# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-022056
**Filing Date:** 2025-12
**Character Count:** 286383
**Document Hash:** be32c2052e6c6975c8710c2bf622c65c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022056.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-022056

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251553677

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### GQG PARTNERS EMERGING MARKETS EQUITY FUND (Series ID: S000056013)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176380 | Investor Shares      | GQGPX           |
| C000176381 | Institutional Shares | GQGIX           |
| C000176382 | R6 Shares            | GQGRX           |

### GQG PARTNERS US SELECT QUALITY EQUITY FUND (Series ID: S000063192)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000204820 | R6 Shares            | GQERX           |
| C000204821 | Institutional Shares | GQEIX           |
| C000204822 | Investor Shares      | GQEPX           |

### GQG PARTNERS GLOBAL QUALITY EQUITY FUND (Series ID: S000065108)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000210819 | R6 Shares            | GQRRX           |
| C000210820 | Institutional Shares | GQRIX           |
| C000210821 | Investor Shares      | GQRPX           |

### GQG Partners Global Quality Value Fund (Series ID: S000072427)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228650 | Investor Shares      | GQFPX           |
| C000228651 | Institutional Shares | GQFIX           |

### GQG Partners International Quality Value Fund (Series ID: S000072428)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228652 | Investor Shares      | GQJPX           |
| C000228653 | Institutional Shares | GQJIX           |

### GQG Partners US Quality Value Fund (Series ID: S000072429)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228654 | Investor Shares      | GQHPX           |
| C000228655 | Institutional Shares | GQHIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22920**

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 1-877-446-3863**

**Date of fiscal year end: March 31, 2026**

**Date of reporting period: September 30, 2025**

Item 1. Reports to Stockholders.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Emerging Markets Equity Fund

## Investor Shares - GQGPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners Emerging Markets Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Emerging Markets Equity Fund, Investor Shares | $62 | 1.19% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $22593314608 | 86 | $99849048 | 36% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](ia54078e783cf58934404b824.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 8.2% |
| South Korea | 1.6% |
| Thailand | 1.6% |
| Indonesia | 2.0% |
| France | 2.1% |
| Saudi Arabia | 2.4% |
| Singapore | 2.8% |
| United States | 5.6% |
| China | 6.0% |
| United Arab Emirates | 6.2% |
| Taiwan | 9.1% |
| Brazil | 21.0% |
| India | 31.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing | 6.8% |
| ITC | 5.3% |
| Tencent Holdings | 3.7% |
| Itau Unibanco Holding | 3.2% |
| Petroleo Brasileiro ADR | 3.1% |
| Bharti Airtel | 2.6% |
| Adani Enterprises | 2.5% |
| Philip Morris International | 2.5% |
| Banco BTG Pactual | 2.5% |
| ICICI Bank | 2.5% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQGPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Emerging Markets Equity Fund

## Institutional Shares - GQGIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners Emerging Markets Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Emerging Markets Equity Fund, Institutional Shares | $51 | 0.98% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $22593314608 | 86 | $99849048 | 36% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i9c10cd2d84610070075ceaad.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 8.2% |
| South Korea | 1.6% |
| Thailand | 1.6% |
| Indonesia | 2.0% |
| France | 2.1% |
| Saudi Arabia | 2.4% |
| Singapore | 2.8% |
| United States | 5.6% |
| China | 6.0% |
| United Arab Emirates | 6.2% |
| Taiwan | 9.1% |
| Brazil | 21.0% |
| India | 31.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing | 6.8% |
| ITC | 5.3% |
| Tencent Holdings | 3.7% |
| Itau Unibanco Holding | 3.2% |
| Petroleo Brasileiro ADR | 3.1% |
| Bharti Airtel | 2.6% |
| Adani Enterprises | 2.5% |
| Philip Morris International | 2.5% |
| Banco BTG Pactual | 2.5% |
| ICICI Bank | 2.5% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQGIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Emerging Markets Equity Fund

## R6 Shares - GQGRX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about R6 Shares of the GQG Partners Emerging Markets Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Emerging Markets Equity Fund, R6 Shares | $51 | 0.98% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $22593314608 | 86 | $99849048 | 36% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i19a40abcd001e6cb2cdf5ab8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 8.2% |
| South Korea | 1.6% |
| Thailand | 1.6% |
| Indonesia | 2.0% |
| France | 2.1% |
| Saudi Arabia | 2.4% |
| Singapore | 2.8% |
| United States | 5.6% |
| China | 6.0% |
| United Arab Emirates | 6.2% |
| Taiwan | 9.1% |
| Brazil | 21.0% |
| India | 31.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing | 6.8% |
| ITC | 5.3% |
| Tencent Holdings | 3.7% |
| Itau Unibanco Holding | 3.2% |
| Petroleo Brasileiro ADR | 3.1% |
| Bharti Airtel | 2.6% |
| Adani Enterprises | 2.5% |
| Philip Morris International | 2.5% |
| Banco BTG Pactual | 2.5% |
| ICICI Bank | 2.5% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://www.gqg.com/funds/us-mutual-funds/emerging-markets-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQGRX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Global Quality Equity Fund

## Investor Shares - GQRPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners Global Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Global Quality Equity Fund, Investor Shares | $45 | 0.90% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3457838070 | 56 | $11393645 | 52% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i2df4713a62f730c90fb56b14.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 0.0% |
| Netherlands | 0.7% |
| United Arab Emirates | 0.8% |
| Taiwan | 1.6% |
| Spain | 1.9% |
| Italy | 2.2% |
| Switzerland | 2.6% |
| Canada | 3.3% |
| Brazil | 3.6% |
| France | 3.6% |
| United Kingdom | 4.3% |
| India | 7.8% |
| United States | 66.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 7.3% |
| AT&T | 5.4% |
| Verizon Communications | 4.2% |
| Progressive | 4.1% |
| Altria Group | 3.8% |
| American Electric Power | 3.7% |
| Cigna Group | 3.4% |
| Enbridge | 3.2% |
| American International Group | 2.8% |
| Duke Energy | 2.7% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQRPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Global Quality Equity Fund

## Institutional Shares - GQRIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners Global Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Global Quality Equity Fund, Institutional Shares | $35 | 0.70% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3457838070 | 56 | $11393645 | 52% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](ia460a862b84de04d4d367eee.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 0.0% |
| Netherlands | 0.7% |
| United Arab Emirates | 0.8% |
| Taiwan | 1.6% |
| Spain | 1.9% |
| Italy | 2.2% |
| Switzerland | 2.6% |
| Canada | 3.3% |
| Brazil | 3.6% |
| France | 3.6% |
| United Kingdom | 4.3% |
| India | 7.8% |
| United States | 66.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 7.3% |
| AT&T | 5.4% |
| Verizon Communications | 4.2% |
| Progressive | 4.1% |
| Altria Group | 3.8% |
| American Electric Power | 3.7% |
| Cigna Group | 3.4% |
| Enbridge | 3.2% |
| American International Group | 2.8% |
| Duke Energy | 2.7% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQRIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Global Quality Equity Fund

## R6 Shares - GQRRX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about R6 Shares of the GQG Partners Global Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Global Quality Equity Fund, R6 Shares | $35 | 0.70% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3457838070 | 56 | $11393645 | 52% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i4b59ca89469f12d847cecf2c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 0.0% |
| Netherlands | 0.7% |
| United Arab Emirates | 0.8% |
| Taiwan | 1.6% |
| Spain | 1.9% |
| Italy | 2.2% |
| Switzerland | 2.6% |
| Canada | 3.3% |
| Brazil | 3.6% |
| France | 3.6% |
| United Kingdom | 4.3% |
| India | 7.8% |
| United States | 66.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 7.3% |
| AT&T | 5.4% |
| Verizon Communications | 4.2% |
| Progressive | 4.1% |
| Altria Group | 3.8% |
| American Electric Power | 3.7% |
| Cigna Group | 3.4% |
| Enbridge | 3.2% |
| American International Group | 2.8% |
| Duke Energy | 2.7% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/global-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQRRX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners US Select Quality Equity Fund

## Investor Shares - GQEPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners US Select Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners US Select Quality Equity Fund, Investor Shares | $36 | 0.72% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3581231332 | 33 | $9144633 | 60% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i39c461c8331a92cc0304153b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology | 2.6% |
| Energy | 8.6% |
| Health Care | 10.1% |
| Communication Services | 15.5% |
| Consumer Staples | 19.2% |
| Financials | 20.2% |
| Utilities | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 8.4% |
| AT&T | 6.7% |
| Verizon Communications | 5.4% |
| Progressive | 5.0% |
| Altria Group | 4.9% |
| Cigna Group | 4.7% |
| American Electric Power | 4.7% |
| Exxon Mobil | 4.2% |
| American International Group | 4.2% |
| Meta Platforms, Cl A | 3.4% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQEPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners US Select Quality Equity Fund

## Institutional Shares - GQEIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners US Select Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners US Select Quality Equity Fund, Institutional Shares | $24 | 0.49% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3581231332 | 33 | $9144633 | 60% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i653b6430cb128ca48a201503.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology | 2.6% |
| Energy | 8.6% |
| Health Care | 10.1% |
| Communication Services | 15.5% |
| Consumer Staples | 19.2% |
| Financials | 20.2% |
| Utilities | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 8.4% |
| AT&T | 6.7% |
| Verizon Communications | 5.4% |
| Progressive | 5.0% |
| Altria Group | 4.9% |
| Cigna Group | 4.7% |
| American Electric Power | 4.7% |
| Exxon Mobil | 4.2% |
| American International Group | 4.2% |
| Meta Platforms, Cl A | 3.4% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQEIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners US Select Quality Equity Fund

## R6 Shares - GQERX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about R6 Shares of the GQG Partners US Select Quality Equity Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners US Select Quality Equity Fund, R6 Shares | $24 | 0.49% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3581231332 | 33 | $9144633 | 60% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i092e42b3b4d92655e03aa647.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology | 2.6% |
| Energy | 8.6% |
| Health Care | 10.1% |
| Communication Services | 15.5% |
| Consumer Staples | 19.2% |
| Financials | 20.2% |
| Utilities | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 8.4% |
| AT&T | 6.7% |
| Verizon Communications | 5.4% |
| Progressive | 5.0% |
| Altria Group | 4.9% |
| Cigna Group | 4.7% |
| American Electric Power | 4.7% |
| Exxon Mobil | 4.2% |
| American International Group | 4.2% |
| Meta Platforms, Cl A | 3.4% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/us-select-quality-equity-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQERX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Global Quality Value Fund

## Investor Shares - GQFPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners Global Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/global-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Global Quality Value Fund, Investor Shares | $39 | 0.76% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $160049750 | 51 | $298109 | 21% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i9f0a3a1c41d4fd9ead89bb68.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 0.6% |
| Japan | 2.4% |
| United Arab Emirates | 2.4% |
| India | 2.9% |
| Switzerland | 2.9% |
| Germany | 3.3% |
| Canada | 3.6% |
| Spain | 5.1% |
| France | 5.1% |
| Italy | 6.0% |
| Brazil | 7.6% |
| United Kingdom | 10.9% |
| United States | 41.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| AT&T | 5.9% |
| Philip Morris International | 5.8% |
| British American Tobacco | 5.7% |
| Verizon Communications | 4.6% |
| Petroleo Brasileiro ADR | 3.9% |
| American Electric Power | 3.7% |
| Enbridge | 3.6% |
| Altria Group | 3.1% |
| Enel | 2.6% |
| Itau Unibanco Holding ADR | 2.6% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/global-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQFPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners Global Quality Value Fund

## Institutional Shares - GQFIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners Global Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/global-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners Global Quality Value Fund, Institutional Shares | $31 | 0.59% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $160049750 | 51 | $298109 | 21% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](icc9e67385b5b27741a0bface.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 0.6% |
| Japan | 2.4% |
| United Arab Emirates | 2.4% |
| India | 2.9% |
| Switzerland | 2.9% |
| Germany | 3.3% |
| Canada | 3.6% |
| Spain | 5.1% |
| France | 5.1% |
| Italy | 6.0% |
| Brazil | 7.6% |
| United Kingdom | 10.9% |
| United States | 41.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| AT&T | 5.9% |
| Philip Morris International | 5.8% |
| British American Tobacco | 5.7% |
| Verizon Communications | 4.6% |
| Petroleo Brasileiro ADR | 3.9% |
| American Electric Power | 3.7% |
| Enbridge | 3.6% |
| Altria Group | 3.1% |
| Enel | 2.6% |
| Itau Unibanco Holding ADR | 2.6% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/global-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQFIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners International Quality Value Fund

## Investor Shares - GQJPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners International Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/international-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners International Quality Value Fund, Investor Shares | $39 | 0.75% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $620327298 | 57 | $1510294 | 25% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](if00a85be1c4fae9e53ab720d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 9.4% |
| United Arab Emirates | 2.9% |
| Canada | 3.0% |
| Japan | 3.2% |
| Italy | 4.3% |
| Spain | 4.5% |
| United States | 6.1% |
| France | 6.6% |
| Switzerland | 7.4% |
| India | 8.0% |
| Germany | 8.4% |
| Brazil | 10.4% |
| United Kingdom | 18.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| British American Tobacco | 7.5% |
| Philip Morris International | 5.9% |
| Imperial Brands | 3.7% |
| ITC | 3.1% |
| Deutsche Telekom | 3.0% |
| Enbridge | 3.0% |
| Nestle | 2.9% |
| Itau Unibanco Holding ADR | 2.7% |
| Iberdrola | 2.6% |
| Enel | 2.5% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/international-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQJPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners International Quality Value Fund

## Institutional Shares - GQJIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners International Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/international-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners International Quality Value Fund, Institutional Shares | $31 | 0.59% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $620327298 | 57 | $1510294 | 25% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i71e9dd6919ad3356c90bd7c5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 9.4% |
| United Arab Emirates | 2.9% |
| Canada | 3.0% |
| Japan | 3.2% |
| Italy | 4.3% |
| Spain | 4.5% |
| United States | 6.1% |
| France | 6.6% |
| Switzerland | 7.4% |
| India | 8.0% |
| Germany | 8.4% |
| Brazil | 10.4% |
| United Kingdom | 18.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| British American Tobacco | 7.5% |
| Philip Morris International | 5.9% |
| Imperial Brands | 3.7% |
| ITC | 3.1% |
| Deutsche Telekom | 3.0% |
| Enbridge | 3.0% |
| Nestle | 2.9% |
| Itau Unibanco Holding ADR | 2.7% |
| Iberdrola | 2.6% |
| Enel | 2.5% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/international-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQJIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners US Quality Value Fund

## Investor Shares - GQHPX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Investor Shares of the GQG Partners US Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/us-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners US Quality Value Fund, Investor Shares | $33 | 0.65% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $228114932 | 36 | $455698 | 23% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](i2dcfbddb5779e63ff3c3884f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Industrials | 2.0% |
| Health Care | 11.7% |
| Communication Services | 12.8% |
| Energy | 14.5% |
| Financials | 14.5% |
| Consumer Staples | 20.5% |
| Utilities | 22.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 8.2% |
| AT&T | 7.0% |
| Verizon Communications | 5.8% |
| Enbridge | 4.4% |
| Altria Group | 4.3% |
| CME Group, Cl A | 4.2% |
| American Electric Power | 4.0% |
| Duke Energy | 3.1% |
| Exxon Mobil | 3.1% |
| American Water Works | 3.0% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/us-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQHPX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i8c59f9c5fc4dd872eed69d56.jpg)

## GQG Partners US Quality Value Fund

## Institutional Shares - GQHIX

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the GQG Partners US Quality Value Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://gqg.com/funds/us-mutual-funds/us-quality-value-fund. You can also request this information by contacting us at 1-866-362-8333.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| GQG Partners US Quality Value Fund, Institutional Shares | $25 | 0.49% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $228114932 | 36 | $455698 | 23% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holding Chart](ic3de8da115fc6de2767d5ab5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Industrials | 2.0% |
| Health Care | 11.7% |
| Communication Services | 12.8% |
| Energy | 14.5% |
| Financials | 14.5% |
| Consumer Staples | 20.5% |
| Utilities | 22.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Philip Morris International | 8.2% |
| AT&T | 7.0% |
| Verizon Communications | 5.8% |
| Enbridge | 4.4% |
| Altria Group | 4.3% |
| CME Group, Cl A | 4.2% |
| American Electric Power | 4.0% |
| Duke Energy | 3.1% |
| Exxon Mobil | 3.1% |
| American Water Works | 3.0% |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-866-362-8333 

* https://gqg.com/funds/us-mutual-funds/us-quality-value-fund 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id3281852928d3ed1f2329d9b.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-362-8333 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i8c59f9c5fc4dd872eed69d56.jpg)

GQHIX-SAR-2025**

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable for semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements and Financial Highlights are filed herein.

**The Advisors' Inner Circle Fund III**

![](fp0096323_01.jpg)

**GQG Partners Emerging Markets Equity Fund**

**GQG Partners Global Quality Equity Fund**

**GQG Partners US Select Quality Equity Fund**

**GQG Partners Global Quality Value Fund**

**GQG Partners International Quality Value Fund**

**GQG Partners US Quality Value Fund**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION** 

**SEPTEMBER 30, 2025**

Investment Adviser:

**GQG Partners LLC**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 32 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 36 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 38 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 44 |
| &nbsp;&nbsp;&nbsp; Notes to Financial Statements | 59 |
| Other Information (Form N-CSRS Items 8-11) | 85 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ARGENTINA — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 2040261 | $56229593 |
| **AUSTRIA — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank | 1107377 | 108946550 |
| **BRAZIL — 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 187231 | 437547613 |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev ADR | 91208526 | 203395013 |
| **Energy — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 54489152 | 689832664 |
| **Financials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 43456000 | 108934777 |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 62219948 | 564419767 |
|  |  | 673354544 |
| **Industrials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 4576763 | 276665323 |
| **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 23824647 | 258735666 |
| **Utilities — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 37038949 | 365274122 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 7686900 | 190759772 |
| &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel | 37864700 | 86031090 |
| &nbsp;&nbsp;&nbsp;Eneva \* | 55801000 | 174039228 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 26199700 | 181534101 |
|  |  | 997638313 |
| **TOTAL BRAZIL** |  | 3537169136 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CHINA — 6.0%** |  |  |
| **Communication Services — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 9795100 | $834802850 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 48156000 | 108654534 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 36360000 | 247409607 |
|  |  | 356064141 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 3752500 | 19819076 |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl H | 33382000 | 139598672 |
| &nbsp;&nbsp;&nbsp;**TOTAL CHINA** |  | 1350284739 |
| **FRANCE — 2.1%** |  |  |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 7635408 | 465440686 |
| **GREECE — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings | 13400366 | 51879473 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 10148683 | 147899698 |
| &nbsp;&nbsp;&nbsp;**TOTAL GREECE** |  | 199779171 |
| **HONG KONG — 1.5%** |  |  |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 36251800 | 347505224 |
| **HUNGARY — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1920247 | 166434272 |
| **INDIA — 31.5%** |  |  |
| **Communication Services — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 27582534 | 583356551 |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 1483586 | 12043107 |
| &nbsp;&nbsp;&nbsp;ITC Hotels \* | 43906539 | 112387491 |
|  |  | 124430598 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Consumer Staples — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 263434398 | $1190827314 |
| &nbsp;&nbsp;&nbsp;Patanjali Foods | 48044082 | 311592731 |
|  |  | 1502420045 |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 6867771 | 105487649 |
| **Financials — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 2826344 | 63856916 |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 11976172 | 409106035 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 37119574 | 562556349 |
| &nbsp;&nbsp;&nbsp;Power Finance | 37067024 | 171171101 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 24820460 | 243655550 |
|  |  | 1450345951 |
| **Health Care — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 19113415 | 344077078 |
| **Industrials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 20193212 | 570275563 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 23033320 | 364147059 |
| &nbsp;&nbsp;&nbsp;GMR Airports Infrastructure \* | 185432790 | 182054505 |
|  |  | 1116477127 |
| **Information Technology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 12354807 | 201012710 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 1089932 | 35476553 |
|  |  | 236489263 |
| **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;JSW Steel | 20609303 | 265380738 |
| **Real Estate — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Macrotech Developers | 11275355 | 144233980 |
| **Utilities — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Energy Solutions \* | 22359496 | 219860292 |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 30446694 | 352320032 |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 296342420 | 483000935 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;JSW Energy | 31266481 | $186833197 |
|  |  | 1242014456 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 7114713436 |
| **INDONESIA — 2.0%** |  |  |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 570142230 | 261102606 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 725021174 | 191615028 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDONESIA** |  | 452717634 |
| **ITALY — 0.3%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC | 1606797 | 75882974 |
| **KAZAKHSTAN — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 679213 | 55478118 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC \* (A) | 939651 | 114 |
| &nbsp;&nbsp;&nbsp;**TOTAL KAZAKHSTAN** |  | 55478232 |
| **MEXICO — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 18677000 | 187386369 |
| **PERU — 0.6%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 532005 | 141662291 |
| **PHILIPPINES — 0.4%** |  |  |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 11088510 | 89926826 |
| **POLAND — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 5836996 | 113629471 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 30141513 | $3653 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC \* (A) | 2087971 | 253 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 23574787 | 2857 |
|  |  | 6763 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 1555600 | 189 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 426420 | 52 |
| &nbsp;&nbsp;&nbsp;Severstal PAO (A) | 772406 | 94 |
|  |  | 335 |
| **TOTAL RUSSIA** |  | 7098 |
| **SAUDI ARABIA — 2.4%** |  |  |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil | 25767003 | 169187075 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 8348043 | 238547119 |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance | 2068066 | 90948573 |
| &nbsp;&nbsp;&nbsp;Co for Cooperative Insurance | 1476093 | 53555405 |
|  |  | 383051097 |
| &nbsp;&nbsp;&nbsp;**TOTAL SAUDI ARABIA** |  | 552238172 |
| **SINGAPORE — 2.8%** |  |  |
| **Communication Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 150795132 | 482382773 |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 3534723 | 140260912 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 622643685 |
| **SOUTH KOREA — 1.6%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 215701 | 69430178 |
| **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace | 377098 | 298222425 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH KOREA** |  | 367652603 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **TAIWAN — 9.1%** |  |  |
| **Information Technology — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 35444282 | $1539622596 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 1878290 | 524587614 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  | 2064210210 |
| **THAILAND — 1.6%** |  |  |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 22701200 | 117418866 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 169599400 | 129760566 |
| &nbsp;&nbsp;&nbsp;SCB X | 30993800 | 122962624 |
| &nbsp;&nbsp;&nbsp;**TOTAL THAILAND** |  | 370142056 |
| **UNITED ARAB EMIRATES — 6.2%** |  |  |
| **Energy — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | 228617334 | 220365636 |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 48597460 | 206929083 |
| **Industrials — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Dhabi Holding PJSC | 95377433 | 273301918 |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 4455254 | 485796142 |
|  |  | 759098060 |
| **Real Estate — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 83096124 | 214646066 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 1401038845 |
| **UNITED KINGDOM — 1.4%** |  |  |
| **Consumer Staples — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 5134062 | 304347195 |
| **UNITED STATES — 5.6%** |  |  |
| **Consumer Staples — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 5914612 | 392257068 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 3789968 | 302970042 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3482617 | $564880477 |
|  |  | 1260107587 |
| **TOTAL UNITED STATES** |  | 1260107587 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,992,759,118) |  | 21405574055 |
| **PREFERRED STOCK — 5.3%** |  |  |
| **BRAZIL — 5.3%** |  |  |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) | 82856009 | 487749788 |
| **Financials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 97118772 | 711766044 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $948,711,696) |  | 1199515832 |
| &nbsp;&nbsp;&nbsp;Total Investments— 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,941,470,814) |  | $22605089887 |

---

*Percentages are based on Net Assets of $22,593,314,608.*

*\** *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Level 3 security in accordance with fair value hierarchy.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *There is currently no rate available.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*PJSC — Public Joint Stock Company*

*PLC — Public Limited Company*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **EMERGING MARKETS EQUITY FUND** <br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

*The following is a summary of the level of inputs used as of September 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Investments in Securities*** | ***Level 1*** | ***Level 2*** | ***Level 3<sup>†</sup>*** | ***Total*** |
| &nbsp;&nbsp;&nbsp;*Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Argentina* | $*56229593* | $*—* | $*—* | $*56229593* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Austria* | *—* | *108946550* | *—* | *108946550* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | *3537169136* | *—* | *—* | *3537169136* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*China* | *—* | *1350284739* | *—* | *1350284739* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*France* | *—* | *465440686* | *—* | *465440686* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Greece* | *—* | *199779171* | *—* | *199779171* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hong Kong* | *—* | *347505224* | *—* | *347505224* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hungary* | *—* | *166434272* | *—* | *166434272* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*India* | *610118745* | *6504594691* | *—* | *7114713436* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Indonesia* | *—* | *452717634* | *—* | *452717634* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Italy* | *—* | *75882974* | *—* | *75882974* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Kazakhstan* | *55478118* | *—* | *114* | *55478232* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mexico* | *187386369* | *—* | *—* | *187386369* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Peru* | *141662291* | *—* | *—* | *141662291* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Philippines* | *—* | *89926826* | *—* | *89926826* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Poland* | *—* | *113629471* | *—* | *113629471* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Russia* | *—* | *—* | *7098* | *7098* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Saudi Arabia* | *—* | *552238172* | *—* | *552238172* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Singapore* | *—* | *622643685* | *—* | *622643685* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*South Korea* | *—* | *367652603* | *—* | *367652603* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Taiwan* | *524587614* | *1539622596* | *—* | *2064210210* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Thailand* | *—* | *370142056* | *—* | *370142056* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Arab Emirates* | *485796142* | *915242703* | *—* | *1401038845* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Kingdom* | *304347195* | *—* | *—* | *304347195* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United States* | *1260107587* | *—* | *—* | *1260107587* |
| &nbsp;&nbsp;&nbsp;*Total Common Stock* | *7162882790* | *14242684053* | *7212* | *21405574055* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | *1199515832* | *—* | *—* | *1199515832* |
| *Total Investments in Securities* | $*8362398622* | $*14242684053* | $*7212* | $*22605089887* |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.* 

