Advisors' Inner Circle Fund III NPORT-P Ninety One Emerging Markets Equity Fund (Jul 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

GLOBAL FRANCHISE FUND

JULY 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 92.7%
	Shares		Value
CHINA — 2.9%
NetEase ADR		110,802	$	10,205,972
GERMANY — 3.6%
Beiersdorf		89,566		12,998,435
NETHERLANDS — 6.0%
ASML Holding		22,955		21,372,054
SOUTH KOREA — 1.9%
Samsung Electronics GDR		4,403		6,708,039
SWITZERLAND — 2.5%
Roche Holding		27,297		8,812,566
UNITED KINGDOM — 2.8%
London Stock Exchange Group		54,683		6,650,661
St. James's Place		359,222		3,161,610
				9,812,271
UNITED STATES — 73.0%
Align Technology *		18,286		4,240,158
Alphabet, Cl A		81,582		13,994,576
Autodesk *		50,584		12,520,552
Automatic Data Processing		37,641		9,885,280
Booking Holdings (a)		4,899		18,199,834
Check Point Software Technologies *		56,449		10,355,569
Edwards Lifesciences *		55,833		3,520,270
Electronic Arts		72,671		10,968,961
FactSet Research Systems		19,057		7,872,256
ICON *		44,920		14,753,525
Intuit		23,327		15,100,733
Johnson & Johnson		55,692		8,790,982
Microsoft		53,866		22,534,841
Monster Beverage *		116,119		5,974,323
Moody's		33,041		15,082,556
Motorola Solutions		10,023		3,998,375
Nestle		111,264		11,238,217
Philip Morris International (a)		145,902		16,802,074
S&P Global		21,737		10,536,576
VeriSign *		63,771		11,925,815

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

GLOBAL FRANCHISE FUND

JULY 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Visa, Cl A (a)		116,270	$	30,889,451
				259,184,924
Total Common Stock
(Cost $247,150,710)				329,094,261
Total Investments— 92.7%
(Cost $247,150,710)			$	329,094,261

Percentages are based on Net Assets of $354,967,619.

*	Non-income producing security.
(a)	Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

INV-QH-001-1400

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.1%
	Shares		Value
AUSTRALIA — 3.0%
REA Group		1,087	$	145,935
CANADA — 6.5%
Constellation Software		101		318,495
CHINA — 3.8%
Hangzhou Tigermed Consulting, Cl H		6,200		23,817
Kweichow Moutai, Cl A		304		59,766
NetEase		5,700		105,140
				188,723
FRANCE — 11.4%
EssilorLuxottica		1,044		238,876
Hermes International SCA		65		142,027
L'Oreal		419		181,170
				562,073
GERMANY — 13.0%
Beiersdorf		987		143,240
SAP		1,862		393,609
Siemens Healthineers		1,867		100,056
				636,905
HONG KONG — 1.4%
AIA Group		10,600		70,910
IRELAND — 2.9%
Accenture, Cl A		426		140,844
JAPAN — 2.7%
Nintendo		2,400		132,043
NETHERLANDS — 10.9%
ASML Holding		221		205,760
Heineken		1,333		118,275
Wolters Kluwer		1,265		211,743
				535,778
SPAIN — 1.9%
Amadeus IT Group		1,442		94,958
SWITZERLAND — 4.1%
Lonza Group		164		108,899
Novartis		838		93,279
				202,178

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — 4.9%
Taiwan Semiconductor Manufacturing ADR		1,443	$	239,249
UNITED KINGDOM — 7.9%
InterContinental Hotels Group		1,063		107,002
London Stock Exchange Group		1,571		191,068
Reckitt Benckiser Group		1,664		89,436
				387,506
UNITED STATES — 21.7%
Alcon		1,864		175,991
Experian		2,903		136,847
ICON *		540		177,358
Mastercard, Cl A		596		276,371
Nestle		1,513		152,820
Philip Morris International (a)		1,293		148,902
				1,068,289
Total Common Stock
(Cost $4,181,680)				4,723,886
PREFERRED STOCK — 1.4%
GERMANY — 1.4%
Sartorius (b)
(Cost $84,765)		234		66,358
WARRANT — 0.0%
		Number of Warrants	Value
Canada
Constellation Software, Expires 08/22/28*(c)
(Cost $–)		40		–
Total Investments— 97.5%
(Cost $4,266,445)			$	4,790,244

Percentages are based on Net Assets of $4,914,496.

