# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001698
**Filing Date:** 2026-2
**Character Count:** 85655
**Document Hash:** e2f5dc87b812c352c03b42c9651c02bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001698.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001698

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26698482

**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           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 94.1%** | | |
|  | Shares | Value |
| **ARGENTINA — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 2040261 | $110051678 |
| **AUSTRIA — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank | 1513847 | 181409247 |
| **BRAZIL — 14.5%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev ADR | 93799421 | 231684570 |
| **Energy — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras ADR | 28949103 | 343046870 |
| **Financials — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 64774600 | 164189825 |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 61836648 | 593342936 |
|  |  | 757532761 |
| **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 4543636 | 292473849 |
| **Materials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 34800434 | 453449655 |
| **Utilities — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 39636849 | 366078914 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 9230579 | 224694008 |
| &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel | 38777000 | 92559544 |
| &nbsp;&nbsp;&nbsp;CPFL Energia | 6856300 | 66676806 |
| &nbsp;&nbsp;&nbsp;Eneva \* | 56313100 | 207381424 |
| &nbsp;&nbsp;&nbsp;Equatorial | 29956800 | 210472521 |
|  |  | 1167863217 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 3246050922 |
| **CHINA — 5.2%** |  |  |
| **Communication Services — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 9604600 | 737015240 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **CHINA (continued)** |  |  |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 48156000 | $101233149 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 37636500 | 316102999 |
|  |  | 417336148 |
| &nbsp;&nbsp;&nbsp;**TOTAL CHINA** |  | 1154351388 |
| **FRANCE — 2.2%** |  |  |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 7486863 | 487818418 |
| **GREECE — 1.2%** |  |  |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eurobank | 24916530 | 100117507 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 11430718 | 174235712 |
| &nbsp;&nbsp;&nbsp;**TOTAL GREECE** |  | 274353219 |
| **HONG KONG — 1.9%** |  |  |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 41271000 | 424762606 |
| **HUNGARY — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1975897 | 211941028 |
| **INDIA — 30.8%** |  |  |
| **Communication Services — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 28884457 | 677961021 |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 1483586 | 12211194 |
| &nbsp;&nbsp;&nbsp;ITC Hotels \* | 41088952 | 90404374 |
|  |  | 102615568 |
| **Consumer Staples — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 220491599 | 989589807 |
| &nbsp;&nbsp;&nbsp;Patanjali Foods | 40268569 | 244630578 |
|  |  | 1234220385 |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 9387706 | 164271870 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Financials — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 2826344 | $64220369 |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 11743179 | 429095761 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 37046894 | 554465357 |
| &nbsp;&nbsp;&nbsp;Power Finance | 38668522 | 153107185 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 24337584 | 266231089 |
|  |  | 1467119761 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 18864967 | 361222563 |
| **Industrials — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 20124484 | 501528440 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 21232891 | 347583646 |
| &nbsp;&nbsp;&nbsp;GMR Airports \* | 184640586 | 214713644 |
|  |  | 1063825730 |
| **Information Technology — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 15534297 | 276821172 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 1089932 | 38942382 |
|  |  | 315763554 |
| **Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;JSW Steel | 17035833 | 220966341 |
| **Real Estate — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lodha Developers | 9989055 | 118103050 |
| **Utilities — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Energy Solutions \* | 22247133 | 254467261 |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 30443645 | 344035150 |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 294684227 | 468477010 |
| &nbsp;&nbsp;&nbsp;JSW Energy | 14883456 | 79966606 |
|  |  | 1146946027 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 6873015870 |
| **INDONESIA — 2.2%** |  |  |
| **Financials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 562982530 | 271862417 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 718225174 | 219010726 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDONESIA** |  | 490873143 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **ITALY — 0.8%** |  |  |
| **Consumer Staples — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC | 3638303 | $187816672 |
| **KAZAKHSTAN — 0.0%** |  |  |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC \* (A) | 939651 | 119 |
| **MEXICO — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 21383400 | 198426344 |
| **PERU — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 532005 | 152685435 |
| **PHILIPPINES — 0.5%** |  |  |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 12096580 | 116081991 |
| **POLAND — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 8095960 | 190804485 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 30141513 | 3810 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC \* (A) | 2087971 | 264 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 23574787 | 2980 |
|  |  | 7054 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 1555600 | 197 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 426420 | 54 |
| &nbsp;&nbsp;&nbsp;Severstal PAO \* (A) | 772406 | 98 |
|  |  | 349 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 7403 |
| **SAUDI ARABIA — 2.2%** |  |  |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil | 29047191 | 184454162 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **SAUDI ARABIA (continued)** |  |  |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 8348043 | $216841418 |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance | 1335891 | 49493185 |
| &nbsp;&nbsp;&nbsp;Co for Cooperative Insurance | 1042141 | 32492599 |
|  |  | 298827202 |
| &nbsp;&nbsp;&nbsp;**TOTAL SAUDI ARABIA** |  | 483281364 |
| **SINGAPORE — 3.4%** |  |  |
| **Communication Services — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 149722632 | 529471385 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 5208723 | 228059858 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 757531243 |
| **SOUTH AFRICA — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstRand | 22756739 | 124631522 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 1468416 | 25741189 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH AFRICA** |  | 150372711 |
| **SOUTH KOREA — 1.8%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KT&G | 531896 | 52413780 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 333450 | 114883162 |
| **Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace | 359474 | 234754360 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH KOREA** |  | 402051302 |
| **TAIWAN — 6.7%** |  |  |
| **Information Technology — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 25270282 | 1242218460 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 809832 | 246099846 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  | 1488318306 |
| **THAILAND — 2.2%** |  |  |
| **Financials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 24957600 | 153931859 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **THAILAND (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 209736800 | $187929505 |
| &nbsp;&nbsp;&nbsp;SCB X | 34371500 | 151484669 |
| &nbsp;&nbsp;&nbsp;**TOTAL THAILAND** |  | 493346033 |
| **UNITED ARAB EMIRATES — 6.0%** |  |  |
| **Energy — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | 228069636 | 220421923 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 47955626 | 227672497 |
| **Industrials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Dhabi Holding PJSC | 101038653 | 261129776 |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 4021357 | 437356095 |
|  |  | 698485871 |
| **Real Estate — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 83096124 | 196659040 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 1343239331 |
| **UNITED KINGDOM — 2.0%** |  |  |
| **Consumer Staples — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 5042132 | 329755462 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 7235416 | 113610639 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 443366101 |
| **UNITED STATES — 5.2%** |  |  |
| **Consumer Staples — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 5799545 | 405446191 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1987997 | 157091523 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3782832 | 606766253 |
|  |  | 1169303967 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 1169303967 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,352,828,326) |  | 21031260326 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — 5.1%** | | |
|  | Shares | Value |
| **BRAZIL — 5.1%** |  |  |
| **Energy — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras (B) | 59790109 | $336280151 |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 100032335 | 716140060 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia \*(B) | 10582498 | 94860583 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $872,958,060) |  | 1147280794 |
| **RIGHTS — 0.2%** |  |  |
|  | Number of Rights |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises \*(C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,119,960) | 2423185 | 35529230 |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,119,960) |  | 35529230 |
| &nbsp;&nbsp;&nbsp;Total Investments— 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,249,906,346) |  | $22214070350 |

