THE ADVISORS’ INNER CIRCLE FUND III CCT THEMATIC EQUITY FUND
  APRIL 30, 2025
  (Unaudited)

 
 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 95.7%
   

Shares

    

Value
(000)

  

BELGIUM — 2.0%

REAL ESTATE — 2.0%

        

VGP

    13,021     $ 1,201  
 
              1,201  
                 

CANADA — 3.9%

MATERIALS — 3.9%

        

Franco-Nevada

    13,353       2,294  
 
              2,294  
                 

FRANCE — 5.2%

CONSUMER DISCRETIONARY — 2.1%

        

Accor

    25,158       1,230  
 

CONSUMER STAPLES — 2.3%

        

L'Oreal ADR

    15,686       1,377  
 

INDUSTRIALS — 0.8%

        

Airbus ADR

    10,944       471  
 
              3,078  
                 

HONG KONG — 2.0%

FINANCIALS — 2.0%

        

AIA Group

    159,020       1,191  
 
              1,191  
                 

JAPAN — 6.0%

FINANCIALS — 4.0%

        

Mitsubishi UFJ Financial Group ADR

    116,884       1,478  

Sumitomo Mitsui Financial Group

    38,948       926  
 
              2,404  

INDUSTRIALS — 2.0%

        

FANUC

    45,824       1,171  
 
              3,575  
                 

NETHERLANDS — 1.8%

INFORMATION TECHNOLOGY — 1.8%

        

ASML Holding, Cl G

    1,554       1,038  
 
              1,038  
                 

SPAIN — 5.9%

CONSUMER DISCRETIONARY — 2.5%

        

Industria de Diseno Textil

    27,754       1,485  

 

 

THE ADVISORS’ INNER CIRCLE FUND III CCT THEMATIC EQUITY FUND
  APRIL 30, 2025
  (Unaudited)

 
 

SCHEDULE OF INVESTMENTS

 

  

Shares

    

Value
(000)

  

FINANCIALS — 3.4%

        

Banco Santander ADR

    284,982     $ 1,995  
 
              3,480  

SWEDEN — 2.5%

INDUSTRIALS — 2.5%

        

Sandvik

    71,184       1,474  
 
              1,474  

SWITZERLAND — 7.3%

CONSUMER STAPLES — 1.9%

        

Nestle ADR

    10,674       1,138  
 

HEALTH CARE — 2.3%

        

Novartis ADR

    12,175       1,381  
 

INDUSTRIALS — 3.1%

        

ABB ADR

    34,897       1,836  
 
              4,355  

UNITED KINGDOM — 4.8%

ENERGY — 3.0%

        

Shell PLC ADR

    27,812       1,794  
 

FINANCIALS — 1.8%

        

London Stock Exchange Group PLC

    6,766       1,048  
 
              2,842  

UNITED STATES — 54.3%

COMMUNICATION SERVICES — 3.9%

        

Alphabet, Cl C

    4,832       778  

Verizon Communications

    35,435       1,561  
              2,339  

CONSUMER DISCRETIONARY — 3.0%

        

Amazon.com *

     9,709       1,791  
 

CONSUMER STAPLES — 2.7%

        

Costco Wholesale

    1,578       1,569  
 

ENERGY — 2.8%

        

EOG Resources

    6,158       680  

Schlumberger

    28,972       963  
              1,643  

 

 

THE ADVISORS’ INNER CIRCLE FUND III CCT THEMATIC EQUITY FUND
  APRIL 30, 2025
  (Unaudited)

 
 

SCHEDULE OF INVESTMENTS

 

  

Shares

    

Value
(000)

  

FINANCIALS — 9.5%

        

Berkshire Hathaway, Cl B *

     2,845     $ 1,517  

Goldman Sachs Group

    3,065       1,678  

JPMorgan Chase

    5,395       1,320  

Visa, Cl A

    3,228       1,115  
              5,630  

HEALTH CARE — 9.4%

        

CareDx *

     22,213       375  

Illumina *

     14,206       1,103  

Natera *

     8,588       1,296  

Regeneron Pharmaceuticals

    2,487       1,489  

Vertex Pharmaceuticals *

     2,509       1,278  
 
              5,541  

INDUSTRIALS — 2.2%

        

BWX Technologies

    4,748       518  

Kadant

    2,600       767  
 
              1,285  

INFORMATION TECHNOLOGY — 15.7%

        

Apple

    5,917       1,257  

Broadcom

    3,706       713  

Cadence Design Systems *

     6,207       1,848  

Cognex

    44,259       1,208  

Crowdstrike Holdings, Cl A *

     1,288       552  

Impinj *

     11,988       1,105  

IonQ *

     12,125       333  

NVIDIA

    13,806       1,504  

Snowflake, Cl A *

     5,358       855  
              9,375  

REAL ESTATE — 0.9%

        

Terreno Realty ‡

     9,055       510  
 

UTILITIES — 4.2%

        

American Electric Power

    15,101       1,636  

Atmos Energy

    5,335       857  
              2,493  
              32,176  
                 

TOTAL COMMON STOCK

               

(Cost $41,663)

            56,704  
                 

TOTAL INVESTMENTS— 95.7%

                

(Cost $41,663)

  $ 56,704  

 

 

THE ADVISORS’ INNER CIRCLE FUND III CCT THEMATIC EQUITY FUND
  APRIL 30, 2025
  (Unaudited)

 

 

Percentages are based on Net Assets of $59,244 (000).

*

Non-income producing security.

‡

Real Estate Investment Trust.

 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

 

CCT-QH-001-1000