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2024 (Unaudited)

*	Non-income producing security.
(a)	Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.
(b)	There is currently no rate available.
(c)	Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

INV-QH-001-1400

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.2%
	Shares		Value
AUSTRIA — 2.6%
Erste Group Bank		99,445	$	5,172,036
Mondi		152,463		2,978,366
				8,150,402
BRAZIL — 5.8%
B3 - Brasil Bolsa Balcao		1,053,797		2,017,086
Banco do Brasil		378,224		1,774,446
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		249,789		3,890,836
Embraer *		356,470		2,770,915
Multiplan Empreendimentos Imobiliarios		420,899		1,787,764
PRIO		282,045		2,396,466
Vale ADR, Cl B		300,382		3,259,145
				17,896,658
CHINA — 19.5%
AAC Technologies Holdings		824,000		3,016,575
Alibaba Group Holding		298,136		2,934,044
BeiGene, Cl A *		79,457		1,425,429
Beijing Roborock Technology, Cl A		46,466		2,022,771
KE Holdings ADR		165,215		2,288,228
Kuaishou Technology, Cl B *		493,300		2,763,125
Meituan, Cl B *		345,000		4,777,621
PetroChina, Cl H		5,638,000		4,896,429
Ping An Insurance Group of China, Cl H		768,000		3,335,497
Tencent Holdings		353,700		16,323,777
Tencent Music Entertainment Group ADR		242,800		3,442,904
Trip.com Group ADR *		66,135		2,814,818
Xiaomi, Cl B *		2,385,400		5,123,994
Zhongji Innolight, Cl A		164,822		3,000,940
Zijin Mining Group, Cl H		1,318,000		2,673,676
				60,839,828
GREECE — 0.8%
National Bank of Greece		282,228		2,477,140
HONG KONG — 3.0%
AIA Group		477,200		3,192,271
Hong Kong Exchanges & Clearing		65,800		1,941,117
Pop Mart International Group		516,400		2,740,080
WH Group		2,449,623		1,592,536
				9,466,004

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDIA — 18.1%
Cipla		219,233	$	4,050,984
Five-Star Business Finance *		179,467		1,624,948
HCL Technologies		147,086		2,894,201
HDFC Bank		105,762		2,043,772
Hindustan Aeronautics		57,484		3,387,659
ITC		443,902		2,631,749
Kotak Mahindra Bank		122,756		2,659,381
Larsen & Toubro		82,292		3,758,059
Macrotech Developers		230,102		3,603,295
Mahindra & Mahindra		120,976		4,211,234
Max Healthcare Institute		266,571		2,943,753
PB Fintech *		178,347		3,102,645
Power Grid Corp of India		1,095,074		4,561,190
Reliance Industries		211,852		7,637,779
Varun Beverages		194,090		3,661,837
Zomato *		1,310,823		3,604,773
				56,377,259
INDONESIA — 2.1%
Bank Central Asia		6,013,400		3,807,750
Bank Mandiri Persero		7,256,413		2,861,851
				6,669,601
MALAYSIA — 0.9%
CIMB Group Holdings		1,694,500		2,739,886
MEXICO — 5.2%
America Movil		2,761,219		2,307,624
Arca Continental		221,629		2,183,754
Cemex ADR		44,861		288,008
Fomento Economico Mexicano ADR		25,746		2,838,497
Grupo Mexico		904,319		5,085,990
Ternium ADR		71,125		2,466,615
Wal-Mart de Mexico		287,933		958,205
				16,128,693
PERU — 1.0%
Credicorp		18,268		3,117,252
RUSSIA — 0.0%
Moscow Exchange MICEX-RTS PJSC (a)		491,250		—
SAUDI ARABIA — 1.1%
Saudi Awwal Bank		311,954		3,264,071

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — 4.3%
Bid Corp		79,532	$	1,983,696
Capitec Bank Holdings		22,829		3,564,479
MTN Group		458,482		1,991,743
Naspers, Cl N		15,483		2,999,404
Sanlam		635,686		2,849,733
				13,389,055
SOUTH KOREA — 12.4%
HYBE		10,629		1,367,256
Kia		48,996		4,020,450
Krafton *		9,470		2,041,907
Samsung C&T		30,190		3,438,700
Samsung E&A *		96,542		2,016,550
Samsung Electronics		290,664		17,923,003
SK Hynix		54,106		7,760,074
				38,567,940
TAIWAN — 17.1%
Accton Technology		156,000		2,445,343
ASE Technology Holding		675,000		3,150,299
Asustek Computer		183,000		2,566,332
Hon Hai Precision Industry		829,000		5,085,849
MediaTek		128,000		4,874,898
Taiwan Semiconductor Manufacturing		1,206,000		35,180,606
				53,303,327
THAILAND — 0.9%
Bangkok Bank		337,400		1,297,196
Minor International		1,986,300		1,618,541
				2,915,737
UNITED ARAB EMIRATES — 3.4%
Abu Dhabi Commercial Bank PJSC		1,299,296		3,148,027
Aldar Properties PJSC		2,160,544		4,346,970
Emaar Properties PJSC		1,366,500		3,210,698
				10,705,695
Total Common Stock
(Cost $258,531,169)				306,008,548
Total Investments— 98.2%
(Cost $258,531,169)			$	306,008,548

Percentages are based on Net Assets of $311,462,152.

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2024 (Unaudited)

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

ADR — American Depositary Receipt

Cl — Class

MICEX-RTS — Moscow Interbank Currency Exchange-Russian Trading System

PJSC — Public Joint-Stock Company

PLN — Polish Zloty

Amounts designated as “—“ are $0 or have been rounded to $0.

INV-QH-001-1400

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

GLOBAL ENVIRONMENT FUND

JULY 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.8%
	Shares		Value
CHINA — 16.4%
Contemporary Amperex Technology, Cl A		59,093	$	1,522,509
Sungrow Power Supply, Cl A		94,239		899,518
Wuxi Lead Intelligent Equipment, Cl A		405,702		947,837
Xinyi Solar Holdings		1,706,000		809,548
Zhejiang Sanhua Intelligent Controls, Cl A		260,018		664,282
				4,843,694
DENMARK — 14.9%
Novonesis (Novozymes), Cl B		22,762		1,448,862
Orsted *		29,554		1,761,409
Vestas Wind Systems *		48,611		1,202,891
				4,413,162
GERMANY — 3.8%
Infineon Technologies		32,274		1,120,983
ITALY — 0.6%
Industrie De Nora		15,741		182,312
JAPAN — 0.3%
Shimadzu		3,000		88,098
SPAIN — 8.3%
Iberdrola		186,558		2,463,751
TAIWAN — 1.7%
Voltronic Power Technology		9,000		512,237
UNITED KINGDOM — 2.9%
Croda International		11,588		601,996
Spectris		6,888		269,967
				871,963
UNITED STATES — 47.9%
ANSYS *		5,005		1,569,718
Aptiv *		16,671		1,156,801
Autodesk *		5,288		1,308,886
Carlisle		1,452		607,778
NextEra Energy		31,825		2,431,112
Rockwell Automation		3,019		841,244
Schneider Electric		5,516		1,329,365
TE Connectivity		9,062		1,398,538
Tetra Tech		4,785		1,020,354
Trane Technologies		1,571		525,154

THE ADVISORS’ INNER CIRCLE FUND III

NINETY ONE

GLOBAL ENVIRONMENT FUND

JULY 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Waste Management		9,846	$	1,995,390
				14,184,340
Total Common Stock
(Cost $30,114,527)				28,680,540
Total Investments— 96.8%
(Cost $30,114,527)			$	28,680,540

Percentages are based on Net Assets of $29,629,109.

* Non-income producing security.

Cl — Class

INV-QH-001-1400