# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-046462
**Filing Date:** 2023-2
**Character Count:** 52792
**Document Hash:** 9a6f47408f2e61e7b3a9edbfd23e9aef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046462.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046462

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23682484

**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 GLOBAL QUALITY EQUITY FUND (Series ID: S000065108)

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

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**EMERGING MARKETS EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 92.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **BRAZIL — 15.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 - Brasil Bolsa Balcao | 39475972 | $98769372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual \* | 26373176 | 119584040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras | 33739049 | 269158340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 43609665 | 464442932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale | 31431286 | 529118367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1481073051 |
|  **CHINA — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baoshan Iron & Steel, Cl A | 101311839 | 81466862 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group | 10761301 | 10161601 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment | 11900024 | 31408336 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Land | 7817515 | 35807553 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy, Cl H | 25275924 | 73027000 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetroChina, Cl H | 333716481 | 152642597 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H | 66897381 | 63512206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl A | 13281075 | 89792501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuliangye Yibin, Cl A | 3074106 | 79902788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group, Cl A | 55199924 | 79404928 |
|  |  | 697126372 |
|  **FRANCE — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 5763000 | 360729517 |
|  **INDIA — 33.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finserv | 2592008 | 48495583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel | 20107059 | 195918050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipla | 9337016 | 121433124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India | 30381793 | 82647437 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management | 4864125 | 128261679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Development Finance | 15841942 | 505073205 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank | 26423432 | 284531783 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC | 159599760 | 639614413 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Steel | 9901156 | 91920499 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC | 48249228 | 97075837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp of India | 44584483 | 115166252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries | 13553044 | 417288936 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 36839709 | 273280907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries | 16411972 | 198657667 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**EMERGING MARKETS EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **INDIA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Steel | 85038115 | $115792864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3315158236 |
|  **INDONESIA — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia | 432285830 | 237420514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero | 312377337 | 199154975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero | 10518668 | 6233159 |
|  |  | 442808648 |
|  **ITALY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni | 11024961 | 156327850 |
|  **MACAO — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China \* | 8131592 | 26983931 |
|  **MEXICO — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil | 210208239 | 189850544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte, Cl O | 21109218 | 151912493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico | 68316948 | 241474368 |
|  |  | 583237405 |
|  **NETHERLANDS — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 235193 | 126458376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken | 2337607 | 219243432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell | 7498246 | 211905734 |
|  |  | 557607542 |
|  **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (A) | 30141513 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (A) | 2087971 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; MMC Norilsk Nickel PJSC (A) | 15556 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polymetal International \* (A) | 939651 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC \* (A) | 426420 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil PJSC (A) | 23574787 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO \* (A) | 772406 | 106 |
|  |  | 7939 |
|  **SOUTH AFRICA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group | 2171538 | 21414185 |
|  **SOUTH KOREA — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO | 560761 | 122723625 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**EMERGING MARKETS EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **SOUTH KOREA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom | 2121306 | $79578359 |
|  |  | 202301984 |
|  **TAIWAN — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing | 7528928 | 109863975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 2798668 | 208472779 |
|  |  | 318336754 |
|  **THAILAND — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank | 29287262 | 124725600 |
|  **TURKEY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank | 15272976 | 15950569 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar | 650910 | 4760254 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOC Holding | 2816567 | 12593641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO \* | 8770661 | 66015980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi | 6364032 | 10212640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri \* | 873790 | 24734706 |
|  |  | 134267790 |
|  **UNITED KINGDOM — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever ADR | 88448 | 4453357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 1715746 | 85824838 |
|  |  | 90278195 |
|  **UNITED STATES — 6.1%** |  |  |
|  **Consumer Staples — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 1553089 | 98791991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 2638733 | 267066167 |
|  |  | 365858158 |
|  **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 2120644 | 233907033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 599765191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $9,169,342,393) |  | &nbsp;&nbsp;&nbsp;&nbsp;9112150190 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 5.9%** |  |  |
|  **BRAZIL — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco(B) | 28397173 | 81484383 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**EMERGING MARKETS EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **BRAZIL (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding(B) | 60968619 | $288690842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro(B) | 46418624 | 215399647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock<br>(Cost $680,251,842) |  | 585574872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 98.4%<br>(Cost $9,849,594,235) |  | $&nbsp;&nbsp;&nbsp;&nbsp;9697725062 |

