# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-000051
**Filing Date:** 2025-8
**Character Count:** 58513
**Document Hash:** 09055e6e1d62c51247026f7a9ffca07e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000051.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002048251-25-000051

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251269810

**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 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           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 92.3%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ARGENTINA — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 2040261 | $102808752 |
| **BRAZIL — 16.0%** |  |  |
| **Consumer Discretionary — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 250935 | 655851244 |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev ADR | 86666901 | 208867231 |
| **Energy — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 61035997 | 763560323 |
| **Financials — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 43456000 | 115769074 |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 63863948 | 494379985 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 68947728 | 280068366 |
|  |  | 890217425 |
| **Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 4576763 | 260463582 |
| **Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 23824647 | 231337322 |
| **Utilities — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 37038949 | 273422548 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 7202500 | 157844394 |
| &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel | 37864700 | 80684970 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 26199700 | 174301439 |
|  |  | 686253351 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 3696550478 |
| **COLOMBIA — 0.2%** |  |  |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest ADR \* | 872694 | 40309736 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **FRANCE — 2.1%** |  |  |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 8093011 | $492943229 |
| **GREECE — 0.4%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 7813316 | 99278594 |
| **HUNGARY — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1455896 | 115943149 |
| **INDIA — 33.4%** |  |  |
| **Communication Services — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 27002894 | 633057724 |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC Hotels \* | 43906539 | 113855324 |
| **Consumer Staples — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 263901741 | 1281627644 |
| &nbsp;&nbsp;&nbsp;Patanjali Foods | 16547938 | 318583721 |
|  |  | 1600211365 |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 6867771 | 120208106 |
| **Financials — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 4552993 | 109152277 |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 5988086 | 459106554 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 35876713 | 606307233 |
| &nbsp;&nbsp;&nbsp;Power Finance | 37067024 | 184931703 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 24820460 | 237425738 |
|  |  | 1596923505 |
| **Health Care — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 22795691 | 445612392 |
| **Industrials — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 19800366 | 605057065 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 32999300 | 558147845 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;GMR Airports Infrastructure \* | 185432790 | $184343718 |
|  |  | 1347548628 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambuja Cements | 21860633 | 147240875 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 20609303 | 245478800 |
|  |  | 392719675 |
| **Real Estate — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Macrotech Developers | 11101380 | 179483725 |
| **Utilities — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Energy Solutions \* | 27634111 | 283449130 |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 30446694 | 363595070 |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 68393279 | 466525178 |
| &nbsp;&nbsp;&nbsp;JSW Energy | 31266481 | 190465501 |
|  |  | 1304034879 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 7733655323 |
| **INDONESIA — 4.6%** |  |  |
| **Financials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 980018430 | 523866574 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 1786130974 | 536525818 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDONESIA** |  | 1060392392 |
| **KAZAKHSTAN — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 891917 | 75714834 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC \* (A) | 939651 | 120 |
| &nbsp;&nbsp;&nbsp;**TOTAL KAZAKHSTAN** |  | 75714954 |
| **MEXICO — 2.2%** |  |  |
| **Consumer Staples — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano ADR | 2087566 | 214977547 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 36973700 | 121497316 |
|  |  | 336474863 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **MEXICO (continued)** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 18677000 | $170230395 |
| &nbsp;&nbsp;&nbsp;**TOTAL MEXICO** |  | 506705258 |
| **PERU — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 532005 | 118913758 |
| **PHILIPPINES — 0.2%** |  |  |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 6389400 | 46580994 |
| **POLAND — 0.0%** |  |  |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 361743 | 7538892 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 30141513 | 3854 |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC (A) | 2087971 | 267 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC (A) | 23574787 | 3015 |
|  |  | 7136 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \* (A) | 1555600 | 199 |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 426420 | 54 |
| &nbsp;&nbsp;&nbsp;Severstal PAO (A) | 772406 | 99 |
|  |  | 352 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 7488 |
| **SAUDI ARABIA — 2.3%** |  |  |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil | 25767003 | 167071193 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 8348043 | 210561474 |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance | 2068066 | 98192230 |
| &nbsp;&nbsp;&nbsp;Co for Cooperative Insurance | 1476093 | 62186964 |
|  |  | 370940668 |
| &nbsp;&nbsp;&nbsp;**TOTAL SAUDI ARABIA** |  | 538011861 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **SINGAPORE — 2.5%** |  |  |
| **Communication Services — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 150795132 | $453848061 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 3534723 | 124572439 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 578420500 |
| **SOUTH KOREA — 1.3%** |  |  |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 1400150 | 115059112 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 207305 | 66469777 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 2546789 | 115463410 |
| &nbsp;&nbsp;&nbsp;**TOTAL SOUTH KOREA** |  | 296992299 |
| **TAIWAN — 8.7%** |  |  |
| **Information Technology — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 33666282 | 1231154188 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 3437197 | 778490748 |
| &nbsp;&nbsp;&nbsp;Wiwynn | 97000 | 8422989 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  | 2018067925 |
| **THAILAND — 1.4%** |  |  |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 22701200 | 107231398 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 169599400 | 111251358 |
| &nbsp;&nbsp;&nbsp;SCB X | 30993800 | 112082096 |
| &nbsp;&nbsp;&nbsp;**TOTAL THAILAND** |  | 330564852 |
| **UNITED ARAB EMIRATES — 6.5%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | 228617334 | 212865311 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 48597460 | 219612965 |
| **Industrials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Dhabi Holding PJSC | 95377433 | 319409294 |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 4956262 | 542407245 |
|  |  | 861816539 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED ARAB EMIRATES (continued)** |  |  |
| **Real Estate — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 83096124 | $201909588 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 1496204403 |
| **UNITED KINGDOM — 2.5%** |  |  |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC | 1606797 | 83802725 |
| &nbsp;&nbsp;&nbsp;Unilever ADR | 5596744 | 342352830 |
|  |  | 426155555 |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 13366756 | 161416044 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 587571599 |
| **UNITED STATES — 6.2%** |  |  |
| **Consumer Staples — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 5914612 | 418458799 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4675249 | 424980134 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3191295 | 581230559 |
|  |  | 1424669492 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 1424669492 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,970,568,688) |  | 21367845928 |
| **PREFERRED STOCK — 4.9%** |  |  |
| **BRAZIL — 4.9%** |  |  |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) | 82856009 | 476230201 |
| **Financials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 97118772 | 656076863 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $948,711,696) |  | 1132307064 |
| &nbsp;&nbsp;&nbsp;Total Investments— 97.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,919,280,384) |  | $22500152992 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS** |

