# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004245
**Filing Date:** 2026-5
**Character Count:** 19404
**Document Hash:** 972e061999ff31dd3957855d09dcae67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004245.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004245

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261029185

**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:** 2026-03-31

**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:** $219827639.13

**Total Liabilities:** $147272.01

**Net Assets:** $219680367.12

**Cash Not Reported:** $82270.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228650 | -1.91%               | 6.42%                | 6.42%                |
| Class ID C000228651 | -1.88%               | 6.50%                | 6.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1753509.09              | $-7041603.16                               |
| Month 2  | $74007.97                | $13010835.87                               |
| Month 3  | $-13017.44               | $11796945.69                               |

### 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        |    474517 | NS      | $3976451.20   | 1.81%             |  |  |  | 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      | $16.58        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |     36043 | NS      | $5505204.46   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                              | PPL CORP COMMON STOCK                           | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     90391 | NS      | $3452936.20   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                          | IMPERIAL BRANDS PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               |  | GB        |    136164 | NS      | $5500732.20   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BP P.L.C.                                    | BP PLC COMMON STOCK                             | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               |  | GB        |    282806 | NS      | $2205280.03   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS | AXIA ENERGIA COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |     69231 | NS      | $749589.85    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                              | IBERDROLA SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    296605 | NS      | $6769119.03   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                  | PROGRESSIVE CORP COMMON STOCK                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               |  | US        |     28759 | NS      | $5701184.16   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS | AXIA ENERGIA COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    285000 | NS      | $3193864.36   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft  | BAYERISCHE MOTOREN WERKE AG COMMON STOCK        | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |     29085 | NS      | $2682077.42   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                           | EXELON CORP COMMON STOCK                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |     86739 | NS      | $4251945.78   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                             | TOTALENERGIES SE COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |     81262 | NS      | $7434241.10   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                            | JOHNSON & JOHNSON COMMON STOCK                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |     25628 | NS      | $6264508.32   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED           | CANADIAN NATURAL RESOURCES COMMON STOCK         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               |  | CA        |     17920 | NS      | $871377.74    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                      | EXXON MOBIL CORP COMMON STOCK                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               |  | US        |     25867 | NS      | $4388595.22   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                  | ITC LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |    996227 | NS      | $3044192.90   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                  | GAZPROM PJSC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    177982 | NS      | $21.89        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JAPAN TOBACCO INC.                           | JAPAN TOBACCO INC COMMON STOCK                  | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               |  | JP        |     16600 | NS      | $635299.05    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     68527 | NS      | $11330254.18  | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)         | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    600857 | NS      | $12467782.75  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |    131107 | NS      | $8651750.93   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                 | UNILEVER PLC COMMON STOCK                       | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | GB        |     54924 | NS      | $3004147.75   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                          | CHEVRON CORP COMMON STOCK                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               |  | US        |     19401 | NS      | $4014066.90   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                | ADNOC GAS PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |   2450363 | NS      | $2160957.60   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   8731881 | PA      | $8731880.95   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                         | NEXTERA ENERGY INC COMMON STOCK                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     60700 | NS      | $5637816.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                   | ENI SPA-SPONSORED ADR DEPOSITARY RECEIPT        | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               |  | US        |    121531 | NS      | $6879869.91   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                   | ENI SPA COMMON STOCK                            | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |     14078 | NS      | $399029.09    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                             | XCEL ENERGY INC COMMON STOCK                    | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     59722 | NS      | $4744315.68   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                              | CAIXABANK SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    190893 | NS      | $2281146.71   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                              | THE CIGNA GROUP COMMON STOCK                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               |  | US        |     19183 | NS      | $5117065.25   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                   | ENEL SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |    611603 | NS      | $6665474.14   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                  | TOKIO MARINE HOLDINGS INC COMMON STOCK          | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |     97600 | NS      | $4570351.84   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.        | AMERICAN ELECTRIC POWER COMMON STOCK            | CUSIP: N/A<br>LEI: 1B4S6S7G0TW5EE83BO58       | Long             | EC               |  | US        |     75221 | NS      | $9859968.68   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                    | AT&T INC COMMON STOCK                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |    322059 | NS      | $9336490.41   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                    | SANOFI COMMON STOCK                             | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |     38507 | NS      | $3706892.40   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                  | SWISS RE AG COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |     11532 | NS      | $1927591.15   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                       | MERCEDES-BENZ GROUP AG COMMON STOCK             | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |     45737 | NS      | $2802267.05   | 1.28%             |  |  |  | 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      | $18.59        | 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        |    215572 | NS      | $12469566.36  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                 | FX Forward Contract: USD/EUR SETTLE 2026-04-01  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-63.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                  | VERIZON COMMUNICATIONS INC COMMON STOCK         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |    168262 | NS      | $8446752.40   | 3.85%             |  |  |  | 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        |    849259 | NS      | $4029585.87   | 1.83%             |  |  |  | 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        |   5846800 | NS      | $1641210.60   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                     | CENTERPOINT ENERGY INC COMMON STOCK             | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     54946 | NS      | $2371469.36   | 1.08%             |  |  |  | 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        |    157481 | NS      | $8509650.11   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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