---

*Percentages are based on Net Assets of $9,855,971,361.* 

*\** *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* 

*PLC — Public Limited Company* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-001-1200* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**GLOBAL QUALITY EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 94.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **AUSTRALIA — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 7325009 | $48673615 |
|  **BRAZIL — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 1353484 | 14414605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale | 2270070 | 38214654 |
|  |  | 52629259 |
|  **CANADA — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 1442410 | 56335907 |
|  **DENMARK — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B | 324989 | 43749461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk ADR | 12680 | 1716111 |
|  |  | 45465572 |
|  **FRANCE — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 846138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52963205 |
|  **GERMANY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 1128495 | 22447294 |
|  **INDIA — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank ADR | 1004014 | 68684598 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank ADR | 1143262 | 25026005 |
|  |  | 93710603 |
|  **LUXEMBOURG — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal | 297370 | 7799302 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal ADR | 315563 | 8274062 |
|  |  | 16073364 |
|  **NETHERLANDS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 33667 | 18102044 |
|  **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (A) | 57094 | 8 |
|  **UNITED KINGDOM — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca | 93174 | 12573088 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca ADR | 868809 | 58905250 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco | 731521 | 28875598 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**GLOBAL QUALITY EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED KINGDOM (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco ADR | 590934 | $23625541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123979477 |
|  **UNITED STATES — 55.7%** |  |  |
|  **Consumer Staples — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 592097 | 27064754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 518427 | 52469997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 268564 | 38079689 |
|  |  | 117614440 |
|  **Energy — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 799286 | 88161246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 611777 | 38535833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger | 758285 | 40537916 |
|  |  | 167234995 |
|  **Financials — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 116983 | 36136049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl A \* | 12 | 5624532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 681014 | 56701226 |
|  |  | 98461807 |
|  **Health Care — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna | 107634 | 35663450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 37866 | 19424122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 71428 | 26131219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 73088 | 37434943 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 157028 | 83253105 |
|  |  | 201906839 |
|  **Industrials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 57920 | 28177501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman | 39858 | 21746923 |
|  |  | 49924424 |
|  **Information Technology — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 4997 | 1198381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 135865 | 28227312 |
|  |  | 29425693 |
|  **Utilities — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 278791 | 26471205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 114126 | 12790101 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**GLOBAL QUALITY EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED STATES (continued)** |  |  |
|  **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 1285229 | $55560450 |
|  |  | 94821756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 759389954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $1,150,630,164) |  | 1289770302 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 2.3%** |  |  |
|  **BRAZIL — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding(B) | 2831811 | 13408831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro(B) | 3716148 | 17244306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock<br>(Cost $32,281,679) |  | 30653137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 96.9%<br>(Cost $1,182,911,843) |  | $&nbsp;&nbsp;&nbsp;&nbsp;1320423439 |

---

*Percentages are based on Net Assets of $1,362,912,885.* 

*\** *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* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-003-0800* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**US SELECT QUALITY EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 95.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED KINGDOM — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca ADR | 617867 | $41891382 |
|  **UNITED STATES — 92.8%** |  |  |
|  **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 66126 | 20886558 |
|  **Consumer Staples — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 1272041 | 58144994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 619038 | 62652836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 376149 | 53334167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174131997 |
|  **Energy — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Resources | 233226 | 33302341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 1107414 | 122147764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 963121 | 60666992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger | 1161229 | 62079302 |
|  |  | 278196399 |
|  **Financials — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management | 213438 | 13615210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 106281 | 32830201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl A \* | 50 | 23435550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 818629 | 68159050 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings | 95987 | 20749510 |
|  |  | 158789521 |
|  **Health Care — 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna | 166997 | 55332786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 82267 | 42200503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 116444 | 42599873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 115777 | 59299822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker | 142080 | 34737139 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 180279 | 95580320 |
|  |  | 329750443 |
|  **Industrials — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 76879 | 18417133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 98746 | 48038941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman | 80114 | 43711000 |
|  |  | 110167074 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS**<br>**US SELECT QUALITY EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED STATES (continued)** |  |  |
|  **Information Technology — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 109381 | $26231751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 249397 | 51814721 |
|  |  | 78046472 |
|  **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel | 381549 | 9557803 |
|  **Utilities — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 522370 | 49599032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 177208 | 19859701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 1764576 | 76282620 |
|  |  | 145741353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 1305267620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $1,176,705,964) |  | 1347159002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 95.8%<br>(Cost $1,176,705,964) |  | $&nbsp;&nbsp;&nbsp;&nbsp;1347159002 |

