials, Cl A

    83,400       118,460  

Hainan Mining, Cl A

    99,000       85,971  

Hengli Petrochemical, Cl A

    74,700       142,732  

Inner Mongolia Xingye Silver&Tin Mining, Cl A

    99,400       184,890  

Jiangxi Black Cat Carbon Black, Cl A *

     58,400       56,793  

Jiangxi Copper, Cl A

    15,500       50,274  

Ningbo Boway Alloy Material, Cl A

    36,400       75,982  

Satellite Chemical, Cl A

    57,380       141,311  

Shandong Humon Smelting, Cl A

    42,600       67,160  

Wanhua Chemical Group, Cl A

    32,900       364,381  

Zhejiang Huayou Cobalt, Cl A

    23,100       70,020  

Zhejiang JIULI Hi-tech Metals, Cl A

    60,800       194,288  

Zhejiang NHU, Cl A

    54,500       143,326  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

CHINA (continued)

        

Materials (continued)

        

Zijin Mining Group, Cl A

    156,900     $ 377,591  
              2,785,723  

Real Estate — 1.8%

        

China Merchants Shekou Industrial Zone Holdings, Cl A

    127,407       153,394  

Lushang Freda Pharmaceutical, Cl A

    128,500       124,437  

Poly Developments and Holdings Group, Cl A

    118,400       142,063  

Zhuhai Huafa Properties, Cl A

    200,400       178,418  
              598,312  

Utilities — 2.1%

        

China Yangtze Power, Cl A

    123,400       488,810  

GD Power Development, Cl A

    152,000       124,709  

Huadian Power International, Cl A

    71,400       67,871  
              681,390  

TOTAL COMMON STOCK

               

(Cost $32,071,912)

    32,841,851  
                 

TOTAL INVESTMENTS— 99.6%

                

(Cost $32,071,912)

  $ 32,841,851  
                 
                 

 

 

Percentages are based on Net Assets of $32,983,986.

*

Non-income producing security.

 

Cl — Class

JSC — Joint Stock Company

 

 

RAY-QH-001-0800

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 99.0%
   

Shares

    

Value

  

AUSTRALIA — 1.1%

        

Cochlear

    681     $ 151,064  

Insurance Australia Group

    26,554       126,622  

QBE Insurance Group

    8,461       98,265  

Rio Tinto

    4,248       337,607  
              713,558  
                 

BELGIUM — 0.2%

        

Sofina

    529       120,875  
                 

BERMUDA — 0.7%

        

SiriusPoint *

     38,608       471,018  
                 

BRAZIL — 1.4%

        

MercadoLibre *

     416       683,655  

NU Holdings, Cl A *

     19,043       245,464  
              929,119  
                 

CANADA — 3.0%

        

Celestica *

     2,400       137,403  

Constellation Software

    176       507,013  

Dollarama

    2,536       231,499  

Fairfax Financial Holdings

    369       419,692  

Manulife Financial, Cl Common Subs. Receipt

    14,316       381,139  

Parkland

    4,108       115,133  

Trican Well Service

    41,099       144,771  
              1,936,650  
                 

DENMARK — 0.9%

        

Danske Bank

    3,849       114,781  

Novo Nordisk, Cl B

    2,214       319,967  

Pandora

    955       144,248  
              578,996  
                 

FINLAND — 0.2%

        

Kempower *

     5,556       133,504  
                 

FRANCE — 1.9%

        

Cie Generale des Etablissements Michelin SCA

    6,609       255,775  

Credit Agricole

    12,052       164,560  

Eiffage

    1,342       123,348  

Engie

    17,481       249,836  

Gaztransport Et Technigaz

    1,562       204,070  

Orange

    26,916       269,838  
              1,267,427  
                 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

GEORGIA — 0.3%

        

TBC Bank Group

    5,961     $ 193,656  
                 

GERMANY — 2.4%

        

adidas

    530       126,671  

Allianz

    3,548       986,770  

Rheinmetall

    423       215,660  

SAF-Holland

    11,526       228,531  
              1,557,632  
                 

HONG KONG — 0.7%

        

AIA Group

    18,776       127,460  

Swire Pacific, Cl A

    19,612       173,326  

Techtronic Industries

    16,304       186,274  
              487,060  
                 

INDONESIA — 0.4%

        

