# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-000053
**Filing Date:** 2025-8
**Character Count:** 75547
**Document Hash:** c005bd203685bd63f9727429b46ef3e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000053.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002048251-25-000053

**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:** 251269813

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

**EMERGING MARKETS EQUITY FUND**

**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 Emerging Markets Equity Fund

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

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

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

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

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

**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:** $23491715719.04

**Total Liabilities:** $351360544.52

**Net Assets:** $23140355174.52

**Cash Not Reported:** $33127676.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176380 | 2.98%                | 2.32%                | 0.00%                |
| Class ID C000176381 | 2.96%                | 2.37%                | 0.00%                |
| Class ID C000176382 | 3.02%                | 2.37%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $137983754.56            | $509645012.60                              |
| Month 2  | $-1036439.27             | $482317577.53                              |
| Month 3  | $18435742.42             | $-24337597.23                              |

### Schedule of Portfolio Investments

| Name                                                           | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADANI ENERGY SOLUTIONS LIMITED                                 | ADANI ENERGY SOLUTIONS LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 549300PLH866JQ6LXE52       | Long             | EC               |  | IN        |   27634111 | NS      | $283449129.87  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI ENTERPRISES LIMITED                                      | ADANI ENTERPRISES LTD COMMON STOCK                 | CUSIP: Y00106131<br>LEI: 335800OTN96B3M38HC30 | Long             | EC               |  | IN        |   19800366 | NS      | $605057064.62  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI GREEN ENERGY LIMITED                                     | ADANI GREEN ENERGY LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800ZBBU81OH211H17       | Long             | EC               |  | IN        |   30446694 | NS      | $363595069.44  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED                  | ADANI PORTS AND SPECIAL ECON COMMON STOCK          | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               |  | IN        |   32999300 | NS      | $558147844.55  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI POWER LIMITED                                            | ADANI POWER LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 33580074T4XKFXBDG813       | Long             | EC               |  | IN        |   68393279 | NS      | $466525178.15  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                                  | ADNOC GAS PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |  228617334 | NS      | $212865311.18  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC               | AL RAJHI BANK COMMON STOCK                         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               |  | SA        |    8348043 | NS      | $210561474.39  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDAR PROPERTIES PJSC                                          | ALDAR PROPERTIES PJSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               |  | AE        |   83096124 | NS      | $201909588.11  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Dhabi Holding PJSC                                       | ALPHA DHABI HOLDING PJSC COMMON STOCK              | CUSIP: N/A<br>LEI: 254900EH6E1KZJBO3246       | Long             | EC               |  | AE        |   95377433 | NS      | $319409294.12  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                                     | AMBEV SA-ADR DEPOSITARY RECEIPT                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               |  | US        |   86666901 | NS      | $208867231.41  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBUJA CEMENTS LIMITED                                         | AMBUJA CEMENTS LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800NT6LQHR1428E20       | Long             | EC               |  | IN        |   21860633 | NS      | $147240875.03  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A - Brasil, Bolsa, Balcao                                 | B3 SA-BRASIL BOLSA BALCAO COMMON STOCK             | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               |  | BR        |   43456000 | NS      | $115769073.90  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINSERV LIMITED                                          | BAJAJ FINSERV LTD COMMON STOCK                     | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               |  | IN        |    4552993 | NS      | $109152277.44  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                                         | BANCO BTG PACTUAL SA-UNIT UNIT                     | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |   63863948 | NS      | $494379985.34  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil S.A.                                           | BANCO DO BRASIL S.A. COMMON STOCK                  | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |   68947728 | NS      | $280068365.70  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest S.A.                                              | BANCOLOMBIA SA-SPONS ADR DEPOSITARY RECEIPT        | CUSIP: 40090E106<br>LEI: N/A                  | Long             | EC               |  | US        |     872694 | NS      | $40309735.86   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Central Asia Tbk                                       | BANK CENTRAL ASIA TBK PT COMMON STOCK              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               |  | ID        |  980018430 | NS      | $523866573.90  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                                  | BANK MANDIRI PERSERO TBK PT COMMON STOCK           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        | 1786130974 | NS      | $536525817.80  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                          | BHARTI AIRTEL LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |   27002894 | NS      | $633057724.17  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  870940762 | PA      | $870940761.82  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Company SJSC             | BUPA