Advisors' Inner Circle Fund III NPORT-P Democracy International Fund (Sep 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 51.5%
	Shares		Fair Value
Australia — 0.3%
BHP Group		684	$	21,221
Woodside Energy Group		121		2,114
				23,335
Belgium — 0.3%
Ageas		163		8,718
Anheuser-Busch InBev		293		19,417
				28,135
Brazil — 0.3%
Vale ADR, Cl B		875		10,220
Wheaton Precious Metals		219		13,390
				23,610
Canada — 8.0%
Agnico Eagle Mines		190		15,323
Alimentation Couche-Tard		410		22,692
Bank of Montreal		302		27,282
Bank of Nova Scotia		505		27,546
Barrick Gold		722		14,376
BCE		434		15,106
Brookfield, Cl A		679		36,102
Brookfield Asset Management, Cl A		178		8,425
Canadian Imperial Bank of Commerce		449		27,562
Canadian National Railway		276		32,355
Canadian Natural Resources		1,126		37,432
Canadian Pacific Kansas City		413		35,362
Cenovus Energy		576		9,644
CGI, Cl A*		150		17,279
Enbridge		888		36,113
Fortis		292		13,282
Manulife Financial		1,184		35,031
Nutrien		254		12,219
Rogers Communications, Cl B		224		9,017
Royal Bank of Canada		580		72,470
Shopify, Cl A*		463		37,134
Sun Life Financial		386		22,415
Suncor Energy		615		22,725
TC Energy		435		20,701
TELUS		780		13,101

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

COMMON STOCK (continued)
	Shares		Fair Value
Canada (continued)
Toronto-Dominion Bank		735	$	46,528
Waste Connections		129		23,084
				690,306
China — 0.7%
NXP Semiconductors		141		33,842
Prosus		667		29,223
				63,065
Denmark — 2.4%
Coloplast, Cl B		92		12,052
DSV		105		21,733
Genmab*		31		7,518
Novo Nordisk, Cl B		1,232		145,121
Orsted*		106		7,065
Vestas Wind Systems*		509		11,267
				204,756
Finland — 0.7%
Kone, Cl B		242		14,504
Neste		217		4,221
Nokia		2,482		10,870
Nordea Bank		1,572		18,579
UPM-Kymmene		334		11,209
				59,383
France — 7.0%
Air Liquide		237		45,828
Airbus		286		41,884
AXA		860		33,142
BNP Paribas		430		29,538
Capgemini		93		20,130
Cie de Saint-Gobain		265		24,169
Danone		259		18,887
Dassault Systemes		438		17,417
Engie		799		13,835
EssilorLuxottica		123		29,184
Euroapi*		129		546
Hermes International SCA		13		32,006
Legrand		190		21,905
L'Oreal		83		37,243
LVMH Moet Hennessy Louis Vuitton		95		72,998

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

COMMON STOCK (continued)
	Shares		Fair Value
France (continued)
Orange		584	$	6,703
Safran		150		35,339
Sanofi		361		41,458
TotalEnergies		907		59,217
Vinci		242		28,345
Worldline*		159		1,160
				610,934
Germany — 5.7%
adidas		74		19,648
Allianz		154		50,702
BASF		403		21,389
Bayer		401		13,571
Bayerische Motoren Werke		148		13,079
BioNTech ADR*		34		4,038
Daimler Truck Holding		231		8,670
Deutsche Bank		848		14,667
Deutsche Boerse		88		20,693
Deutsche Post		479		21,400
Deutsche Telekom		1,383		40,733
Deutsche Wohnen		104		2,884
E.ON		1,112		16,574
Fresenius & Co*		203		7,755
Infineon Technologies		596		20,926
Mercedes-Benz Group		376		24,356
RWE		337		12,291
SAP		423		96,495
Siemens		332		67,191
Vonovia		360		13,150
Zalando*		182		6,016
				496,228
Ireland — 0.5%
CRH PLC		387		35,392
ICON PLC ADR*		40		11,493
				46,885
Israel — 0.0%
Tower Semiconductor*		60		2,657

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

COMMON STOCK (continued)
	Shares		Fair Value
Italy — 2.0%
Enel		2,843	$	22,766
Eni		1,176		17,957
Ferrari		69		32,320
Intesa Sanpaolo		9,496		40,670
Snam		1,697		8,657
Stellantis		1,253		17,351
UniCredit		704		30,929
				170,650
Netherlands — 2.8%
Akzo Nobel		121		8,548
ASML Holding		168		139,797
Heineken		93		8,266
ING Groep		1,641		29,805
Koninklijke Ahold Delhaize		455		15,757
Koninklijke Philips*		560		18,387
Wolters Kluwer		129		21,783
				242,343
Singapore — 0.1%
STMicroelectronics		394		11,714
South Korea — 0.1%
Delivery Hero, Cl A*		100		4,042
Spain — 1.6%
Amadeus IT Group		265		19,200
Banco Santander		7,145		36,685
Iberdrola		2,491		38,615
Industria de Diseno Textil		605		35,881
Telefonica		2,411		11,829
				142,210
Sweden — 2.7%
Alleima		477		3,360
Atlas Copco, Cl A		2,294		42,534
Castellum*		477		7,004
Essity, Cl B		311		9,723
Evolution		93		9,156
H & M Hennes & Mauritz, Cl B		609		10,382
Hexagon, Cl B		1,554		16,741
Investor, Cl B		1,812		55,871