---

**EMERGING MARKETS EQUITY FUND**

**JUNE 30, 2025**

**(Unaudited)**

*Percentages are based on Net Assets of $23,140,258,400.*

\* *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* 

*JSC — Joint Stock Company* 

*PJSC — Public Joint Stock Company* 

*PLC — Public Limited Company*

*GQG-QH-001-1700*

---

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

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.4%** | | |
|  | Shares | Value |
| **BRAZIL — 2.0%** |  |  |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 1442684 | $18047977 |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 8321035 | 56499829 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 74547806 |
| **CANADA — 2.4%** |  |  |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 1931725 | 87419581 |
|  | | |
| **FRANCE — 3.7%** |  |  |
| **Energy — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 1356817 | 82643376 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 578025 | 51669215 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 134312591 |
| **GERMANY — 1.2%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz | 28226 | 11415155 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Rheinmetall | 3587 | 7569724 |
| **Information Technology — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 86695 | 26417207 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 45402086 |
| **INDIA — 8.5%** |  |  |
| **Consumer Staples — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 9249507 | 44919840 |
| **Financials — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank ADR | 493422 | 37830665 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 250993 | 4241717 |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 2975172 | 100084786 |
|  |  | 142157168 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 1527926 | $46690168 |
| **Utilities — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Green Energy \* | 1704746 | 20358113 |
| &nbsp;&nbsp;&nbsp;Adani Power \* | 7915191 | 53991210 |
|  |  | 74349323 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 308116499 |
| **ITALY — 3.2%** |  |  |
| **Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 807658 | 53991698 |
| **Utilities — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 6513980 | 61606912 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 115598610 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC (A) | 57094 | 7 |
| **SPAIN — 1.0%** |  |  |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 1945905 | 37304977 |
|  | | |
| **SWITZERLAND — 1.5%** |  |  |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 36376 | 3605148 |
| **Health Care — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 321675 | 38918903 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 32372 | 10533013 |
|  |  | 49451916 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 53057064 |
| **TAIWAN — 1.3%** |  |  |
| **Information Technology — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 214920 | 48677231 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED ARAB EMIRATES — 0.8%** |  |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 261002 | $28563739 |
| **UNITED KINGDOM — 2.4%** |  |  |
| **Consumer Staples — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 659696 | 31313617 |
| &nbsp;&nbsp;&nbsp;British American Tobacco ADR | 920217 | 43553870 |
|  |  | 74867487 |
| **Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings | 911756 | 12062944 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 86930431 |
| **UNITED STATES — 70.4%** |  |  |
| **Communication Services — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 6876957 | 199019135 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 122942 | 90742261 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 86432 | 115743684 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 2821355 | 122080031 |
|  |  | 527585111 |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 3238 | 710385 |
| **Consumer Staples — 16.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 2088078 | 122424013 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 747655 | 52896591 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 589781 | 53611093 |
| &nbsp;&nbsp;&nbsp;Kroger | 827512 | 59357436 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1434775 | 261315571 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 385104 | 61354769 |
|  |  | 610959473 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 831612 | 89647774 |
| **Financials — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 276050 | 55571625 |
| &nbsp;&nbsp;&nbsp;American International Group | 1319994 | 112978286 |
| &nbsp;&nbsp;&nbsp;Chubb | 248115 | 71883878 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 146637 | 40416090 |
| &nbsp;&nbsp;&nbsp;Progressive | 517287 | 138043209 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 181135 | $64311982 |
|  |  | 483205070 |
