Advisors' Inner Circle Fund III NPORT-P GQG Partners Us Select Quality Equity Fund (Dec 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	EMERGING MARKETS EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 92.2%

	Shares		Value
BRAZIL — 8.8%
Ambev ADR		102,440,900	$	189,515,665
Banco BTG Pactual		59,968,848		264,032,417
Banco do Brasil		53,664,428		209,954,794
Centrais Eletricas Brasileiras		28,961,749		160,001,375
Cia Paranaense de Energia - Copel		24,712,700		32,961,734
MercadoLibre *		203,140		345,427,381
Petroleo Brasileiro ADR		54,392,036		699,481,583
				1,901,374,949
CHINA — 10.1%
Beijing-Shanghai High Speed Railway, Cl A		17,200,300		14,515,717
China Construction Bank, Cl H		483,061,000		402,968,001
China Shenhua Energy, Cl H		82,377,302		356,320,181
Industrial & Commercial Bank of China, Cl H		334,355,000		224,253,445
Meituan, Cl B *		3,267,100		63,803,072
PetroChina, Cl H		434,364,202		341,655,813
PICC Property & Casualty, Cl H		60,310,000		95,186,066
Tencent Holdings		9,229,100		495,437,625
Zijin Mining Group, Cl A		79,839,498		165,383,184
				2,159,523,104
FRANCE — 2.2%
TotalEnergies		8,422,399		465,459,382
GREECE — 0.1%
National Bank of Greece		2,965,483		23,521,931
INDIA — 32.5%
Adani Energy Solutions *		26,010,977		244,937,871
Adani Enterprises		18,625,071		550,101,891
Adani Green Energy *		26,060,284		316,782,498
Adani Ports & Special Economic Zone		31,483,684		452,725,916
Adani Power *		68,383,514		422,895,288
Ambuja Cements		36,512,133		228,505,361
Bharti Airtel		18,585,576		344,678,843
Coal India		13,925,525		62,484,010
GMR Airports Infrastructure *		171,513,462		157,382,402
HDFC Bank ADR		3,557,302		227,169,306
ICICI Bank		28,587,198		427,954,415

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	EMERGING MARKETS EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
INDIA (continued)
IDFC First Bank *		192,246,055	$	141,781,150
ITC		233,827,379		1,320,939,824
JSW Energy		21,624,500		162,321,881
JSW Steel		17,377,174		182,979,047
Macrotech Developers		10,781,993		174,977,747
Max Healthcare Institute		422,319		5,564,984
NTPC		58,737,448		228,703,080
Patanjali Foods		13,309,249		277,016,440
State Bank of India		46,711,531		433,730,932
Sun Pharmaceutical Industries		21,344,398		470,286,667
Trent		1,182,879		98,419,484
Vodafone Idea *		402,796,005		37,356,152
				6,969,695,189
INDONESIA — 4.7%
Bank Central Asia		873,752,230		523,721,101
Bank Mandiri Persero		1,354,654,674		476,843,271
				1,000,564,372
KAZAKHSTAN — 0.4%
Kaspi.KZ JSC ADR		889,912		84,283,565
Solidcore Resources PLC * (A)		939,651		86
				84,283,651
MEXICO — 0.5%
America Movil		159,786,800		114,886,807
RUSSIA — 0.0%
Gazprom PJSC * (A)		30,141,513		2,747
GMK Norilskiy Nickel PAO (A)		1,555,600		142
LUKOIL PJSC (A)		2,087,971		190
Polyus PJSC * (A)		426,420		39
Rosneft Oil PJSC (A)		23,574,787		2,148
Severstal PAO (A)		772,406		70
				5,336
SAUDI ARABIA — 2.9%
Al Rajhi Bank		7,316,090		184,197,081
Bupa Arabia for Cooperative Insurance		1,916,424		105,578,264
Co for Cooperative Insurance		1,264,477		49,671,796