---

*Percentages are based on Net Assets of $22,347,000,406.*

*\** *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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *Expiration date not available.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*PJSC — Public Joint Stock Company*

*PLC — Public Limited Company*

*GQG-QH-001-1800* 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 97.5%** | | |
|  | Shares | Value |
| **BRAZIL — 2.2%** |  |  |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras ADR | 679413 | $8051044 |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 8138425 | 58271121 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 66322165 |
| **CANADA — 3.8%** |  |  |
| **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 1953899 | 93621803 |
| &nbsp;&nbsp;&nbsp;TC Energy | 418756 | 23089242 |
| &nbsp;&nbsp;&nbsp;**TOTAL CANADA** |  | 116711045 |
| **FRANCE — 3.8%** |  |  |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 1270112 | 82756159 |
| **Health Care — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 338883 | 32767868 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 115524027 |
| **GERMANY — 0.3%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 83190 | 9015007 |
| **INDIA — 8.0%** |  |  |
| **Consumer Staples — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 7652360 | 34344608 |
| **Financials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 805816 | 29444517 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 250993 | 3756507 |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 2724882 | 81201483 |
|  |  | 114402507 |
| **Industrials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 1692982 | 42191324 |
| **Utilities — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 1661730 | 18778748 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 22633172 | $35981297 |
|  |  | 54760045 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 245698484 |
| **ITALY — 1.4%** |  |  |
| **Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 4139869 | 43016256 |
| **NETHERLANDS — 1.0%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Heineken | 386899 | 31901563 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC \* (A) | 57094 | 7 |
| **SPAIN — 2.3%** |  |  |
| **Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 3256898 | 70478089 |
| **SWITZERLAND — 4.0%** |  |  |
| **Consumer Staples — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 514878 | 51096661 |
| **Health Care — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 488199 | 67259130 |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 23107 | 3185762 |
|  |  | 70444892 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 121541553 |
| **TAIWAN — 1.0%** |  |  |
| **Information Technology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 102709 | 31212238 |
| **UNITED ARAB EMIRATES — 0.8%** |  |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 242266 | 26348447 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED KINGDOM — 5.8%** |  |  |
| **Consumer Staples — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 805874 | $45587039 |
| &nbsp;&nbsp;&nbsp;British American Tobacco ADR | 760300 | 43048186 |
| &nbsp;&nbsp;&nbsp;Unilever | 323160 | 21068827 |
|  |  | 109704052 |
| **Health Care — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 365685 | 67527542 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 177231594 |
| **UNITED STATES — 63.1%** |  |  |
| **Communication Services — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 5105174 | 126812522 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 2606805 | 106175168 |
|  |  | 232987690 |
| **Consumer Staples — 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 1831817 | 105622569 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 962081 | 67259083 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 343053 | 27108048 |
| &nbsp;&nbsp;&nbsp;Kroger | 813634 | 50835852 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1435738 | 230292375 |
|  |  | 481117927 |
| **Energy — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 520219 | 62603154 |
| **Financials — 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 356624 | 74231285 |
| &nbsp;&nbsp;&nbsp;American International Group | 1008423 | 86270588 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 102955 | 51750331 |
| &nbsp;&nbsp;&nbsp;Chubb | 239597 | 74783016 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 227687 | 62176766 |
| &nbsp;&nbsp;&nbsp;Progressive | 601978 | 137082430 |
|  |  | 486294416 |
| **Health Care — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 480896 | 132357006 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 451132 | 93361767 |
|  |  | 225718773 |
| **Utilities — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 987162 | 113829650 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works | 397906 | $51926733 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 379766 | 26557036 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 690647 | 80950735 |
| &nbsp;&nbsp;&nbsp;Exelon | 1244642 | 54253945 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 609069 | 48896059 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 905011 | 66844113 |
|  |  | 443258271 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 1931980231 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,714,747,517) |  | 2986980706 |
| **PREFERRED STOCK — 0.9%** |  |  |
| **BRAZIL — 0.9%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras (B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost (24066764) | 4763633 | 26792312 |
| **RIGHTS — 0.1%** |  |  |
|  | Number of Rights |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises \*(C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,056,510) | 206605 | 3029284 |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,056,510) |  | 3029284 |
| &nbsp;&nbsp;&nbsp;Total Investments— 98.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,740,870,791) |  | $3016802302 |