| **Health Care — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 295680 | 13687027 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 345916 | 114352911 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 83762 | 32580068 |
| &nbsp;&nbsp;&nbsp;McKesson | 37086 | 27175879 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 19290 | 6017902 |
|  |  | 193813787 |
| **Information Technology — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;International Business Machines | 278388 | 82063215 |
| &nbsp;&nbsp;&nbsp;Microsoft | 193452 | 96224959 |
|  |  | 178288174 |
| **Utilities — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1192715 | 123756108 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 503726 | 34898137 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 313472 | 41522501 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 793369 | 93617542 |
| &nbsp;&nbsp;&nbsp;Exelon | 1477175 | 64138939 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 919349 | 63821208 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 927844 | 63186176 |
|  |  | 484940611 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 2569150385 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,118,597,956) |  | 3589081007 |
| **PREFERRED STOCK — 1.0%** |  |  |
| **BRAZIL — 1.0%** |  |  |
| **Energy — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost (36329095) | 6744733 | 38766597 |
| &nbsp;&nbsp;&nbsp;Total Investments— 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,154,927,051) |  | $3627847604 |

---

---

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

---

*Percentages are based on Net Assets of $3,647,939,961.*

*\** *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-003-1300*

---

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

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.0%** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES — 99.0%** |  |  |
| **Communication Services — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 10335664 | $299114116 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 219980 | 162365038 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 136728 | 183096567 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 5325344 | 230427635 |
|  |  | 875003356 |
| **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 284956 | 62516497 |
| **Consumer Staples — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 3055277 | 179130890 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1772718 | 125419798 |
| &nbsp;&nbsp;&nbsp;Kroger | 1313308 | 94203583 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1833020 | 333847933 |
|  |  | 732602204 |
| **Energy — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 1410576 | 152060093 |
| **Financials — 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 529778 | 106649609 |
| &nbsp;&nbsp;&nbsp;American International Group | 2294013 | 196344573 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 670801 | 99895685 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 383458 | 105688694 |
| &nbsp;&nbsp;&nbsp;Progressive | 711576 | 189891171 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings \* | 1646843 | 35670619 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 256992 | 91245010 |
|  |  | 825385361 |
| **Health Care — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 526144 | 173932683 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 180729 | 70296352 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 82666 | 64440627 |
| &nbsp;&nbsp;&nbsp;McKesson | 45578 | 33398647 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 106914 | 33353961 |
|  |  | 375422270 |
| **Information Technology — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;International Business Machines | 441698 | 130203736 |
| &nbsp;&nbsp;&nbsp;Microsoft | 375582 | 186818243 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA | 73567 | $11622850 |
|  |  | 328644829 |
| **Utilities — 21.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1812530 | 188068113 |
| &nbsp;&nbsp;&nbsp;American Water Works | 456708 | 63532650 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 263598 | 40623088 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 2267238 | 83298324 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 488225 | 64670283 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 1044848 | 123292064 |
| &nbsp;&nbsp;&nbsp;Exelon | 2654633 | 115264165 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 1550789 | 107655772 |
| &nbsp;&nbsp;&nbsp;PPL | 1741211 | 59009641 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 1190535 | 81075434 |
|  |  | 926489534 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 4278124144 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,774,263,822) |  | 4278124144 |
| &nbsp;&nbsp;&nbsp;Total Investments— 99.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,774,263,822) |  | $4278124144 |

---

*Percentages are based on Net Assets of $4,322,308,861.* 

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

*Cl — Class* 

*GQG-QH-002-1400*

---

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

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK — 97.1%** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 8.2%** |  |  |
| **Energy — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 440928 | $5516009 |
| **Financials — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 310700 | 1262076 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 504078 | 3422690 |
|  |  | 4684766 |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 183700 | 1356078 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 11556853 |
| **CANADA — 3.2%** |  |  |
| **Energy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 100487 | 4547506 |
| **FRANCE — 5.1%** |  |  |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 50660 | 3085687 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 19170 | 1713592 |
| **Health Care — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 24157 | 2330582 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 7129861 |
| **GERMANY — 2.8%** |  |  |
| **Financials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz | 5875 | 2375967 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 54631 | 1613918 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 3989885 |
| **INDIA — 4.8%** |  |  |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 558521 | 2712434 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;State Bank of India | 240573 | 2301256 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INDIA (continued)** |  |  |
| **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 103154 | $1744739 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 6758429 |
| **INDONESIA — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 3477300 | 1044526 |
| **ITALY — 6.6%** |  |  |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 14078 | 226625 |
| &nbsp;&nbsp;&nbsp;Eni ADR | 73632 | 2387150 |
|  |  | 2613775 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo | 183802 | 1055087 |
| &nbsp;&nbsp;&nbsp;UniCredit | 29012 | 1939444 |
|  |  | 2994531 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 399074 | 3774300 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 9382606 |
| **JAPAN — 2.3%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Tobacco | 11700 | 343625 |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 67700 | 2860458 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 3204083 |
| **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 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **RUSSIA (continued)** |  |  |
| **Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Polyus PJSC \* (A) | 1565 | $— |
|  |  | 19 |
| &nbsp;&nbsp;&nbsp;**TOTAL RUSSIA** |  | 59 |
| **SPAIN — 4.7%** |  |  |
| **Financials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 6818 | 104620 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 345591 | 2984049 |
|  |  | 3088669 |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 188149 | 3607008 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 6695677 |
| **SWITZERLAND — 2.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Re | 6942 | 1197029 |
| **Health Care — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 22975 | 2779706 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 3976735 |
| **UNITED ARAB EMIRATES — 2.6%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 1450999 | 1351023 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 521247 | 2355527 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 3706550 |
| **UNITED KINGDOM — 10.3%** |  |  |
| **Consumer Staples — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 154296 | 7323927 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 53900 | 2126031 |
| &nbsp;&nbsp;&nbsp;Unilever | 42928 | 2615348 |
|  |  | 12065306 |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 17701 | 619485 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED KINGDOM (continued)** |  |  |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 153095 | $1848765 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 14533556 |
| **UNITED STATES — 43.0%** |  |  |
| **Communication Services — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 297510 | 8609940 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 149157 | 6454023 |
|  |  | 15063963 |
| **Consumer Staples — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 67209 | 3940464 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 51564 | 9391351 |
|  |  | 13331815 |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 13495 | 1932349 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 16774 | 1808237 |
|  |  | 3740586 |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive | 12178 | 3249821 |
| **Health Care — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 43406 | 2009264 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 8092 | 2675053 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 13263 | 2025923 |
|  |  | 6710240 |
| **Utilities — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 47690 | 4948315 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 33800 | 1241812 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 19841 | 2628139 |
| &nbsp;&nbsp;&nbsp;Exelon | 55902 | 2427265 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 39917 | 2771038 |
| &nbsp;&nbsp;&nbsp;PPL | 59661 | 2021911 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 38789 | $2641531 |
|  |  | 18680011 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 60776436 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $120,309,625) |  | 137302762 |
| &nbsp;&nbsp;&nbsp;Total Investments— 97.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $120,309,625) |  | $137302762 |