ARABIA FOR COOPERATIVE COMMON STOCK           | CUSIP: N/A<br>LEI: 558600B2WJHD5P31XS68       | Long             | EC               |  | SA        |    2068066 | NS      | $98192229.70   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                   | CENTRAIS ELETRICAS BRASILIER COMMON STOCK          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |   37038949 | NS      | $273422548.29  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Paranaense de Energia - Copel                        | CIA PARANAENSE DE ENERGIA                          | CUSIP: N/A<br>LEI: 2549001AS1I9A71VG663       | Long             | EC               |  | BR        |   37864700 | NS      | $80684969.54   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | CIA SANEAMENTO BASICO DE SP COMMON STOCK           | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               |  | BR        |    7202500 | NS      | $157844393.85  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance SJSC                     | CO FOR COOPERATIVE INSURANCE COMMON STOCK          | CUSIP: N/A<br>LEI: 549300J2GTNKWJRJ8581       | Long             | EC               |  | SA        |    1476093 | NS      | $62186964.11   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                                          | COCA-COLA CO/THE COMMON STOCK                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |    5914612 | NS      | $418458799.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                                               | COCA-COLA HBC AG-DI COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               |  | GB        |    1606797 | NS      | $83802724.98   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                      | COLGATE-PALMOLIVE CO COMMON STOCK                  | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |    4675249 | NS      | $424980134.10  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                 | CREDICORP LTD COMMON STOCK                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |     532005 | NS      | $118913757.60  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                                         | DBS GROUP HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               |  | SG        |    3534723 | NS      | $124572438.90  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                                   | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT             | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |    4576763 | NS      | $260463582.33  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL S.A.                                                | EQUATORIAL ENERGIA SA - ORD COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |   26199700 | NS      | $174301438.66  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                                  | FIRST ABU DHABI BANK PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |   48597460 | NS      | $219612965.05  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano, S.A.B. de C.V.                     | FOMENTO ECONOMICO MEX-SP ADR DEPOSITARY RECEIPT    | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               |  | US        |    2087566 | NS      | $214977546.68  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                    | GAZPROM PJSC COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |   30141513 | NS      | $3854.41       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GMR AIRPORTS LIMITED                                           | GMR AIRPORTS LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        |  185432790 | NS      | $184343718.32  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                       | GRUPO FINANCIERO BANORTE-O COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |   18677000 | NS      | $170230395.41  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                  | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT    | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |    2040261 | NS      | $102808751.79  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                              | HDFC BANK LTD-ADR DEPOSITARY RECEIPT               | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |    5988086 | NS      | $459106553.62  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                              | HSBC HOLDINGS PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |   13366756 | NS      | $161416043.52  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                             | ICICI BANK LTD COMMON STOCK                        | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |   35876713 | NS      | $606307233.28  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.                | INTL CONTAINER TERM SVCS INC COMMON STOCK          | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               |  | PH        |    6389400 | NS      | $46580993.77   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Company P.J.S.C                          | INTL HOLDING CO PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               |  | AE        |    4956262 | NS      | $542407244.88  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Hotels Ltd                                                 | ITC HOTELS LIMITED COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | IN        |   43906539 | NS      | $113855324.41  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                                    | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |  263901741 | NS      | $1281627644.12 | 5.54%             |  |  |  | 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        |   97118772 | NS      | $656076863.40  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Company Kaspi.kz                                   | JSC KASPI.KZ ADR DEPOSITARY RECEIPT                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               |  | US        |     891917 | NS      | $75714834.13   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW ENERGY LIMITED                                             | JSW ENERGY LTD COMMON STOCK                        | CUSIP: Y44677105<br>LEI: 3358001ZFBW2VIMBMI85 | Long             | EC               |  | IN        |   31266481 | NS      | $190465500.96  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW STEEL LIMITED                                              | JSW STEEL LTD COMMON STOCK                         | CUSIP: Y44680158<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | EC               |  | IN        |   20609303 | NS      | $245478799.69  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                            | KASIKORNBANK PCL-FOREIGN COMMON STOCK              | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |   22701200 | NS      | $107231397.75  