# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004278
**Filing Date:** 2026-5
**Character Count:** 46592
**Document Hash:** f87c3483f523889924925535c4e45503
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004278.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004278

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261029676

**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

### ARGA EMERGING MARKETS VALUE FUND (Series ID: S000071562)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226875 | Institutional Shares | ARMIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† — 93.6%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BRAZIL — 17.9%** | | |
| CONSUMER DISCRETIONARY — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 3097440 | $8891944 |
| ENERGY — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 1952697 | 40518463 |
| &nbsp;&nbsp;&nbsp;PRIO \* | 3636495 | 46545676 |
|  |  | 87064139 |
| FINANCIALS — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 14648700 | 52035499 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 6487189 | 23678240 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 3740179 | 12087338 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 7224900 | 32164289 |
| &nbsp;&nbsp;&nbsp;XP, Cl A | 2161607 | 41156997 |
|  |  | 161122363 |
| INDUSTRIALS — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 2335700 | 21211295 |
| MATERIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Vale | 1047000 | 16669612 |
|  |  | 294959353 |
| **CHINA — 23.9%** |  |  |
| COMMUNICATION SERVICES — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 933992 | 58909099 |
| CONSUMER DISCRETIONARY — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 2242700 | 35153177 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 79692 | 9998158 |
| &nbsp;&nbsp;&nbsp;Li Ning | 8881500 | 24538039 |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR | 360654 | 17956963 |
|  |  | 87646337 |
| CONSUMER STAPLES — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Budweiser Brewing | 19459300 | 17987568 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 116800 | 24596266 |
|  |  | 42583834 |
| FINANCIALS — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 26546000 | 23398922 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 4760000 | 36600660 |
|  |  | 59999582 |
| INDUSTRIALS — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 6318129 | 23976006 |
| MATERIALS — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology, Cl A | 8139412 | 18231879 |
| &nbsp;&nbsp;&nbsp;China Jushi, Cl A | 7995634 | 28579784 |
| &nbsp;&nbsp;&nbsp;Hengli Petrochemical, Cl A | 7005099 | 22157765 |

---

*1*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CHINA (continued)** | | |
| MATERIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology, Cl A | 1861200 | $20350672 |
|  |  | 89320100 |
| REAL ESTATE — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 20316969 | 30298609 |
|  |  | 392733567 |
| **HONG KONG — 0.4%** |  |  |
| CONSUMER DISCRETIONARY — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment ADR \* | 1266459 | 7193487 |
| **HUNGARY — 1.0%** |  |  |
| FINANCIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 154135 | 16527570 |
| **INDIA — 3.5%** |  |  |
| ENERGY — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Indian Oil | 7557342 | 10788377 |
| FINANCIALS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 1737796 | 13612236 |
| &nbsp;&nbsp;&nbsp;IndusInd Bank \* | 2512275 | 20125152 |
|  |  | 33737388 |
| MATERIALS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 1382015 | 13068980 |
|  |  | 57594745 |
| **INDONESIA — 4.3%** |  |  |
| FINANCIALS — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 113918300 | 31977136 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 191537796 | 38273279 |
|  |  | 70250415 |
| **MACAO — 1.7%** |  |  |
| CONSUMER DISCRETIONARY — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | 2530000 | 11435320 |
| &nbsp;&nbsp;&nbsp;Sands China | 7716400 | 16446256 |
|  |  | 27881576 |
| **RUSSIA — 0.0%** |  |  |
| MATERIALS — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alrosa PJSC \*(A) | 506080 | – |

---

*2*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SOUTH AFRICA — 1.8%** | | |
| COMMUNICATION SERVICES — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 301309 | $3518283 |
| CONSUMER DISCRETIONARY — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 213739 | 11056079 |
| FINANCIALS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 1027057 | 14794655 |
|  |  | 29369017 |
| **SOUTH KOREA — 19.2%** |  |  |
| COMMUNICATION SERVICES — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;SK Telecom | 299731 | 15508168 |
| CONSUMER DISCRETIONARY — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology | 157801 | 5808778 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 143396 | 36999073 |
|  |  | 42807851 |
| FINANCIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 213862 | 15589873 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 152996 | 15019688 |
|  |  | 30609561 |
| INDUSTRIALS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;SK Square \* | 40552 | 13351848 |
| INFORMATION TECHNOLOGY — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 120355 | 34482815 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 895478 | 104736353 |
| &nbsp;&nbsp;&nbsp;Samsung SDI \* | 64336 | 17826558 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 80055 | 45420415 |
|  |  | 202466141 |
| MATERIALS — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;LG Chemical | 51010 | 10426409 |
|  |  | 315169978 |
| **TAIWAN — 14.6%** |  |  |
| FINANCIALS — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 1954569 | 6773430 |
| INFORMATION TECHNOLOGY — 14.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 6367000 | 38919998 |
| &nbsp;&nbsp;&nbsp;MediaTek | 955000 | 45806741 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 723000 | 41814362 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 90919 | 30726076 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology | 1280762 | 18740583 |
| &nbsp;&nbsp;&nbsp;Wistron | 3044000 | 12104810 |