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

COMMON STOCK (continued)
	Shares		Fair Value
Sweden (continued)
Kinnevik		720	$	5,866
Nibe Industrier, Cl B		1,097		6,024
Sandvik		758		16,967
Swedbank		562		11,937
Telefonaktiebolaget LM Ericsson, Cl B		1,550		11,731
Volvo, Cl B		927		24,527
				231,823
Switzerland — 6.4%
ABB		797		46,287
Accelleron Industries		85		4,418
Alcon		240		23,990
Cie Financiere Richemont, Cl A		207		32,833
Holcim		241		23,587
Lonza Group		36		22,815
Nestle		988		99,509
Novartis		759		87,412
Roche Holding		260		83,405
Sandoz Group		145		6,063
Sika		85		28,224
Swiss Re		126		17,431
UBS Group		1,446		44,670
Zurich Insurance Group		61		36,865
				557,509
United Kingdom — 9.9%
Anglo American PLC		503		16,388
Ashtead Group PLC		246		19,092
AstraZeneca PLC		524		81,448
BAE Systems PLC		1,442		23,936
Barclays PLC		6,694		20,162
Barratt Developments PLC		1,207		7,750
BP PLC		6,227		32,717
British American Tobacco PLC		808		29,523
Compass Group PLC		804		25,818
Croda International PLC		139		7,863
Diageo PLC		897		31,319
Experian PLC		504		26,575
Flutter Entertainment PLC*		85		20,038
Glencore PLC		4,695		26,935

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

COMMON STOCK (continued)
	Shares		Fair Value
United Kingdom (continued)
GSK PLC		1,534	$	31,204
Haleon PLC		2,337		12,316
HSBC Holdings PLC		7,164		64,306
Informa PLC		1,211		13,323
Just Eat Takeaway.com*		128		1,927
Legal & General Group PLC		4,161		12,631
Lloyds Banking Group PLC		30,803		24,295
London Stock Exchange Group PLC		182		24,950
Mondi PLC		444		8,456
National Grid PLC		1,585		21,898
Prudential PLC		1,187		11,059
Reckitt Benckiser Group PLC		247		15,164
RELX PLC		900		42,361
Shell PLC		2,595		84,409
Smith & Nephew PLC		663		10,298
SSE PLC		618		15,609
Standard Chartered PLC		1,328		14,126
Taylor Wimpey PLC		4,223		9,307
Unilever PLC		910		59,066
Vodafone Group PLC		11,813		11,890
				858,159
Total Common Stock
(Cost $3,745,001)				4,467,744
EXCHANGE TRADED FUNDS — 47.6%
iShares MSCI Australia ETF		10,510		284,926
iShares MSCI Austria ETF		1,379		31,476
iShares MSCI Brazil ETF		1,905		56,179
iShares MSCI Chile ETF		553		15,086
iShares MSCI China ETF		366		18,633
iShares MSCI India ETF*		4,514		264,204
iShares MSCI Indonesia ETF		1,035		23,288
iShares MSCI Israel ETF		929		62,728
iShares MSCI Japan ETF		3,902		279,149
iShares MSCI Malaysia ETF		625		16,906
iShares MSCI Mexico ETF		455		24,438
iShares MSCI Philippines ETF		629		18,323

THE ADVISORS’ INNER CIRCLE FUND III DEMOCRACY

 INTERNATIONAL FUND

September 30, 2024

(Unaudited)

EXCHANGE TRADED FUNDS (continued)
	Shares		Fair Value
iShares MSCI Poland ETF		1,375	$	33,330
iShares MSCI South Africa ETF		906		45,662
iShares MSCI Taiwan ETF		5,851		315,193
iShares MSCI Thailand ETF		338		23,417
Vanguard FTSE Emerging Markets ETF		13,198		631,524
Vanguard FTSE Pacific ETF		25,347		1,986,951
Total Exchange Traded Funds
(Cost $3,630,995)				4,131,413
PREFERRED STOCK — 0.2%
Germany — 0.2%
Henkel & Co#		127		11,963
Volkswagen#		91		9,664
Total Preferred Stock
(Cost $21,611)				21,627
Total Investments - 99.3%
(Cost $7,397,607)			$	8,620,784

Percentages are based on Net Assets of $8,679,430.

*	Non-income producing security.
#	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.

DEM-QH-001-0800