# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002698
**Filing Date:** 2025-11
**Character Count:** 22886
**Document Hash:** 5e4d2dd1c3ad9a7c45acf41f0325f64d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002698.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002698

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251532786

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### GQG Partners International Quality Value Fund (Series ID: S000072428)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228652 | Investor Shares      | GQJPX           |
| C000228653 | Institutional Shares | GQJIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** GQG Partners International Quality Value Fund

- **b. EDGAR series identifier (if any):** S000072428

- **c. LEI of Series:** 5493006ERGZ234NSGS26

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $621283588.23

**Total Liabilities:** $1007762.49

**Net Assets:** $620275825.74

**Cash Not Reported:** $511352.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228653 | -0.52%               | 4.31%                | -1.85%               |
| Class ID C000228652 | -0.47%               | 4.22%                | -1.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $257390.97               | $-3192319.12                               |
| Month 2  | $8802260.25              | $14184913.11                               |
| Month 3  | $674804.85               | $-12784533.95                              |

### Schedule of Portfolio Investments

| Name                                          | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Takeda Pharmaceutical Company Limited         | TAKEDA PHARMACEUTICAL CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               |  | JP        |    186700 | NS      | $5490878.28   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                               | ASTRAZENECA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |     65655 | NS      | $10068571.14  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                               | CAIXABANK SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    935517 | NS      | $9888891.54   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                    | ENI SPA COMMON STOCK                               | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |    230972 | NS      | $4044397.18   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                           | DEUTSCHE TELEKOM AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |    545559 | NS      | $18602029.19  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                               | IBERDROLA SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    858558 | NS      | $16265155.64  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                 | FIRST ABU DHABI BANK PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |   2312106 | NS      | $9844999.59   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO             | ROSNEFT OIL CO PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |     98129 | NS      | $11.89        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GAZPROM PAO                                   | GAZPROM PJSC COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    141071 | NS      | $17.10        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TotalEnergies SE                              | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |    189212 | NS      | $11534021.89  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                   | NOVARTIS AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |    100306 | NS      | $12903668.04  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                        | SGS SA-REG COMMON STOCK                            | CUSIP: N/A<br>LEI: 2138007JNS19JHNA2336       | Long             | EC               |  | CH        |     86298 | NS      | $8972582.62   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.     | SAMSUNG FIRE & MARINE INS COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |     18603 | NS      | $5987962.96   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS  | CENTRAIS ELETRICAS BRASILIER COMMON STOCK          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    804400 | NS      | $7932906.08   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                        | MERCEDES-BENZ GROUP AG COMMON STOCK                | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |    144043 | NS      | $9086416.96   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                  | NATIONAL BANK OF GREECE COMMON STOCK               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |    523873 | NS      | $7634553.04   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft   | BAYERISCHE MOTOREN WERKE AG COMMON STOCK           | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |     89817 | NS      | $9059785.68   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                     | SANOFI COMMON STOCK                                | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |    114899 | NS      | $10889087.83  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                 | ENBRIDGE INC COMMON STOCK                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |    363203 | NS      | $18327211.89  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                       | E.ON SE COMMON STOCK                               | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |    645831 | NS      | $12174425.06  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                     | SHELL PLC COMMON STOCK                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | NL        |    238870 | NS      | $8574627.18   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)          | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |    934824 | NS      | $5503043.33   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| INFOSYS LIMITED                               | INFOSYS LTD-SP ADR DEPOSITARY RECEIPT              | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               |  | US        |    717884 | NS      | $11679972.68  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BUREAU VERITAS SA                             | BUREAU VERITAS SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               |  | FR        |    149491 | NS      | $4692653.46   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                   | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |   4188312 | NS      | $18932821.11  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                   | NESTLE SA-REG COMMON STOCK                         | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |    196828 | NS      | $18084834.70  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED | ADANI PORTS AND SPECIAL ECON COMMON STOCK          | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               |  | IN        |    864843 | NS      | $13672802.49  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK NORIL'SKIY NIKEL' PAO                     | MMC NORILSK NICKEL PJSC COMMON STOCK               | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               |  | RU        |     86600 | NS      | $10.50        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BB Seguridade Participacoes S.A.              | BB SEGURIDADE PARTICIPACOES COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    884300 | NS      | $5519454.70   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                    | ITAU UNIBANCO H-SPON PRF ADR DEPOSITARY RECEIPT    | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               |  | US        |   2251332 | NS      | $16524779.08  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                    | POLYUS PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |      1135 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                 | BANK MANDIRI PERSERO TBK PT COMMON STOCK           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        |  19511016 | NS      | $5156544.40   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)          | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    964156 | NS      | $12206214.96  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                   | TOKIO MARINE HOLDINGS INC COMMON STOCK             | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |    343200 | NS      | $14544976.97  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  41080823 | PA      | $41080823.32  | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Organization of Football Prognostics S.A      | OPAP SA COMMON STOCK                               | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |    305886 | NS      | $7139525.74   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                              | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK          | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |     18487 | NS      | $6158961.96   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE TELECOMMUNICATIONS LIMITED          | SINGAPORE TELECOMMUNICATIONS COMMON STOCK          | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               |  | SG        |   2771500 | NS      | $8865829.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                     | VALE SA-SP ADR DEPOSITARY RECEIPT                  | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |    973812 | NS      | $10575598.32  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                        | DBS GROUP HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               |  | SG        |    171100 | NS      | $6789398.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.               | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK          | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |    273253 | NS      | $11066043.35  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |   1008956 | NS      | $14511988.83  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAUSA S.A.                                   | Itausa SA PREFERRED STOCK                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | BR        |   3005200 | NS      | $6506361.97   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                           | IMPERIAL BRANDS PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               |  | GB        |    532793 | NS      | $22656664.40  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                       | EXXON MOBIL CORP COMMON STOCK                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     13517 | NS      | $1524041.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                   | RECKITT BENCKISER GROUP PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               |  | GB        |    107714 | NS      | $8302567.14   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                  | UNILEVER PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |    101549 | NS      | $6008482.35   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.              | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |    224903 | NS      | $36479266.60  | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PERNOD RICARD SA                              | PERNOD RICARD SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               |  | FR        |     71591 | NS      | $7053912.90   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                | BNP PARIBAS COMMON STOCK                           | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |     75090 | NS      | $6873529.72   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED             | POWER FINANCE CORPORATION COMMON STOCK             | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |   1104571 | NS      | $5100777.29   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                    | ENEL SPA COMMON STOCK                              | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |   1643625 | NS      | $15588552.71  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| A.P. MOELLER - MAERSK A/S                     | AP MOLLER-MAERSK A/S-B COMMON STOCK                | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               |  | DK        |      2837 | NS      | $5581515.35   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft              | DEUTSCHE BANK AG-REGISTERED COMMON STOCK           | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               |  | DE        |     87826 | NS      | $3112958.03   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                 | ADNOC GAS PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |   8658908 | NS      | $8346373.99   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                 | UNICREDIT SPA COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |     94619 | NS      | $7205901.70   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.               | BRITISH AMERICAN TOBACCO PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |    877854 | NS      | $46737817.96  | 7.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.         | BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK          | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               |  | ES        |     89481 | NS      | $1725669.04   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer