# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002697
**Filing Date:** 2025-11
**Character Count:** 22640
**Document Hash:** 2d1cbbc55b010147f00c35f49dffd931
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002697.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002697

**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:** 251532785

**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 EQUITY FUND (Series ID: S000065108)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000210819 | R6 Shares            | GQRRX           |
| C000210820 | Institutional Shares | GQRIX           |
| C000210821 | Investor Shares      | GQRPX           |

## 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 EQUITY FUND

- **b. EDGAR series identifier (if any):** S000065108

- **c. LEI of Series:** 549300ZNFVN23WY4X902

**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:** $3462807893.35

**Total Liabilities:** $6356919.92

**Net Assets:** $3456450973.43

**Cash Not Reported:** $876728.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210819 | 0.05%                | 2.11%                | -2.79%               |
| Class ID C000210820 | 0.05%                | 2.05%                | -2.73%               |
| Class ID C000210821 | 0.05%                | 2.07%                | -2.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7215611.39              | $-6726653.70                               |
| Month 2  | $36453631.36             | $24352153.08                               |
| Month 3  | $12936423.31             | $-115635405.64                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ITC LIMITED                                  | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |   8510079 | NS      | $38468911.42  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                   | ENEL SPA COMMON STOCK                              | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |   4581368 | NS      | $43450845.89  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                 | UNILEVER PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |    250513 | NS      | $14822429.94  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                    | SANOFI COMMON STOCK                                | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |    147564 | NS      | $13984781.04  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                    | AT&T INC COMMON STOCK                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |   6648217 | NS      | $187745648.10 | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                      | EXXON MOBIL CORP COMMON STOCK                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |    784599 | NS      | $88463537.25  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                           | ICICI BANK LTD COMMON STOCK                        | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    250993 | NS      | $3803861.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                              | THE CIGNA GROUP COMMON STOCK                       | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |    404459 | NS      | $116585306.80 | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                             | XCEL ENERGY INC COMMON STOCK                       | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |   1004083 | NS      | $80979293.95  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken N.V.                                | HEINEKEN NV COMMON STOCK                           | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               |  | NL        |    290395 | NS      | $22759048.39  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                               | CME GROUP INC COMMON STOCK                         | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |    250417 | NS      | $67660169.23  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                | ENBRIDGE INC COMMON STOCK                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |   2184650 | NS      | $110237369.90 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |    147186 | NS      | $41107577.94  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION                      | DUKE ENERGY CORP COMMON STOCK                      | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               |  | US        |    765049 | NS      | $94674813.75  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |    420155 | NS      | $54050013.42  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI GREEN ENERGY LIMITED                   | ADANI GREEN ENERGY LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800ZBBU81OH211H17       | Long             | EC               |  | IN        |   1741149 | NS      | $20148055.19  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                    | COLGATE-PALMOLIVE CO COMMON STOCK                  | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |    471487 | NS      | $37690670.78  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                         | NEXTERA ENERGY INC COMMON STOCK                    | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |    692195 | NS      | $52253800.55  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                        | COCA-COLA CO/THE COMMON STOCK                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |    672290 | NS      | $44586272.80  | 1.29%             |  |  |  | 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        |   7961081 | NS      | $58434336.01  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    345000 | NS      | $14986050.38  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                               | BNP PARIBAS COMMON STOCK                           | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |    383846 | NS      | $35136195.10  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.           | AMERICAN INTERNATIONAL GROUP COMMON STOCK          | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |   1247368 | NS      | $97968282.72  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                              | ASTRAZENECA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |    304807 | NS      | $46743903.18  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                    | VISA INC-CLASS A SHARES COMMON STOCK               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    148436 | NS      | $50673081.68  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                            | HDFC BANK LTD-ADR DEPOSITARY RECEIPT               | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |    890100 | NS      | $30405816.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                | UNICREDIT SPA COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |    441735 | NS      | $33641224.12  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                         | META PLATFORMS INC COMMON STOCK                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    116913 | NS      | $85858568.94  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                  | PROGRESSIVE CORP COMMON STOCK                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |    578273 | NS      | $142804517.40 | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |   1547142 | NS      | $250946432.40 | 7.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                     | ALLSTATE CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: OBT0W1ED8G0NWVOLOJ77       | Long             | EC               |  | US        |    256637 | NS      | $55087132.05  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.        | AMERICAN ELECTRIC POWER COMMON STOCK               | CUSIP: N/A<br>LEI: 1B4S6S7G0TW5EE83BO58       | Long             | EC               |  | US        |   1142898 | NS      | $128576025.00 | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                  | VERIZON COMMUNICATIONS INC COMMON STOCK            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |   3279888 | NS      | $144151077.60 | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                              | IBERDROLA SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |   3516768 | NS      | $66624245.38  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI POWER LIMITED                          | ADANI POWER LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 33580074T4XKFXBDG813       | Long             | EC               |  | IN        |  25100990 | NS      | $40911461.97  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC COMMON STOCK                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |   1971921 | NS      | $130265101.30 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                | CHUBB LTD COMMON STOCK                             | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               |  | US        |    249572 | NS      | $70441697.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG-SPONSORED ADR DEPOSITARY RECEIPT       | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               |  | US        |     19210 | NS      | $2463490.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI ENTERPRISES LIMITED                    | ADANI ENTERPRISES LTD COMMON STOCK                 | CUSIP: Y00106131<br>LEI: 335800OTN96B3M38HC30 | Long             | EC               |  | IN        |   1721712 | NS      | $48622788.69  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                        | MICROSOFT CORP COMMON STOCK                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    134262 | NS      | $69541002.90  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corporation                        | TC ENERGY CORP COMMON STOCK                        | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               |  | CA        |     36208 | NS      | $1969138.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  44714281 | PA      | $44714280.90  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                            | JOHNSON & JOHNSON COMMON STOCK                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |    389998 | NS      | $72313429.16  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                       | CMS ENERGY CORP COMMON STOCK                       | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               |  | US        |    487198 | NS      | $35692125.48  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                           | DTE ENERGY COMPANY COMMON STOCK                    | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               |  | US        |    289298 | NS      | $40915416.14  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)         | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   1854765 | NS      | $23481324.90  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Company P.J.S.C        | INTL HOLDING CO PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               |  | AE        |    261002 | NS      | $28459379.53  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.              | BRITISH AMERICAN TOB-SP ADR DEPOSITARY RECEIPT     | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               |  | US        |    751651 | NS      | $39897635.08  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.           | AMERICAN WATER WORKS CO INC COMMON STOCK           | CUSIP: N/A<br>LEI: 549300DXHIJQMD5WFW18       | Long             | EC               |  | US        |    238059 | NS      | $33135432.21  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NK LUKOIL PAO                                | LUKOIL PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               |  | RU        |     57094 | NS      | $6.92         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ICICI BANK LIMITED                           | ICICI BANK LTD-SPON ADR DEPOSITARY RECEIPT         | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | US        |   2910844 | NS      | $87994814.12  | 2.55%             |  |  |  | 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        |    847909 | NS      | $45143516.45  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                           | EXELON CORP COMMON STOCK                           | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |   1408074 | NS      | $63377410.74  | 1.83%             |  |  |  | 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        |   7012933 | NS      | $41283144.38  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                             | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |   1243530 | NS      | $75803343.60  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                  | NESTLE SA-REG COMMON STOCK                         | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |    377350 | NS      | $34671451.08  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                               | KROGER CO COMMON STOCK                             | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               |  | US        |    697565 | NS      | $47022856.65  | 1.36%             |  |  |  | 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