---

*Percentages are based on Net Assets of $141,418,757.*

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

*ADR — American Depositary Receipt* 

*PJSC — Public Joint Stock Company* 

*GQG-QH-006-0900*

---

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

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK — 95.7%** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL — 9.2%** |  |  |
| **Energy — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 964156 | $12061592 |
| **Financials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 1697000 | 6893280 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 884300 | 5811783 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 2251332 | 15286546 |
|  |  | 27991609 |
| **Materials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 973812 | 9455715 |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 804400 | 5938103 |
| &nbsp;&nbsp;&nbsp;**TOTAL BRAZIL** |  | 55447019 |
| **CANADA — 2.7%** |  |  |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 363203 | 16436633 |
| **FRANCE — 6.7%** |  |  |
| **Consumer Staples — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Pernod Ricard | 71591 | 7116422 |
| **Energy — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 189212 | 11524855 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 65461 | 5851509 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi | 103075 | 9944312 |
| **Industrials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vinci | 41703 | 6128535 |
| &nbsp;&nbsp;&nbsp;**TOTAL FRANCE** |  | 40565633 |
| **GERMANY — 8.3%** |  |  |
| **Communication Services — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 545559 | 19899862 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **GERMANY (continued)** |  |  |
| **Financials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz | 25071 | $10139210 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 87826 | 2594570 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 8400 | 5435410 |
|  |  | 18169190 |
| **Utilities — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 645831 | 11858396 |
| &nbsp;&nbsp;&nbsp;**TOTAL GERMANY** |  | 49927448 |
| **GREECE — 2.2%** |  |  |
| **Consumer Discretionary — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 305886 | 6912028 |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 523873 | 6656505 |
| &nbsp;&nbsp;&nbsp;**TOTAL GREECE** |  | 13568533 |
| **INDIA — 8.9%** |  |  |
| **Consumer Staples — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ITC | 4188312 | 20340360 |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Coal India | 1161333 | 5310593 |
| **Financials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Finance | 1104571 | 5510833 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 837695 | 8013162 |
|  |  | 13523995 |
| **Industrials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 864843 | 14627894 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDIA** |  | 53802842 |
| **INDONESIA — 1.1%** |  |  |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 22096316 | 6637388 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **ITALY — 4.2%** |  |  |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 230972 | $3718153 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 94619 | 6325252 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel | 1643625 | 15544822 |
| &nbsp;&nbsp;&nbsp;**TOTAL ITALY** |  | 25588227 |
| **JAPAN — 3.4%** |  |  |
| **Financials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 343200 | 14500871 |
| **Health Care — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 186700 | 5746432 |
| &nbsp;&nbsp;&nbsp;**TOTAL JAPAN** |  | 20247303 |
| **MEXICO — 0.9%** |  |  |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano ADR | 55502 | 5715596 |
| **NETHERLANDS — 1.9%** |  |  |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 273253 | 11373052 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \* (A) | 141071 | 18 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC (A) | 98129 | 13 |
|  |  | 31 |
| **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** |  | 42 |
| **SINGAPORE — 2.4%** |  |  |
| **Communication Services — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 2771500 | 8341383 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SINGAPORE (continued)** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 171100 | $6029990 |
| &nbsp;&nbsp;&nbsp;**TOTAL SINGAPORE** |  | 14371373 |
| **SOUTH KOREA — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 18603 | 5964821 |
| **SPAIN — 4.3%** |  |  |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 89481 | 1373053 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 935517 | 8077840 |
|  |  | 9450893 |
| **Utilities — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 858558 | 16459430 |
| &nbsp;&nbsp;&nbsp;**TOTAL SPAIN** |  | 25910323 |
| **SWITZERLAND — 7.0%** |  |  |
| **Consumer Staples — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 245642 | 24345053 |
| **Health Care — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis | 100306 | 12135850 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 18487 | 6015192 |
|  |  | 18151042 |
| &nbsp;&nbsp;&nbsp;**TOTAL SWITZERLAND** |  | 42496095 |
| **TAIWAN — 3.4%** |  |  |
| **Information Technology — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 88171 | 19969850 |
| &nbsp;&nbsp;&nbsp;Wiwynn | 5000 | 434174 |
| &nbsp;&nbsp;&nbsp;**TOTAL TAIWAN** |  | 20404024 |
| **UNITED ARAB EMIRATES — 3.1%** |  |  |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 8658908 | 8062298 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2312106 | 10448457 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED ARAB EMIRATES** |  | 18510755 |