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*Amounts designated as "—" are $0 or have been rounded to $0.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.4%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 2.4%** |  |  |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 1854765 | $23481325 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 7961081 | 58434336 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 81915661 |
| **CANADA — 3.3%** |  |  |
| **Energy — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 2184650 | 110237370 |
| &nbsp;&nbsp;&nbsp;TC Energy | 36208 | 1969138 |
| &nbsp;&nbsp;&nbsp;**TOTAL CANADA** |  | 112206508 |
| **FRANCE — 3.6%** |  |  |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Total Energies | 1243530 | 75803344 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 383846 | 35136195 |
| **Health Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 147564 | 13984781 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 124924320 |
| **INDIA — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 8510079 | 38468912 |
| **Financials — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 890100 | 30405816 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 250993 | 3803861 |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 2910844 | 87994814 |
|  |  | 122204491 |
| **Industrials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 1721712 | 48622789 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Utilities — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 1741149 | $20148055 |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 25100990 | 40911462 |
|  |  | 61059517 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 270355709 |
| **ITALY — 2.2%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 441735 | 33641224 |
| **Utilities — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 4581368 | 43450846 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 77092070 |
| **NETHERLANDS — 0.7%** |  |  |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Heineken | 290395 | 22759048 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC \* (A) | 57094 | 7 |
| **SPAIN — 1.9%** |  |  |
| **Utilities — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 3516768 | 66624245 |
| **SWITZERLAND — 2.6%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 377350 | 34671451 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 420155 | 54050014 |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 19210 | 2463490 |
|  |  | 56513504 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 91184955 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **TAIWAN — 1.6%** |  |  |
| **Information Technology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 345000 | $14986050 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 147186 | 41107578 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  | 56093628 |
| **UNITED ARAB EMIRATES — 0.8%** |  |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 261002 | 28459380 |
| **UNITED KINGDOM — 4.3%** |  |  |
| **Consumer Staples — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 847909 | 45143517 |
| &nbsp;&nbsp;&nbsp;British American Tobacco ADR | 751651 | 39897635 |
| &nbsp;&nbsp;&nbsp;Unilever | 250513 | 14822430 |
|  |  | 99863582 |
| **Health Care — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 304807 | 46743903 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 146607485 |
| **UNITED STATES — 66.2%** |  |  |
| **Communication Services — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 6648217 | 187745648 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 116913 | 85858569 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 3279888 | 144151077 |
|  |  | 417755294 |
| **Consumer Staples — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 1971921 | 130265101 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 672290 | 44586273 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 471487 | 37690671 |
| &nbsp;&nbsp;&nbsp;Kroger | 697565 | 47022856 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1547142 | 250946433 |
|  |  | 510511334 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 784599 | 88463537 |

---

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Financials — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 256637 | $55087132 |
| &nbsp;&nbsp;&nbsp;American International Group | 1247368 | 97968283 |
| &nbsp;&nbsp;&nbsp;Chubb | 249572 | 70441697 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 250417 | 67660169 |
| &nbsp;&nbsp;&nbsp;Progressive | 578273 | 142804517 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 148436 | 50673082 |
|  |  | 484634880 |
| **Health Care — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 404459 | 116585307 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 389998 | 72313429 |
|  |  | 188898736 |
| **Information Technology — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft | 134262 | 69541003 |
| **Utilities — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1142898 | 128576025 |
| &nbsp;&nbsp;&nbsp;American Water Works | 238059 | 33135432 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 487198 | 35692125 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 289298 | 40915416 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 765049 | 94674814 |
| &nbsp;&nbsp;&nbsp;Exelon | 1408074 | 63377411 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 692195 | 52253801 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 1004083 | 80979294 |
|  |  | 529604318 |
| **TOTAL UNITED STATES** |  | 2289409102 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,997,618,970) |  | 3367632118 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**PREFERRED STOCK — 1.2%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 1.2%** |  |  |
| **Energy — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost (37751969) | 7012933 | $41283145 |
| &nbsp;&nbsp;&nbsp;Total Investments— 98.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,035,370,939) |  | $3408915263 |

---

*Percentages are based on Net Assets of $3,457,838,070.*

*\** *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Level 3 security in accordance with fair value hierarchy.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *There is currently no rate available.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*PJSC — Public Joint Stock Company*

*The following is a summary of the level of inputs used as of September 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Investments in Securities*** | ***Level 1*** | ***Level 2*** | ***Level 3<sup>†</sup>*** | ***Total*** |
| &nbsp;&nbsp;&nbsp;*Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | $*81915661* | $*—* | $*—* | $*81915661* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Canada* | *112206508* | *—* | *—* | *112206508* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*France* | *—* | *124924320* | *—* | *124924320* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*India* | *118400630* | *151955079* | *—* | *270355709* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Italy* | *—* | *77092070* | *—* | *77092070* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Netherlands* | *—* | *22759048* | *—* | *22759048* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Russia* | *—* | *—* | *7* | *7* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Spain* | *—* | *66624245* | *—* | *66624245* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Switzerland* | *2463490* | *88721465* | *—* | *91184955* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Taiwan* | *41107578* | *14986050* | *—* | *56093628* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Arab Emirates* | *28459380* | *—* | *—* | *28459380* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Kingdom* | *39897635* | *106709850* | *—* | *146607485* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United States* | *2289409102* | *—* | *—* | *2289409102* |
| &nbsp;&nbsp;&nbsp;*Total Common Stock* | *2713859984* | *653772127* | *7* | *3367632118* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | *41283145* | *—* | *—* | *41283145* |
| &nbsp;&nbsp;&nbsp;*Total Investments in Securities* | $*2755143129* | $*653772127* | $*7* | $*3408915263* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.* 

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*Amounts designated as "—" are $0 or have been rounded to $0.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **US SELECT QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.4%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CANADA — 2.4%** |  |  |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 1708620 | $86216965 |
| **SWITZERLAND — 2.2%** |  |  |
| **Health Care — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 606554 | 77784485 |
| **UNITED KINGDOM — 1.1%** |  |  |
| **Consumer Staples — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Diageo ADR | 410672 | 39190429 |
| **UNITED STATES — 93.7%** |  |  |
| **Communication Services — 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 8545615 | 241328168 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 166168 | 122030456 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 4391549 | 193008578 |
|  |  | 556367202 |
| **Consumer Staples — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 2630777 | 173789128 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1420739 | 94223411 |
| &nbsp;&nbsp;&nbsp;Kroger | 1188991 | 80149883 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1843904 | 299081229 |
|  |  | 647243651 |
| **Energy — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 452618 | 70287049 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 1346691 | 151839411 |
|  |  | 222126460 |
| **Financials — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 434981 | 93368672 |
| &nbsp;&nbsp;&nbsp;American International Group | 1894112 | 148763556 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 562098 | 88867694 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 339038 | 91604677 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 200250 | 33738120 |
| &nbsp;&nbsp;&nbsp;Progressive | 729133 | 180059394 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings \* | 889085 | 14034207 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 215040 | 73410355 |
|  |  | 723846675 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **US SELECT QUALITY EQUITY FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Health Care — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 584754 | $168555340 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 610633 | 113223571 |
|  |  | 281778911 |
| **Information Technology — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft | 179063 | 92745681 |
| **Utilities — 23.2%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1490387 | 167668537 |
| &nbsp;&nbsp;&nbsp;American Water Works | 496515 | 69109923 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 219113 | 37413545 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 1913875 | 74258350 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 402103 | 56869427 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 883937 | 109387204 |
| &nbsp;&nbsp;&nbsp;Exelon | 2238582 | 100758576 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 1115262 | 84191128 |
| &nbsp;&nbsp;&nbsp;PPL | 1472442 | 54715945 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 977660 | 78848279 |
|  |  | 833220914 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 3357329494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,238,588,490) |  | 3560521373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments— 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,238,588,490) |  | $3560521373 |

---

*Percentages are based on Net Assets of $3,581,231,332.*

*\** *Non-income producing security.*

*ADR — American Depositary Receipt*

*Cl — Class*

*As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.7%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 7.6%** |  |  |
| **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 487524 | $6172054 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 556462 | 4084431 |
| **Utilities — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 197600 | 1948710 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 12205195 |
| **CANADA — 3.6%** |  |  |
| **Energy — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 114745 | 5790029 |
| **FRANCE — 5.1%** |  |  |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 55942 | 3410123 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 24849 | 2274608 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 26661 | 2526689 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 8211420 |
| **GERMANY — 3.3%** |  |  |
| **Consumer Discretionary — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 17333 | 1748369 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 23241 | 1466072 |
|  |  | 3214441 |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 60139 | 2131603 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 5346044 |
| **INDIA — 2.9%** |  |  |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 613927 | 2775192 |

---

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 112553 | $1779415 |
| **TOTAL INDIA** |  | 4554607 |
| **INDONESIA — 0.6%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 3775100 | 997717 |
| **ITALY — 6.0%** |  |  |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 14078 | 246510 |
| &nbsp;&nbsp;&nbsp;Eni ADR | 79467 | 2777372 |
|  |  | 3023882 |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 31147 | 2372063 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 441172 | 4184186 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 9580131 |
| **JAPAN — 2.4%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Tobacco | 14400 | 472917 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 77600 | 3288725 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 3761642 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 177982 | 22 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 134799 | 17 |
|  |  | 39 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 151100 | 18 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 1565 |  |
|  |  | 18 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 57 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SPAIN — 5.1%** |  |  |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 6818 | $131487 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 380233 | 4019257 |
|  |  | 4150744 |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 207224 | 3925804 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 8076548 |
| **SWITZERLAND — 2.9%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Re | 7343 | 1364479 |
| **Health Care — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 25564 | 3288630 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 4653109 |
| **UNITED ARAB EMIRATES — 2.4%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 1568993 | 1512362 |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 560198 | 2385336 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 3897698 |
| **UNITED KINGDOM — 10.9%** |  |  |
| **Consumer Staples — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 170342 | 9069177 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 59897 | 2547080 |
| &nbsp;&nbsp;&nbsp;Unilever | 47390 | 2803986 |
|  |  | 14420243 |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 19820 | 711471 |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 165040 | 2331580 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 17463294 |
| **UNITED STATES — 41.9%** |  |  |
| **Communication Services — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 333008 | 9404146 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Communication Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 167480 | $7360746 |
|  |  | 16764892 |
| **Consumer Staples — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 74264 | 4905880 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 56942 | 9235992 |
|  |  | 14141872 |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 14467 | 2246580 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 18118 | 2042805 |
|  |  | 4289385 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive | 13486 | 3330368 |
| **Health Care — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 8672 | 2499704 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 19835 | 3677806 |
|  |  | 6177510 |
| **Utilities — 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 53066 | 5969925 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 33800 | 1311440 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 21899 | 3097175 |
| &nbsp;&nbsp;&nbsp;Exelon | 61827 | 2782833 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 43842 | 3309633 |
| &nbsp;&nbsp;&nbsp;PPL | 64120 | 2382699 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 42866 | 3457143 |
|  |  | 22310848 |
| **TOTAL UNITED STATES** |  | 67014875 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $129,920,341) |  | 151552366 |
| Total Investments— 94.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $129,920,341) |  | $151552366 |

---

*Percentages are based on Net Assets of* $160,049,750*.*

*\** *Non-income producing security.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **GLOBAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

*(A)*&nbsp;&nbsp;&nbsp;&nbsp; *Level 3 security in accordance with fair value hierarchy.*

*ADR — American Depositary Receipt*

*PJSC — Public Joint Stock Company*

*The following is a summary of the level of inputs used as of September 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Investments in Securities*** | ***Level 1*** | ***Level 2*** | ***Level 3<sup>†</sup>*** | ***Total*** |
| &nbsp;&nbsp;&nbsp;*Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | $*12205195* | $*—* | $*—* | $*12205195* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Canada* | *5790029* | *—* | *—* | *5790029* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*France* | *—* | *8211420* | *—* | *8211420* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Germany* | *—* | *5346044* | *—* | *5346044* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*India* | *—* | *4554607* | *—* | *4554607* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Indonesia* | *—* | *997717* | *—* | *997717* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Italy* | *2777372* | *6802759* | *—* | *9580131* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Japan* | *—* | *3761642* | *—* | *3761642* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Russia* | *—* | *—* | *57* | *57* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Spain* | *—* | *8076548* | *—* | *8076548* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Switzerland* | *—* | *4653109* | *—* | *4653109* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Arab Emirates* | *—* | *3897698* | *—* | *3897698* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United Kingdom* | *—* | *17463294* | *—* | *17463294* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*United States* | *67014875* | *—* | *—* | *67014875* |
| &nbsp;&nbsp;&nbsp;*Total Common Stock* | *87787471* | *63764838* | *57* | *151552366* |
| *Total Investments in Securities* | $*87787471* | $*63764838* | $*57* | $*151552366* |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.* 

