THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 94.5%

	Shares		Value
BELGIUM — 0.9%
Consumer Staples — 0.9%
Anheuser-Busch InBev		2,221,423	$	183,668,425
TOTAL BELGIUM				183,668,425

BRAZIL — 15.2%
Consumer Staples — 1.6%
Ambev ADR		104,329,033		327,593,163

Energy — 4.0%
Petroleo Brasileiro - Petrobras ADR		51,669,775		834,983,564

Financials — 2.2%
B3 - Brasil Bolsa Balcao		57,525,100		161,374,134
Banco BTG Pactual		27,662,348		290,468,149
				451,842,283
Industrials — 0.5%
Embraer ADR		1,822,986		116,306,507

Utilities — 6.9%
Axia Energia		49,419,246		516,972,411
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		43,835,849		251,618,169
Cia Paranaense de Energia - Copel		46,956,600		136,534,710
Eneva *		57,116,700		295,186,724
Equatorial		32,504,100		244,913,475
				1,445,225,489
TOTAL BRAZIL				3,175,951,006

CHINA — 10.3%
Communication Services — 3.2%
NetEase		5,385,900		138,333,604
NetEase ADR		701,920		89,944,029
Tencent Holdings		7,922,300		437,217,380
				665,495,013
Consumer Discretionary — 0.4%
JD.com, Cl A		6,039,600		76,954,756

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

COMMON STOCK — continued

	Shares		Value
CHINA (continued)
Energy — 1.2%
PetroChina, Cl A		121,411,089	$	154,656,621
PetroChina, Cl H		91,314,000		98,561,737
				253,218,358
Financials — 4.0%
China Construction Bank, Cl H		304,772,000		314,389,823
Industrial & Commercial Bank of China, Cl H		377,842,000		310,423,507
PICC Property & Casualty, Cl H		112,208,000		205,925,021
				830,738,351
Industrials — 1.5%
Contemporary Amperex Technology, Cl A		5,617,983		326,570,934
TOTAL CHINA				2,152,977,412

FRANCE — 3.4%
Energy — 3.4%
TotalEnergies		9,069,370		701,724,146
TOTAL FRANCE				701,724,146

GREECE — 1.6%
Financials — 1.6%
Eurobank		25,533,825		121,855,105
National Bank of Greece		11,582,956		200,236,276
TOTAL GREECE				322,091,381

HONG KONG — 3.9%
Financials — 3.9%
AIA Group		68,644,200		628,517,886
Hong Kong Exchanges & Clearing		4,131,000		192,222,481
TOTAL HONG KONG				820,740,367

HUNGARY — 1.2%
Financials — 1.2%
OTP Bank Nyrt		1,735,400		256,359,964
TOTAL HUNGARY				256,359,964

INDIA — 21.6%
Communication Services — 2.4%
Bharti Airtel		25,857,731		506,533,447

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

COMMON STOCK — continued

	Shares		Value
INDIA (continued)
Consumer Staples — 2.6%
ITC		132,402,443	$	401,564,287
Patanjali Foods		31,473,563		136,824,864
				538,389,151
Energy — 1.4%
Coal India		60,726,669		282,068,603

Financials — 1.3%
Power Finance		59,346,566		266,482,708

Industrials — 4.7%
Adani Enterprises		10,518,326		338,024,144
Adani Ports & Special Economic Zone		22,203,008		425,319,363
GMR Airports *		181,409,903		215,158,907
				978,502,414
Information Technology — 0.8%
Infosys ADR		15,560,793		163,232,719

Materials — 1.5%
JSW Steel		24,902,245		322,989,192

Utilities — 6.9%
Adani Energy Solutions *		15,880,537		250,731,140
Adani Green Energy *		25,079,727		396,120,425
Adani Power *		247,297,583		585,242,519
JSW Energy		33,270,522		205,266,559
				1,437,360,643
TOTAL INDIA				4,495,558,877

ITALY — 1.0%
Energy — 1.0%
Eni		8,678,737		203,742,644
TOTAL ITALY				203,742,644