First Pacific

    513,674       238,829  
                 

IRELAND — 0.2%

        

AerCap Holdings

    1,226       114,263  
                 

ISRAEL — 0.5%

        

Check Point Software Technologies *

     963       158,895  

Teva Pharmaceutical Industries ADR *

     9,834       159,802  
              318,697  
                 

JAPAN — 3.9%

        

Asics

    8,800       134,631  

Chugai Pharmaceutical

    7,272       258,403  

Disco

    700       265,622  

ENEOS Holdings

    29,098       149,524  

Inpex

    7,652       112,597  

Japan Airlines

    7,948       125,426  

Mitsubishi UFJ Financial Group

    16,856       181,176  

MS&AD Insurance Group Holdings

    10,800       240,022  

Nintendo

    7,836       416,790  

SCREEN Holdings

    1,056       95,188  

Sompo Holdings

    5,276       112,664  

Subaru

    6,918       146,652  

Toyo Suisan Kaisha

    3,160       187,310  

Unicharm

    3,344       107,413  
              2,533,418  
                 

MACAO — 0.4%

        

Galaxy Entertainment Group

    28,760       134,086  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

MACAO (continued)

        

Sands China *

     52,128     $ 108,697  
              242,783  
                 

NETHERLANDS — 1.4%

        

ASML Holding

    366       378,219  

NN Group

    3,040       141,566  

Universal Music Group

    6,862       204,305  

Wolters Kluwer

    1,186       196,766  
              920,856  
                 

NEW ZEALAND — 0.2%

        

Xero *

     1,532       139,557  
                 

SINGAPORE — 1.6%

        

BW LPG

    37,248       693,710  

Genting Singapore

    235,908       150,571  

Grab Holdings, Cl A *

     49,862       177,010  
              1,021,291  
                 

SWEDEN — 1.8%

        

Atlas Copco, Cl A

    7,119       133,907  

Atlas Copco, Cl B

    8,203       132,570  

BoneSupport Holding *

     14,514       360,445  

Investor, Cl B

    14,223       389,749  

Volvo, Cl B

    4,981       127,509  
              1,144,180  
                 

SWITZERLAND — 2.5%

        

ABB

    2,309       128,272  

Givaudan

    83       393,479  

Logitech International

    1,714       165,792  

Novartis

    4,954       530,187  

Partners Group Holding

    129       165,664  

Schindler Holding

    478       120,112  

SGS

    1,276       113,599  
              1,617,105  
                 

UNITED KINGDOM — 4.7%

        

BAE Systems

    13,081       218,270  

Domino's Pizza Group

    127,323       493,789  

HSBC Holdings

    36,365       316,314  

InterContinental Hotels Group

    1,829       192,499  

International Consolidated Airlines Group *

     270,753       555,313  

Rolls-Royce Holdings *

     66,899       386,301  

Sage Group

    10,826       148,962  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

UNITED KINGDOM (continued)

        

TechnipFMC

    5,226     $ 136,660  

Tesco

    164,785       637,410  
              3,085,518  
                 

UNITED STATES — 68.6%

        

3M

    1,271       129,883  

AbbVie

    1,718       294,671  

Abercrombie & Fitch, Cl A *

     1,557       276,897  

Allstate

    2,707       432,200  

Alphabet, Cl A

    5,948       1,083,428  

Altria Group

    6,472       294,800  

Amazon.com *

     9,869       1,907,184  

Apple

    15,229       3,207,532  

Assurant

    590       98,087  

AT&T

    10,902       208,337  

Atlassian, Cl A *

     1,400       247,632  

Automatic Data Processing

    522       124,596  

BellRing Brands *

     12,920       738,249  

Booking Holdings

    313       1,239,950  

Cardinal Health

    2,653       260,843  

Cboe Global Markets

    1,108       188,426  

Cencora, Cl A

    1,545       348,088  

Centene *

     1,754       116,290  

Chipotle Mexican Grill, Cl A *

     9,500       595,175  

Chord Energy

    1,138       190,820  

Colgate-Palmolive

    2,312       224,356  

Constellation Brands, Cl A

    551       141,761  

Costco Wholesale

    1,559       1,325,134  

Crane

    3,494       506,560  

Crowdstrike Holdings, Cl A *

     597       228,765  

Cummins

    474       131,265  

CyberArk Software *

     389       106,360  

Deckers Outdoor *

     340       329,103  

DoorDash, Cl A *

     1,140       124,009  

Dropbox, Cl A *

     4,945       111,114  

DT Midstream

    3,633       258,052  

Eli Lilly

    1,309       1,185,142  

EMCOR Group

    2,572       938,986  

Equitrans Midstream

    28,275       367,009  

Erie Indemnity, Cl A

    287       104,009  

F&G Annuities & Life

    4,751       180,776  

Garmin

    1,200       195,504  

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

UNITED STATES (continued)