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*Amounts designated as "—" are $0 or have been rounded to $0.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 91.2%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 8.5%** |  |  |
| **Energy — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 964156 | $12206215 |
| **Financials — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 884300 | 5519455 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 2251332 | 16524779 |
|  |  | 22044234 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 973812 | 10575598 |
| **Utilities — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 804400 | 7932906 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 52758953 |
| **CANADA — 3.0%** |  |  |
| **Energy — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 363203 | 18327212 |
| **DENMARK — 0.9%** |  |  |
| **Industrials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk, Cl B | 2837 | 5581515 |
| **FRANCE — 6.6%** |  |  |
| **Consumer Staples — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pernod Ricard | 71591 | 7053913 |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Total Energies | 189212 | 11534022 |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 75090 | 6873530 |
| **Health Care — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 114899 | 10889088 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bureau Veritas | 149491 | 4692653 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 41043206 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** <br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025** <br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **GERMANY — 8.4%** |  |  |
| **Communication Services — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 545559 | $18602029 |
| **Consumer Discretionary — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 89817 | 9059786 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 144043 | 9086417 |
|  |  | 18146203 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 87826 | 3112958 |
| **Utilities — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 645831 | 12174425 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 52035615 |
| **GREECE — 2.4%** |  |  |
| **Consumer Discretionary — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 305886 | 7139526 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 523873 | 7634553 |
| &nbsp;&nbsp;&nbsp;**TOTAL GREECE** |  | 14774079 |
| **INDIA — 8.0%** |  |  |
| **Consumer Staples — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 4188312 | 18932821 |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Finance | 1104571 | 5100777 |
| **Industrials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 864843 | 13672803 |
| **Information Technology — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 717884 | 11679973 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 49386374 |
| **INDONESIA — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 19511016 | 5156545 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **ITALY — 4.3%** |  |  |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 230972 | $4044397 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 94619 | 7205902 |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 1643625 | 15588553 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 26838852 |
| **JAPAN — 3.2%** |  |  |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 343200 | 14544977 |
| **Health Care — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 186700 | 5490878 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 20035855 |
| **NETHERLANDS — 1.8%** |  |  |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 273253 | 11066043 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 141071 | 17 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 98129 | 12 |
|  |  | 29 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 86600 | 11 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 1135 |  |
|  |  | 11 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 40 |
| **SINGAPORE — 2.5%** |  |  |
| **Communication Services — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 2771500 | 8865829 |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 171100 | 6789398 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 15655227 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **SOUTH KOREA — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 18603 | $5987963 |
| **SPAIN — 4.5%** |  |  |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 89481 | 1725669 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 935517 | 9888891 |
|  |  | 11614560 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 858558 | 16265156 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 27879716 |
| **SWITZERLAND — 7.4%** |  |  |
| **Consumer Staples — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 196828 | 18084835 |
| **Health Care — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 100306 | 12903668 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 18487 | 6158962 |
|  |  | 19062630 |
| **Industrials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SGS | 86298 | 8972582 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 46120047 |
| **UNITED ARAB EMIRATES — 2.9%** |  |  |
| **Energy — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 8658908 | 8346374 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2312106 | 9845000 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 18191374 |
| **UNITED KINGDOM — 18.9%** |  |  |
| **Consumer Staples — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 877854 | 46737818 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 532793 | 22656665 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group | 107714 | 8302567 |
| &nbsp;&nbsp;&nbsp;Unilever | 101549 | 6008482 |
|  |  | 83705532 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED KINGDOM (continued)** |  |  |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 238870 | $8574627 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 65655 | 10068571 |
| **Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;National Grid | 1008956 | 14511989 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 116860719 |
| **UNITED STATES — 6.1%** |  |  |
| **Consumer Staples — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 224903 | 36479266 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 13517 | 1524042 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 38003308 |
| &nbsp;&nbsp;&nbsp;Total Common Stock<br> (Cost $490,900,065) |  | 565702643 |
| **PREFERRED STOCK — 1.9%** |  |  |
| **BRAZIL — 1.9%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) | 934824 | 5503043 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Itausa (B) | 3005200 | 6506362 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock<br> (Cost $12,473,889) |  | 12009405 |
| &nbsp;&nbsp;&nbsp;Total Investments— 93.1%<br> (Cost $503,373,954) |  | $577712048 |

---

*Percentages are based on Net Assets of* $620,327,298*.*

*\** *Non-income producing security.* <br> *(A)* *Level 3 security in accordance with fair value hierarchy.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **INTERNATIONAL QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | |
|:---|:---|
| *(B)* | *There is currently no rate available.* |
| *ADR — American Depositary Receipt* | *ADR — American Depositary Receipt* |
| *Cl — Class* | *Cl — Class* |
| *PJSC — Public Joint Stock Company* | *PJSC — Public Joint Stock Company* |

---

*The following is a summary of the level of inputs used as of September 30, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Investments in Securities*** | ***Level 1*** | ***Level 2*** | ***Level 3<sup>†</sup>*** | ***Total*** |
| &nbsp;&nbsp;*Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | $*52758953* | $*—* | $*—* | $*52758953* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Canada* | *18327212* | *—* | *—* | *18327212* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Denmark* | *—* | *5581515* | *—* | *5581515* |
| &nbsp;&nbsp;&nbsp;&nbsp;*France* | *—* | *41043206* | *—* | *41043206* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Germany* | *—* | *52035615* | *—* | *52035615* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Greece* | *—* | *14774079* | *—* | *14774079* |
| &nbsp;&nbsp;&nbsp;&nbsp;*India* | *11679973* | *37706401* | *—* | *49386374* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Indonesia* | *—* | *5156545* | *—* | *5156545* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Italy* | *—* | *26838852* | *—* | *26838852* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Japan* | *—* | *20035855* | *—* | *20035855* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Netherlands* | *—* | *11066043* | *—* | *11066043* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Russia* | *—* | *—* | *40* | *40* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Singapore* | *—* | *15655227* | *—* | *15655227* |
| &nbsp;&nbsp;&nbsp;&nbsp;*South Korea* | *—* | *5987963* | *—* | *5987963* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Spain* | *—* | *27879716* | *—* | *27879716* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Switzerland* | *—* | *46120047* | *—* | *46120047* |
| &nbsp;&nbsp;&nbsp;&nbsp;*United Arab Emirates* | *—* | *18191374* | *—* | *18191374* |
| &nbsp;&nbsp;&nbsp;&nbsp;*United Kingdom* | *—* | *116860719* | *—* | *116860719* |
| &nbsp;&nbsp;&nbsp;&nbsp;*United States* | *38003308* | *—* | *—* | *38003308* |
| &nbsp;&nbsp;*Total Common Stock* | *120769446* | *444933157* | *40* | *565702643* |
| &nbsp;&nbsp;*Preferred Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Brazil* | *12009405* | *—* | *—* | *12009405* |
| *Total Investments in Securities*  | $*132778851* | $*444933157* | $*40* | $*577712048* |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.* |

---

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*Amounts designated as "—" are $0 or have been rounded to $0.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **US QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.7%** |  |  |
|  | Shares | Value |
| **CANADA — 4.4%** |  |  |
| **Energy — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 198970 | $10040026 |
| **FRANCE — 2.5%** |  |  |
| **Energy — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies ADR | 59467 | 3549585 |
| **Health Care — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi ADR | 46166 | 2179035 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 5728620 |
| **SWITZERLAND — 2.3%** |  |  |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle ADR | 16866 | 1547793 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 29303 | 3757817 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 5305610 |
| **UNITED KINGDOM — 1.0%** |  |  |
| **Health Care — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 30641 | 2350778 |
| **UNITED STATES — 88.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 562745 | 15891919 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 301801 | 13264154 |
|  |  | 29156073 |
| **Consumer Staples — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 149414 | 9870289 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 93472 | 6199063 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 50326 | 4023061 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 114711 | 18606124 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 41282 | 6342979 |
|  |  | 45041516 |
| **Energy — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 44241 | 6870185 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 63118 | 7116555 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **US QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Energy (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Valero Energy | 32063 | $5459046 |
|  |  | 19445786 |
| **Financials — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 20283 | 4353746 |
| &nbsp;&nbsp;&nbsp;American International Group | 74185 | 5826490 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 32739 | 5176036 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 35523 | 9597959 |
| &nbsp;&nbsp;&nbsp;Progressive | 17242 | 4257912 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 81110 | 3920046 |
|  |  | 33132189 |
| **Health Care — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 21555 | 6213229 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 32485 | 6023369 |
| &nbsp;&nbsp;&nbsp;Merck | 48608 | 4079669 |
| &nbsp;&nbsp;&nbsp;Pfizer | 92551 | 2358199 |
|  |  | 18674466 |
| **Industrials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 15373 | 4426041 |
| **Utilities — 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 81353 | 9152212 |
| &nbsp;&nbsp;&nbsp;American Water Works | 49360 | 6870418 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 79568 | 5829152 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 57724 | 7143345 |
| &nbsp;&nbsp;&nbsp;Exelon | 78168 | 3518342 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 61673 | 4655695 |
| &nbsp;&nbsp;&nbsp;PPL | 128997 | 4793528 |
| &nbsp;&nbsp;&nbsp;Southern | 50800 | 4814316 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 63109 | 5089741 |
|  |  | 51866749 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 201742820 |
| &nbsp;&nbsp;&nbsp;Total Common Stock<br> (Cost $195,525,370) |  | 225167854 |
| &nbsp;&nbsp;&nbsp;Total Investments— 98.7%<br> (Cost $195,525,370) |  | $225167854 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **US QUALITY VALUE FUND**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

*Percentages are based on Net Assets of* $228,114,932*.*

*ADR — American Depositary Receipt*

*Cl — Class*

*As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Emerging Markets Equity Fund | GQG Partners Global Quality Equity Fund | GQG Partners US Select Quality Equity Fund |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $18,941,470,814, $3,035,370,939 and $3,238,588,490) | $22605089887 | $3408915263 | $3560521373 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $283,076, $876,517 and $84) | 282849 | 876729 | 83 |
| &nbsp;&nbsp;&nbsp;Cash | 320250017 | 44714281 | 15996645 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 52338256 | 4922161 | 6917740 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 41969991 | 4854596 | 6084507 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 18025503 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable<sup>(1)</sup> | 785047 | 1929037 | 407716 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 207814 | 72639 | 131324 |
| **Total Assets** | 23038949364 | 3466284706 | 3590059388 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 294601797 | 4317378 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 131247363 | 2088833 | 7274359 |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 16508478 | 1841997 | 1340242 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 449601 | 68556 | 73053 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable, Investor Shares | 121767 | 30981 | 88402 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees Payable | 20430 | 10381 |  |
| &nbsp;&nbsp;&nbsp;Payable to Trustees | 14387 | 2296 | 2486 |
| &nbsp;&nbsp;&nbsp;Audit Fees Payable | 9341 | 12725 | 12587 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 6150 | 1010 | 1218 |
| &nbsp;&nbsp;&nbsp;Unrealized Loss on Foreign Spot Currency Contracts |  | 884 |  |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 2655442 | 71595 | 35709 |
| **Total Liabilities** | 445634756 | 8446636 | 8828056 |
| **Commitments and Contingencies<sup>†</sup>** |  |  |  |
| **Net Assets** | $22593314608 | $3457838070 | $3581231332 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $19506222956 | $2882834005 | $3083927227 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 3087091652 | 575004065 | 497304105 |
| **Net Assets** | $22593314608 | $3457838070 | $3581231332 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Emerging Markets Equity Fund | GQG Partners Global Quality Equity Fund | GQG Partners US Select Quality Equity Fund |
| **Investor Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $638632341 | $138729361 | $364054531 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 36653916 | 7384623 | 16700889 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.42 | $18.79 | $21.80 |
| **Institutional Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $21264791889 | $3256910726 | $3160575378 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 1211753807 | 172382427 | 144093795 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.55 | $18.89 | $21.93 |
| **R6 Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $689890378 | $62197983 | $56601423 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 39307764 | 3293467 | 2579705 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.55 | $18.89 | $21.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *See Note 5 in the Notes to Financial Statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 2 in the Notes to Financial Statements.* 

*Amounts designated as " —" are $0 or have been rounded to $0.*

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Global Quality Value Fund | GQG Partners International Quality Value Fund | GQG Partners US Quality Value Fund |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $129,920,341, $503,373,954 and $195,525,370) | $151552366 | $577712048 | $225167854 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $90,243, $511,272 and $–) | 90366 | 511352 |  |
| &nbsp;&nbsp;&nbsp;Cash | 7847423 | 41080823 | 2308443 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable<sup>(1)</sup> | 344420 | 1028847 | 107582 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 323340 | 678330 | 462256 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 123354 | 378261 | 159897 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 30380 | 39199 | 28726 |
| **Total Assets** | 160311649 | 621428860 | 228234758 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 164835 | 719808 |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 55291 | 255342 | 76187 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 14813 | 86957 | 15353 |
| &nbsp;&nbsp;&nbsp;Audit Fees Payable | 13366 | 13308 | 13351 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees Payable | 6235 | 6450 | 6493 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 5342 | 12235 | 5342 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable, Investor Shares | 1711 | 772 | 2863 |
| &nbsp;&nbsp;&nbsp;Unrealized Loss on Foreign Spot Currency Contracts | 96 | 304 |  |
| &nbsp;&nbsp;&nbsp;Payable to Trustees | 93 | 341 | 151 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 37 | 134 | 61 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 80 | 5911 | 25 |
| **Total Liabilities** | 261899 | 1101562 | 119826 |
| **Commitments and Contingencies<sup>†</sup>** |  |  |  |
| **Net Assets** | $160049750 | $620327298 | $228114932 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $135052067 | $547637743 | $197466626 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 24997683 | 72689555 | 30648306 |
| **Net Assets** | $160049750 | $620327298 | $228114932 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Global Quality Value Fund | GQG Partners International Quality Value Fund | GQG Partners US Quality Value Fund |
| **Investor Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $7369176 | $10195329 | $13831484 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 584482 | 886977 | 1036456 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $12.61 | $11.49 | $13.34 |
| **Institutional Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $152680574 | $610131969 | $214283448 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 12114568 | 53084916 | 16048235 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $12.60 | $11.49 | $13.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *See Note 5 in the Notes to Financial Statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 2 in the Notes to Financial Statements.* 

*Amounts designated as " —" are $0 or have been rounded to $0.*

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **FOR THE PERIOD ENDED<br> SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Emerging Markets Equity Fund | GQG Partners Global Quality Equity Fund | GQG Partners US Select Quality Equity Fund |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $365225063 | $53615469 | $51588430 |
| &nbsp;&nbsp;&nbsp;Interest | 20883422 | 1637612 | 3923698 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (133883908) | (2344902) | (198273) |
| **Total Investment Income** | 252224577 | 52908179 | 55313855 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 100810822 | 11393645 | 9236601 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 2710404 | 424167 | 496708 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees, Investor Shares | 658218 | 209944 | 626254 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 41278 | 6324 | 7521 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 10709 | 1626 | 1943 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 5767948 | 122038 | 15830 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 581594 | 87785 | 112312 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 482291 | 81652 | 164291 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 184160 | 81634 | 167670 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 70118 | 10766 | 12899 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 16702 | 14098 | 14204 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 188688 | 30458 | 33488 |
| **Total Expenses** | 111522932 | 12464137 | 10889721 |
| **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees | (961774) |  | (91968) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly | (295928) | (38538) | (113838) |
| **Net Expenses** | 110265230 | 12425599 | 10683915 |
| **Net Investment Income** | 141959347 | 40482580 | 44629940 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 191964502 | 99506707 | 114542942 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax | 48858610 | (1870209) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (6886167) | (294206) | – |
| **Net Realized Gain** | 233936945 | 97342292 | 114542942 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1030311547 | (110279500) | (252039118) |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | (20178856) | (1563029) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation | 458170 | 102893 | 5 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 1010590861 | (111739636) | (252039113) |
| **Net Realized and Unrealized Gain (Loss)** | 1244527806 | (14397344) | (137496171) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1386487153 | $26085236 | $(92866231) |

---

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS**<br> **FOR THE PERIOD ENDED<br> SEPTEMBER 30, 2025**<br> **(Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | GQG Partners Global Quality Value Fund | GQG Partners <br>International Quality Value Fund | GQG Partners US Quality Value Fund |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3280525 | $14241679 | $3659948 |
| &nbsp;&nbsp;&nbsp;Interest | 98000 | 595399 | 254132 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (271041) | (1452339) | (60382) |
| **Total Investment Income** | 3107484 | 13384739 | 3853698 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 386336 | 1622341 | 510990 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 32589 | 70043 | 32589 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees, Investor Shares | 7236 | 7463 | 12988 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 258 | 1093 | 419 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 67 | 291 | 109 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 26571 | 30788 | 23210 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 19789 | 21529 | 20354 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 14010 | 59381 | 3348 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 13606 | 13650 | 13618 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 3570 | 15314 | 5769 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 436 | 1864 | 712 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 6350 | 16830 | 2229 |
| **Total Expenses** | 510818 | 1860587 | 626335 |
| **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees | (88227) | (112047) | (55292) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly | (1151) | (1041) | (1644) |
| **Net Expenses** | 421440 | 1747499 | 569399 |
| **Net Investment Income** | 2686044 | 11637240 | 3284299 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1340378 | 13901221 | (649860) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax | (112775) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (44112) | (69837) | – |
| **Net Realized Gain (Loss)** | 1183491 | 13831384 | (649860) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 6214497 | 25291233 | (1825366) |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 114539 | (88640) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation | 21770 | 61701 | – |
| **Net Change in Unrealized Appreciation (Depreciation)** | 6350806 | 25264294 | (1825366) |
| **Net Realized and Unrealized Gain (Loss)** | 7534297 | 39095678 | (2475226) |
| **Net Increase in Net Assets Resulting from Operations** | $10220341 | $50732918 | $809073 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **EMERGING MARKETS EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended<br> March 31, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $141959347 | $511597692 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 233936945 | 698420561 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1010590861 | (2198037477) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 1386487153 | (988019224) |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | (9205651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | (342525491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | – | (9416075) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | – | (361147217) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 112324012 | 352611856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 9043272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (126686057) | (324174988) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | (14362045) | 37480140 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2171848038 | 7265430943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | (2099) | 284489724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2786720638) | (4748261141) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | (614874699) | 2801659526 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 161731263 | 394468362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | (2993) | 8957551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (102005568) | (117419620) |
| &nbsp;&nbsp;&nbsp;**Net R6 Shares Transactions** | 59722702 | 286006293 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (569514042) | 3125145959 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 816973111 | 1775979518 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 21776341497 | 20000361979 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $22593314608 | $21776341497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **GLOBAL QUALITY EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended<br> March 31, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $40482580 | $46309686 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 97342292 | 317527132 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (111739636) | (329597914) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 26085236 | 34238904 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | (14708546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | (192194587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | – | (3491852) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | – | (210394985) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 31075645 | 282921740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 14708487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (128696252) | (129431793) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | (97620607) | 168198434 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 609642467 | 1504289895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 5 | 167933603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (615242060) | (668528682) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | (5599588) | 1003694816 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2508329 | 4205785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 3491852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (698735) | (10299889) |
| &nbsp;&nbsp;&nbsp;**Net R6 Shares Transactions** | 1809594 | (2602252) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (101410601) | 1169290998 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (75325365) | 993134917 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 3533163435 | 2540028518 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $3457838070 | $3533163435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **US SELECT QUALITY EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025**<br> **(Unaudited)** | **Year Ended<br> March 31, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $44629940 | $39748488 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 114542942 | 221736296 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (252039113) | (165082208) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (92866231) | 96402576 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | (32358441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | (152697173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Shares | – | (3120625) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | – | (188176239) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 90055120 | 676774995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 32109648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (378757143) | (306425288) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | (288702023) | 402459355 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 645131243 | 2165035108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 2 | 139375163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1045997016) | (621133116) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | (400865771) | 1683277155 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 8762392 | 33136472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 3120625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (14036598) | (13758546) |
| &nbsp;&nbsp;&nbsp;**Net R6 Shares Transactions** | (5274206) | 22498551 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (694842000) | 2108235061 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (787708231) | 2016461398 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 4368939563 | 2352478165 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $3581231332 | $4368939563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **GLOBAL QUALITY VALUE FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Period Ended, September 30, 2025<br> (Unaudited) | Year Ended<br> March 31, 2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2686044 | $4750188 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1183491 | 8717856 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6350806 | (4763773) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 10220341 | 8704271 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (130572) | (471295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2402249) | (4282761) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (2532821) | (4754056) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2922433 | 13720861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 130572 | 471295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3698541) | (16068003) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | (645536) | (1875847) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 29027336 | 18808377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 2366426 | 4235046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5048538) | (12625612) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | 26345224 | 10417811 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 25699688 | 8541964 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 33387208 | 12492179 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 126662542 | 114170363 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $160049750 | $126662542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **INTERNATIONAL QUALITY VALUE FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Period Ended, September 30, 2025<br> (Unaudited) | Year Ended<br> March 31, 2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $11637240 | $11815032 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 13831384 | (1026966) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 25264294 | 22150506 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 50732918 | 32938572 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (189208) | (431374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (11488769) | (9891778) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (11677977) | (10323152) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4619907 | 16899735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 189208 | 431374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2838977) | (20318721) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | 1970138 | (2987612) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 188254111 | 273739580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 11437796 | 9815501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (50046503) | (34722163) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | 149645404 | 248832918 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 151615542 | 245845306 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 190670483 | 268460726 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 429656815 | 161196089 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $620327298 | $429656815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br> **US QUALITY VALUE FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Period Ended, September 30, 2025 (Unaudited) | Year Ended<br> March 31, 2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3284299 | $4946945 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (649860) | 15337625 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1825366) | 343719 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 809073 | 20628289 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (201455) | (296309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2986137) | (5874356) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (3187592) | (6170665) |
| **Capital Share Transactions <sup>(1)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 6279900 | 11480289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 201455 | 296309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (6455858) | (3686228) |
| &nbsp;&nbsp;&nbsp;**Net Investor Shares Transactions** | 25497 | 8090370 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 43610466 | 55969405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 2586126 | 5140208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (25890523) | (27968906) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | 20306069 | 33140707 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 20331566 | 41231077 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 17953047 | 55688701 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 210161885 | 154473184 |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $228114932 | $210161885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *See Note 7 in the Notes to Financial Statements.* 