---

*Percentages are based on Net Assets of $3,062,686,811.*

*\** *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.* 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *Expiration date not available.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*PJSC — Public Joint Stock Company*

*GQG-QH-003-1400* 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **US SELECT QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 98.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BELGIUM — 1.5%** |  |  |
| **Consumer Staples — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev ADR | 670362 | $42929983 |
| **BERMUDA — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 110285 | 31007731 |
| **CANADA — 2.3%** |  |  |
| **Energy — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 1426016 | 68206345 |
| **SWITZERLAND — 3.8%** |  |  |
| **Health Care — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 803293 | 110750006 |
| **UNITED STATES — 89.4%** |  |  |
| **Communication Services — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 5894421 | 146417418 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 3231609 | 131623434 |
|  |  | 278040852 |
| **Consumer Staples — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 2179047 | 125643850 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1265212 | 88450971 |
| &nbsp;&nbsp;&nbsp;Kroger | 1168135 | 72985075 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1550921 | 248767728 |
|  |  | 535847624 |
| **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 371431 | 56609798 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 876358 | 105460922 |
|  |  | 162070720 |
| **Financials — 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 474378 | 98741781 |
| &nbsp;&nbsp;&nbsp;American International Group | 1360629 | 116401811 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 154595 | 77707177 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 468385 | 76496638 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 277500 | 75779700 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 952784 | 43485062 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **US SELECT QUALITY EQUITY FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive | 766664 | $174584726 |
|  |  | 663196895 |
| **Health Care — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 533429 | 146815664 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 618191 | 127934627 |
|  |  | 274750291 |
| **Information Technology — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture, Cl A | 233270 | 62586341 |
| **Utilities — 21.8%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1127689 | 130033819 |
| &nbsp;&nbsp;&nbsp;American Water Works | 614693 | 80217436 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 181865 | 30486030 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 1579987 | 60576701 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 679627 | 79659081 |
| &nbsp;&nbsp;&nbsp;Exelon | 1850893 | 80680426 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 930328 | 74686732 |
| &nbsp;&nbsp;&nbsp;PPL | 1196340 | 41895827 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 805077 | 59462987 |
|  |  | 637699039 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 2614191762 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,675,506,194) |  | 2867085827 |
| &nbsp;&nbsp;&nbsp;Total Investments— 98.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,675,506,194) |  | $2867085827 |

