# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002693
**Filing Date:** 2025-11
**Character Count:** 14689
**Document Hash:** 909df30adfd88e3e40377966cb3bfa0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002693.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002693

**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:** 251532780

**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 US SELECT QUALITY EQUITY FUND (Series ID: S000063192)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000204820 | R6 Shares            | GQERX           |
| C000204821 | Institutional Shares | GQEIX           |
| C000204822 | Investor Shares      | GQEPX           |

## 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 US SELECT QUALITY EQUITY FUND

- **b. EDGAR series identifier (if any):** S000063192

- **c. LEI of Series:** 549300O3CSBIOFSNDH37

**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:** $3587713535.65

**Total Liabilities:** $1502635.67

**Net Assets:** $3586210899.98

**Cash Not Reported:** $82.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204822 | -0.18%               | 2.10%                | -2.91%               |
| Class ID C000204820 | -0.18%               | 2.14%                | -2.93%               |
| Class ID C000204821 | -0.18%               | 2.14%                | -2.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1748421.69             | $-12740134.14                              |
| Month 2  | $41273756.60             | $32451897.31                               |
| Month 3  | $73424802.41             | $-215654177.45                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATMOS ENERGY CORPORATION              | ATMOS ENERGY CORP COMMON STOCK               | CUSIP: N/A<br>LEI: QVLWEGTD2S8GJMO8D383       | Long             | EC               |  | US        |    219113 | NS      | $37413544.75  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.           | VERIZON COMMUNICATIONS INC COMMON STOCK      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |   4391549 | NS      | $193008578.60 | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                    | DTE ENERGY COMPANY COMMON STOCK              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               |  | US        |    402103 | NS      | $56869427.29  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                    | ALTRIA GROUP INC COMMON STOCK                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |   2630777 | NS      | $173789128.60 | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.      | PHILIP MORRIS INTERNATIONAL COMMON STOCK     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |   1843904 | NS      | $299081228.80 | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.              | CENTERPOINT ENERGY INC COMMON STOCK          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |   1913875 | NS      | $74258350.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.       | INTERCONTINENTAL EXCHANGE IN COMMON STOCK    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               |  | US        |    200250 | NS      | $33738120.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                        | CME GROUP INC COMMON STOCK                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |    339038 | NS      | $91604677.22  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                  | NEXTERA ENERGY INC COMMON STOCK              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |   1115262 | NS      | $84191128.38  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                     | JOHNSON & JOHNSON COMMON STOCK               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |    610633 | NS      | $113223570.90 | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SLIDE INSURANCE HOLDINGS, INC.        | SLIDE INSURANCE HOLDINGS INC COMMON STOCK    | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               |  | US        |    889085 | NS      | $14034206.73  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                             | VISA INC-CLASS A SHARES COMMON STOCK         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |    215040 | NS      | $73410355.20  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                             | AT&T INC COMMON STOCK                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |   8545615 | NS      | $241328167.60 | 6.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION               | EXXON MOBIL CORP COMMON STOCK                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |   1346691 | NS      | $151839410.30 | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC. | AMERICAN ELECTRIC POWER COMMON STOCK         | CUSIP: N/A<br>LEI: 1B4S6S7G0TW5EE83BO58       | Long             | EC               |  | US        |   1490387 | NS      | $167668537.50 | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                       | PPL CORP COMMON STOCK                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |   1472442 | NS      | $54715944.72  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION              | ALLSTATE CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: OBT0W1ED8G0NWVOLOJ77       | Long             | EC               |  | US        |    434981 | NS      | $93368671.65  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                 | COCA-COLA CO/THE COMMON STOCK                | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |   1420739 | NS      | $94223410.48  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                           | NOVARTIS AG-SPONSORED ADR DEPOSITARY RECEIPT | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               |  | US        |    606554 | NS      | $77784484.96  | 2.17%             |  |  |  | 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        |    496515 | NS      | $69109922.85  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                       | THE CIGNA GROUP COMMON STOCK                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |    584754 | NS      | $168555340.50 | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION               | DUKE ENERGY CORP COMMON STOCK                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               |  | US        |    883937 | NS      | $109387203.80 | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION      | CINCINNATI FINANCIAL CORP COMMON STOCK       | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               |  | US        |    562098 | NS      | $88867693.80  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                        | KROGER CO COMMON STOCK                       | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               |  | US        |   1188991 | NS      | $80149883.31  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                 | MICROSOFT CORP COMMON STOCK                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |    179063 | NS      | $92745680.85  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                  | META PLATFORMS INC COMMON STOCK              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |    166168 | NS      | $122030455.80 | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                         | ENBRIDGE INC COMMON STOCK                    | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | US        |   1708620 | NS      | $86216965.20  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | BROWN BROTHERS HARRIMAN SWEEP INTEREST       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  15996645 | PA      | $15996645.40  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION           | PROGRESSIVE CORP COMMON STOCK                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |    729133 | NS      | $180059394.40 | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                    | EXELON CORP COMMON STOCK                     | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |   2238582 | NS      | $100758575.80 | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                      | XCEL ENERGY INC COMMON STOCK                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |    977660 | NS      | $78848279.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAGEO PLC                            | DIAGEO PLC-SPONSORED ADR DEPOSITARY RECEIPT  | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               |  | US        |    410672 | NS      | $39190428.96  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.    | AMERICAN INTERNATIONAL GROUP COMMON STOCK    | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |   1894112 | NS      | $148763556.50 | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                   | CHEVRON CORP COMMON STOCK                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |    452618 | NS      | $70287049.22  | 1.96%             |  |  |  | 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