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> EMERGING MARKETS EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** |  | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $16.39 |  | $17.38 | $12.96 | $15.44 | $17.65 | $14.84 |
| Income from Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.09 |  | 0.37 | 0.41 | 0.69 | 0.36 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.94 |  | (1.11) | 4.41 | (2.48) | (1.94 | 2.71 |
| Total from Investment Operations | 1.03 |  | (0.74) | 4.82 | (1.79) | (1.58 | 2.84 |
| Dividends and Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  | (0.25) | (0.40) | (0.69) | (0.38) | (0.03) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – |  | – | – | – | (0.25 | – |
| Total Dividends and Distributions | – |  | (0.25) | (0.40) | (0.69) | (0.63 | (0.03) |
| Net Asset Value, End of Year/Period | $17.42 |  | $16.39 | $17.38 | $12.96 | $15.44 | $17.65 |
| **Total Return<sup>†</sup>** | 6.28 | % | (4.29)% | 37.50% | (11.47)% | (9.19 | 19.12% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $638632 |  | $615121 | $616353 | $294808 | $204004 | $173963 |
| Ratio of Expenses to Average Net Assets | 1.19 | %<sup>††</sup> | 1.18%<sup>(2)</sup> | 1.20%<sup>(2)</sup> | 1.23%<sup>(2)</sup> | 1.16 | 1.16%<sup>(2)</sup> |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 1.20 | %<sup>††</sup> | 1.18% | 1.20% | 1.22% | 1.15 | 1.16% |
| Ratio of Net Investment Income to Average Net Assets | 1.06 | %<sup>††</sup> | 2.15% | 2.72% | 5.14% | 3.14 | 0.72% |
| Portfolio Turnover Rate | 36 | %<sup>‡</sup> | 97% | 49% | 88% | 75 | 101% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> EMERGING MARKETS EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** |  | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $16.49 |  | $17.48 | $13.03 | $15.52 | $17.74 | $14.90 |
| Income from Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.11 |  | 0.41 | 0.46 | 0.74 | 0.37 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.95 |  | (1.12) | 4.42 | (2.51) | (1.93 | 2.72 |
| Total from Investment Operations | 1.06 |  | (0.71) | 4.88 | (1.77) | (1.56 | 2.88 |
| Dividends and Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  | (0.28) | (0.43) | (0.72) | (0.41) | (0.04) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – |  | – | – | – | (0.25 | – |
| Total Dividends and Distributions | – |  | (0.28) | (0.43) | (0.72) | (0.66 | (0.04) |
| Net Asset Value, End of Year/Period | $17.55 |  | $16.49 | $17.48 | $13.03 | $15.52 | $17.74 |
| **Total Return<sup>†</sup>** | 6.43 | % | (4.06)% | 37.78% | (11.32)% | (9.07 | 19.35% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $21264792 |  | $20572091 | $19043298 | $10954713 | $8809402 | $8429150 |
| Ratio of Expenses to Average Net Assets | 0.98 | %<sup>††</sup> | 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98 | 0.98%<sup>(2)</sup> |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.99 | %<sup>††</sup> | 0.98% | 0.98% | 0.97% | 0.97 | 0.98% |
| Ratio of Net Investment Income to Average Net Assets | 1.27 | %<sup>††</sup> | 2.35% | 3.02% | 5.46% | 3.25 | 0.90% |
| Portfolio Turnover Rate | 36 | %<sup>‡</sup> | 97% | 49% | 88% | 75 | 101% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> EMERGING MARKETS EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** |  | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $16.49 |  | $17.49 | $13.03 | $15.52 | $17.74 | $14.90 |
| Income from Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.10 |  | 0.40 | 0.45 | 0.65 | 0.37 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.96 |  | (1.12) | 4.44 | (2.42) | (1.93 | 2.67 |
| Total from Investment Operations  | 1.06 |  | (0.72) | 4.89 | (1.77) | (1.56 | 2.88 |
| Dividends and Distributions:  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  | (0.28) | (0.43) | (0.72) | (0.41) | (0.04) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – |  | – | – | – | (0.25 | – |
| Total Dividends and Distributions | – |  | (0.28) | (0.43) | (0.72) | (0.66 | (0.04) |
| Net Asset Value, End of Year/Period | $17.55 |  | $16.49 | $17.49 | $13.03 | $15.52 | $17.74 |
| **Total Return<sup>†</sup>** | 6.43 | % | (4.11)% | 37.86% | (11.32)% | (9.07 | 19.35% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $689891 |  | $589129 | $340711 | $189724 | $66084 | $65354 |
| Ratio of Expenses to Average Net Assets | 0.98 | %<sup>††</sup> | 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98 | 0.98%<sup>(2)</sup> |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.99 | %<sup>††</sup> | 0.98% | 0.98% | 0.97% | 0.97 | 0.98% |
| Ratio of Net Investment Income to Average Net Assets | 1.22 | %<sup>††</sup> | 2.32% | 3.01% | 4.85% | 3.25 | 1.17% |
| Portfolio Turnover Rate | 36 | %<sup>‡</sup> | 97% | 49% | 88% | 75 | 101% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> GLOBAL QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $18.68 | $19.53 | $13.55 | $15.28 | $14.62 | $12.48 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.20 | 0.23 | 0.15 | 0.43 | 0.27 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.09 | 0.10 | 6.03 | (1.75) | 0.62 | 2.06 |
| Total from Investment Operations  | 0.11 | 0.33 | 6.18 | (1.32) | 0.89 | 2.14 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.17) | (0.20) | (0.39) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.01) | – | (0.02) | – | – |
| Total Dividends and Distributions  | – | (1.18) | (0.20) | (0.41) | (0.23 | – |
| Net Asset Value, End of Year/Period | $18.79 | $18.68 | $19.53 | $13.55 | $15.28 | $14.62 |
| **Total Return<sup>†</sup>** | 0.59 | 1.67% | 45.88% | (8.73)% | 6.11 | 17.15% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $138729 | $235604 | $81323 | $23322 | $4087 | $2017 |
| Ratio of Expenses to Average Net Assets  | 0.90 | 0.90% | 0.88%<sup>(2)</sup> | 1.00%<sup>(2)</sup> | 0.90 | 0.90% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.90 | 0.90% | 0.88% | 0.97% | 0.88 | 0.91% |
| Ratio of Net Investment Income to Average Net Assets | 2.17 | 1.19% | 0.92% | 3.05% | 2.75 | 0.62% |
| Portfolio Turnover Rate | 52 | 184% | 97% | 139% | 95 | 124% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> GLOBAL QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $18.77 | $19.61 | $13.60 | $15.31 | $14.65 | $12.50 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.22 | 0.28 | 0.19 | 0.50 | 0.28 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.10 | 0.08 | 6.05 | (1.79) | 0.63 | 2.04 |
| Total from Investment Operations  | 0.12 | 0.36 | 6.24 | (1.29) | 0.91 | 2.16 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.19) | (0.23) | (0.40) | (0.25) | (0.01) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.01) | – | (0.02) | – | – |
| Total Dividends and Distributions  | – | (1.20) | (0.23) | (0.42) | (0.25 | (0.01) |
| Net Asset Value, End of Year/Period | $18.89 | $18.77 | $19.61 | $13.60 | $15.31 | $14.65 |
| **Total Return<sup>†</sup>** | 0.64 | 1.84% | 46.19% | (8.52)% | 6.22 | 17.33% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $3256911 | $3237594 | $2393659 | $1308554 | $834826 | $610670 |
| Ratio of Expenses to Average Net Assets  | 0.70 | 0.70% | 0.71%<sup>(2)</sup> | 0.75%<sup>(2)</sup> | 0.75 | 0.75% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.70 | 0.70% | 0.71% | 0.72% | 0.73 | 0.76% |
| Ratio of Net Investment Income to Average Net Assets | 2.32 | 1.42% | 1.16% | 3.57% | 2.81 | 0.86% |
| Portfolio Turnover Rate | 52 | 184% | 97% | 139% | 95 | 124% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> GLOBAL QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $18.76 | $19.60 | $13.60 | $15.30 | $14.64 | $12.50 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.22 | 0.29 | 0.20 | 0.51 | 0.28 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.09 | 0.07 | 6.03 | (1.79) | 0.63 | 1.96 |
| Total from Investment Operations | 0.13 | 0.36 | 6.23 | (1.28) | 0.91 | 2.15 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.19) | (0.23) | (0.40) | (0.25) | (0.01) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.01) | – | (0.02) | – | – |
| Total Dividends and Distributions | – | (1.20) | (0.23) | (0.42) | (0.25 | (0.01) |
| Net Asset Value, End of Year/Period | $18.89 | $18.76 | $19.60 | $13.60 | $15.30 | $14.64 |
| **Total Return†** | 0.69 | 1.84% | 46.12% | (8.46)% | 6.23 | 17.25% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $62198 | $59965 | $65047 | $47868 | $51423 | $52514 |
| Ratio of Expenses to Average Net Assets  | 0.70 | 0.70% | 0.71%<sup>(2)</sup> | 0.75%<sup>(2)</sup> | 0.75 | 0.75% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.70 | 0.70% | 0.70% | 0.72% | 0.73 | 0.76% |
| Ratio of Net Investment Income to Average Net Assets | 2.31 | 1.45% | 1.24% | 3.63% | 2.76 | 1.32% |
| Portfolio Turnover Rate | 52 | 184% | 97% | 139% | 95 | 124% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> US SELECT QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $22.26 | $22.46 | $15.18 | $17.74 | $16.42 | $13.37 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.21 | 0.24 | 0.04 | 0.28 | 0.20 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.67 | 0.75 | 7.32 | (2.15) | 1.37 | 3.05 |
| Total from Investment Operations | (0.46 | 0.99 | 7.36 | (1.87) | 1.57 | 3.14 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.14) | (0.08) | (0.26) | (0.14) | (0.01) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.05) | – | (0.43) | (0.11 | (0.08) |
| Total Dividends and Distributions | – | (1.19) | (0.08) | (0.69) | (0.25 | (0.09) |
| Net Asset Value, End of Year/Period | $21.80 | $22.26 | $22.46 | $15.18 | $17.74 | $16.42 |
| **Total Return<sup>†</sup>** | (2.07 | 4.32% | 48.60% | (10.59)% | 9.66 | 23.57% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $364055 | $669466 | $286110 | $82943 | $25786 | $2186 |
| Ratio of Expenses to Average Net Assets  | 0.72 | 0.70%<sup>(2)</sup> | 0.67% | 0.74% | 0.59 | 0.59% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.72 | 0.71% | 0.68% | 0.76% | 0.61 | 0.63% |
| Ratio of Net Investment Income to Average Net Assets | 1.97 | 1.03% | 0.21% | 1.78% | 1.75 | 0.61% |
| Portfolio Turnover Rate | 60 | 240% | 148% | 211% | 125 | 143% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> US SELECT QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $22.38 | $22.55 | $15.24 | $17.78 | $16.45 | $13.39 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.24 | 0.29 | 0.07 | 0.33 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.69 | 0.76 | 7.36 | (2.17) | 1.42 | 3.04 |
| Total from Investment Operations | (0.45 | 1.05 | 7.43 | (1.84) | 1.58 | 3.16 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.17) | (0.12) | (0.27) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.05) | – | (0.43) | (0.11 | (0.08) |
| Total Dividends and Distributions  | – | (1.22) | (0.12) | (0.70) | (0.25 | (0.10) |
| Net Asset Value, End of Year/Period | $21.93 | $22.38 | $22.55 | $15.24 | $17.78 | $16.45 |
| **Total Return<sup>†</sup>** | (2.01 | 4.57% | 48.90% | (10.40)% | 9.72 | 23.69% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $3160575 | $3636383 | $2024632 | $1267680 | $884331 | $672120 |
| Ratio of Expenses to Average Net Assets | 0.49 | 0.49%<sup>(2)</sup> | 0.49% | 0.49% | 0.49 | 0.49% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.49 | 0.50% | 0.50% | 0.51% | 0.51 | 0.53% |
| Ratio of Net Investment Income to Average Net Assets | 2.21 | 1.23% | 0.39% | 2.03% | 1.45 | 0.80% |
| Portfolio Turnover Rate | 60 | 240% | 148% | 211% | 125 | 143% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> US SELECT QUALITY EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** | **Year Ended**<br> **July 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $22.39 | $22.56 | $15.25 | $17.79 | $16.46 | $13.39 |
| Income from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.24 | 0.29 | 0.08 | 0.33 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.69 | 0.76 | 7.35 | (2.17) | 1.42 | 3.04 |
| Total from Investment Operations  | (0.45 | 1.05 | 7.43 | (1.84) | 1.58 | 3.17 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.17) | (0.12) | (0.27) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Capital Gains | – | (1.05) | – | (0.43) | (0.11 | (0.08) |
| Total Dividends and Distributions  | – | (1.22) | (0.12) | (0.70) | (0.25 | (0.10) |
| Net Asset Value, End of Year/Period | $21.94 | $22.39 | $22.56 | $15.25 | $17.79 | $16.46 |
| **Total Return<sup>†</sup>** | (2.01 | 4.58% | 48.87% | (10.39)% | 9.72 | 23.77% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $56601 | $63091 | $41736 | $8010 | $9670 | $9904 |
| Ratio of Expenses to Average Net Assets | 0.49 | 0.49%<sup>(2)</sup> | 0.49% | 0.49% | 0.49 | 0.49% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.49 | 0.50% | 0.50% | 0.51% | 0.51 | 0.53% |
| Ratio of Net Investment Income to Average Net Assets | 2.20 | 1.23% | 0.41% | 1.99% | 1.39 | 0.84% |
| Portfolio Turnover Rate | 60 | 240% | 148% | 211% | 125 | 143% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *For the period August 1, 2021 to March 31, 2022. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> GLOBAL QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $11.96 | $11.49 | $9.66 | $10.36 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.23 | 0.42 | 0.41 | 0.40 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.62 | 0.47 | 1.81 | (0.59 | 0.27 |
| Total from Investment Operations | 0.85 | 0.89 | 2.22 | (0.19 | 0.57 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.20) | (0.39) | (0.39) | (0.51) | (0.20) |
| &nbsp;&nbsp;&nbsp;Capital Gains |  | (0.03) |  |  |  |
| Return of Capital | – | – | – | – | (0.01 |
| Total Dividends and Distributions | (0.20 | (0.42) | (0.39) | (0.51 | (0.21 |
| Net Asset Value, End of Year/Period | $12.61 | $11.96 | $11.49 | $9.66 | $10.36 |
| **Total Return<sup>†</sup>** | 7.18 | 7.89% | 23.51% | (1.50 | 5.69 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $7369 | $7526 | $9778 | $9124 | $1060 |
| Ratio of Expenses to Average Net Assets | 0.76 | 0.83% | 0.84% | 0.86 | 0.75 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.89 | 0.94% | 0.93% | 1.03 | 1.83 |
| Ratio of Net Investment Income to Average Net Assets | 3.74 | 3.58% | 3.97% | 4.19 | 3.92 |
| Portfolio Turnover Rate | 21 | 140% | 67% | 84 | 109 |

---

---

| | |
|:---|:---|
| *<sup>^</sup>* | *Amount represents less than $0.005 per share.* |
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> GLOBAL QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $11.95 | $11.48 | $9.66 | $10.36 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.23 | 0.44 | 0.41 | 0.53 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.63 | 0.47 | 1.82 | (0.72 | 0.25 |
| Total from Investment Operations | 0.86 | 0.91 | 2.23 | (0.19 | 0.57 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.21) | (0.41) | (0.41) | (0.51) | (0.20) |
| &nbsp;&nbsp;&nbsp;Capital Gains |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | **(0.01** |
| Total Dividends and Distributions | (0.21 | (0.44) | (0.41) | (0.51 | (0.21 |
| Net Asset Value, End of Year/Period | $12.60 | $11.95 | $11.48 | $9.66 | $10.36 |
| **Total Return<sup>†</sup>** | 7.28 | 8.10% | 23.58% | (1.46 | 5.70 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $152681 | $119137 | $104392 | $81268 | $70523 |
| Ratio of Expenses to Average Net Assets  | 0.59 | 0.65% | 0.70% | 0.75 | 0.75 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.72 | 0.76% | 0.80% | 0.92 | 1.29 |
| Ratio of Net Investment Income to Average Net Assets  | 3.83 | 3.82% | 3.98% | 5.45 | 4.14 |
| Portfolio Turnover Rate | 21 | 140% | 67% | 84 | 109 |

---

---

| | |
|:---|:---|
| *<sup>^</sup>* | *Amount represents less than $0.005 per share.* |
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> INTERNATIONAL QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $10.89 | $9.98 | $8.42 | $9.54 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.21 | 0.38 | 0.43 | 0.49 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.60 | 0.86 | 1.55 | (1.10) | (0.56 |
| Total from Investment Operations | 0.81 | 1.24 | 1.98 | (0.61) | (0.24 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.21 | (0.33) | (0.42) | (0.51) | (0.22 |
| Total Dividends and Distributions | (0.21 | (0.33) | (0.42) | (0.51) | (0.22 |
| Net Asset Value, End of Year/Period | $11.49 | $10.89 | $9.98 | $8.42 | $9.54 |
| **Total Return<sup>†</sup>** | 7.48 | 12.58% | 24.13% | (6.24)% | (2.45 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $10195 | $7723 | $10015 | $5562 | $1025 |
| Ratio of Expenses to Average Net Assets  | 0.75 | 0.80% | 0.83% | 0.91% | 0.79 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.78 | 0.85% | 0.96% | 1.08% | 1.91 |
| Ratio of Net Investment Income to Average Net Assets | 3.68 | 3.64% | 4.78% | 5.73% | 4.33 |
| Portfolio Turnover Rate | 25 | 88% | 48% | 80% | 102 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> INTERNATIONAL QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $10.89 | $9.98 | $8.42 | $9.54 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.22 | 0.41 | 0.46 | 0.53 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 0.60 | 0.85 | 1.53 | (1.14) | (0.59 |
| Total from Investment Operations | 0.82 | 1.26 | 1.99 | (0.61) | (0.24 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.22 | (0.35) | (0.43) | (0.51) | (0.22 |
| Total Dividends and Distributions | (0.22 | (0.35) | (0.43) | (0.51) | (0.22 |
| Net Asset Value, End of Year/Period | $11.49 | $10.89 | $9.98 | $8.42 | $9.54 |
| **Total Return<sup>†</sup>** | 7.56 | 12.78% | 24.29% | (6.21)% | (2.45 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $610132 | $421934 | $151181 | $91491 | $44629 |
| Ratio of Expenses to Average Net Assets | 0.59 | 0.64% | 0.72% | 0.79% | 0.79 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.63 | 0.69% | 0.85% | 0.96% | 1.48 |
| Ratio of Net Investment Income to Average Net Assets | 3.95 | 3.94% | 5.02% | 6.17% | 4.67 |
| Portfolio Turnover Rate | 25 | 88% | 48% | 80% | 102 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> US QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $13.55 | $12.52 | $11.04 | $11.64 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.18 | 0.34 | 0.28 | 0.37 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.22 | 1.10 | 1.49 | (0.65) | 1.57 |
| Total from Investment Operations | (0.04 | 1.44 | 1.77 | (0.28) | 1.85 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.33) | (0.29) | (0.32) | (0.21) |
| &nbsp;&nbsp;&nbsp;Capital Gains |  | (0.08) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – |
| Total Dividends and Distributions | (0.17 | (0.41) | (0.29) | (0.32) | (0.21 |
| Net Asset Value, End of Year/Period | $13.34 | $13.55 | $12.52 | $11.04 | $11.64 |
| **Total Return<sup>†</sup>** | (0.27 | 11.78% | 16.29% | (2.30)% | 18.57 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $13832 | $13831 | $5079 | $4083 | $1232 |
| Ratio of Expenses to Average Net Assets  | 0.65 | 0.64% | 0.59% | 0.57% | 0.49 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.70 | 0.71% | 0.68% | 0.70% | 1.49 |
| Ratio of Net Investment Income to Average Net Assets  | 2.77 | 2.65% | 2.51% | 3.29% | 3.49 |
| Portfolio Turnover Rate | 23 | 146% | 103% | 103% | 99 |

---

---

| | |
|:---|:---|
| *<sup>^</sup>* | *Amount represents less than $0.005 per share.* |
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS <br> US QUALITY VALUE FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout the Year or Period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period Ended September 30,**<br> **2025 (Unaudited)** | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Period Ended March 31, 2022**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Year/Period | $13.56 | $12.53 | $11.04 | $11.64 | $10.00 |
| Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.19 | 0.36 | 0.29 | 0.36 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.22 | 1.10 | 1.50 | (0.63) | 1.51 |
| Total from Investment Operations | (0.03 | 1.46 | 1.79 | (0.27) | 1.85 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.18) | (0.35) | (0.30) | (0.33) | (0.21) |
| &nbsp;&nbsp;&nbsp;Capital Gains |  | (0.08) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – |
| Total Dividends and Distributions | (0.18 | (0.43) | (0.30) | (0.33) | (0.21 |
| Net Asset Value, End of Year/Period | $13.35 | $13.56 | $12.53 | $11.04 | $11.64 |
| **Total Return<sup>†</sup>** | (0.18 | 11.90% | 16.49% | (2.27)% | 18.57 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $214283 | $196331 | $149394 | $159815 | $79132 |
| Ratio of Expenses to Average Net Assets | 0.49 | 0.49% | 0.49% | 0.49% | 0.49 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees) | 0.54 | 0.56% | 0.58% | 0.62% | 0.98 |
| Ratio of Net Investment Income to Average Net Assets | 2.90 | 2.76% | 2.59% | 3.22% | 4.10 |
| Portfolio Turnover Rate | 23 | 146% | 103% | 103% | 99 |

---

---

| | |
|:---|:---|
| *<sup>^</sup>* | *Amount represents less than $0.005 per share.* |
| *<sup>\*</sup>* | *Per share data calculated using average shares method.* |
| *<sup>†</sup>* | *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>††</sup>* | *Annualized.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *<sup>(1)</sup>* | *Commenced operations on June 30, 2021.* |
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.* |

---

*The accompanying notes are an integral part of the financial statements.*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:** 

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 47 funds. The financial statements herein are those of the GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund (formerly, GQG Partners Global Quality Dividend Income Fund), GQG Partners International Quality Value Fund (formerly, GQG Partners International Quality Dividend Income Fund) and GQG Partners US Quality Value Fund (formerly, GQG Partners US Quality Dividend Income Fund) (each a "Fund" and collectively, the "Funds"). The investment objective of GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund and GQG Partners US Select Quality Equity Fund is to seek long-term capital appreciation. The investment objective of GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund is to seek long-term capital appreciation and dividend income. Each of the Funds is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than diversified funds. GQG Partners LLC serves as the Funds' investment adviser (the "Adviser"). The GQG Partners Emerging Markets Equity Fund, GQG Partners US Select Quality Equity Fund, and GQG Partners Global Quality Equity Fund commenced operations on December 28, 2016, September 28, 2018, and March 29, 2019, respectively and currently offer Investor Shares, Institutional Shares and R6 Shares. The GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund commenced operations on June 30, 2021 and currently offer Investor Shares and Institutional Shares. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated and a shareholder's interest is limited to the fund in which shares are held. Effective September 23, 2021, the GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund and GQG Partners US Select Quality Equity Fund changed their fiscal year end to March 31.

**2. Significant Accounting Policies:** 

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

*Use of Estimates —* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

*59*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation —* Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time each Fund calculates its net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Funds becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which each Fund calculates its net asset value, it may request that a Committee meeting be called.

*60*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

The GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and the GQG Partners International Quality Value Fund use Intercontinental Exchange Data Pricing & Reference Data, LLC ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Funds' based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the "Administrator") and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

*61*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

*Federal Income Taxes —* It is each Fund's intention to continue to qualify as regulated investment companies for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any significant interest or penalties.

*Foreign Taxes —* The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the period ended September 30, 2025, GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund have accrued foreign tax in the amount of $294,601,797, $4,317,378, $164,835 and $719,808, respectively, presented on the Statements of Assets and Liabilities.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on

*62*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.

*Participation Notes (P-Notes)* – To the extent consistent with its Investment Objective and Strategies, each Fund may acquire P-Notes issued by participating banks or broker dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instrument's value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate.

In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Funds are relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security. In addition, the Funds will incur transaction costs as a result of investments in P-Notes.

*Foreign Currency Translation —* The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.

*Cash*—Idle cash may be swept into various time deposit accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank

*63*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

*Expenses —* Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds of the Trust based on the number of Funds and/or relative net assets.

*Classes—*Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

*Dividends and Distributions to Shareholders —* GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund and GQG Partners US Select Quality Equity Fund distribute substantially all of their net investment income annually. GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund distribute substantially all of their net investment income quarterly. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

**3. Transactions with Affiliates:** 

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

**4. Administration, Shareholder Servicing, Custodian and Transfer Agent Agreements:** 

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended September 30, 2025, GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund were charged $2,710,404, $424,167, $496,708, $32,589, $70,043 and $32,589, respectively.

The Funds have adopted a Shareholder Servicing Plan (the "Plan") that provides that a Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of the Funds' Investor Shares. The

*64*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

SS&C Global Investor & Distribution Solutions, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. During the period ended September 30, 2025, the GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund earned credits of $295,928, $38,538, $113,838, $1,151, $1,041 and $1,644, respectively. These amounts are listed as "Fees Paid Indirectly" on the Statements of Operations.

**5. Investment Advisory Agreement:** 

Under the terms of an investment advisory agreement, GQG Partners LLC provides investment advisory services to the Funds at a fee calculated at an annual rate of the Funds' respective average daily net assets. The Adviser has contractually agreed to reduce fees and reimburse expenses for the Funds to the extent necessary to keep total annual fund operating expenses after fee reductions and/or expense reimbursements (excluding any class specific expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and non-routine expenses (collectively, "excluded expenses")) from exceeding certain levels as set forth below (the "Contractual Expense Limit") until July 31, 2026.

---

| | | |
|:---|:---|:---|
|  | **Advisory Fee** | **Contractual Expense Limitation** |
| GQG Partners Emerging Markets Equity Fund | 0.90%  | 0.98% |
| GQG Partners Global Quality Equity Fund | 0.65%  | 0.75% |
| GQG Partners US Select Quality Equity Fund | 0.45% | 0.49% |
| GQG Partners Global Quality Value Fund | 0.55%<sup>(1)</sup> | 0.59%<sup>(2)</sup> |
| GQG Partners International Quality Value Fund | 0.55%<sup>(1)</sup> | 0.59%<sup>(2)</sup> |
| GQG Partners US Quality Value Fund | 0.45% | 0.49% |

---

(1) Prior to December 5, 2024, the annual advisory fee rate for the Global Quality Value Fund and International Quality Value Fund was 0.60%.

(2) Prior to December 5, 2024, the contractual expense limits for the Global Quality Value Fund and International Quality Value Fund was 0.68%.

The Adviser may recover all or a portion of its fee reductions or expense reimbursements with respect to a Fund, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Funds' total annual fund operating expenses are below the Contractual Expense Limit. This agreement may be terminated with respect to the Fund by the Board for any reason at any time, or by the Adviser, upon ninety (90) days' prior written notice to the Trust.

*65*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

As of September 30, 2025, the fees which were previously waived by the Adviser which may be subject to possible future recapture are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Subject to Repayment until March 31:** | **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Global Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** | **GQG Partners Global Quality Value Fund** | **GQG Partners International Quality Value Fund** | **GQG Partners US Quality Value Fund** |
| 2023 | 2026 | $- | $- | $234814 | $170498 | $99047 | $119370 |
| 2024 | 2027 |  |  | 117586 | 114855 | 95241 | 93713 |
| 2025 | 2028 | 961774 | - | 358474 | 128408 | 235853 | 177652 |
|  |  | $961774 | $- | $710874 | $413761 | $430141 | $390735 |

---

**6. Investment Transactions:** 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Global Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** |
| **Purchases** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 8357317207 | 1798209062 | 2326736479 |
| **Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7765496254 | 1788789715 | 2567920152 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **GQG Partners Global Quality Value Fund** | **GQG Partners International Quality Value Fund** | **GQG Partners US Quality Value Fund** |
| **Purchases** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 51393922 | 267692146 | 71020189 |
| **Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 28580337 | 137382624 | 49143669 |

---

*66*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

**7. Share Transactions:** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners Emerging Markets Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 6664101 | 20370964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 549409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7541461) | (18857496) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | (877360) | 2062877 |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 128671494 | 416993691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | (124) | 17189711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (164458887) | (275862371) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | (35787517) | 158321031 |
| &nbsp;&nbsp;&nbsp; **R6 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 9484467 | 22634057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | (189) | 541242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5897857) | (6938875) |
| &nbsp;&nbsp;&nbsp; Total R6 Shares Transactions | 3586421 | 16236424 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding From Share Transactions** | (33078456) | 176620332 |

---

 

*67*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners Global Quality Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 1700796 | 14235462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 778914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6929718) | (6563950) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | (5228922) | 8450426 |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 32949022 | 75612599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 8849365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (33096219) | (34025691) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | (147197) | 50436273 |
| &nbsp;&nbsp;&nbsp; **R6 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 134447 | 220321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 184107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (37903) | (526793) |
| &nbsp;&nbsp;&nbsp; Total R6 Shares Transactions | 96544 | (122365) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding From Share Transactions** | (5279575) | 58764334 |

---

*68*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners US Select Quality Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 4198857 | 29283124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 1412654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (17566512) | (13366253) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | (13367655) | 17329525 |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 29865035 | 93485575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 6097236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (48266256) | (26875658) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | (18401221) | 72707153 |
| &nbsp;&nbsp;&nbsp; **R6 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 408275 | 1427344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 136516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (646929) | (595799) |
| &nbsp;&nbsp;&nbsp; Total R6 Shares Transactions | (238654) | 968061 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding From Share Transactions** | (32007530) | 91004739 |

---

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners Global Quality Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 249306 | 1163417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 10670 | 40878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (304880) | (1426177) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | (44904) | (221882) |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2368597 | 1606639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 192959 | 365862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (413041) | (1098332) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | 2148515 | 874169 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding From Share Transactions** | 2103611 | 652287 |

---

*69*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners International Quality Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 414086 | 1609854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 16674 | 41123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (252968) | (1945180) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | 177792 | (294203) |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 17714102 | 25999736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 1007867 | 931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4385115) | (3331765) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | 14336854 | 23599058 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding From Share Transactions** | 14514646 | 23304855 |

---

---

| | | |
|:---|:---|:---|
|  | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025**  |
| &nbsp;&nbsp;&nbsp; **GQG Partners US Quality Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 489956 | 875690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 15345 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (489316) | (283664) |
| &nbsp;&nbsp;&nbsp; Total Investor Shares Transactions | 15985 | 614950 |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 3346285 | 4322719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 196689 | 399345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1972888) | (2168937) |
| &nbsp;&nbsp;&nbsp; Total Institutional Shares Transactions | 1570086 | 2553127 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding From Share Transactions** | 1586071 | 3168077 |

---

*70*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

**8. Federal Tax Information:** 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences are primarily related to investments in foreign currency, PFIC adjustments, REIT adjustments and capital gains tax.