---

*Percentages are based on Net Assets of $2,924,156,001.*

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

*ADR — American Depositary Receipt*

*Cl — Class*

*GQG-QH-002-1500*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 96.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 7.4%** |  |  |
| **Energy — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras ADR | 577528 | $6843707 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 703043 | 5033787 |
| **Utilities — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 263400 | 2432715 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 14310209 |
| **CANADA — 3.7%** |  |  |
| **Energy — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 150404 | 7206664 |
| **FRANCE — 4.3%** |  |  |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 75463 | 4916911 |
| **Health Care — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 35371 | 3420155 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 8337066 |
| **GERMANY — 3.0%** |  |  |
| **Consumer Discretionary — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 27217 | 2949411 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 42361 | 2934687 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 5884098 |
| **INDIA — 1.7%** |  |  |
| **Consumer Staples — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 721045 | 3236127 |
| **INDONESIA — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 5436800 | 1657861 |
| **ITALY — 7.2%** |  |  |
| **Energy — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 14078 | 266695 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ITALY (continued)** |  |  |
| **Energy (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Eni ADR | 111923 | $4246359 |
|  |  | 4513054 |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 43851 | 3629726 |
| **Utilities — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 566212 | 5883355 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 14026135 |
| **JAPAN — 2.0%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Tobacco | 16600 | 596243 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 91600 | 3383827 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 3980070 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 177982 | 23 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 134799 | 17 |
|  |  | 40 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 151100 | 19 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 1565 |  |
|  |  | 19 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 59 |
| **SPAIN — 6.2%** |  |  |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 9204 | 215763 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 487437 | 5955679 |
|  |  | 6171442 |
| **Utilities — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 272717 | 5901497 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 12072939 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SWITZERLAND — 3.2%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Re | 10368 | $1726875 |
| **Health Care — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 33315 | 4589804 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 6316679 |
| **UNITED ARAB EMIRATES — 3.0%** |  |  |
| **Energy — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 2171358 | 2098547 |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 780024 | 3703216 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 5801763 |
| **UNITED KINGDOM — 12.6%** |  |  |
| **Consumer Staples — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 212149 | 12000939 |
| &nbsp;&nbsp;&nbsp;Diageo | 119329 | 2565748 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 132648 | 5557906 |
| &nbsp;&nbsp;&nbsp;Unilever | 50127 | 3268104 |
|  |  | 23392697 |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 26915 | 996407 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 24389104 |
| **UNITED STATES — 41.6%** |  |  |
| **Communication Services — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 322059 | 7999946 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 168262 | 6853311 |
|  |  | 14853257 |
| **Consumer Staples — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 131107 | 7559629 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 68527 | 10991731 |
|  |  | 18551360 |
| **Energy — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 17839 | 2718842 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 24005 | 2888762 |
|  |  | 5607604 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **GLOBAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive | 27063 | $6162786 |
| **Health Care — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 18198 | 5008635 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 24283 | 5025367 |
|  |  | 10034002 |
| **Utilities — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 71219 | 8212263 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 51283 | 1966190 |
| &nbsp;&nbsp;&nbsp;Exelon | 83233 | 3628126 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 57789 | 4639301 |
| &nbsp;&nbsp;&nbsp;PPL | 84827 | 2970642 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 56159 | 4147904 |
|  |  | 25564426 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 80773435 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,619,169) |  | 187992209 |
| **PREFERRED STOCK — 0.3%** |  |  |
| **BRAZIL — 0.3%** |  |  |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia \*(B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost (444342) | 69232 | 620585 |
| &nbsp;&nbsp;&nbsp;Total Investments— 97.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $168,063,511) |  | $188612794 |

---

*Percentages are based on Net Assets of $194,211,808.*

*\** *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*

*PJSC — Public Joint Stock Company*

*GQG-QH-006-1000*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.1%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 9.8%** |  |  |
| **Consumer Staples — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev ADR | 2909774 | $7187142 |
| **Energy — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras ADR | 995205 | 11793179 |
| **Financials — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 963600 | 6356885 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 2372097 | 16984216 |
|  |  | 23341101 |
| **Materials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 1001286 | 13046757 |
| **Utilities — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 969600 | 8955054 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 64323233 |
| **CANADA — 2.7%** |  |  |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 370721 | 17763236 |
| **FRANCE — 6.0%** |  |  |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 250061 | 16293120 |
| **Health Care — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 186104 | 17995094 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bureau Veritas | 149491 | 4752710 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 39040924 |
| **GERMANY — 6.6%** |  |  |
| **Communication Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 306823 | 9981067 |
| **Consumer Discretionary — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 104092 | 11280083 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **GERMANY (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 144043 | $9979018 |
|  |  | 21259101 |
| **Utilities — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 645831 | 12220989 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 43461157 |
| **GREECE — 2.3%** |  |  |
| **Consumer Discretionary — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 312909 | 7005338 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 539688 | 8226335 |
| &nbsp;&nbsp;&nbsp;**TOTAL GREECE** |  | 15231673 |
| **INDIA — 7.1%** |  |  |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 2789618 | 12520103 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Finance | 1699651 | 6729732 |
| **Industrials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 864843 | 14157529 |
| **Information Technology — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 743069 | 13241490 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 46648854 |
| **INDONESIA — 1.2%** |  |  |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 26684516 | 8136996 |
| **ITALY — 3.8%** |  |  |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 94619 | 7832000 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 1643625 | 17078462 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 24910462 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **JAPAN — 2.8%** |  |  |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 343200 | $12678269 |
| **Health Care — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 186700 | 5796000 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 18474269 |
| **NETHERLANDS — 1.7%** |  |  |
| **Consumer Staples — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 273253 | 11198137 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 141071 | 18 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 98129 | 12 |
|  |  | 30 |
| **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** |  | 41 |
| **SINGAPORE — 2.8%** |  |  |
| **Communication Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 2857500 | 10105115 |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 188200 | 8240190 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 18345305 |
| **SOUTH AFRICA — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstRand | 759777 | 4161060 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 7570 | 132702 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH AFRICA** |  | 4293762 |
| **SOUTH KOREA — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 18603 | 6409271 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SPAIN — 5.4%** |  |  |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CaixaBank | 912199 | $11145573 |
| **Utilities — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 1122051 | 24280776 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 35426349 |
| **SWITZERLAND — 9.1%** |  |  |
| **Consumer Staples — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 194410 | 19293312 |
| **Health Care — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 140477 | 19353503 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 27693 | 11434220 |
|  |  | 30787723 |
| **Industrials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SGS | 86298 | 9866145 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 59947180 |
| **THAILAND — 2.0%** |  |  |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 7050900 | 6317786 |
| &nbsp;&nbsp;&nbsp;SCB X | 1477500 | 6511749 |
| &nbsp;&nbsp;&nbsp;**TOTAL THAILAND** |  | 12829535 |
| **UNITED ARAB EMIRATES — 3.0%** |  |  |
| **Energy — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 9045153 | 8741848 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2364292 | 11224632 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 19966480 |
| **UNITED KINGDOM — 20.5%** |  |  |
| **Consumer Staples — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 896123 | 50692285 |
| &nbsp;&nbsp;&nbsp;Diageo | 381192 | 8196185 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 545924 | 22874030 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group | 113688 | 9179727 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED KINGDOM (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever | 90266 | $5884998 |
|  |  | 96827225 |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 249808 | 9248023 |
| **Health Care — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 67462 | 12457560 |
| **Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;National Grid | 1029607 | 15758564 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 134291372 |
| **UNITED STATES — 5.6%** |  |  |
| **Consumer Staples — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 229372 | 36791269 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $521,698,012) |  | 617489505 |
| &nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 2.2%** |  |  |
| **BRAZIL — 2.2%** |  |  |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras (B) | 934824 | 5257772 |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Itausa (B) | 3230004 | 6884702 |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia \*(B) | 243624 | 2183828 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,306,072) |  | 14326302 |
| &nbsp;&nbsp;&nbsp;Total Investments— 96.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $536,004,084) |  | $631815807 |