KAZAKHSTAN — 0.0%
Materials — 0.0%
Solidcore Resources PLC * (A)		939,651		120
TOTAL KAZAKHSTAN				120

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

COMMON STOCK — continued

	Shares		Value
MEXICO — 3.5%
Communication Services — 1.7%
America Movil		265,598,900	$	345,493,268

Financials — 1.3%
Grupo Financiero Banorte, Cl O		26,040,100		275,992,647

Industrials — 0.5%
Grupo Aeroportuario del Pacifico, Cl B		4,481,808		113,342,068
TOTAL MEXICO				734,827,983

PHILIPPINES — 1.3%
Industrials — 1.3%
International Container Terminal Services		19,167,220		278,905,881
TOTAL PHILIPPINES				278,905,881

POLAND — 1.1%
Financials — 1.1%
Powszechna Kasa Oszczednosci Bank Polski		8,480,951		233,044,866
TOTAL POLAND				233,044,866

RUSSIA — 0.0%
Energy — 0.0%
Gazprom PJSC * (A)		30,141,513		3,835
LUKOIL PJSC * (A)		2,087,971		266
Rosneft Oil PJSC * (A)		23,574,787		2,999
				7,100
Materials — 0.0%
GMK Norilskiy Nickel PAO * (A)		1,555,600		198
Polyus PJSC * (A)		426,420		54
Severstal PAO * (A)		772,406		98
				350
TOTAL RUSSIA				7,450

SAUDI ARABIA — 1.1%
Energy — 1.1%
Saudi Arabian Oil		31,883,508		221,548,044
TOTAL SAUDI ARABIA				221,548,044

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

COMMON STOCK — continued

	Shares		Value
SINGAPORE — 1.2%
Communication Services — 1.0%
Singapore Telecommunications		61,149,232	$	208,812,915

Industrials — 0.2%
Singapore Technologies Engineering		6,247,100		50,327,984
TOTAL SINGAPORE				259,140,899

SOUTH KOREA — 1.0%
Industrials — 1.0%
Hanwha Aerospace		306,519		198,373,292
TOTAL SOUTH KOREA				198,373,292

TAIWAN — 12.6%
Information Technology — 12.6%
Hon Hai Precision Industry		30,613,000		244,282,297
Taiwan Semiconductor Manufacturing		27,221,282		2,147,494,593
Taiwan Semiconductor Manufacturing ADR		476,946		227,775,101
TOTAL TAIWAN				2,619,551,991

UNITED ARAB EMIRATES — 4.4%
Energy — 0.9%
Adnoc Gas PLC		208,012,990		194,916,001

Financials — 1.1%
First Abu Dhabi Bank PJSC		47,746,203		221,215,988

Industrials — 2.4%
Alpha Dhabi Holding PJSC		75,266,738		162,225,166
International Holding PJSC *		3,242,034		338,163,045
				500,388,211
TOTAL UNITED ARAB EMIRATES				916,520,200

UNITED KINGDOM — 6.0%
Consumer Staples — 2.8%
Coca-Cola HBC		4,169,916		271,982,506
Unilever ADR		5,207,689		313,086,289
				585,068,795
Energy — 2.0%
BP PLC		67,686,138		417,450,465

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED KINGDOM (continued)
Financials — 1.2%
HSBC Holdings		6,957,055	$	131,631,915
Standard Chartered		4,046,757		109,500,376
				241,132,291
TOTAL UNITED KINGDOM				1,243,651,551

UNITED STATES — 3.2%
Consumer Staples — 3.2%
Philip Morris International		3,724,519		673,802,732

TOTAL UNITED STATES				673,802,732
Total Common Stock
(Cost $16,301,214,990)				19,692,189,231

PREFERRED STOCK — 5.3%

BRAZIL — 5.3%
Energy — 3.8%
Petroleo Brasileiro - Petrobras (B)		108,121,009		788,981,831

Financials — 1.5%
Itau Unibanco Holding (B)		38,572,734		315,083,259
TOTAL BRAZIL				1,104,065,090
Total Preferred Stock
(Cost $888,525,914)				1,104,065,090

Total Investments— 99.8%
(Cost $17,189,740,904)			$	20,796,254,321

Percentages are based on Net Assets of $20,842,241,237.

