# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003870
**Filing Date:** 2025-12
**Character Count:** 18824
**Document Hash:** 1fea57d22581d217cedafb4860d9a10e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003870.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002048251-25-003870

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**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:** 251610510

**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

### Knights of Columbus Real Estate Fund (Series ID: S000066637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214836 | I Shares     | KCRIX           |

## 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:** Knights of Columbus Real Estate Fund

- **b. EDGAR series identifier (if any):** S000066637

- **c. LEI of Series:** 549300G02T1PP454QG97

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $145487977.14

**Total Liabilities:** $156107.03

**Net Assets:** $145331870.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214836 | -1.85%               | 0.25%                | 2.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-207712.24              | $-2472637.64                               |
| Month 2  | $-243052.14              | $140708.46                                 |
| Month 3  | $652789.33               | $3457970.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VERIS RESIDENTIAL, INC.                 | VERIS RESIDENTIAL INC REIT             | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               |  | US        |     46744 | NS      | $671243.84    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.               | KIMCO REALTY CORP REIT                 | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     70662 | NS      | $1459876.92   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.              | SIMON PROPERTY GROUP INC REIT          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     41964 | NS      | $7375592.64   | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| POTLATCHDELTIC CORPORATION              | POTLATCHDELTIC CORP REIT               | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |     16273 | NS      | $650920.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP, INC.                        | CBRE GROUP INC - A COMMON STOCK        | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               |  | US        |      8707 | NS      | $1327208.01   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                          | WELLTOWER INC REIT                     | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |     87605 | NS      | $15860009.20  | 10.91%            |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                           | EQUINIX INC REIT                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     11903 | NS      | $10070057.03  | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALITY PROPERTIES, INC.      | RYMAN HOSPITALITY PROPERTIES REIT      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |      8943 | NS      | $777236.13    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION              | AMERICAN TOWER CORP REIT               | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     53360 | NS      | $9550372.80   | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES, INC.                   | SUN COMMUNITIES INC REIT               | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |     21210 | NS      | $2685186.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORPORATION               | KILROY REALTY CORP REIT                | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |     20666 | NS      | $873138.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                      | EQUITY RESIDENTIAL REIT                | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |     40961 | NS      | $2434721.84   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                          | NNN REIT INC REIT                      | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |     20652 | NS      | $835579.92    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER COMPANY                    | WEYERHAEUSER CO REIT                   | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |     78016 | NS      | $1794368.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                   | STAG INDUSTRIAL INC REIT               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     31931 | NS      | $1221999.37   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1908846 | PA      | $1908845.52   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS, INC.             | HOST HOTELS & RESORTS INC REIT         | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    126021 | NS      | $2018856.42   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTGROUP PROPERTIES, INC.              | EASTGROUP PROPERTIES INC REIT          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |      9695 | NS      | $1692068.35   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                         | PUBLIC STORAGE REIT                    | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |     17823 | NS      | $4964774.88   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORPORATION             | REGENCY CENTERS CORP REIT              | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |     27689 | NS      | $1909156.55   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                       | CROWN CASTLE INC REIT                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     47741 | NS      | $4307193.02   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                   | AMERICAN HOMES 4 RENT- A REIT          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     36843 | NS      | $1164238.80   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC.             | BRIXMOR PROPERTY GROUP INC REIT        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |     60217 | NS      | $1575276.72   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APARTMENT COMMUNITIES, INC. | MID-AMERICA APARTMENT COMM REIT        | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |     12954 | NS      | $1661091.42   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INCORPORATED              | IRON MOUNTAIN INC REIT                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |     33976 | NS      | $3497829.20   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST         | FEDERAL REALTY INVS TRUST REIT         | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |      9592 | NS      | $922654.48    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORPORATION               | REALTY INCOME CORP REIT                | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |    119217 | NS      | $6912201.66   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                               | CUBESMART REIT                         | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |     32308 | NS      | $1217042.36   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.             | AVALONBAY COMMUNITIES INC REIT         | CUSIP: N/A<br>LEI: K9G90K85RBWD2LAGQX17       | Long             | EC               |  | US        |     15831 | NS      | $2753327.52   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDER & BALDWIN, INC.               | ALEXANDER & BALDWIN INC REIT           | CUSIP: N/A<br>LEI: 254900TP8X40TRBKC281       | Long             | EC               |  | US        |     37249 | NS      | $594866.53    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST, INC.              | ESSEX PROPERTY TRUST INC REIT          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |      7237 | NS      | $1822059.49   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPERTIES, INC.              | HIGHWOODS PROPERTIES INC REIT          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               |  | US        |     33465 | NS      | $958102.95    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADSTONE NET LEASE, INC.              | BROADSTONE NET LEASE INC REIT          | CUSIP: N/A<br>LEI: 549300U8D7PT70B49V21       | Long             | EC               |  | US        |     81153 | NS      | $1454261.76   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                             | TANGER INC REIT                        | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |     50145 | NS      | $1632721.20   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC.                | EXTRA SPACE STORAGE INC REIT           | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     24880 | NS      | $3322475.20   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                   | CAMDEN PROPERTY TRUST REIT             | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |     17678 | NS      | $1758607.44   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INCORPORATED         | COUSINS PROPERTIES INC REIT            | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |     64211 | NS      | $1664991.23   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.        | OMEGA HEALTHCARE INVESTORS REIT        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     33919 | NS      | $1425615.57   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                 | CUSHMAN & WAKEFIELD PLC COMMON STOCK   | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               |  | US        |     35589 | NS      | $558747.30    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORPORATION          | SBA COMMUNICATIONS CORP REIT           | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |     10063 | NS      | $1926863.24   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                          | PROLOGIS INC REIT                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    117309 | NS      | $14556873.81  | 10.02%            |  |  |  | No            |                  1 | On Loan: No      |
| UDR, INC.                               | UDR INC REIT                           | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |     37327 | NS      | $1257546.63   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.       | EQUITY LIFESTYLE PROPERTIES REIT       | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |      7704 | NS      | $470329.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, INC          | REXFORD INDUSTRIAL REALTY IN REIT      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |     45696 | NS      | $1888158.72   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.          | AMERICAN HEALTHCARE REIT INC REIT      | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |     66087 | NS      | $2995062.84   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP, INC.                               | BXP INC REIT                           | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |     34223 | NS      | $2436335.37   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| W.P. CAREY INC.                         | WP CAREY INC REIT                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |     40040 | NS      | $2642640.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                   | INVITATION HOMES INC REIT              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               |  | US        |     65834 | NS      | $1853227.10   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.              | DIGITAL REALTY TRUST INC REIT          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     35476 | NS      | $6045465.16   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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