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	EMERGING MARKETS EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
SAUDI ARABIA (continued)
Saudi Arabian Oil		39,285,101	$	293,273,828
				632,720,969
SINGAPORE — 2.2%
DBS Group Holdings		8,415,223		269,691,797
Singapore Telecommunications		88,166,732		199,056,982
				468,748,779
TAIWAN — 9.9%
Taiwan Semiconductor Manufacturing		34,444,282		1,129,424,062
Taiwan Semiconductor Manufacturing ADR		5,019,606		991,321,989
				2,120,746,051
UNITED ARAB EMIRATES — 5.5%
Adnoc Gas PLC		144,565,633		138,148,234
ADNOC Logistics & Services		8,654,612		12,794,420
Aldar Properties PJSC		48,252,695		100,891,820
Alpha Dhabi Holding PJSC		93,394,410		302,580,547
First Abu Dhabi Bank PJSC		32,306,074		120,849,282
International Holding PJSC *		4,661,077		513,942,414
				1,189,206,717
UNITED KINGDOM — 0.9%
Unilever ADR		3,319,721		188,228,181
UNITED STATES — 11.5%
Communication Services — 1.8%
Meta Platforms, Cl A		644,586		377,411,549
Consumer Staples — 2.8%
Colgate-Palmolive		2,399,363		218,126,091
Philip Morris International		3,191,295		384,072,353
				602,198,444
Information Technology — 6.9%
Broadcom		2,726,148		632,030,152
Marvell Technology		3,980,979		439,699,131

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	EMERGING MARKETS EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
NVIDIA		3,110,157	$	417,662,983
				1,489,392,266
TOTAL UNITED STATES				2,469,002,259
Total Common Stock
(Cost $17,157,704,676)				19,787,967,677
PREFERRED STOCK — 3.8%
BRAZIL — 3.8%
Itau Unibanco Holding (B)		74,254,156		369,356,688
Petroleo Brasileiro (B)		74,712,409		437,667,163
Total Preferred Stock
(Cost $827,995,601)				807,023,851
Total Investments— 96.0%
(Cost $17,985,700,277)			$	20,594,991,528

Percentages are based on Net Assets of $21,457,093,750.

* 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 

JSC — Joint Stock Company 

PJSC — Public Joint Stock Company 

PLC — Public Limited Company

GQG-QH-001-1600

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.4%

	Shares		Value
AUSTRALIA — 0.8%
Glencore PLC		6,102,493	$	27,009,418
BRAZIL — 0.8%
Petroleo Brasileiro ADR		2,150,562		27,656,227
CANADA — 2.0%
Enbridge		1,626,740		69,008,071
DENMARK — 4.6%
Novo Nordisk, Cl B		1,721,815		148,511,839
Novo Nordisk ADR		95,772		8,238,307
				156,750,146
FRANCE — 2.8%
BNP Paribas		426,826		26,173,876
TotalEnergies		1,236,182		68,316,938
				94,490,814
GERMANY — 1.6%
SAP		215,062		52,881,686
INDIA — 6.0%
Adani Enterprises		1,403,113		41,441,727
Adani Green Energy *		2,261,537		27,490,696
Adani Power *		8,073,213		49,926,123
ICICI Bank		254,272		3,806,488
ICICI Bank ADR		2,727,578		81,445,479
				204,110,513
ITALY — 0.8%
UniCredit		719,864		28,819,548
RUSSIA — 0.0%
LUKOIL PJSC (A)		57,094		5
TAIWAN — 1.3%
Taiwan Semiconductor Manufacturing ADR		219,280		43,305,607
UNITED ARAB EMIRATES — 1.1%
International Holding PJSC *		335,988		37,046,907

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED KINGDOM — 2.0%
AstraZeneca PLC		308,321	$	40,421,108
National Grid PLC		2,436,021		28,983,180
				69,404,288
UNITED STATES — 72.6%
Communication Services — 16.5%
Alphabet, Cl C		439,074		83,617,253
AT&T		5,454,513		124,199,261
Meta Platforms, Cl A		359,581		210,538,271
Netflix *		119,131		106,183,843
Reddit, Cl A *		90,119		14,729,049
Verizon Communications		534,893		21,390,371
				560,658,048
Consumer Discretionary — 3.1%
Amazon.com *		489,440		107,378,241
Consumer Staples — 8.4%
Coca-Cola		733,135		45,644,985
Philip Morris International		1,391,617		167,481,106
Walmart		821,728		74,243,125
				287,369,216
Energy — 0.5%
Targa Resources		95,385		17,026,222
Financials — 6.4%
Allstate		276,827		53,369,477
KKR		104,937		15,521,232
Progressive		277,469		66,484,347
Robinhood Markets, Cl A *		352,034		13,116,787
Visa, Cl A		222,094		70,190,588
				218,682,431
Health Care — 13.0%
Cigna Group		265,300		73,259,942
Eli Lilly		284,865		219,915,780
Intuitive Surgical *		79,521		41,506,781
UnitedHealth Group		211,681		107,080,951
				441,763,454
Industrials — 1.0%
Axon Enterprise *		54,574		32,434,420

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	GLOBAL QUALITY EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Information Technology — 17.6%
AppLovin, Cl A *		558,566	$	180,880,428
Broadcom		406,229		94,180,131
Microsoft		376,075		158,515,613
NVIDIA		923,464		124,011,980
Snowflake, Cl A *		264,336		40,816,122
				598,404,274
Utilities — 6.1%
American Electric Power		896,254		82,661,507
NextEra Energy		752,710		53,961,780
Southern		871,495		71,741,468
				208,364,755
TOTAL UNITED STATES				2,472,081,061
Total Common Stock
(Cost $2,716,926,703)				3,282,564,291
PREFERRED STOCK — 1.5%
BRAZIL — 1.5%
Petroleo Brasileiro (B)
Cost (51,225,526)		8,879,233		52,014,769
Total Investments— 97.9%
(Cost $2,768,152,229)			$	3,334,579,060

Percentages are based on Net Assets of $3,406,990,402.

* 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-003-1200

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US SELECT QUALITY EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.4%

	Shares		Value
DENMARK — 3.5%
Novo Nordisk ADR		1,512,218	$	130,080,992
UNITED STATES — 93.9%
Communication Services — 23.3%
Alphabet, Cl C		592,710		112,875,692
AT&T		8,348,856		190,103,451
Meta Platforms, Cl A		498,257		291,734,456
Netflix *		157,421		140,312,486
Reddit, Cl A *		248,155		40,558,453
Verizon Communications		2,019,665		80,766,404
				856,350,942
Consumer Discretionary — 3.7%
Amazon.com *		611,275		134,107,622
Consumer Staples — 9.0%
Philip Morris International		1,847,992		222,405,837
Walmart		1,181,905		106,785,117
				329,190,954
Energy — 1.9%
Targa Resources		381,708		68,134,878
Financials — 11.5%
Allstate		467,125		90,057,029
KKR		366,199		54,164,494
Progressive		430,564		103,167,440
Robinhood Markets, Cl A *		1,382,689		51,518,992
Visa, Cl A		390,365		123,370,955
				422,278,910
Health Care — 14.9%
Cigna Group		403,299		111,366,986
Eli Lilly		333,820		257,709,040
Intuitive Surgical *		110,638		57,748,610
UnitedHealth Group		239,924		121,367,955
				548,192,591
Industrials — 1.5%
Axon Enterprise *		89,987		53,481,074

THE ADVISORS’ INNER CIRCLE FUND III	GQG PARTNERS
	US SELECT QUALITY EQUITY FUND
	DECEMBER 31, 2024
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES (continued)
Information Technology — 21.9%
AppLovin, Cl A *		731,034	$	236,730,740
Broadcom		467,470		108,378,245
Microsoft		538,594		227,017,371
NVIDIA		1,296,592		174,119,340
Snowflake, Cl A *		365,950		56,506,339
				802,752,035
Utilities — 6.2%
American Electric Power		965,388		89,037,735
NextEra Energy		1,002,205		71,848,077
Southern		807,898		66,506,163
				227,391,975
TOTAL UNITED STATES				3,441,880,981
Total Common Stock
(Cost $2,941,861,729)				3,571,961,973
Total Investments— 97.4%
(Cost $2,941,861,729)			$	3,571,961,973

Percentages are based on Net Assets of $3,667,140,535.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GQG-QH-002-1300

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS GLOBAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 98.9%

	Shares		Value
BRAZIL — 6.3%
Itau Unibanco Holding ADR		477,503	$	2,368,415
Petroleo Brasileiro ADR		409,100		5,261,026
				7,629,441
CANADA — 5.1%
Enbridge		100,163		4,249,023
Manulife Financial, Cl Common Subs. Receipt		62,191		1,909,577
				6,158,600
DENMARK — 3.2%
Novo Nordisk ADR		45,328		3,899,115
FRANCE — 6.9%
BNP Paribas		38,394		2,354,401
Credit Agricole		86,735		1,193,626
Sanofi		8,639		838,566
TotalEnergies		71,078		3,928,088
				8,314,681
GERMANY — 1.5%
Allianz		5,936		1,823,886
INDIA — 9.8%
Adani Ports & Special Economic Zone		283,188		4,072,158
ITC		558,521		3,155,202
NTPC		544,041		2,118,306
State Bank of India		257,076		2,387,030
				11,732,696
INDONESIA — 1.0%
Bank Mandiri Persero		3,275,800		1,153,093
ITALY — 7.2%
Enel		276,168		1,970,112
Eni		58,165		795,330
Eni ADR		66,883		1,829,919
Intesa Sanpaolo		251,215		1,007,234
UniCredit		75,806		3,034,871
				8,637,466

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS GLOBAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

COMMON STOCK — continued 

	Shares		Value
JAPAN — 1.1%
Tokio Marine Holdings		36,200	$	1,300,680
RUSSIA — 0.0%
Gazprom PJSC * (A)		177,982		16
GMK Norilskiy Nickel PAO (A)		151,100		14
Polyus PJSC * (A)		1,565		—
Rosneft Oil PJSC (A)		134,799		12
				42
SPAIN — 3.2%
CaixaBank		339,305		1,839,665
Iberdrola		141,451		1,948,078
				3,787,743
SWITZERLAND — 2.9%
Novartis		24,550		2,393,550
Swiss Re		7,418		1,075,924
				3,469,474
TAIWAN — 3.3%
Taiwan Semiconductor Manufacturing		120,932		3,965,346
UNITED KINGDOM — 9.9%
AstraZeneca ADR		50,575		3,313,674
HSBC Holdings		431,121		4,240,100
Imperial Brands		16,669		532,969
Tesco		560,558		2,585,614
Unilever ADR		21,100		1,196,370
				11,868,727
UNITED STATES — 37.5%
Communication Services — 6.5%
AT&T		342,584		7,800,638
Consumer Staples — 12.8%
Altria Group		118,876		6,216,026
Coca-Cola		35,646		2,219,320
Philip Morris International		57,565		6,927,948
				15,363,294
Health Care — 3.9%
Bristol-Myers Squibb		1,064		60,180

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS GLOBAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

COMMON STOCK — continued 

	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Cigna Group		8,236	$	2,274,289
UnitedHealth Group		4,597		2,325,438
				4,659,907
Information Technology — 3.7%
Microsoft		5,466		2,303,919
Oracle		13,186		2,197,315
				4,501,234
Utilities — 10.6%
American Electric Power		39,651		3,657,012
CMS Energy		28,300		1,886,195
NextEra Energy		66,370		4,758,065
Southern		29,037		2,390,326
				12,691,598
TOTAL UNITED STATES				45,016,671
Total Common Stock
(Cost $113,205,223)				118,757,661
Total Investments— 98.9%
(Cost $113,205,223)			$	118,757,661

Percentages are based on Net Assets of $120,092,813.

* 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

GQG-QH-006-0800

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS INTERNATIONAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.9% 

	Shares		Value
AUSTRALIA — 1.2%
Glencore PLC		1,042,992	$	4,616,246
BRAZIL — 5.5%
Ambev ADR		1,741,758		3,222,252
Banco do Brasil		756,800		2,960,877
Itau Unibanco Holding ADR		862,978		4,280,371
Petroleo Brasileiro ADR		819,894		10,543,837
				21,007,337
CANADA — 7.1%
Canadian Natural Resources		184,371		5,689,323
Enbridge		309,921		13,147,184
Fortis		105,874		4,397,062
Royal Bank of Canada		33,480		4,034,733
				27,268,302
DENMARK — 4.4%
Novo Nordisk, Cl B		196,737		16,969,171
FRANCE — 4.5%
BNP Paribas		92,227		5,655,555
Credit Agricole		327,919		4,512,740
TotalEnergies		124,589		6,885,345
				17,053,640
GERMANY — 6.2%
Allianz		20,001		6,145,474
Deutsche Telekom		461,428		13,821,099
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		7,190		3,633,418
				23,599,991
INDIA — 10.8%
Adani Ports & Special Economic Zone		699,821		10,063,216
Coal India		1,000,957		4,491,307
ITC		1,625,043		9,180,208
NTPC		1,870,791		7,284,206
Power Grid Corp of India		666,858		2,404,509
State Bank of India		837,695		7,778,256
				41,201,702

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS INTERNATIONAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

COMMON STOCK — continued 

	Shares		Value
INDONESIA — 2.0%
Bank Mandiri Persero		21,297,116	$	7,496,661
ITALY — 7.9%
Enel		1,276,945		9,109,401
Eni		434,087		5,935,567
Intesa Sanpaolo		2,022,864		8,110,574
UniCredit		175,562		7,028,574
				30,184,116
RUSSIA — 0.0%
Gazprom PJSC * (A)		141,071		13
GMK Norilskiy Nickel PAO (A)		86,600		8
Polyus PJSC * (A)		1,135		—
Rosneft Oil PJSC (A)		98,129		9
				30
SPAIN — 4.1%
CaixaBank		1,405,880		7,622,486
Iberdrola		599,855		8,261,268
				15,883,754
SWITZERLAND — 3.2%
Novartis		84,605		8,248,730
Swiss Re		28,674		4,158,944
				12,407,674
TAIWAN — 5.9%
CTBC Financial Holding		4,809,000		5,735,390
Taiwan Semiconductor Manufacturing ADR		85,962		16,976,635
				22,712,025
UNITED KINGDOM — 19.6%
AstraZeneca		78,291		10,264,007
British American Tobacco		454,252		16,384,407
HSBC Holdings		700,829		6,892,695
Imperial Brands		456,198		14,586,315
National Grid		639,474		7,608,305
Standard Chartered		918,250		11,294,973
Unilever		139,481		7,944,689
				74,975,391

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS INTERNATIONAL
QUALITY VALUE FUND
DECEMBER 31, 2024
(Unaudited)

COMMON STOCK — continued

	Shares		Value
UNITED STATES — 14.5%
Consumer Staples — 7.9%
Nestle		67,646	$	5,557,856
Philip Morris International		206,401		24,840,360
				30,398,216
Energy — 2.4%
Exxon Mobil		11,511		1,238,238
Shell		248,830		7,759,512
				8,997,750
Health Care — 1.6%
Sanofi		62,358		6,052,934
Information Technology — 2.6%
Broadcom		42,943		9,955,905
TOTAL UNITED STATES				55,404,805
Total Common Stock
(Cost $366,097,987)				370,780,845
PREFERRED STOCK — 1.2%
BRAZIL — 1.2%
Petroleo Brasileiro (B)
Cost (5,689,202)		793,524		4,648,484
Total Investments— 98.1%
(Cost $371,787,189)			$	375,429,329

Percentages are based on Net Assets of $382,728,482.

* 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-005-0800

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS US QUALITY
VALUE FUND
DECEMBER 31, 2024
(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 99.0% 

	Shares		Value
CANADA — 4.3%
Enbridge		183,348	$	7,779,456
UNITED KINGDOM — 5.4%
AstraZeneca ADR		28,376		1,859,195
HSBC Holdings ADR		160,945		7,960,340
				9,819,535
UNITED STATES — 89.3%
Communication Services — 17.3%
Alphabet, Cl A		33,718		6,382,817
AT&T		499,369		11,370,632
Meta Platforms, Cl A		10,660		6,241,537
T-Mobile US		17,742		3,916,192
Verizon Communications		91,490		3,658,685
				31,569,863
Consumer Discretionary — 0.8%
Carnival *		60,229		1,500,907
Consumer Staples — 15.9%
Altria Group		103,050		5,388,485
Coca-Cola		73,556		4,579,597
Philip Morris International		93,566		11,260,668
Procter & Gamble		22,371		3,750,498
Walmart		44,653		4,034,398
				29,013,646
Energy — 7.4%
Exxon Mobil		51,793		5,571,373
ONEOK		78,450		7,876,380
				13,447,753
Financials — 10.2%
American International Group		53,965		3,928,652
CME Group, Cl A		26,248		6,095,573
Goldman Sachs Group		4,616		2,643,214
State Street		60,013		5,890,276
				18,557,715
Health Care — 13.8%
Bristol-Myers Squibb		48,321		2,733,036
Cigna Group		20,489		5,657,832

THE ADVISORS’ INNER CIRCLE FUND III GQG PARTNERS US QUALITY
VALUE FUND
DECEMBER 31, 2024
(Unaudited)

COMMON STOCK — continued 

	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Eli Lilly		9,866	$	7,616,552
Merck		35,976		3,578,893
UnitedHealth Group		11,137		5,633,763
				25,220,076
Information Technology — 7.7%
Broadcom		15,726		3,645,916
Microsoft		12,127		5,111,530
Oracle		31,061		5,176,005
				13,933,451
Utilities — 16.2%
American Electric Power		74,688		6,888,474
American Water Works		19,513		2,429,173
CMS Energy		41,772		2,784,104
Duke Energy		51,363		5,533,849
NextEra Energy		89,756		6,434,608
Southern		67,012		5,516,428
				29,586,636
TOTAL UNITED STATES				162,830,047
Total Common Stock
(Cost $164,111,096)				180,429,038
Total Investments— 99.0%
(Cost $164,111,096)			$	180,429,038

Percentages are based on Net Assets of $182,301,050.

* Non-income producing security.

ADR — American Depositary Receipt 

Cl — Class

GQG-QH-004-0800