*	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

THE ADVISORS’ INNER CIRCLE FUND III

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

JUNE 30, 2026

(Unaudited)

PLC — Public Limited Company

GQG-QH-001-1900

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.9%

	Shares		Value
BELGIUM — 0.7%
Consumer Staples — 0.7%
Anheuser-Busch InBev		171,634	$	14,190,790
Anheuser-Busch InBev ADR		74,424		6,132,537
TOTAL BELGIUM				20,323,327

BRAZIL — 1.6%
Energy — 0.5%
Petroleo Brasileiro - Petrobras ADR		939,294		15,178,991

Financials — 1.1%
Itau Unibanco Holding ADR		4,160,111		33,988,104
TOTAL BRAZIL				49,167,095

CANADA — 2.8%
Energy — 2.8%
Enbridge		1,019,926		55,289,874
TC Energy		495,405		32,795,375
TOTAL CANADA				88,085,249

FRANCE — 3.8%
Energy — 3.0%
TotalEnergies		1,195,430		92,493,977

Industrials — 0.8%
Safran		60,779		23,966,556
TOTAL FRANCE				116,460,533

INDIA — 5.6%
Communication Services — 0.9%
Bharti Airtel		1,484,493		29,080,098

Consumer Staples — 0.8%
ITC		7,784,162		23,608,639

Financials — 1.2%
ICICI Bank ADR		1,319,553		38,306,624

Industrials — 1.3%
Adani Enterprises		1,238,340		39,796,144

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
INDIA (continued)
Utilities — 1.4%
Adani Power *		18,589,902	$	43,993,964
TOTAL INDIA				174,785,469

ITALY — 2.4%
Energy — 0.9%
Eni		1,218,221		28,599,042

Utilities — 1.5%
Enel		4,124,203		47,335,252
TOTAL ITALY				75,934,294

JAPAN — 0.7%
Consumer Staples — 0.7%
Japan Tobacco		596,600		22,023,721
TOTAL JAPAN				22,023,721

NETHERLANDS — 1.7%
Consumer Staples — 1.1%
Heineken		398,972		33,519,290

Information Technology — 0.6%
ASML Holding		10,284		20,376,630
TOTAL NETHERLANDS				53,895,920

RUSSIA — 0.0%
Energy — 0.0%
LUKOIL PJSC * (A)		57,094		7
TOTAL RUSSIA				7

SPAIN — 3.8%
Financials — 1.3%
Banco Santander		2,867,915		39,830,685

Utilities — 2.5%
Iberdrola		3,108,974		77,428,552
TOTAL SPAIN				117,259,237

SWITZERLAND — 4.2%
Consumer Staples — 1.6%
Nestle		479,808		49,293,944

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
SWITZERLAND (continued)
Health Care — 2.6%
Novartis		509,031	$	79,690,831
TOTAL SWITZERLAND				128,984,775

UNITED ARAB EMIRATES — 0.5%
Industrials — 0.5%
International Holding PJSC *		150,713		15,720,245
TOTAL UNITED ARAB EMIRATES				15,720,245

UNITED KINGDOM — 7.9%
Consumer Staples — 3.6%
British American Tobacco ADR		818,465		50,548,398
British American Tobacco PLC		987,177		61,126,092
				111,674,490
Financials — 1.1%
HSBC Holdings		1,142,473		21,616,317
Lloyds Banking Group PLC		9,781,643		14,324,296
				35,940,613
Health Care — 2.2%
AstraZeneca		360,905		67,422,943

Utilities — 1.0%
National Grid PLC		1,900,596		31,366,721
TOTAL UNITED KINGDOM				246,404,767

UNITED STATES — 62.2%
Communication Services — 5.9%
AT&T		3,304,847		68,410,333
Meta Platforms, Cl A		44,535		25,086,120
Verizon Communications		2,140,794		90,641,218
				184,137,671
Consumer Discretionary — 0.5%
Amazon.com *		65,357		15,577,187