---

*Percentages are based on Net Assets of $655,959,640.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **INTERNATIONAL QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

*\** *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*

*GQG-QH-005-1000*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **US QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CANADA — 4.8%** |  |  |
| **Energy — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 236562 | $11314760 |
| **FRANCE — 2.5%** |  |  |
| **Energy — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 56934 | 3724622 |
| **Health Care — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi ADR | 45406 | 2200375 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 5924997 |
| **SWITZERLAND — 2.3%** |  |  |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle ADR | 16866 | 1666023 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 27995 | 3859671 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 5525694 |
| **UNITED KINGDOM — 1.2%** |  |  |
| **Health Care — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 30642 | 2816919 |
| **UNITED STATES — 84.2%** |  |  |
| **Communication Services — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 562020 | 13960577 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 301429 | 12277203 |
|  |  | 26237780 |
| **Consumer Staples — 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 194858 | 11235512 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 93794 | 6557139 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 49082 | 3878460 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 114645 | 18389058 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 41569 | 5957253 |
|  |  | 46017422 |
| **Energy — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 43930 | 6695371 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 62824 | 7560240 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **US QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Energy (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Valero Energy | 32048 | $5217094 |
|  |  | 19472705 |
| **Financials — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 20231 | 4211083 |
| &nbsp;&nbsp;&nbsp;American International Group | 73955 | 6326850 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 32370 | 5286668 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 35543 | 9706083 |
| &nbsp;&nbsp;&nbsp;Progressive | 17394 | 3960962 |
|  |  | 29491646 |
| **Health Care — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 21575 | 5938087 |
| &nbsp;&nbsp;&nbsp;CVS Health | 29814 | 2366039 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 32616 | 6749881 |
| &nbsp;&nbsp;&nbsp;Merck | 49191 | 5177845 |
| &nbsp;&nbsp;&nbsp;Pfizer | 91242 | 2271926 |
|  |  | 22503778 |
| **Industrials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 15248 | 5185387 |
| **Utilities — 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 81528 | 9400994 |
| &nbsp;&nbsp;&nbsp;American Water Works | 49256 | 6427908 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 69924 | 4889785 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 57895 | 6785873 |
| &nbsp;&nbsp;&nbsp;Exelon | 76360 | 3328533 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 60126 | 4826915 |
| &nbsp;&nbsp;&nbsp;PPL | 129336 | 4529347 |
| &nbsp;&nbsp;&nbsp;Southern | 50526 | 4405867 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 63212 | 4668838 |
|  |  | 49264060 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 198172778 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $197,349,711) |  | 223755148 |
| &nbsp;&nbsp;&nbsp;Total Investments— 95.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $197,349,711) |  | $223755148 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |
|  | **US QUALITY VALUE FUND** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