---

---

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

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED KINGDOM — 18.0%** |  |  |
| **Consumer Staples — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 877854 | $41668865 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 532793 | 21015485 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group | 107714 | 7325942 |
| &nbsp;&nbsp;&nbsp;Unilever | 101549 | 6186777 |
|  |  | 76197069 |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 238870 | 8359772 |
| **Health Care — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 65655 | 9121849 |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;National Grid | 1008956 | 14785321 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED KINGDOM** |  | 108464011 |
| **UNITED STATES — 7.0%** |  |  |
| **Consumer Staples — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 224903 | 40961583 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 13517 | 1457133 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 42418716 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $500,887,206) |  | 577849834 |
| **PREFERRED STOCK — 1.9%** |  |  |
| **BRAZIL — 1.9%** |  |  |
| **Energy — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro (B) | 934824 | 5373074 |

---

---

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

---

**PREFERRED STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **BRAZIL (continued)** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Itausa (B) | 3005200 | $6029286 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,473,889) |  | 11402360 |
| &nbsp;&nbsp;&nbsp;Total Investments— 97.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $513,361,095) |  | $589252194 |

---

*Percentages are based on Net Assets of $604,021,671.* 

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

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

*(B)* *There is currently no rate available.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

*PJSC — Public Joint Stock Company* 

*GQG-QH-005-0900*

---

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

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK — 96.4%** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **CANADA — 4.0%** |  |  |
| **Energy — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 210586 | $9543757 |
| **FRANCE — 1.8%** |  |  |
| **Energy — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies ADR | 69727 | 4280541 |
| **UNITED KINGDOM — 1.0%** |  |  |
| **Health Care — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 33978 | 2374383 |
| **UNITED STATES — 89.6%** |  |  |
| **Communication Services — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 600154 | 17368457 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 320293 | 13859078 |
|  |  | 31227535 |
| **Consumer Staples — 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 159948 | 9377752 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 98772 | 6988119 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 51426 | 4674623 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 122070 | 22232609 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 43893 | 6993033 |
|  |  | 50266136 |
| **Energy — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 46243 | 6621535 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 67479 | 7274236 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 34000 | 4570280 |
|  |  | 18466051 |
| **Financials — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 21115 | 4250661 |
| &nbsp;&nbsp;&nbsp;American International Group | 79893 | 6838042 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 34299 | 5107807 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 37753 | 10405482 |
| &nbsp;&nbsp;&nbsp;Progressive | 18562 | 4953455 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 84624 | 3829236 |
|  |  | 35384683 |

---

---

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

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **UNITED STATES (continued)** |  |  |
| **Health Care — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 89085 | $4123745 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 22537 | 7450281 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 22531 | 3441610 |
| &nbsp;&nbsp;&nbsp;Merck | 52295 | 4139672 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 15741 | 4910720 |
|  |  | 24066028 |
| **Industrials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 16146 | 3898613 |
| **Utilities — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 87285 | 9056692 |
| &nbsp;&nbsp;&nbsp;American Water Works | 52221 | 7264463 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 84092 | 5825894 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 62124 | 7330632 |
| &nbsp;&nbsp;&nbsp;Exelon | 80532 | 3496699 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 63845 | 4432120 |
| &nbsp;&nbsp;&nbsp;PPL | 137101 | 4646353 |
| &nbsp;&nbsp;&nbsp;Southern | 53768 | 4937515 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 66526 | 4530421 |
|  |  | 51520789 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES** |  | 214829835 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $207,107,965) |  | 231028516 |
| &nbsp;&nbsp;&nbsp;Total Investments— 96.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $207,107,965) |  | $231028516 |

---

*Percentages are based on Net Assets of $239,729,904.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