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                                        | KB FINANCIAL GROUP INC COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |    1400150 | NS      | $115059112.13  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Company Limited                         | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK          | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |  169599400 | NS      | $111251358.10  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NK LUKOIL PAO                                                  | LUKOIL PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               |  | RU        |    2087971 | NS      | $267.00        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                                       | MACROTECH DEVELOPERS LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |   11101380 | NS      | $179483724.60  | 0.78%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                             | MERCADOLIBRE INC COMMON STOCK                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |     250935 | NS      | $655851244.05  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK NORIL'SKIY NIKEL' PAO                                      | MMC NORILSK NICKEL PJSC COMMON STOCK               | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               |  | RU        |    1555600 | NS      | $198.93        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                                   | NATIONAL BANK OF GREECE COMMON STOCK               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |    7349361 | NS      | $93383427.49   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                                 | OTP BANK PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |    1455896 | NS      | $115943149.31  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PATANJALI FOODS LIMITED                                        | PATANJALI FOODS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800EXLHZBCGE81H10       | Long             | EC               |  | IN        |   16547938 | NS      | $318583721.28  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   61035997 | NS      | $763560322.47  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                               | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |    3191295 | NS      | $581230558.35  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                                     | POLYUS PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |     426420 | NS      | $54.53         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                              | POWER FINANCE CORPORATION COMMON STOCK             | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |   37067024 | NS      | $184931702.76  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |   82856009 | NS      | $476230200.96  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                                    | RELIANCE INDUSTRIES LTD COMMON STOCK               | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               |  | IN        |    6867771 | NS      | $120208106.15  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                              | ROSNEFT OIL CO PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |   23574787 | NS      | $3014.68       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.                      | SAMSUNG FIRE & MARINE INS COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |     207305 | NS      | $66469777.37   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                                      | SAUDI ARABIAN OIL CO COMMON STOCK                  | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |   25767003 | NS      | $167071193.24  | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                                   | SCB X PCL-FOREIGN COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |   30993800 | NS      | $112082095.60  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SEVERSTAL' PAO                                                 | SEVERSTAL PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |     772406 | NS      | $98.77         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                                | SHINHAN FINANCIAL GROUP LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               |  | KR        |    2546789 | NS      | $115463409.67  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE TELECOMMUNICATIONS LIMITED                           | SINGAPORE TELECOMMUNICATIONS COMMON STOCK          | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               |  | SG        |  150795132 | NS      | $453848060.83  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Solidcore Resources plc                                        | SOLIDCORE RESOURCES PLC COMMON STOCK               | CUSIP: N/A<br>LEI: 213800JKJ5HJWYS4GR61       | Long             | EC               |  | RU        |     939651 | NS      | $120.16        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| State Bank of India                                            | STATE BANK OF INDIA COMMON STOCK                   | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |   25587228 | NS      | $244760431.61  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED                          | SUN PHARMACEUTICAL INDUS COMMON STOCK              | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               |  | IN        |   22795691 | NS      | $445612392.21  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |   33666282 | NS      | $1231154187.72 | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    3437197 | NS      | $778490748.53  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |    8093011 | NS      | $492943229.02  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                   | UNILEVER PLC-SPONSORED ADR DEPOSITARY RECEIPT      | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | US        |    5596744 | NS      | $342352830.48  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                      | VALE SA-SP ADR DEPOSITARY RECEIPT                  | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               |  | US        |   23824647 | NS      | $231337322.37  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.                             | WALMART DE MEXICO SAB DE CV COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |   36973700 | NS      | $121497316.11  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corporation                                             | WIWYNN CORP COMMON STOCK                           | CUSIP: N/A<br>LEI: 254900FV2R15PMKXFL69       | Long             | EC               |  | TW        |      97000 | NS      | $8422988.37    | 0.04%             |  |  |  | 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