---

*Percentages are based on Net Assets of $1,405,922,439.* 

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

*ADR — American Depositary Receipt* 

*Cl — Class* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-002-0900* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS GLOBAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 98.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **AUSTRALIA — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 406196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto ADR | 12336 | 878323 |
|  |  | 3577436 |
|  **BRAZIL — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding ADR | 352249 | 1659093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 414106 | 4410229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale ADR, Cl B | 213629 | 3625284 |
|  |  | 9694606 |
|  **CANADA — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 89308 | 3488084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis | 16880 | 674976 |
|  |  | 4163060 |
|  **DENMARK — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk ADR | 14349 | 1941994 |
|  **FRANCE — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 69558 | 4353917 |
|  **GERMANY — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 100332 | 1995739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 3543 | 1149502 |
|  |  | 3145241 |
|  **INDIA — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys ADR | 58055 | 1045571 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC | 436824 | 1750622 |
|  |  | 2796193 |
|  **ITALY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni ADR | 56866 | 1629779 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit | 92312 | 1307554 |
|  |  | 2937333 |
|  **JAPAN — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 76867 | 1647212 |
|  **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (A) | 177982 | 24 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS GLOBAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **RUSSIA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MMC Norilsk Nickel PJSC (A) | 1511 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC \* (A) | 1565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil PJSC (A) | 134799 | 19 |
|  |  | 43 |
|  **SPAIN — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria | 290693 | 1747899 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank | 353212 | 1384214 |
|  |  | 3132113 |
|  **TAIWAN — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 21832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626266 |
|  **UNITED KINGDOM — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca ADR | 59341 | 4023320 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco ADR | 107909 | 4314202 |
|  |  | 8337522 |
|  **UNITED STATES — 45.0%** |  |  |
|  **Consumer Staples — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 57074 | 2608852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 32847 | 2089398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 43155 | 4367718 |
|  |  | 9065968 |
|  **Energy — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 40959 | 4517778 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 18816 | 1236211 |
|  |  | 5753989 |
|  **Financials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management | 18950 | 1208821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 25151 | 2094072 |
|  |  | 3302893 |
|  **Health Care — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 10032 | 1621272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 3410 | 1746568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 13331 | 2354921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 5248 | 1647799 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 6612 | 3505550 |
|  |  | 10876110 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS GLOBAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED STATES (continued)** |  |  |
|  **Industrials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 6892 | $1434983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 4823 | 2346341 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 8366 | 1454346 |
|  |  | 5235670 |
|  **Information Technology — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 1682 | 940457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 13462 | 1100384 |
|  |  | 2040841 |
|  **Utilities — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 9814 | 1099855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 60024 | 2594837 |
|  |  | 3694692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 39970163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $83,279,669) |  | 87323099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 98.4%<br>(Cost $83,279,669) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87323099 |

---

*Percentages are based on Net Assets of $88,778,472.* 

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

*ADR — American Depositary Receipt* 

*Cl — Class*

*PJSC —Public Joint Stock Company* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-006-0400* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS INTERNATIONAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 89.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **AUSTRALIA — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 619187 | $4114407 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope | 246217 | 1061943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto ADR | 33005 | 2349956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitehaven Coal | 58333 | 372641 |
|  |  | 7898947 |
|  **BRAZIL — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev ADR | 179352 | 487837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco ADR | 332658 | 958055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding ADR | 515673 | 2428820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 471878 | 5025501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale ADR, Cl B | 158796 | 2694768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11594981 |
|  **CANADA — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera | 68430 | 2613567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 114903 | 4487742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis | 71091 | 2842696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil | 23683 | 1194157 |
|  |  | 11138162 |
|  **CHINA — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H | 941548 | 893903 |
|  **DENMARK — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B | 22622 | 3045335 |
|  **FRANCE — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 60948 | 3814982 |
|  **GERMANY — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 80535 | 1601950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 4716 | 1530074 |
|  |  | 3132024 |
|  **INDIA — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India | 34483 | 93804 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC | 629255 | 2521812 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC | 433887 | 872966 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS INTERNATIONAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **INDIA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp of India | 340444 | $879402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367984 |
|  **INDONESIA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero | 2417958 | 1541560 |
|  **ITALY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni | 109707 | 1555585 |
|  **JAPAN — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco | 84658 | 1707340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 96400 | 2065792 |
|  |  | 3773132 |
|  **MEXICO — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico | 462216 | 1633757 |
|  **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (A) | 141071 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; MMC Norilsk Nickel PJSC (A) | 866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC \* (A) | 1135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil PJSC (A) | 98129 | 14 |
|  |  | 33 |
|  **SOUTH KOREA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom | 37877 | 1420912 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom ADR | 3663 | 75421 |
|  |  | 1496333 |
|  **SWITZERLAND — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 30887 | 2790580 |
|  **TAIWAN — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 51011 | 3799809 |
|  **UNITED KINGDOM — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca | 40263 | 5433171 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco | 167953 | 6629670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands | 131653 | 3279764 |
|  |  | 15342605 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS INTERNATIONAL**<br>**QUALITY DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED STATES — 13.1%** |  |  |
|  **Consumer Staples — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 32898 | $3809654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 37888 | 3834644 |
|  |  | 7644298 |
|  **Energy — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 31415 | 3465075 |
|  **Health Care — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 6000 | 1883917 |
|  **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 472 | 263909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 13257199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $88,801,007) |  | 91076911 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 0.8%** |  |  |
|  **BRAZIL — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro(B)<br>Cost (895589) | 162324 | 753244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 90.6%<br>(Cost $89,696,596) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91830155 |