*GQG-QH-004-0900*

## 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 US SELECT QUALITY EQUITY FUND

- **b. EDGAR series identifier (if any):** S000063192

- **c. LEI of Series:** 549300O3CSBIOFSNDH37

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $4324162709.55

**Total Liabilities:** $1831105.41

**Net Assets:** $4322331604.14

**Cash Not Reported:** $84.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204820 | 1.60%                | 0.28%                | -2.81%               |
| Class ID C000204821 | 1.60%                | 0.28%                | -2.82%               |
| Class ID C000204822 | 1.52%                | 0.28%                | -2.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14572575.59            | $70209628.76                               |
| Month 2  | $-39776089.79            | $44519205.94                               |
| Month 3  | $41949237.34             | $-165613801.27                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE ALLSTATE CORPORATION                    | ALLSTATE CORP COMMON STOCK                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               |  | US        |    529778 | NS      | $106649609.18 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC COMMON STOCK             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |   3055277 | NS      | $179130890.51 | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                            | AMAZON.COM INC COMMON STOCK               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |    284956 | NS      | $62516496.84  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.       | AMERICAN ELECTRIC POWER COMMON STOCK      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               |  | US        |   1812530 | NS      | $188068112.80 | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.          | AMERICAN INTERNATIONAL GROUP COMMON STOCK | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               |  | US        |   2294013 | NS      | $196344572.67 | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.          | AMERICAN WATER WORKS CO INC COMMON STOCK  | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               |  | US        |    456708 | NS      | $63532649.88  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                   | AT&T INC COMMON STOCK                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |  10335664 | NS      | $299114116.16 | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                    | ATMOS ENERGY CORP COMMON STOCK            | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |    263598 | NS      | $40623087.78  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  11102349 | PA      | $11102349.37  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                    | CENTERPOINT ENERGY INC COMMON STOCK       | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |   2267238 | NS      | $83298324.12  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION            | CINCINNATI FINANCIAL CORP COMMON STOCK    | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               |  | US        |    670801 | NS      | $99895684.92  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                              | CME GROUP INC COMMON STOCK                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |    383458 | NS      | $105688693.96 | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                       | COCA-COLA CO/THE COMMON STOCK             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |   1772718 | NS      | $125419798.50 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                          | DTE ENERGY COMPANY COMMON STOCK           | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               |  | US        |    488225 | NS      | $64670283.50  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION                     | DUKE ENERGY CORP COMMON STOCK             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               |  | US        |   1044848 | NS      | $123292064.00 | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                       | ELEVANCE HEALTH INC COMMON STOCK          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |    180729 | NS      | $70296351.84  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                       | ELI LILLY & CO COMMON STOCK               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |    113102 | NS      | $88166402.06  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                          | EXELON CORP COMMON STOCK                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |   2654633 | NS      | $115264164.86 | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | EXXON MOBIL CORP COMMON STOCK             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |   1410576 | NS      | $152060092.80 | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |    441698 | NS      | $130203736.44 | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                              | KROGER CO COMMON STOCK                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               |  | US        |   1313308 | NS      | $94203582.84  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                        | MCKESSON CORP COMMON STOCK                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               |  | US        |     45578 | NS      | $33398646.84  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                        | META PLATFORMS INC COMMON STOCK           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    219980 | NS      | $162365038.20 | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP COMMON STOCK               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    375582 | NS      | $186818242.62 | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                               | NETFLIX INC COMMON STOCK                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |    136728 | NS      | $183096566.64 | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                        | NEXTERA ENERGY INC COMMON STOCK           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |   1550789 | NS      | $107655772.38 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                          | NVIDIA CORP COMMON STOCK                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     73567 | NS      | $11622850.33  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.            | PHILIP MORRIS INTERNATIONAL COMMON STOCK  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |   1833020 | NS      | $333847932.60 | 7.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                             | PPL CORP COMMON STOCK                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |   1741211 | NS      | $59009640.79  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                 | PROGRESSIVE CORP COMMON STOCK             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |    711576 | NS      | $189891171.36 | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SLIDE INSURANCE HOLDINGS, INC.              | SLIDE INSURANCE HOLDINGS INC COMMON STOCK | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               |  | US        |   1646843 | NS      | $35670619.38  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                             | THE CIGNA GROUP COMMON STOCK              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |    526144 | NS      | $173932683.52 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED             | UNITEDHEALTH GROUP INC COMMON STOCK       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |     84821 | NS      | $26461607.37  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                 | VERIZON COMMUNICATIONS INC COMMON STOCK   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |   5325344 | NS      | $230427634.88 | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                   | VISA INC-CLASS A SHARES COMMON STOCK      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    256992 | NS      | $91245009.60  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                            | XCEL ENERGY INC COMMON STOCK              | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |   1190535 | NS      | $81075433.50  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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