Consumer Staples — 14.0%
Altria Group		1,885,999		135,697,628
Coca-Cola		1,094,780		88,972,771
Hershey		186,101		32,651,420

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Consumer Staples (continued)
Philip Morris International		979,832	$	177,261,407
				434,583,226
Energy — 6.3%
Chevron		222,003		36,799,217
Devon Energy		593,944		24,541,766
Exxon Mobil		994,634		135,986,361
				197,327,344
Financials — 10.2%
Allstate		343,008		81,615,323
Chubb		249,609		85,051,771
Progressive		420,683		91,898,201
Travelers		172,656		56,997,199
				315,562,494
Health Care — 6.6%
AbbVie		111,778		28,127,816
Cigna Group		363,629		100,245,243
CVS Health		535,544		55,402,027
Intuitive Surgical *		51,126		20,331,787
				204,106,873
Information Technology — 4.9%
Apple		107,633		31,144,685
Broadcom		41,278		15,592,765
Dell Technologies, Cl C		84,200		36,328,932
Microsoft		67,632		25,228,089
NVIDIA		220,471		44,114,042
				152,408,513
Utilities — 13.8%
American Electric Power		777,468		106,365,397
American Water Works		553,086		72,775,056
CMS Energy		427,969		32,739,629
Duke Energy		505,508		63,987,203
Exelon		994,839		46,379,394
NextEra Energy		509,931		44,756,644

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Utilities (continued)
Xcel Energy		763,188	$	61,283,996
				428,287,319
TOTAL UNITED STATES				1,931,990,627
Total Common Stock
(Cost $2,664,402,989)				3,041,035,266

PREFERRED STOCK — 1.7%

BRAZIL — 1.7%
Energy — 1.7%
Petroleo Brasileiro - Petrobras (B)		7,048,251		51,432,576
TOTAL BRAZIL				51,432,576

Total Preferred Stock
(Cost $42,781,033)				51,432,576

Total Investments— 99.6%
(Cost $2,707,184,022)			$	3,092,467,842

Percentages are based on Net Assets of $3,104,911,959.

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

GQG-QH-003-1500

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US SELECT QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.6%

	Shares		Value
BERMUDA — 1.9%
Financials — 1.9%
RenaissanceRe Holdings		158,108	$	50,104,425
TOTAL BERMUDA				50,104,425

SWITZERLAND — 3.4%
Health Care — 3.4%
Novartis ADR		564,879		88,527,837
TOTAL SWITZERLAND				88,527,837

UNITED KINGDOM — 1.3%
Energy — 1.3%
BP PLC ADR		871,672		32,208,281
TOTAL UNITED KINGDOM				32,208,281

UNITED STATES — 89.0%
Communication Services — 9.2%
AT&T		4,875,854		100,930,178
Meta Platforms, Cl A		56,447		31,796,031
Verizon Communications		2,512,390		106,374,592
				239,100,801
Consumer Discretionary — 1.7%
McDonald's		159,749		43,181,752

Consumer Staples — 16.5%
Altria Group		2,089,644		150,349,886
Coca-Cola		1,068,948		86,873,404
Hershey		215,533		37,815,265
Philip Morris International		844,108		152,707,578
				427,746,133
Energy — 11.4%
Chevron		264,793		43,892,088
Devon Energy		951,423		39,312,799
Diamondback Energy		152,899		26,876,586
Exxon Mobil		1,345,185		183,913,693
				293,995,166
Financials — 16.6%
Allstate		441,156		104,968,659
Bank of America		908,788		51,782,740