        

General Electric

    1,079     $ 171,529  

General Motors

    2,672       124,141  

GoDaddy, Cl A *

     1,094       152,843  

Goldman Sachs Group

    387       175,048  

Intel

    9,181       284,336  

International Business Machines

    1,781       308,024  

James Hardie Industries ADR *

     6,710       211,633  

Johnson & Johnson

    4,341       634,481  

Kimberly-Clark

    1,467       202,739  

Kroger

    2,946       147,094  

Leidos Holdings

    735       107,222  

Lululemon Athletica *

     405       120,974  

Manhattan Associates *

     654       161,329  

Marsh & McLennan

    614       129,382  

Mastercard, Cl A

    2,052       905,260  

McKesson

    1,140       665,806  

Medpace Holdings *

     1,001       412,262  

Merck

    2,538       314,204  

Meta Platforms, Cl A

    2,390       1,205,086  

Microsoft

    7,069       3,159,489  

Molina Healthcare *

     619       184,029  

Monday.com *

     536       129,047  

Morningstar

    831       245,851  

Murphy USA

    804       377,446  

Netflix *

     153       103,256  

Neurocrine Biosciences *

     747       102,840  

New York Times, Cl A

    3,065       156,959  

NRG Energy

    1,259       98,026  

Nutanix, Cl A *

     2,025       115,121  

NVIDIA

    36,987       4,569,374  

Otis Worldwide

    3,077       296,192  

PACCAR

    1,641       168,924  

Palo Alto Networks *

     1,525       516,990  

Parsons *

     2,974       243,303  

Paychex

    3,621       429,306  

Pinterest, Cl A *

     2,942       129,654  

Procter & Gamble

    2,179       359,361  

Progressive

    1,121       232,843  

Prudential Financial

    1,127       132,073  

QUALCOMM

    2,518       501,535  

Royalty Pharma, Cl A

    4,576       120,669  

ServiceNow *

     487       383,108  

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
   DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

UNITED STATES (continued)

        

Shell

    41,224     $ 1,484,294  

Skechers USA, Cl A *

     1,935       133,747  

Spotify Technology *

     2,248       705,400  

Sprouts Farmers Market *

     2,554       213,668  

Stellantis

    16,424       325,118  

Tenet Healthcare *

     949       126,245  

Titan Cement International

    8,700       271,336  

TJX

    4,171       459,227  

Trane Technologies

    396       130,256  

Tyson Foods, Cl A

    2,500       142,850  

Uber Technologies *

     2,267       164,766  

United Therapeutics *

     356       113,404  

UnitedHealth Group

    845       430,325  

VeriSign *

     967       171,933  

Verisk Analytics, Cl A

    1,536       414,029  

Vertex Pharmaceuticals *

     325       152,334  

Visa, Cl A

    1,089       285,830  

Weatherford International *

     5,991       733,598  

Williams

    5,775       245,438  

Williams-Sonoma

    517       145,985  

Woodward

    697       121,543  
              44,601,108  
                 

TOTAL COMMON STOCK

               

(Cost $53,800,469)

    64,367,100  
                 

PREFERRED STOCK — 0.3%
                 

GERMANY — 0.3%

        

Henkel & KGaA (A)

     1,955       174,369  
                 

TOTAL PREFERRED STOCK

               

(Cost $152,774)

    174,369  
                 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTITATIVE
  DEVELOPED MARKET EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

WARRANT — 0.0%
      Number of
Warrants		    

Value

  

CANADA — 0.0%

        

Constellation Software, Expires 08/22/2028 (B)

     200     $ –  
                 
                 

TOTAL WARRANT

                

(Cost $—)

    –  
                 
                 

TOTAL INVESTMENTS— 99.3%

                

(Cost $53,953,243)

  $ 64,541,469  
                 
                 

 

 

Percentages are based on Net Assets of $64,973,369.