*Percentages are based on Net Assets of $235,481,753.*

*ADR — American Depositary Receipt*

*Cl — Class*

*GQG-QH-004-1000*

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG US** |
|  | **EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 100.6%** | | |
|  | Shares | Value |
| **BELGIUM — 1.5%** |  |  |
| **Consumer Staples — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev ADR | 80093 | $5129156 |
| **BERMUDA — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 12263 | 3447865 |
| **CANADA — 2.4%** |  |  |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 170166 | 8139040 |
| **SWITZERLAND — 3.8%** |  |  |
| **Health Care — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis ADR | 95554 | 13174030 |
| **UNITED STATES — 91.9%** |  |  |
| **Communication Services — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 706551 | 17550727 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 388953 | 15842056 |
|  |  | 33392783 |
| **Consumer Staples — 18.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 270667 | 15606659 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 151214 | 10571371 |
| &nbsp;&nbsp;&nbsp;Kroger | 140482 | 8777315 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 184328 | 29566211 |
|  |  | 64521556 |
| **Energy — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 44180 | 6733474 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 104972 | 12632330 |
|  |  | 19365804 |
| **Financials — 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 57029 | 11870586 |
| &nbsp;&nbsp;&nbsp;American International Group | 161988 | 13858073 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 20821 | 10465676 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 56029 | 9150656 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 33148 | 9052056 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 114632 | 5231805 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG US** |
|  | **EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive | 91342 | $20800400 |
|  |  | 80429252 |
| **Health Care — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 64630 | 17788115 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 73573 | 15225932 |
|  |  | 33014047 |
| **Information Technology — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture, Cl A | 27812 | 7461960 |
| **Utilities — 22.5%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 137716 | 15880032 |
| &nbsp;&nbsp;&nbsp;American Water Works | 73910 | 9645255 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 22612 | 3790450 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 190388 | 7299476 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 82869 | 9713075 |
| &nbsp;&nbsp;&nbsp;Exelon | 221658 | 9662072 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 112621 | 9041214 |
| &nbsp;&nbsp;&nbsp;PPL | 145051 | 5079686 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 97166 | 7176681 |
|  |  | 77287941 |
| **TOTAL UNITED STATES** |  | 315473343 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $333,932,028) |  | 345363434 |
| Total Investments— 100.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $333,932,028) |  | $345363434 |

---

 

*Percentages are based on Net Assets of $343,457,017.*

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

*ADR — American Depositary Receipt*

*Cl — Class*

*GQG-QH-007-0100*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** GQG Partners Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000056013

- **c. LEI of Series:** 549300TCTT3MLFI2GV61

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $22666966873.54

**Total Liabilities:** $319966467.17

**Net Assets:** $22347000406.37

**Cash Not Reported:** $21318853.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176380 | 0.22%                | 0.78%                | 2.53%                |
| Class ID C000176381 | 0.27%                | 0.78%                | 2.51%                |
| Class ID C000176382 | 0.27%                | 0.78%                | 2.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9909037.95             | $-73184840.57                              |
| Month 2  | $389839163.78            | $-248705955.21                             |
| Month 3  | $-2523913.84             | $624266327.71                              |