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US SELECT QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Financials (continued)
Cincinnati Financial		307,584	$	56,946,102
Old Republic International		494,005		20,214,684
Progressive		480,533		104,972,434
State Street		298,325		50,595,920
Travelers		124,598		41,132,292
				430,612,831
Health Care — 9.9%
AbbVie		200,480		50,448,787
Cigna Group		400,557		110,425,554
CVS Health		636,746		65,871,374
Intuitive Surgical *		71,398		28,393,556
				255,139,271
Information Technology — 5.9%
Apple		113,157		32,743,110
Dell Technologies, Cl C		105,775		45,637,681
Microsoft		59,113		22,050,331
NVIDIA		263,519		52,727,517
				153,158,639
Utilities — 17.8%
American Electric Power		381,004		52,125,157
American Water Works		649,108		85,409,631
Atmos Energy		318,997		54,953,613
CenterPoint Energy		1,017,102		44,793,172
Duke Energy		350,550		44,372,619
Exelon		1,407,361		65,611,170
NextEra Energy		513,564		45,075,512
Xcel Energy		856,044		68,740,333
				461,081,207
TOTAL UNITED STATES				2,304,015,800
Total Common Stock
(Cost $2,264,287,793)				2,474,856,343

Total Investments— 95.6%
(Cost $2,264,287,793)			$	2,474,856,343

Percentages are based on Net Assets of $2,589,035,582.

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US SELECT QUALITY EQUITY FUND
	JUNE 30, 2026
	(Unaudited)

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

GQG-QH-002-1600

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.0%

	Shares		Value
BRAZIL — 8.1%
Energy — 4.5%
Petroleo Brasileiro - Petrobras ADR		591,986	$	9,566,494

Financials — 1.8%
Itau Unibanco Holding ADR		474,517		3,876,803

Utilities — 1.8%
Axia Energia		354,231		3,706,936
				3,706,936
TOTAL BRAZIL				17,150,233

CANADA — 3.0%
Energy — 3.0%
Enbridge		117,295		6,358,526
TOTAL CANADA				6,358,526

CHINA — 2.0%
Financials — 2.0%
China Construction Bank, Cl H		2,016,000		2,079,620
Industrial & Commercial Bank of China, Cl H		2,584,000		2,122,936
TOTAL CHINA				4,202,556

FRANCE — 5.4%
Energy — 2.9%
TotalEnergies		79,823		6,176,143

Financials — 1.5%
BNP Paribas		27,248		3,184,334

Health Care — 1.0%
Sanofi		25,170		2,153,448
TOTAL FRANCE				11,513,925

GERMANY — 1.7%
Financials — 1.0%
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,887		2,172,069

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
GERMANY (continued)
Information Technology — 0.7%
SAP		9,995	$	1,541,657
TOTAL GERMANY				3,713,726

INDIA — 1.4%
Consumer Staples — 1.4%
ITC		974,539		2,955,686
TOTAL INDIA				2,955,686

ITALY — 6.1%
Energy — 2.8%
Eni		14,078		330,496
Eni ADR		121,531		5,694,943
				6,025,439
Utilities — 3.3%
Enel		601,437		6,902,951
TOTAL ITALY				12,928,390

JAPAN — 2.9%
Consumer Staples — 1.0%
Japan Tobacco		56,300		2,078,336

Financials — 1.9%
Tokio Marine Holdings		95,200		4,187,634
TOTAL JAPAN				6,265,970

NETHERLANDS — 0.9%
Industrials — 0.9%
Wolters Kluwer		28,846		1,866,318
TOTAL NETHERLANDS				1,866,318

RUSSIA — 0.0%
Energy — 0.0%
Gazprom PJSC * (A)		177,982		23
Rosneft Oil PJSC * (A)		134,799		17
				40
Materials — 0.0%
GMK Norilskiy Nickel PAO * (A)		151,100		19

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
RUSSIA (continued)
Materials (continued)
Polyus PJSC * (A)		1,565	$	—
				19
TOTAL RUSSIA				59

SPAIN — 3.8%
Financials — 1.3%
CaixaBank		190,893		2,706,264

Utilities — 2.5%
Iberdrola		218,095		5,431,625
TOTAL SPAIN				8,137,889

SWITZERLAND — 3.5%
Financials — 0.9%
Swiss Re		11,532		1,836,078

Health Care — 2.6%
Novartis		35,483		5,555,005
TOTAL SWITZERLAND				7,391,083

UNITED ARAB EMIRATES — 2.9%
Energy — 1.0%
Adnoc Gas PLC		2,314,192		2,168,485

Financials — 1.9%
First Abu Dhabi Bank PJSC		849,259		3,934,756
TOTAL UNITED ARAB EMIRATES				6,103,241