*

Non-income producing security.

(A)

There is currently no rate available.

(B)

Level 3 security in accordance with fair value hierarchy.

 

ADR — American Depositary Receipt

Cl — Class

 

 

RAY-QH-003-0600

 

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.6%
   

Shares

    

Value

  

BRAZIL — 1.9%

        

Banco do Brasil

    29,700     $ 142,392  

Petroleo Brasileiro

    47,600       345,531  

TIM

    49,800       142,825  

Vibra Energia

    101,100       380,778  
              1,011,526  
                 

CZECH REPUBLIC — 0.6%

        

Komercni Banka

    6,140       205,597  

Moneta Money Bank

    24,919       108,979  
              314,576  
                 

EGYPT — 0.1%

        

Eastern SAE

    139,872       52,944  
                 

GREECE — 1.3%

        

JUMBO

    5,585       160,897  

Motor Oil Hellas Corinth Refineries

    5,805       145,833  

OPAP

    6,700       105,126  

Piraeus Financial Holdings *

     52,143       190,342  

Star Bulk Carriers

    4,290       104,590  
              706,788  
                 

HUNGARY — 1.2%

        

OTP Bank Nyrt

    13,285       660,670  
                 

INDIA — 22.6%

        

360 ONE WAM

    11,333       133,210  

3M India

    382       168,601  

ABB India

    1,093       111,294  

Aurobindo Pharma

    8,624       124,891  

Bajaj Auto

    2,898       330,215  

Bharat Petroleum

    41,142       149,964  

Bharti Airtel

    22,649       392,221  

Birlasoft

    63,617       526,635  

BSE

    8,327       257,891  

CG Power & Industrial Solutions

    14,722       124,414  

Cipla

    5,782       102,677  

Colgate-Palmolive India

    5,870       200,141  

Dixon Technologies India

    3,512       504,191  

Global Health *

     37,422       587,129  

HCL Technologies

    16,822       294,449  

HDFC Asset Management

    10,709       512,838  

HDFC Bank

    28,626       578,030  

Hindustan Aeronautics

    8,671       547,400  

Hitachi Energy India

    853       132,077  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

INDIA (continued)

        

ICICI Bank

    49,854     $ 717,192  

ICICI Lombard General Insurance

    15,115       324,378  

InterGlobe Aviation *

     10,736       544,380  

ITC

    20,289       103,382  

Kalyan Jewellers India

    21,637       130,036  

Karur Vysya Bank

    44,070       109,256  

Larsen & Toubro

    2,608       110,980  

Lupin

    6,520       126,772  

MakeMyTrip *

     2,942       247,422  

MRF

    61       94,703  

Oracle Financial Services Software

    1,871       221,732  

Persistent Systems

    2,370       120,549  

Power Finance

    18,190       105,819  

REC

    17,329       109,185  

Reliance Industries

    10,218       383,637  

Tata Consultancy Services

    4,423       207,082  

Tata Motors

    41,066       487,424  

Tata Motors, Cl A

    44,931       358,640  

Torrent Pharmaceuticals

    10,294       344,580  

Trent

    9,857       647,758  

UltraTech Cement

    651       91,090  

Varun Beverages

    19,712       385,198  

Zomato *

     81,236       195,385  

Zydus Lifesciences

    18,189       234,257  
              12,179,105  
                 

INDONESIA — 0.2%

        

Adaro Energy Indonesia

    634,200       108,056  
                 

MALAYSIA — 1.4%

        

AMMB Holdings

    117,600       106,943  

Sime Darby

    149,100       82,807  

YTL Power International

    544,100       555,922  
              745,672  
                 

MEXICO — 1.4%

        

Kimberly-Clark de Mexico, Cl A

    59,200       102,145  

Qualitas Controladora

    50,000       508,545  

Wal-Mart de Mexico

    33,800       115,510  
              726,200  
                 

PHILIPPINES — 0.6%

        

Manila Electric

    21,620       135,012  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

PHILIPPINES (continued)

        

Metropolitan Bank & Trust

    152,100     $ 175,303  
              310,315  
                 

POLAND — 1.4%

        

Alior Bank

    7,683       195,608  

Benefit Systems

    151       108,929  

Budimex

    642       111,310  

Grupa Kety

    501       111,540  

Powszechny Zaklad Ubezpieczen

    17,513       224,530  
              751,917  
                 

ROMANIA — 0.7%

        

NEPI Rockcastle

    51,973       373,915  
                 

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 — 3.3%

        

Al Rajhi for Co-operative Insurance *

     9,487       474,907  

Astra Industrial Group

    4,549       189,400  

Elm

    828       189,189  

Etihad Etisalat

    11,398       162,238  

National Agriculture Development *

     23,479       199,330  

Riyadh Cables Group

    5,095       136,895  

SAL Saudi Logistics Services

    1,400       112,624  

Saudi Chemical Holding

    69,514       209,009  

Saudi National Bank

    11,250       110,053  

 

             1,783,645  

SOUTH AFRICA — 4.5%

        

AVI

    17,711       91,746  

Capitec Bank Holdings

    887       127,707  

Harmony Gold Mining

    12,868       118,426  

Investec

    85,388       618,572  

Naspers, Cl N

    2,425       473,741  

OUTsurance Group

    73,941       187,970  

Sanlam

    114,219       506,167  

Sasol

    12,412       93,872  

Standard Bank Group

    18,364       212,011  
              2,430,212  

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

SOUTH KOREA — 18.8%

        

BNK Financial Group

    21,406     $ 131,717  

DB Insurance

    5,367       446,438  

Hana Financial Group

    2,440       107,598  

Hankook Tire & Technology

    6,194       203,392  

Hanmi Semiconductor

    912       114,157  

HD Hyundai

    3,204       173,409  

HD Hyundai Electric

    2,097       472,263  

HD Korea Shipbuilding & Offshore Engineering *

     5,256       606,359  

Hyundai Glovis

    1,712       272,378  

Hyundai Marine & Fire Insurance

    5,258       131,784  

Industrial Bank of Korea

    22,488       229,046  

KB Financial Group

    3,652       208,269  

Kia

    5,995       563,134  

Korea Electric Power *

     34,028       483,783  

Korea Investment Holdings

    3,936       200,160  

Krafton *

     1,703       348,271  

LG Innotek

    943       186,339  

Meritz Financial Group

    5,429       311,975  

NH Investment & Securities

    15,150       139,668  

Samsung Electronics

    47,742       2,826,715  

Samsung Securities

    5,753       166,342  

SK

    1,133       130,297  

SK Hynix

    4,309       740,340  

SK Square *

     2,118       153,869  

SK Telecom

    5,159       193,017  

SOLUM *

     25,986       396,445  

Woori Financial Group

    15,209       162,310  
              10,099,475  
                 

TAIWAN — 30.7%

        

Accton Technology

    7,000       119,754  

Alchip Technologies

    2,000       151,349  

Asustek Computer

    33,000       506,573  

Catcher Technology

    15,000       107,270  

Cathay Financial Holding

    122,000       221,876  

Cheng Shin Rubber Industry

    57,000       86,884  

Chicony Electronics

    127,000       669,420  

CTBC Financial Holding

    94,000       109,671  

Elan Microelectronics

    131,000       621,858  

Evergreen Marine Taiwan

    18,000       107,085  

Fortune Electric

    4,000       116,517  

Fubon Financial Holding

    48,000       117,331  

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

TAIWAN (continued)

        

Hon Hai Precision Industry

    142,000     $ 936,701  

Lite-On Technology

    111,000       362,684  

Makalot Industrial

    63,000       817,564  

MediaTek

    5,000       215,773  

Nien Made Enterprise

    7,000       84,152  

Novatek Microelectronics

    37,000       691,152  

Pegatron

    51,000       164,280  

Powertech Technology

    54,000       312,933  

President Chain Store

    11,000       92,736  

Quanta Computer

    21,000       201,964  

Radiant Opto-Electronics

    20,000       116,826  

Realtek Semiconductor

    5,000       84,151  

Taiwan Semiconductor Manufacturing

    274,000       8,158,809  

Tong Yang Industry

    28,000       93,214  

Tripod Technology

    44,000       296,349  

Wistron

    38,000       124,162  

Wistron NeWeb

    22,000       109,181  

WPG Holdings

    177,000       489,947  

WT Microelectronics

    60,000       229,336  
              16,517,502  
                 

THAILAND — 2.1%

        