---

*Percentages are based on Net Assets of $101,377,111.* 

*(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* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-005-0400* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS US QUALITY**<br>**DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 89.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **AUSTRALIA — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto ADR | 22069 | $1571313 |
|  **CANADA — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 111303 | 4351947 |
|  **UNITED KINGDOM — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca ADR | 75531 | 5121002 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco ADR | 143899 | 5753082 |
|  |  | 10874084 |
|  **UNITED STATES — 79.2%** |  |  |
|  **Consumer Discretionary — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 8535 | 2695865 |
|  **Consumer Staples — 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 170900 | 7811839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 86224 | 5484708 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 27975 | 2345704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 77554 | 7849240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 29706 | 4212014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27703505 |
|  **Energy — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Resources | 15621 | 2230522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 31512 | 5656089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 100027 | 11032978 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 67603 | 4441517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy | 9337 | 1184492 |
|  |  | 24545598 |
|  **Financials — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 63629 | 5297751 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 10150 | 1706824 |
|  |  | 7004575 |
|  **Health Care — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 27373 | 4423751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 29390 | 5191743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 33571 | 3724702 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 7904 | 4190543 |
|  |  | 17530739 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **GQG PARTNERS US QUALITY**<br>**DIVIDEND INCOME FUND**<br>**DECEMBER 31, 2022**<br>**(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
|  **UNITED STATES (continued)** |  |  |
|  **Industrials — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries | 10316 | $2379695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 10234 | 2130821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 9006 | 4381329 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 22755 | 3955729 |
|  |  | 12847574 |
|  **Information Technology — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 7061 | 3948017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 4415 | 1058805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 41267 | 3373165 |
|  |  | 8379987 |
|  **Materials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 78674 | 2989612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 31535 | 1488452 |
|  |  | 4478064 |
|  **Utilities — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 45282 | 4299526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 27444 | 3075649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy | 55141 | 3492080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 184489 | 7975459 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 70658 | 2963397 |
|  |  | 21806111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** |  | 126992018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $131,888,943) |  | 143789362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 89.7%<br>(Cost $131,888,943) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143789362 |

---

*Percentages are based on Net Assets of $160,314,914.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*GQG-QH-004-0400*