UNITED KINGDOM — 13.7%
Consumer Staples — 9.2%
British American Tobacco PLC		184,458		11,421,657
Imperial Brands PLC		132,482		4,899,322
Unilever PLC		54,924		3,301,139
				19,622,118
Energy — 0.8%
BP PLC		269,352		1,661,213

Financials — 1.5%
Lloyds Banking Group PLC		2,191,505		3,209,253

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED KINGDOM (continued)
Financials (continued)
NatWest Group PLC		11,549	$	101,969
				3,311,222
Health Care — 0.6%
GSK PLC		45,205		1,187,474

Utilities — 1.6%
National Grid PLC		130,580		2,155,043
SSE PLC		36,843		1,189,362
				3,344,405
TOTAL UNITED KINGDOM				29,126,432

UNITED STATES — 41.6%
Communication Services — 6.2%
AT&T		291,042		6,024,570
Verizon Communications		168,707		7,143,054
				13,167,624
Consumer Staples — 9.7%
Altria Group		118,464		8,523,485
Philip Morris International		67,471		12,206,179
				20,729,664
Energy — 3.1%
Chevron		18,775		3,112,144
Exxon Mobil		25,867		3,536,536
				6,648,680
Financials — 2.9%
Progressive		28,112		6,141,066

Health Care — 5.8%
AbbVie		8,794		2,212,922
Cigna Group		18,909		5,212,833
CVS Health		12,401		1,282,883
Johnson & Johnson		14,246		3,618,057
				12,326,695
Information Technology — 1.3%
International Business Machines		9,600		2,699,616

Utilities — 12.6%
American Electric Power		63,213		8,648,170

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Utilities (continued)
CenterPoint Energy		54,946	$	2,419,822
Exelon		84,438		3,936,499
NextEra Energy		43,041		3,777,709
PPL		90,391		3,285,713
Xcel Energy		58,439		4,692,652
				26,760,565
TOTAL UNITED STATES				88,473,910
Total Common Stock
(Cost $175,505,040)				206,187,944

Total Investments— 97.0%
(Cost $175,505,040)			$	206,187,944

Percentages are based on Net Assets of $212,640,541.

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

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

PLC — Public Limited Company

GQG-QH-006-1100

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.2%

	Shares		Value
BELGIUM — 1.3%
Financials — 1.3%
KBC Group		59,846	$	8,178,886
TOTAL BELGIUM				8,178,886

BRAZIL — 9.4%
Communication Services — 1.0%
Telefonica Brasil		957,226		6,284,168

Consumer Staples — 1.4%
Ambev ADR		2,797,088		8,782,856

Energy — 2.4%
Petroleo Brasileiro - Petrobras ADR		956,665		15,459,706

Financials — 2.7%
BB Seguridade Participacoes		946,200		7,144,099
Itau Unibanco Holding ADR		1,230,890		10,056,371
				17,200,470
Utilities — 1.9%
Axia Energia		1,195,724		12,510,931
				12,510,931
TOTAL BRAZIL				60,238,131

CANADA — 5.2%
Energy — 5.2%
Canadian Natural Resources		198,123		7,836,943
Cenovus Energy		223,948		5,554,700
Enbridge		232,118		12,583,045
TC Energy		111,651		7,391,198
TOTAL CANADA				33,365,886

CHINA — 2.5%
Financials — 2.5%
China Construction Bank, Cl H		7,742,000		7,986,318
Industrial & Commercial Bank of China, Cl H		9,890,000		8,125,323
TOTAL CHINA				16,111,641

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
FRANCE — 8.3%
Communication Services — 1.1%
Publicis Groupe		67,403	$	6,665,048

Energy — 3.6%
TotalEnergies		297,599		23,026,120

Financials — 2.1%
BNP Paribas		61,455		7,181,930
Credit Agricole		318,473		6,409,406
				13,591,336
Health Care — 1.5%
Sanofi		109,921		9,404,415
TOTAL FRANCE				52,686,919