The tax character of dividends and distributions paid during the fiscal year ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Total** |
| **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Emerging Markets Equity Fund** | **GQG Partners Emerging Markets Equity Fund** |
| 2025 | $361147217 | $— | $— | $361147217 |
| 2024 | 440084497 |  |  | 440084497 |
| **GQG Partners Global Quality Equity Fund** | **GQG Partners Global Quality Equity Fund** | **GQG Partners Global Quality Equity Fund** | **GQG Partners Global Quality Equity Fund** | **GQG Partners Global Quality Equity Fund** |
| 2025 | $34570779 | $175824206 | $— | $210394985 |
| 2024 | 28537632 |  |  | 28537632 |
| **GQG Partners US Select Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** | **GQG Partners US Select Quality Equity Fund** |
| 2025 | $27006874 | $161169365 | $— | $188176239 |
| 2024 | 10745504 |  |  | 10745504 |
| **GQG Partners Global Quality Value Fund** | **GQG Partners Global Quality Value Fund** | **GQG Partners Global Quality Value Fund** | **GQG Partners Global Quality Value Fund** | **GQG Partners Global Quality Value Fund** |
| 2025 | $4447884 | $306172 | $— | $4754056 |
| 2024 | 3901179 |  |  | 3901179 |
| **GQG Partners International Quality Value Fund** | **GQG Partners International Quality Value Fund** | **GQG Partners International Quality Value Fund** | **GQG Partners International Quality Value Fund** | **GQG Partners International Quality Value Fund** |
| 2025 | $10323152 | $— | $— | $10323152 |
| 2024 | 5294681 |  |  | 5294681 |
| **GQG Partners US Quality Value Fund** | **GQG Partners US Quality Value Fund** | **GQG Partners US Quality Value Fund** | **GQG Partners US Quality Value Fund** | **GQG Partners US Quality Value Fund** |
| 2025 | $4947863 | $1222802 | $— | $6170665 |
| 2024 | 3745005 |  |  | 3745005 |

---

*71*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

As of March 31, 2025, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

**GQG Partners Emerging Markets Equity Fund** 

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $178670479 |
| Capital Loss Carryforwards | (761714227) |
| Unrealized Appreciation | 2283648248 |
| Other Temporary Differences | (1) |
| Total Distributable Earnings | $1700604499 |

---

**GQG Partners Global Quality Equity Fund** 

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $11065507 |
| Undistributed Long-Term Capital Gains | 77427086 |
| Unrealized Appreciation | 460426237 |
| Other Temporary Differences | (1) |
| Total Distributable Earnings | $548918829 |

---

**GQG Partners US Select Quality Equity Fund** 

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $13669140 |
| Undistributed Long-Term Capital Gains | 18042172 |
| Unrealized Appreciation | 558459033 |
| Other Temporary Differences | (9) |
| Total Distributable Earnings | $590170336 |

---

**GQG Partners Global Quality Value Fund** 

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $150770 |
| Undistributed Long-Term Capital Gains | 2094988 |
| Unrealized Appreciation | 15064401 |
| Other Temporary Differences | 4 |
| Total Distributable Earnings | $17310163 |

---

**GQG Partners International Quality Value Fund** 

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $1407640 |
| Capital Loss Carryforwards | (13110189) |
| Unrealized Appreciation | 45337161 |
| Other Temporary Differences | 2 |
| Total Distributable Earnings | $33634614 |

---

*72*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

**GQG Partners US Quality Value Fund** 

---

| | |
|:---|:---|
| Undistributed Long-Term Capital Gains | $1949242 |
| Unrealized Appreciation | 31077582 |
| Other Temporary Differences | 1 |
| Total Distributable Earnings | $33026825 |

---

For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains. Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
|  GQG Partners Emerging Markets Equity Fund | $761714227 | $– $| 761714227 |
|  GQG Partners International Quality Value Fund | 13110189 | – | 13110189 |

---

During the year ended March 31, 2025, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
|  GQG Partners Emerging Markets Equity Fund | $757495065 | $— | $757495065 |
|  GQG Partners Global Quality Equity Fund | 81436348 |  | 81436348 |
|  GQG Partners US Select Quality Equity Fund | 55293013 |  | 55293013 |
|  GQG Partners Global Quality Value Fund | 6514616 |  | 6514616 |
|  GQG Partners International Quality Value Fund | 617425 | 1443127 | 2060552 |
|  GQG Partners US Quality Value Fund | 12432558 |  | 12432558 |

---

*73*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies and deferred losses from wash sale transactions. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments (including foreign currency and derivatives, if applicable) held by the Funds at September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate Gross Unrealized Appreciation**  | **Aggregate Gross Unrealized Depreciation** | **Net Unrealized Appreciation** |
|  GQG Partners Emerging Markets Equity Fund | $18941470814 | $4548917146 | $(885298073) | $3663619073 |
|  GQG Partners Global Quality Equity Fund | 3035370939 | 422682668 | (49138344) | 373544324 |
|  GQG Partners US Select Quality Equity Fund | 3238588490 | 361172966 | (39240083) | 321932883 |
|  GQG Partners Global Quality Value Fund | 129920342 | 25738484 | (4106459) | 21632025 |
|  GQG Partners International Quality Value Fund | 503373954 | 86820312 | (12482218) | 74338094 |
|  GQG Partners US Quality Value Fund | 195525370 | 32241119 | (2598635) | 29642484 |

---

Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

**9. Concentration of Risks:** 

As with all mutual funds, there is no guarantee that a Fund will achieve its investment objective. You could lose money by investing in a Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth below.

*Active Management Risk* (All Funds) – The Funds are subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by a Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

*74*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

*Commodities Risk* (GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – The prices of physical commodities (such as energy, metals, minerals, or agricultural products) may be affected by factors such as natural disasters, weather, and U.S. and international economic, political and regulatory developments. The prices of commodities can also fluctuate due to supply and demand disruptions in major producing or consuming regions, as well as temporary distortions in the commodities markets due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions.

*Gold.* The price of gold is affected by such factors as: (1) how much of the worldwide supply is held by large holders, such as governmental bodies and central banks; (2) unpredictable monetary policies and economic and political conditions in countries throughout the world; (3) supply and demand for gold bullion as an investment, including bars, coins or gold-backed financial instruments such as exchange-traded funds ("ETFs"); (4) demand for gold jewelry; and (5) government policies meant to influence demand for gold.

*De-Globalization Risk* (All Funds) – The Fund's investments may expose the Fund to disruptions associated with "de-globalization" trends in some parts of the world. Nationalism in the U.S. and abroad is on the rise, which presents risks to global commerce and the companies engaged in such commerce. For example, nationalistic trade policies that favor domestic companies as opposed to foreign competitors may become more likely. Such policies may lead to global supply chain and market disruptions, which could have an adverse effect on the companies in which the Fund invests and the performance of the Fund.

*Depositary Receipts Risk* (All Funds) – ADRs are typically trust receipts issued by a U.S. bank or trust company that evidence an indirect interest in underlying securities issued by a foreign entity. GDRs, EDRs, and other types of depositary receipts are typically issued by non-U.S. banks or financial institutions to evidence an interest in underlying securities issued by either a U.S. or a non-U.S. entity. Investments in non-U.S. issuers through ADRs, GDRs, EDRs, and other types of depositary receipts generally involve risks applicable to other types of investments in non-U.S. issuers. Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, a Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. The values of depositary receipts may decline for a number of reasons relating to the issuers or sponsors of the depositary receipts, including, but not limited to, insolvency of the issuer or sponsor. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. The Funds may invest in unsponsored depositary receipts, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored depositary receipts generally bear all the costs thereof, and the depositaries of unsponsored depositary receipts

*75*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose material information to the market and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts.

*Dividend-Paying Investments Risk* (GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund) – The Fund's investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future.

*Emerging Markets Security Risk* (GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – The Fund's investments in emerging markets securities, including A Shares of Chinese companies purchased through Stock Connect, are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have less stable governments, less developed economies and their securities markets may be more concentrated and less liquid. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. In certain emerging markets, governments have historically exercised substantial control over the economy through administrative regulation and/or state ownership. Future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

*Equity Risk* (All Funds) – Equity securities include common and preferred stocks, depositary receipts, and P-Notes. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Depositary receipts are described above and P-Notes are described below.

*76*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a mutual fund invests will cause the fund's net asset value ("NAV") to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

*ETF Risk* (GQG Partners Global Quality Equity Fund, GQG Partners Quality Dividend Income Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund) – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

*Foreign Company Risk* (All Funds) – Investing in foreign companies, including direct investments and investments through depositary receipts and P-Notes, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

*Foreign Currency Risk* (All Funds) – Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

*Geographic Focus Risk* (GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – To the extent that it focuses its investments in a particular country

*77*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

*Investing in Russia* (GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. For instance, military conflict and escalating tensions between Russia and Ukraine could result in geopolitical instability and adversely affect the global economy or specific markets. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets, as well as the Company's products, operations, clients, vendors and employees, which may cause the Funds' AUM, revenue and earnings to decline. The Funds' exposure to geopolitical risks may be heightened to the extent such risks arise in countries in which the Funds' currently operates or is seeking to expand its presence.

*Investing in the United States Risk* (All Funds) – A decrease in imports or exports, changes in trade regulations and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the U.S. are changing many aspects of financial and other regulation and may have a significant effect on the U.S. markets generally, as well as on the value of certain securities. In addition, a continued rise in the U.S. public debt level or U.S. austerity measures may adversely affect U.S. economic growth and the securities in which the Funds invest.

The U.S. has developed increasingly strained relations with a number of foreign countries, including traditional allies, such as major European Union countries, the U.K., Canada and Mexico, and historical adversaries, such as North Korea, Iran, China and Russia. If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the U.S. for trade. The U.S. has also experienced increased internal unrest and discord. If this trend were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

*Investment Style Risk* (All Funds) – Each Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of relative earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a relative growth investing style may go in and out of favor, causing a Fund to sometimes underperform other equity funds that use differing investing styles.

*78*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

*IPO Risk* (All Funds) – The Funds may invest in IPOs. An IPO is a company's first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described below.

When a Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance. Because of the price volatility of IPO shares, a Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that a Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

*Large Capitalization Company Risk* (All Funds) – The large capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

*Large Purchase and Redemption Risk* (All Funds) – Large purchases or redemptions of a Fund's shares may affect the Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management to the extent that a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. In addition, a large redemption could result in a Fund's expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

*Liquidity Risk* (All Funds) – Certain securities may be difficult or impossible to sell at the time and the price that a Fund would like. A Fund may have to accept a lower price to sell

*79*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Market Risk* (All Funds) – The value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world. Price changes may be temporary or last for extended periods. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

*Non-Diversification Risk* (All Funds) – Each Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent that a Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

*Participation Notes Risk* (GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – P-Notes are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks and broker-dealers that issue them. Generally, these banks and broker-dealers buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. The performance results of P-Notes will not correlate exactly to the performance of the issuers or markets that they seek to replicate due to transaction costs and other expenses. The holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, but is subject to the same risks of investing directly in the underlying security.

*Portfolio Turnover Risk* (GQG Partners US Select Quality Equity Fund) – Due to its investment strategies, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*80*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

*Preferred Stock Risk* (GQG Partners Global Quality Equity Fund, GQG Partners Quality Dividend Income Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund) – Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity risk, which is described elsewhere in this section. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is the risk that, in a declining interest rate environment, securities with stated interest rates may have the principal paid earlier than expected, requiring a Fund to invest the proceeds at generally lower interest rates.

*Proprietary Model Risk* (GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund) – Proprietary models that may be used to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors and may not adequately take into account certain factors and may result in the Fund having a lower return than if the Fund were managed using another model or investment strategy. The markets or prices of individual securities may be affected by factors not foreseen in developing the models.

*Sector and Industry Focus Risk* (All Funds) – Because a Fund may, from time to time, be more heavily invested in particular sectors or industries, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors or industries. As a result, a Fund's share price may at times fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors or industries.

*Small- and Mid-Capitalization Company Risk* (All Funds) – The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

*Stock Connect Investing Risk* (GQG Partners Emerging Markets Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners Global Quality Value Fund and GQG Partners International Quality Value Fund) – Trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. A Fund's investments in A Shares purchased through Stock Connect are generally subject to Chinese securities

*81*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund.

Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, a Fund may be subject to the risk of price fluctuations of A Shares during the time when Stock Connect is not trading. Because of the way in which A shares are held in Stock Connect, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the Shanghai Stock Exchange or Shenzhen Stock Exchange becomes insolvent. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

*U.S. Treasury Securities Risk* (GQG Partners Global Quality Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund and GQG Partners US Quality Value Fund) – A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.

**10. Concentration of Shareholders:** 

At September 30, 2025, the percentage of total shares outstanding held by shareholders for the Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, each owning 10% or greater of the aggregate shares outstanding, were as follows:

---

| | | |
|:---|:---|:---|
| **GQG Partners Emerging Markets Equity Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 87% |
| Institutional Shares | 3 | 57% |
| R6 Shares | 1 | 54% |

---

---

| | | |
|:---|:---|:---|
| **GQG Partners Global Quality Equity Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 84% |
| Institutional Shares | 3 | 66% |
| R6 Shares | 1 | 90% |

---

*82*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **GQG Partners US Select Quality Equity Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 91% |
| Institutional Shares | 2 | 49% |
| R6 Shares | 2 | 82% |

---

---

| | | |
|:---|:---|:---|
| **GQG Partners Global Quality Value Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 82% |
| Institutional Shares | 4 | 79% |

---

---

| | | |
|:---|:---|:---|
| **GQG Partners International Quality Value Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 95% |
| Institutional Shares | 3 | 77% |

---

---

| | | |
|:---|:---|:---|
| **GQG Partners US Quality Value Fund** | No. of<br> Shareholders | %<br> Ownership |
| Investor Shares | 3 | 98% |
| Institutional Shares | 3 | 80% |

---

**11. Indemnifications:** 

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

**12. Recent Accounting Pronouncements:** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of each Fund's Adviser acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance

*83*

**THE ADVISORS' INNER CIRCLE FUND III**

**GQG PARTNERS FUNDS** 

**SEPTEMBER 30, 2025** 

**(Unaudited)**

versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**13. Subsequent Events:** 

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

*84*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS FUNDS<br> SEPTEMBER 30, 2025<br> (Unaudited)** |

---

**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of the Advisors' Inner Circle III Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his other favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

---

| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Votes For** | **Votes Withheld** | **Proposal Passed** |
| Jon C. Hunt | 1662873478 | 5330326 | Yes |
| Nichelle Maynard-Elliott | 1574558027 | 93645777 | Yes |
| Jay C. Nadel | 1627701282 | 40502522 | Yes |
| Randall S. Yanker | 1642537284 | 25666520 | Yes |
| John G. Alshefski | 1647431408 | 20772396 | Yes |
| Thomas P. Lemke | 1627734666 | 40469138 | Yes |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**GQG Partners Funds:**

P.O. Box 219009

Kansas City, MO 64121-9009

1-866-362-8333

**Investment Adviser:**

GQG Partners LLC

450 East Las Olas Boulevard, Suite 750

Fort Lauderdale, FL 33301

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described. Investors should read it carefully before investing or sending money.

GQG-SA-001-1000

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16.** **Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19.** **Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

[(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0096323-2_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0096323-2_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: December 5, 2025 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: December 5, 2025 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: December 5, 2025 |  |

---

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSRS of The Advisors' Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 5, 2025 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSRS of The Advisors' Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 5, 2025 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended September 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: December 5, 2025

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended September 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: December 5, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---