### Schedule of Portfolio Investments

| Name                                                           | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADANI ENERGY SOLUTIONS LIMITED                                 | ADANI ENERGY SOLUTIONS LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 549300PLH866JQ6LXE52       | Long             | EC               |  | IN        |  22247133 | NS      | $254467260.90  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI ENTERPRISES LIMITED                                      | ADANI ENTERPRISES LTD COMMON STOCK                 | CUSIP: Y00106131<br>LEI: 335800OTN96B3M38HC30 | Long             | EC               |  | IN        |  20124484 | NS      | $501528439.40  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | ADANI ENTERPRISES PPD COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | IN        |   2423185 | NS      | $35529230.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI GREEN ENERGY LIMITED                                     | ADANI GREEN ENERGY LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800ZBBU81OH211H17       | Long             | EC               |  | IN        |  30443645 | NS      | $344035149.50  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED                  | ADANI PORTS AND SPECIAL ECON COMMON STOCK          | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               |  | IN        |  21232891 | NS      | $347583646.10  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI POWER LIMITED                                            | ADANI POWER LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 33580074T4XKFXBDG813       | Long             | EC               |  | IN        | 294684227 | NS      | $468477010.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                                  | ADNOC GAS PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        | 228069636 | NS      | $220421923.20  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Limited                                              | AIA GROUP LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               |  | HK        |  41271000 | NS      | $424762606.10  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC               | AL RAJHI BANK COMMON STOCK                         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               |  | SA        |   8348043 | NS      | $216841418.50  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDAR PROPERTIES PJSC                                          | ALDAR PROPERTIES PJSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               |  | AE        |  83096124 | NS      | $196659039.50  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Dhabi Holding PJSC                                       | ALPHA DHABI HOLDING PJSC COMMON STOCK              | CUSIP: N/A<br>LEI: 254900EH6E1KZJBO3246       | Long             | EC               |  | AE        | 101038653 | NS      | $261129775.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                                     | AMBEV SA-ADR DEPOSITARY RECEIPT                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               |  | US        |  93799421 | NS      | $231684569.90  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                   | AXIA ENERGIA COMMON STOCK                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |  39636849 | NS      | $366078913.80  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                   | AXIA ENERGIA COMMON STOCK                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |  10582498 | NS      | $94860582.94   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A - Brasil, Bolsa, Balcao                                 | B3 SA-BRASIL BOLSA BALCAO COMMON STOCK             | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               |  | BR        |  64774600 | NS      | $164189825.10  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINSERV LIMITED                                          | BAJAJ FINSERV LTD COMMON STOCK                     | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               |  | IN        |   2826344 | NS      | $64220369.19   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                                         | BANCO BTG PACTUAL SA-UNIT UNIT                     | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |  61836648 | NS      | $593342935.70  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Central Asia Tbk                                       | BANK CENTRAL ASIA TBK PT COMMON STOCK              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               |  | ID        | 562982530 | NS      | $271862416.60  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                                  | BANK MANDIRI PERSERO TBK PT COMMON STOCK           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        | 718225174 | NS      | $219010726.50  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                          | BHARTI AIRTEL LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |  28884457 | NS      | $677961021.20  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        | 230908649 | PA      | $230908649.40  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Company SJSC             | BUPA ARABIA FOR COOPERATIVE COMMON STOCK           | CUSIP: N/A<br>LEI: 558600B2WJHD5P31XS68       | Long             | EC               |  | SA        |   1335891 | NS      | $49493184.82   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | CIA SANEAMENTO BASICO DE SP COMMON STOCK           | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               |  | BR        |   9230579 | NS      | $224694007.90  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance SJSC                     | CO FOR COOPERATIVE INSURANCE COMMON STOCK          | CUSIP: N/A<br>LEI: 549300J2GTNKWJRJ8581       | Long             | EC               |  | SA        |   1042141 | NS      | $32492598.55   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                                          | COCA-COLA CO/THE COMMON STOCK                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |   5799545 | NS      | $405446191.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                                               | COCA-COLA HBC AG-DI COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               |  | GB        |   3638303 | NS      | $187816671.60  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                      | COLGATE-PALMOLIVE CO COMMON STOCK                  | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |   1987997 | NS      | $157091522.90  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Paranaense de Energia - Copel                        | COMPANHIA PARANAENSE DE ENER COMMON STOCK          | CUSIP: N/A<br>LEI: 2549001AS1I9A71VG663       | Long             | EC               |  | BR        |  38777000 | NS      | $92559543.77   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL ENERGIA S.A.                                              | CPFL ENERGIA SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900GBWSBDXN8GGM28       | Long             | EC               |  | BR        |   6856300 | NS      | $66676805.88   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                 | CREDICORP LTD COMMON STOCK                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |    532005 | NS      | $152685435.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                                         | DBS GROUP HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               |  | SG        |   5208723 | NS      | $228059857.90  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                                   | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT             | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |   4543636 | NS      | $292473849.30  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Eneva S.A.                                                     | ENEVA SA COMMON STOCK                              | CUSIP: N/A<br>LEI: 549300T1AP7HKCABII19       | Long             | EC               |  | BR        |  56313100 | NS      | $207381424.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL S.A.                                                | EQUATORIAL SA - ORD COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |  29956800 | NS      | $210472521.60  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                                            | ERSTE GROUP BANK AG COMMON STOCK                   | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               |  | AT        |   1513847 | NS      | $181409246.80  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank S.A.                                                  | EUROBANK SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 213800KGF4EFNUQKAT69       | Long             | EC               |  | GR        |  24916530 | NS      | $100117506.40  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                                  | FIRST ABU DHABI BANK PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |  47955626 | NS      | $227672497.40  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                              | FIRSTRAND LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               |  | ZA        |  22756739 | NS      | $124631522.10  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/BRL SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-73234.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/HKD SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $24794.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/IDR SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-15828.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/IDR SETTLE 2026-01-05     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-18892.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/KRW SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $32887.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/SGD SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $8380.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                   | FX Forward Contract: USD/SGD SETTLE 2026-01-05     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $55.24         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                  | FX Forward Contract: ZAR/USD SETTLE 2026-01-02     | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | ZA        |         1 | NC      | $8955.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                  | FX Forward Contract: ZAR/USD SETTLE 2026-01-05     | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | ZA        |         1 | NC      | $242.85        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PAO                                                    | GAZPROM PJSC COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |  30141513 | NS      | $3810.56       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GMR AIRPORTS LIMITED                                           | GMR AIRPORTS LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        | 184640586 | NS      | $214713643.60  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                       | GRUPO FINANCIERO BANORTE-O COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |  21383400 | NS      | $198426344.20  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                  | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT    | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |   2040261 | NS      | $110051678.30  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HANWHA AEROSPACE CO., LTD.                                     | HANWHA AEROSPACE CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               |  | KR        |    359474 | NS      | $234754360.30  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                              | HDFC BANK LTD-ADR DEPOSITARY RECEIPT               | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |  11743179 | NS      | $429095760.70  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                              | HSBC HOLDINGS PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |   7235416 | NS      | $113610638.90  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                             | ICICI BANK LTD COMMON STOCK                        | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |  37046894 | NS      | $554465357.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE INDIAN HOTELS COMPANY LIMITED                              | INDIAN HOTELS CO LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               |  | IN        |   1483586 | NS      | $12211194.12   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INFOSYS LIMITED                                                | INFOSYS LTD-SP ADR DEPOSITARY RECEIPT              | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               |  | US        |  15534297 | NS      | $276821172.50  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.                | INTL CONTAINER TERM SVCS INC COMMON STOCK          | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               |  | PH        |  12096580 | NS      | $116081990.40  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Company P.J.S.C                          | INTL HOLDING CO PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               |  | AE        |   4021357 | NS      | $437356095.50  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Hotels Ltd                                                 | ITC HOTELS LIMITED COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800IFHF7F1488ND22       | Long             | EC               |  | IN        |  41088952 | NS      | $90404374.21   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                                    | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        | 220491599 | NS      | $989589807.20  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                                     | Itau Unibanco Holding SA PREFERRED STOCK           | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        | 100032335 | NS      | $716140059.70  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW ENERGY LIMITED                                             | JSW ENERGY LTD COMMON STOCK                        | CUSIP: Y44677105<br>LEI: 3358001ZFBW2VIMBMI85 | Long             | EC               |  | IN        |  14883456 | NS      | $79966606.16   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW STEEL LIMITED                                              | JSW STEEL LTD COMMON STOCK                         | CUSIP: Y44680158<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | EC               |  | IN        |  17035833 | NS      | $220966341.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                            | KASIKORNBANK PCL-FOREIGN COMMON STOCK              | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |  24957600 | NS      | $153931858.90  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Krung Thai Bank Public Company Limited                         | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK          | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        | 209736800 | NS      | $187929505.30  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corporation                                               | KT&G CORP COMMON STOCK                             | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               |  | KR        |    531896 | NS      | $52413779.43   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                                       | LODHA DEVELOPERS LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |   9989055 | NS      | $118103049.50  | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NK LUKOIL PAO                                                  | LUKOIL PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               |  | RU        |   2087971 | NS      | $263.97        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GMK NORIL'SKIY NIKEL' PAO                                      | MMC NORILSK NICKEL PJSC COMMON STOCK               | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               |  | RU        |   1555600 | NS      | $196.66        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                                   | NATIONAL BANK OF GREECE COMMON STOCK               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |  11430718 | NS      | $174235712.20  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                                 | OTP BANK PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |   1975897 | NS      | $211941027.60  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PATANJALI FOODS LIMITED                                        | PATANJALI FOODS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800EXLHZBCGE81H10       | Long             | EC               |  | IN        |  40268569 | NS      | $244630577.70  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |  28949103 | NS      | $343046870.60  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                               | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |   3782832 | NS      | $606766252.80  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited                     | PICC PROPERTY & CASUALTY-H COMMON STOCK            | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |  48156000 | NS      | $101233149.10  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China, Ltd.               | PING AN INSURANCE GROUP CO-H COMMON STOCK          | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               |  | HK        |  37636500 | NS      | $316102999.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA        | PKO BANK POLSKI SA COMMON STOCK                    | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               |  | PL        |   8095960 | NS      | $190804485.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                                     | POLYUS PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |    426420 | NS      | $53.91         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                              | POWER FINANCE CORPORATION COMMON STOCK             | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |  38668522 | NS      | $153107185.40  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |  59790109 | NS      | $336280151.40  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                                    | RELIANCE INDUSTRIES LIMITED COMMON STOCK           | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               |  | IN        |   9387706 | NS      | $164271869.90  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                              | ROSNEFT OIL CO PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |  23574787 | NS      | $2980.38       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.                      | SAMSUNG FIRE & MARINE INS COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |    333450 | NS      | $114883162.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                                      | SAUDI ARABIAN OIL CO COMMON STOCK                  | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |  29047191 | NS      | $184454162.30  | 0.83%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                                   | SCB X PCL-FOREIGN COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |  34371500 | NS      | $151484669.20  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| SEVERSTAL' PAO                                                 | SEVERSTAL PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |    772406 | NS      | $97.65         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SINGAPORE TELECOMMUNICATIONS LIMITED                           | SINGAPORE TELECOMMUNICATIONS COMMON STOCK          | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               |  | SG        | 149722632 | NS      | $529471385.20  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Solidcore Resources plc                                        | SOLIDCORE RESOURCES PLC COMMON STOCK               | CUSIP: N/A<br>LEI: 213800JKJ5HJWYS4GR61       | Long             | EC               |  | RU        |    939651 | NS      | $118.79        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                                    | STANDARD BANK GROUP LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               |  | ZA        |   1468416 | NS      | $25741188.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                            | STATE BANK OF INDIA COMMON STOCK                   | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |  24337584 | NS      | $266231089.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED                          | SUN PHARMACEUTICAL INDUS COMMON STOCK              | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               |  | IN        |  18864967 | NS      | $361222563.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |  25270282 | NS      | $1242218460.00 | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    809832 | NS      | $246099846.50  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA CONSULTANCY SERVICES LIMITED                              | TATA CONSULTANCY SVCS LTD COMMON STOCK             | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               |  | IN        |   1089932 | NS      | $38942382.38   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                       | TENCENT HOLDINGS LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |   9604600 | NS      | $737015240.30  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                                               | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |   7486863 | NS      | $487818417.90  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                   | UNILEVER PLC-SPONSORED ADR DEPOSITARY RECEIPT      | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | US        |   5042132 | NS      | $329755461.90  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                      | VALE SA-SP ADR DEPOSITARY RECEIPT                  | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |  34800434 | NS      | $453449655.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer