# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002694
**Filing Date:** 2025-11
**Character Count:** 20749
**Document Hash:** 21d799a8ff21faa6f34b9fbd256a7e71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002694.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002694

**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:** 251532782

**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 Global Quality Value Fund (Series ID: S000072427)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228650 | Investor Shares      | GQFPX           |
| C000228651 | Institutional Shares | GQFIX           |

## 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 Global Quality Value Fund

- **b. EDGAR series identifier (if any):** S000072427

- **c. LEI of Series:** 549300DOOYR1UY37O218

**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:** $160198714.94

**Total Liabilities:** $245480.26

**Net Assets:** $159953234.68

**Cash Not Reported:** $90366.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228650 | 0.32%                | 4.29%                | -0.57%               |
| Class ID C000228651 | 0.29%                | 4.29%                | -0.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $255790.52                                 |
| Month 2  | $132633.19               | $5585839.39                                |
| Month 3  | $74054.18                | $-1202741.72                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Itau Unibanco Holding S.A.                    | ITAU UNIBANCO H-SPON PRF ADR DEPOSITARY RECEIPT | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               |  | US        |    556462 | NS      | $4084431.08   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO             | ROSNEFT OIL CO PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |    134799 | NS      | $16.34        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Novartis AG                                   | NOVARTIS AG-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |     25564 | NS      | $3288630.49   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                  | UNILEVER PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |     47390 | NS      | $2803986.04   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                               | PPL CORP COMMON STOCK                           | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     64120 | NS      | $2382699.20   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                             | HSBC HOLDINGS PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |    165040 | NS      | $2331580.16   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                           | IMPERIAL BRANDS PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               |  | GB        |     59897 | NS      | $2547079.68   | 1.59%             |  |  |  | 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        |      6818 | NS      | $131487.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                               | IBERDROLA SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    207224 | NS      | $3925804.21   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                | BNP PARIBAS COMMON STOCK                        | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |     24849 | NS      | $2274608.34   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                   | PROGRESSIVE CORP COMMON STOCK                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     13486 | NS      | $3330367.70   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft   | BAYERISCHE MOTOREN WERKE AG COMMON STOCK        | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |     17333 | NS      | $1748369.07   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                            | EXELON CORP COMMON STOCK                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |     61827 | NS      | $2782833.27   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                              | TOTALENERGIES SE COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |     55942 | NS      | $3410123.32   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                             | JOHNSON & JOHNSON COMMON STOCK                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |     19835 | NS      | $3677805.70   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                       | EXXON MOBIL CORP COMMON STOCK                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     18118 | NS      | $2042804.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                   | ITC LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |    613927 | NS      | $2775192.03   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft              | DEUTSCHE BANK AG-REGISTERED COMMON STOCK        | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               |  | DE        |     60139 | NS      | $2131603.20   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                   | GAZPROM PJSC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    177982 | NS      | $21.57        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JAPAN TOBACCO INC.                            | JAPAN TOBACCO INC COMMON STOCK                  | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               |  | JP        |     14400 | NS      | $472917.13    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.              | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     56942 | NS      | $9235992.40   | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                     | SHELL PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | NL        |     19820 | NS      | $711471.14    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                 | UNICREDIT SPA COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |     31147 | NS      | $2372062.91   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)          | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    487524 | NS      | $6172053.84   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                            | DTE ENERGY COMPANY COMMON STOCK                 | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               |  | US        |     21899 | NS      | $3097175.57   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                            | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     74264 | NS      | $4905879.84   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                           | CHEVRON CORP COMMON STOCK                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |     14467 | NS      | $2246580.43   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                 | ADNOC GAS PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |   1568993 | NS      | $1512361.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   7847423 | PA      | $7847422.83   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                          | NEXTERA ENERGY INC COMMON STOCK                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     43842 | NS      | $3309632.58   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                    | ENI SPA-SPONSORED ADR DEPOSITARY RECEIPT        | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               |  | US        |     79467 | NS      | $2777371.65   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                    | ENI SPA COMMON STOCK                            | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |     14078 | NS      | $246510.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                              | XCEL ENERGY INC COMMON STOCK                    | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     42866 | NS      | $3457142.90   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                               | CAIXABANK SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    380233 | NS      | $4019256.62   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS  | CENTRAIS ELETRICAS BRASILIER COMMON STOCK       | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    197600 | NS      | $1948709.90   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                               | THE CIGNA GROUP COMMON STOCK                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |      8672 | NS      | $2499704.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                    | ENEL SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |    441172 | NS      | $4184186.16   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                   | TOKIO MARINE HOLDINGS INC COMMON STOCK          | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |     77600 | NS      | $3288724.40   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.         | AMERICAN ELECTRIC POWER COMMON STOCK            | CUSIP: N/A<br>LEI: 1B4S6S7G0TW5EE83BO58       | Long             | EC               |  | US        |     53066 | NS      | $5969925.00   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                     | AT&T INC COMMON STOCK                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |    333008 | NS      | $9404145.92   | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                     | SANOFI COMMON STOCK                             | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |     26661 | NS      | $2526688.40   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                   | SWISS RE AG COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |      7343 | NS      | $1364478.60   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                        | MERCEDES-BENZ GROUP AG COMMON STOCK             | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |     23241 | NS      | $1466072.05   | 0.92%             |  |  |  | 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        |    151100 | NS      | $18.32        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.               | BRITISH AMERICAN TOBACCO PLC COMMON STOCK       | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |    170342 | NS      | $9069177.09   | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                   | VERIZON COMMUNICATIONS INC COMMON STOCK         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |    167480 | NS      | $7360746.00   | 4.60%             |  |  |  | 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        |    560198 | NS      | $2385335.74   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                 | BANK MANDIRI PERSERO TBK PT COMMON STOCK        | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        |   3775100 | NS      | $997716.92    | 0.62%             |  |  |  | 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        |    112553 | NS      | $1779415.38   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                      | CENTERPOINT ENERGY INC COMMON STOCK             | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     33800 | NS      | $1311440.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                    | POLYUS PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |      1565 | NS      | $0.19         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Enbridge Inc.                                 | ENBRIDGE INC COMMON STOCK                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |    114745 | NS      | $5790029.07   | 3.62%             |  |  |  | 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