Advanced Info Service

    40,700       231,795  

Bumrungrad Hospital

    24,600       165,575  

Osotspa

    166,900       104,604  

PTT

    250,400       221,759  

PTT Exploration & Production

    34,800       144,141  

PTT Oil & Retail Business

    274,200       119,550  

Thai Oil

    113,700       164,210  
              1,151,634  
                 

TURKEY — 1.1%

        

Ford Otomotiv Sanayi

    9,762       334,695  

Tofas Turk Otomobil Fabrikasi

    24,302       252,038  
              586,733  
                 

UNITED ARAB EMIRATES — 2.3%

        

ADNOC Logistics & Services

    149,951       171,058  

Emaar Development PJSC

    297,390       647,732  

Emaar Properties PJSC

    91,513       204,303  

Emirates NBD Bank PJSC

    43,805       196,783  
              1,219,876  
                 

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT QUANTAMENTAL
   EMERGING MARKET ex- CHINA EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

UNITED STATES — 0.4%

        

JBS S

    35,200     $ 204,947  
                 

TOTAL COMMON STOCK

               

(Cost $45,550,457)

    51,935,708  
                 

PREFERRED STOCK — 3.3%
                 

BRAZIL — 2.8%

        

Cia Energetica de Minas Gerais (B)

     50,100       89,025  

Cia Paranaense de Energia - Copel (B)

     58,500       98,159  

Itau Unibanco Holding (B)

     65,300       380,200  

Itausa (B)

     314,430       553,633  

Petroleo Brasileiro (B)

     53,100       363,754  
              1,484,771  
                 

SOUTH KOREA — 0.5%

        

Hyundai Motor (B)

     2,236       295,318  
                 

TOTAL PREFERRED STOCK

               

(Cost $1,760,699)

    1,780,089  
                 

TOTAL INVESTMENTS— 99.9%

                

(Cost $47,311,156)

  $ 53,715,797  
                 
                 

 

 

Percentages are based on Net Assets of $53,788,015.

*

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-002-0600

 

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT SMDAM
   JAPAN EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 99.8%
   

Shares

    

Value

  

JAPAN — 99.8%

        

ABC-Mart

    56,200     $ 986,976  

Asics

    81,600       1,248,400  

Daiichi Sankyo

    37,100       1,274,029  

Daikin Industries

    5,194       722,304  

Denso

    54,100       840,121  

Disco

    3,710       1,407,798  

Ebara

    45,000       711,535  

Fast Retailing

    4,955       1,249,377  

Fuji Electric

    13,941       793,162  

Fujikura

    78,580       1,551,474  

Hitachi

    51,870       1,161,158  

Internet Initiative Japan

    26,164       385,401  

Kawasaki Heavy Industries

    40,700       1,545,922  

Kyudenko

    22,963       844,089  

Lifedrink

    27,659       1,155,467  

M&A Research Institute Holdings *

     3,125       77,999  

Maruwa

    5,414       1,294,096  

Mitsubishi

    66,500       1,301,392  

Mitsubishi UFJ Financial Group

    158,500       1,703,634  

NEC

    13,470       1,109,102  

Osaka Soda

    11,854       801,026  

Premium Group

    82,100       1,101,914  

Resorttrust

    56,100       832,119  

Sanrio

    56,100       1,031,604  

Seiren

    57,300       854,549  

Shin-Etsu Chemical

    30,026       1,164,380  

SIGMAXYZ Holdings

    107,500       1,065,243  

Takeuchi Manufacturing

    24,231       848,070  

Toyo Suisan Kaisha

    16,462       975,787  

Toyota Motor

    71,000       1,452,132  
              31,490,260  
                 

TOTAL COMMON STOCK

               

(Cost $31,777,031)

    31,490,260  
                 

TOTAL INVESTMENTS— 99.8%

                

(Cost $31,777,031)

  $ 31,490,260  
                 
                 

 

 

Percentages are based on Net Assets of $31,545,582.

*

Non-income producing security.

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  RAYLIANT SMDAM
   JAPAN EQUITY ETF
   JUNE 30, 2024
   (UNAUDITED)

 

RAY-QH-004-0100