---

*3*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TAIWAN (continued)** | | |
| INFORMATION TECHNOLOGY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Yageo | 5704948 | $45082963 |
|  |  | 233195533 |
|  |  | 239968963 |
| **THAILAND — 3.2%** |  |  |
| FINANCIALS — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 4542200 | 26500697 |
| &nbsp;&nbsp;&nbsp;SCB X | 6017500 | 26452741 |
|  |  | 52953438 |
| **TURKEY — 1.0%** |  |  |
| INDUSTRIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;KOC Holding | 3806430 | 16766628 |
| **UNITED STATES — 1.1%** |  |  |
| CONSUMER DISCRETIONARY — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 260070 | 14012571 |
| INFORMATION TECHNOLOGY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Globant \* | 104799 | 4832282 |
|  |  | 18844853 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,098,640,788) |  | 1540213590 |
| **PREFERRED STOCK — 0.1%** |  |  |
| **BRAZIL — 0.1%** |  |  |
| INDUSTRIALS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car (B) | 89925 | 779662 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $441,650) |  | 779662 |
| TOTAL INVESTMENTS— 93.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,099,082,438) |  | $1540993252 |

---

*Percentages are based on Net Assets of $1,645,291,856.* 

†† *Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.* 

*4*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

*\** *Non-income producing security.*

*(A)* *Level 3 security in accordance with fair value hierarchy.* 

*(B)* *There is currently no rate available.* 

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

ARG-QH-001-1000

*5*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 96.9%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AUSTRALIA — 4.6%** | | |
| FINANCIALS — 2.0% |  |  |
| &nbsp;&nbsp;QBE Insurance Group | 185124 | $2731831 |
| MATERIALS — 2.6% |  |  |
| &nbsp;&nbsp;Glencore | 454830 | 3444803 |
|  |  | 6176634 |
| **BRAZIL — 4.9%** |  |  |
| CONSUMER DISCRETIONARY — 1.4% |  |  |
| &nbsp;&nbsp;Lojas Renner | 677450 | 1944782 |
| CONSUMER STAPLES — 0.8% |  |  |
| &nbsp;&nbsp;Ambev | 359258 | 1057692 |
| FINANCIALS — 2.7% |  |  |
| &nbsp;&nbsp;Banco Bradesco ADR | 403900 | 1474235 |
| &nbsp;&nbsp;Banco do Brasil | 185500 | 825821 |
| &nbsp;&nbsp;XP, Cl A | 71761 | 1366330 |
|  |  | 3666386 |
|  |  | 6668860 |
| **CANADA — 2.1%** |  |  |
| CONSUMER DISCRETIONARY — 2.1% |  |  |
| &nbsp;&nbsp;Magna International | 50457 | 2817917 |
| **CHINA — 10.0%** |  |  |
| CONSUMER DISCRETIONARY — 4.6% |  |  |
| &nbsp;&nbsp;Li Ning | 1038500 | 2869195 |
| &nbsp;&nbsp;Prosus | 50956 | 2359048 |
| &nbsp;&nbsp;Shenzhou International Group Holdings | 152600 | 932415 |
|  |  | 6160658 |
| CONSUMER STAPLES — 0.9% |  |  |
| &nbsp;&nbsp;Kweichow Moutai, Cl A | 5900 | 1242448 |
| FINANCIALS — 1.4% |  |  |
| &nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 239627 | 1842543 |
| MATERIALS — 1.9% |  |  |
| &nbsp;&nbsp;YongXing Special Materials Technology, Cl A | 232800 | 2545474 |
| REAL ESTATE — 1.2% |  |  |
| &nbsp;&nbsp;China Overseas Land & Investment | 1108804 | 1653555 |
|  |  | 13444678 |
| **DENMARK — 1.3%** |  |  |
| HEALTH CARE — 1.3% |  |  |
| &nbsp;&nbsp;Novo Nordisk, Cl B | 48722 | 1782957 |