## 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 GLOBAL QUALITY EQUITY FUND

- **b. EDGAR series identifier (if any):** S000065108

- **c. LEI of Series:** 549300ZNFVN23WY4X902

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1363809370.37

**Total Liabilities:** $871701.00

**Net Assets:** $1362937669.37

**Cash Not Reported:** $117117.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210819 | -2.01%               | 4.20%                | 10.98%               |
| Class ID C000210820 | -2.01%               | 4.20%                | 10.97%               |
| Class ID C000210821 | -2.01%               | 4.14%                | 11.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4510093.20             | $-26114931.73                              |
| Month 2  | $15105879.64             | $36756229.40                               |
| Month 3  | $-40590174.47            | $154552792.33                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deutsche Telekom AG                   | DEUTSCHE TELEKOM AG-REG COMMON STOCK            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |   1128495 | NS      | $22447293.79  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                             | VALE SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |   2270070 | NS      | $38214654.41  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION               | EXXON MOBIL CORP COMMON STOCK                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |    799286 | NS      | $88161245.80  | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORPORATION                     | CIGNA CORP COMMON STOCK                         | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |    107634 | NS      | $35663449.56  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                      | ARCELORMITTAL COMMON STOCK                      | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               |  | NL        |    297370 | NS      | $7799301.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                         | ENBRIDGE INC COMMON STOCK                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |   1442410 | NS      | $56335907.01  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                     | SCHLUMBERGER LTD COMMON STOCK                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               |  | US        |    758285 | NS      | $40537916.10  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                       | ASTRAZENECA PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |     93174 | NS      | $12573087.76  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                          | WALMART INC COMMON STOCK                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               |  | US        |    268564 | NS      | $38079689.56  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION              | ATMOS ENERGY CORP COMMON STOCK                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |    114126 | NS      | $12790100.82  | 0.94%             |  |  |  | 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        |   2831811 | NS      | $13408830.91  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED       | UNITEDHEALTH GROUP INC COMMON STOCK             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |    157028 | NS      | $83253105.04  | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION        | SCHWAB (CHARLES) CORP COMMON STOCK              | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |    681014 | NS      | $56701225.64  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                             | VISA INC-CLASS A SHARES COMMON STOCK            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    135865 | NS      | $28227312.40  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION      | OCCIDENTAL PETROLEUM CORP COMMON STOCK          | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |    611777 | NS      | $38535833.23  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                     | HDFC BANK LTD-ADR DEPOSITARY RECEIPT            | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |   1004014 | NS      | $68684597.74  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                      | NOVO-NORDISK A/S-SPONS ADR DEPOSITARY RECEIPT   | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | US        |     12680 | NS      | $1716111.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.,              | BERKSHIRE HATHAWAY INC-CL A COMMON STOCK        | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |        12 | NS      | $5624532.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.      | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |    518427 | NS      | $52469996.67  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                      | ARCELORMITTAL-NY REGISTERED DEPOSITARY RECEIPT  | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               |  | US        |    315563 | NS      | $8274061.86   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                           | HUMANA INC COMMON STOCK                         | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |     73088 | NS      | $37434942.72  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                 | ELI LILLY & CO COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |     71428 | NS      | $26131219.52  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION           | LOCKHEED MARTIN CORP COMMON STOCK               | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |     57920 | NS      | $28177500.80  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                     | ASML HOLDING NV COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |     33667 | NS      | $18102044.42  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                    | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |    592097 | NS      | $27064753.87  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.,              | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |    116983 | NS      | $36136048.70  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC. | AMERICAN ELECTRIC POWER COMMON STOCK            | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               |  | US        |    278791 | NS      | $26471205.45  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                 | MICROSOFT CORP COMMON STOCK                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |      4997 | NS      | $1198380.54   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  31651869 | PA      | $31651868.66  | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH, INC.                 | ELEVANCE HEALTH INC COMMON STOCK                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |     37866 | NS      | $19424122.02  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WTAX FEE 10%                          | WTAX FEE 10%                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |         1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)  | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   1353484 | NS      | $14414604.60  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                      | NOVO NORDISK A/S-B COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               |  | DK        |    324989 | NS      | $43749461.02  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.       | BRITISH AMERICAN TOBACCO PLC COMMON STOCK       | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |    731521 | NS      | $28875597.39  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation          | NORTHROP GRUMMAN CORP COMMON STOCK              | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |     39858 | NS      | $21746923.38  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                          | GLENCORE PLC COMMON STOCK                       | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |   7325009 | NS      | $48673615.12  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.       | BRITISH AMERICAN TOB-SP ADR DEPOSITARY RECEIPT  | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               |  | US        |    590934 | NS      | $23625541.32  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NK LUKOIL PAO                         | LUKOIL PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               |  | RU        |     57094 | NS      | $7.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                    | ICICI BANK LTD-SPON ADR DEPOSITARY RECEIPT      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | US        |   1143262 | NS      | $25026005.18  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                    | EXELON CORP COMMON STOCK                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |   1285229 | NS      | $55560449.67  | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                       | ASTRAZENECA PLC-SPONS ADR DEPOSITARY RECEIPT    | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               |  | US        |    868809 | NS      | $58905250.20  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)  | PETROLEO BRASILEIRO SA PREFERRED STOCK          | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |   3716148 | NS      | $17244306.26  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                      | TOTALENERGIES SE COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |    846138 | NS      | $52963205.26  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO