# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002699
**Filing Date:** 2025-11
**Character Count:** 15467
**Document Hash:** 0af1c1326a1d3d787e786a5c07f251b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002699.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002699

**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:** 251532787

**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 Quality Value Fund (Series ID: S000072429)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228654 | Investor Shares      | GQHPX           |
| C000228655 | Institutional Shares | GQHIX           |

## 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 Quality Value Fund

- **b. EDGAR series identifier (if any):** S000072429

- **c. LEI of Series:** 549300133YOKUTM8VC55

**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:** $228208066.43

**Total Liabilities:** $104472.77

**Net Assets:** $228103593.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228654 | 0.16%                | 3.24%                | -1.37%               |
| Class ID C000228655 | 0.21%                | 3.31%                | -1.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28219.29               | $7506.56                                   |
| Month 2  | $-2347169.71             | $9188556.89                                |
| Month 3  | $-212900.55              | $-3474130.87                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PPL CORPORATION                       | PPL CORP COMMON STOCK                         | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |    128997 | NS      | $4793528.52   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                           | PFIZER INC COMMON STOCK                       | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               |  | US        |     92551 | NS      | $2358199.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION           | PROGRESSIVE CORP COMMON STOCK                 | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     17242 | NS      | $4257911.90   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                  | NEXTERA ENERGY INC COMMON STOCK               | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     61673 | NS      | $4655694.77   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                        | CME GROUP INC COMMON STOCK                    | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |     35523 | NS      | $9597959.37   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                             | AT&T INC COMMON STOCK                         | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |    562745 | NS      | $15891918.80  | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.           | VERIZON COMMUNICATIONS INC COMMON STOCK       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |    301801 | NS      | $13264153.95  | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SOUTHERN COMPANY                  | SOUTHERN CO/THE COMMON STOCK                  | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               |  | US        |     50800 | NS      | $4814316.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                       | THE CIGNA GROUP COMMON STOCK                  | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |     21555 | NS      | $6213228.75   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                          | US BANCORP COMMON STOCK                       | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               |  | US        |     81110 | NS      | $3920046.30   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                      | TOTALENERGIES SE -SPON ADR DEPOSITARY RECEIPT | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | US        |     59467 | NS      | $3549585.23   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION               | DUKE ENERGY CORP COMMON STOCK                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               |  | US        |     57724 | NS      | $7143345.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY             | COLGATE-PALMOLIVE CO COMMON STOCK             | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |     50326 | NS      | $4023060.44   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                | CMS ENERGY CORP COMMON STOCK                  | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               |  | US        |     79568 | NS      | $5829151.68   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                     | JOHNSON & JOHNSON COMMON STOCK                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |     32485 | NS      | $6023368.70   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION             | VALERO ENERGY CORP COMMON STOCK               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               |  | US        |     32063 | NS      | $5459046.38   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.    | AMERICAN INTERNATIONAL GROUP COMMON STOCK     | CUSIP: N/A<br>LEI: ODVCVCQG2BP6VHV36M30       | Long             | EC               |  | US        |     74185 | NS      | $5826489.90   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                           | NOVARTIS AG-SPONSORED ADR DEPOSITARY RECEIPT  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               |  | US        |     29303 | NS      | $3757816.72   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                     | MERCK & CO. INC. COMMON STOCK                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |     48608 | NS      | $4079669.44   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.   | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |     15373 | NS      | $4426040.43   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.      | PHILIP MORRIS INTERNATIONAL COMMON STOCK      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |    114711 | NS      | $18606124.20  | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                 | COCA-COLA CO/THE COMMON STOCK                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |     93472 | NS      | $6199063.04   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION      | CINCINNATI FINANCIAL CORP COMMON STOCK        | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               |  | US        |     32739 | NS      | $5176035.90   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                         | ENBRIDGE INC COMMON STOCK                     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | US        |    198970 | NS      | $10040026.20  | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                      | XCEL ENERGY INC COMMON STOCK                  | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     63109 | NS      | $5089740.85   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                           | NESTLE SA-SPONS ADR DEPOSITARY RECEIPT        | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               |  | US        |     16866 | NS      | $1547792.82   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | BROWN BROTHERS HARRIMAN SWEEP INTEREST        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2308443 | PA      | $2308443.38   | 1.01%             |  |  |  | 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        |     49360 | NS      | $6870418.40   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                             | SANOFI-ADR DEPOSITARY RECEIPT                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               |  | US        |     46166 | NS      | $2179035.20   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                    | EXELON CORP COMMON STOCK                      | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |     78168 | NS      | $3518341.68   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                       | ASTRAZENECA PLC-SPONS ADR DEPOSITARY RECEIPT  | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | US        |     30641 | NS      | $2350777.52   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY          | PROCTER & GAMBLE CO/THE COMMON STOCK          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               |  | US        |     41282 | NS      | $6342979.30   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC. | AMERICAN ELECTRIC POWER COMMON STOCK          | CUSIP: N/A<br>LEI: 1B4S6S7G0TW5EE83BO58       | Long             | EC               |  | US        |     81353 | NS      | $9152212.50   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION              | ALLSTATE CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: OBT0W1ED8G0NWVOLOJ77       | Long             | EC               |  | US        |     20283 | NS      | $4353745.95   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                    | ALTRIA GROUP INC COMMON STOCK                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |    149414 | NS      | $9870288.84   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                   | CHEVRON CORP COMMON STOCK                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |     44241 | NS      | $6870184.89   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION               | EXXON MOBIL CORP COMMON STOCK                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     63118 | NS      | $7116554.50   | 3.12%             |  |  |  | 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