THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC
LARGE CAP CORE ETF
JUNE 30, 2025
(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK** — 99.7%
	Shares		Value
Communication Services — 16.2%
Alphabet, Cl A		6,798	$	1,198,012
Alphabet, Cl C		6,135		1,088,288
Electronic Arts		1,447		231,086
Meta Platforms, Cl A		2,975		2,195,818
Netflix *		804		1,076,660
Omnicom Group		7,626		548,614
Walt Disney		7,323		908,125
				7,246,603
Consumer Discretionary — 5.6%
CarMax *		6,570		441,570
Ralph Lauren, Cl A		2,438		668,695
Ross Stores		4,881		622,718
Tapestry		5,284		463,988
Ulta Beauty *		704		329,345
				2,526,316
Consumer Staples — 4.3%
Colgate-Palmolive		2,332		211,979
Costco Wholesale		1,516		1,500,749
Kimberly-Clark		1,622		209,108
				1,921,836
Financials — 11.5%
Everest Group		3,195		1,085,821
Loews		19,480		1,785,537
Moody's		2,934		1,471,665
MSCI, Cl A		1,369		789,557
				5,132,580
Health Care — 6.6%
Agilent Technologies		3,652		430,972
Danaher		4,235		836,582
Henry Schein *		6,110		446,335
Stryker		3,139		1,241,883
				2,955,772
Industrials — 10.8%
Automatic Data Processing		4,206		1,297,131
Nordson		3,984		854,050
Paychex		6,367		926,144
Veralto		7,697		777,012

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC
LARGE CAP CORE ETF
JUNE 30, 2025
(UNAUDITED)

COMMON STOCK** — continued
	Shares		Value
Industrials — continued
Xylem		7,676	$	992,967
				4,847,304
Information Technology — 38.9%
Adobe *		262		101,363
Advanced Micro Devices *		6,414		910,147
Amphenol, Cl A		14,921		1,473,449
Apple		10,901		2,236,558
Arista Networks *		6,802		695,913
Autodesk *		727		225,057
Cadence Design Systems *		1,763		543,269
CDW		1,243		221,987
Gartner *		263		106,310
International Business Machines		4,250		1,252,815
KLA		1,365		1,222,685
Lam Research		13,030		1,268,340
Microsoft		4,535		2,255,754
NVIDIA		14,976		2,366,058
Salesforce		3,254		887,333
ServiceNow *		1,078		1,108,270
Synopsys *		1,097		562,410
				17,437,718
Materials — 1.7%
Avery Dennison		4,238		743,642
Real Estate — 4.1%
American Tower, Cl A ‡		3,491		771,581
Kimco Realty ‡		51,655		1,085,788
				1,857,369
Total Common Stock
(Cost $36,771,928)				44,669,140
Total Investments - 99.7%
(Cost $36,771,928)			$	44,669,140

Percentages are based on Net Assets of $44,791,904.

* Non-income producing security.

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

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRATIC
LARGE CAP CORE ETF
JUNE 30, 2025
(UNAUDITED)

‡ Real Estate Investment Trust.

Cl — Class
MSCI — Morgan Stanley Capital International

RAM-QH-001-1000