GERMANY — 4.6%
Financials — 1.5%
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		17,338		9,688,534

Information Technology — 1.0%
SAP ADR		42,684		6,578,031

Utilities — 2.1%
E.ON		633,908		13,043,620
TOTAL GERMANY				29,310,185

GREECE — 1.4%
Financials — 1.4%
National Bank of Greece		518,789		8,968,382
TOTAL GREECE				8,968,382

INDIA — 5.3%
Consumer Staples — 1.6%
ITC		3,472,781		10,532,621

Financials — 1.1%
Power Finance		1,638,428		7,357,001

Industrials — 1.3%
Adani Ports & Special Economic Zone		427,428		8,187,783

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
INDIA (continued)
Information Technology — 1.3%
Infosys ADR		763,733	$	8,011,559
TOTAL INDIA				34,088,964

ITALY — 4.3%
Energy — 1.4%
Eni		369,341		8,670,676

Utilities — 2.9%
Enel		1,612,084		18,502,581
TOTAL ITALY				27,173,257

JAPAN — 4.8%
Consumer Staples — 1.5%
Japan Tobacco		257,900		9,520,479

Financials — 2.4%
Tokio Marine Holdings		340,000		14,955,835

Health Care — 0.9%
Takeda Pharmaceutical		183,400		5,848,328
TOTAL JAPAN				30,324,642

NETHERLANDS — 3.4%
Consumer Staples — 1.6%
Koninklijke Ahold Delhaize		262,672		10,583,104

Industrials — 1.8%
Wolters Kluwer		173,930		11,253,162
TOTAL NETHERLANDS				21,836,266

POLAND — 1.1%
Financials — 1.1%
Powszechna Kasa Oszczednosci Bank Polski		262,198		7,204,840
TOTAL POLAND				7,204,840

RUSSIA — 0.0%
Energy — 0.0%
Gazprom PJSC * (A)		141,071		18
Rosneft Oil PJSC * (A)		98,129		13
				31

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
RUSSIA (continued)
Materials — 0.0%
GMK Norilskiy Nickel PAO * (A)		86,600	$	11
Polyus PJSC * (A)		1,135		—
				11
TOTAL RUSSIA				42

SAUDI ARABIA — 1.0%
Energy — 1.0%
Saudi Arabian Oil		944,731		6,564,626
TOTAL SAUDI ARABIA				6,564,626

SOUTH KOREA — 1.1%
Financials — 1.1%
Samsung Fire & Marine Insurance		17,883		7,216,344
TOTAL SOUTH KOREA				7,216,344

SPAIN — 4.0%
Financials — 1.3%
CaixaBank		586,301		8,311,911

Utilities — 2.7%
Iberdrola		689,466		17,171,052
TOTAL SPAIN				25,482,963

SWEDEN — 1.5%
Financials — 1.5%
Svenska Handelsbanken, Cl A		650,599		9,591,770
TOTAL SWEDEN				9,591,770

SWITZERLAND — 7.8%
Consumer Staples — 3.0%
Nestle		186,882		19,199,661

Health Care — 4.8%
Novartis		137,908		21,590,047
Roche Holding		22,342		9,199,863
				30,789,910
TOTAL SWITZERLAND				49,989,571

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED ARAB EMIRATES — 2.9%
Energy — 1.3%
Adnoc Gas PLC		8,694,864	$	8,147,415

Financials — 1.6%
First Abu Dhabi Bank PJSC		2,272,732		10,529,940
TOTAL UNITED ARAB EMIRATES				18,677,355

UNITED KINGDOM — 21.6%
Consumer Staples — 10.6%
British American Tobacco PLC		622,136		38,522,719
Imperial Brands PLC		524,783		19,407,020
Unilever PLC		166,541		10,009,708
				67,939,447
Energy — 4.2%
BP PLC		2,834,720		17,482,977
Shell PLC		240,135		9,306,791
				26,789,768
Financials — 1.7%
Lloyds Banking Group PLC		7,122,090		10,429,631
NatWest Group PLC		81,920		723,292
				11,152,923
Health Care — 2.5%
AstraZeneca PLC		49,272		9,204,814
GSK PLC		244,799		6,430,539
				15,635,353
Utilities — 2.6%
National Grid PLC		989,735		16,334,214
TOTAL UNITED KINGDOM				137,851,705

UNITED STATES — 5.7%
Consumer Staples — 5.7%
Philip Morris International		201,710		36,491,356

TOTAL UNITED STATES				36,491,356
Total Common Stock
(Cost $531,899,039)				621,353,731

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	INTERNATIONAL QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

PREFERRED STOCK — 1.0%

	Shares		Value
BRAZIL — 1.0%
Energy — 1.0%
Petroleo Brasileiro - Petrobras (B)		917,924	$	6,698,285
TOTAL BRAZIL				6,698,285
Total Preferred Stock
(Cost $6,341,347)				6,698,285

Total Investments— 98.2%
(Cost $538,240,386)			$	628,052,016

Percentages are based on Net Assets of $639,541,619.

*	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

GQG-QH-005-1100

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 94.2%

	Shares		Value
CANADA — 3.3%
Energy — 3.3%
Canadian Natural Resources		63,128	$	2,493,556
Enbridge		108,119		5,861,131
TOTAL CANADA				8,354,687

FRANCE — 4.0%
Energy — 2.6%
TotalEnergies		84,127		6,541,715

Health Care — 1.4%
Sanofi ADR		86,580		3,693,503
TOTAL FRANCE				10,235,218

SWITZERLAND — 0.7%
Consumer Staples — 0.7%
Nestle ADR		16,866		1,731,970
TOTAL SWITZERLAND				1,731,970

UNITED KINGDOM — 3.8%
Energy — 2.3%
BP PLC ADR		153,944		5,688,231

Utilities — 1.5%
National Grid ADR		46,507		3,854,035
TOTAL UNITED KINGDOM				9,542,266

UNITED STATES — 82.4%
Communication Services — 9.5%
AT&T		398,883		8,256,878
Omnicom Group		43,795		3,189,590
Verizon Communications		298,725		12,648,017
				24,094,485
Consumer Discretionary — 1.9%
McDonald's		17,895		4,837,197

Consumer Staples — 16.2%
Altria Group		160,093		11,518,691
Coca-Cola		93,794		7,622,638
Hershey		25,290		4,437,131

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Consumer Staples (continued)
PepsiCo		23,384	$	3,166,194
Philip Morris International		79,190		14,326,263
				41,070,917
Energy — 11.9%
Chevron		43,930		7,281,836
Devon Energy		107,134		4,426,777
Exxon Mobil		87,686		11,988,430
Valero Energy		25,120		6,542,253
				30,239,296
Financials — 13.0%
Allstate		38,046		9,052,665
American International Group		68,685		5,119,093
Cincinnati Financial		32,370		5,992,982
FactSet Research Systems		20,063		4,616,095
Progressive		37,887		8,276,415
				33,057,250
Health Care — 9.3%
Bristol-Myers Squibb		90,942		5,240,078
Cigna Group		21,575		5,947,796
CVS Health		29,814		3,084,258
Merck		49,191		6,321,043
Pfizer		123,019		2,962,298
				23,555,473
Information Technology — 1.6%
International Business Machines		14,277		4,014,835

Utilities — 19.0%
American Electric Power		67,275		9,203,893
American Water Works		61,632		8,109,539
CMS Energy		69,924		5,349,186
Duke Energy		53,226		6,737,347
Exelon		76,360		3,559,903
NextEra Energy		60,126		5,277,259
Southern		50,526		4,835,843

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US QUALITY VALUE FUND
	JUNE 30, 2026
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Utilities (continued)
Xcel Energy		63,212	$	5,075,924
				48,148,894
TOTAL UNITED STATES				209,018,347
Total Common Stock
(Cost $208,021,714)				238,882,488

Total Investments— 94.2%
(Cost $208,021,714)			$	238,882,488

Percentages are based on Net Assets of $253,558,149.

ADR — American Depositary Receipt

PLC — Public Limited Company

GQG-QH-004-1100