---

*6*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINLAND — 5.0%** | | |
| INFORMATION TECHNOLOGY — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nokia | 618353 | $4960465 |
| &nbsp;&nbsp;&nbsp;Nokia ADR | 215423 | 1732001 |
|  |  | 6692466 |
| **FRANCE — 7.8%** |  |  |
| CONSUMER DISCRETIONARY — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 45370 | 1554334 |
| &nbsp;&nbsp;&nbsp;Kering | 16385 | 4975551 |
|  |  | 6529885 |
| CONSUMER STAPLES — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Pernod Ricard | 30186 | 2244698 |
| ENERGY — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 18650 | 1711596 |
|  |  | 10486179 |
| **GERMANY — 6.1%** |  |  |
| CONSUMER DISCRETIONARY — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 6384 | 590566 |
| &nbsp;&nbsp;&nbsp;Continental | 13269 | 926276 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 16942 | 1041309 |
|  |  | 2558151 |
| HEALTH CARE — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bayer | 25075 | 1160432 |
| INFORMATION TECHNOLOGY — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 63671 | 2888521 |
| MATERIALS — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 25594 | 1576353 |
|  |  | 8183457 |
| **HONG KONG — 4.4%** |  |  |
| CONSUMER DISCRETIONARY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment ADR \* | 37775 | 214562 |
| FINANCIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Prudential | 185810 | 2583322 |
| REAL ESTATE — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings | 228500 | 1307429 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties | 107000 | 1781640 |
|  |  | 3089069 |
|  |  | 5886953 |

---

*7*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDONESIA — 2.2%** | | |
| FINANCIALS — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 2967900 | $1146444 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 9323600 | 1863051 |
|  |  | 3009495 |
| **ITALY — 3.2%** |  |  |
| ENERGY — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Saipem | 691496 | 3163852 |
| FINANCIALS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena | 136427 | 1190404 |
|  |  | 4354256 |
| **JAPAN — 10.1%** |  |  |
| COMMUNICATION SERVICES — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;SoftBank Group | 99000 | 2410625 |
| INDUSTRIALS — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec \* | 459900 | 5839910 |
| INFORMATION TECHNOLOGY — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 177000 | 3971389 |
| MATERIALS — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kobe Steel | 4293 | 52101 |
| REAL ESTATE — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction | 55000 | 1288880 |
|  |  | 13562905 |
| **MACAO — 2.8%** |  |  |
| CONSUMER DISCRETIONARY — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | 232000 | 1048615 |
| &nbsp;&nbsp;&nbsp;Sands China | 1282000 | 2732375 |
|  |  | 3780990 |
| **NETHERLANDS — 1.9%** |  |  |
| FINANCIALS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank GDR | 71614 | 2270233 |
| INDUSTRIALS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Randstad | 9890 | 258128 |
|  |  | 2528361 |
| **NORWAY — 3.1%** |  |  |
| ENERGY — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Equinor | 99479 | 4238242 |

---

*8*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SINGAPORE — 5.3%** | | |
| INFORMATION TECHNOLOGY — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 207980 | $7077305 |
| **SOUTH KOREA — 8.6%** |  |  |
| FINANCIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 22183 | 1322137 |
| INFORMATION TECHNOLOGY — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 65997 | 7719101 |
| MATERIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;LG Chemical | 12539 | 2562963 |
|  |  | 11604201 |
| **SPAIN — 1.7%** |  |  |
| FINANCIALS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 52647 | 1137158 |
| &nbsp;&nbsp;&nbsp;Banco Santander | 102650 | 1150786 |
|  |  | 2287944 |
| **SWITZERLAND — 3.7%** |  |  |
| FINANCIALS — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Julius Baer Group | 32942 | 2423016 |
| INDUSTRIALS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Adecco Group | 13549 | 325883 |
| MATERIALS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Sika | 13943 | 2307821 |
|  |  | 5056720 |
| **UNITED KINGDOM — 4.0%** |  |  |
| CONSUMER DISCRETIONARY — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Whitbread | 30650 | 942337 |
| CONSUMER STAPLES — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Diageo | 57732 | 1073648 |
| FINANCIALS — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 115657 | 1899376 |
| HEALTH CARE — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;GSK | 53095 | 1462518 |
|  |  | 5377879 |
| **UNITED STATES — 4.1%** |  |  |
| CONSUMER DISCRETIONARY — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 52319 | 2818948 |

---

*9*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **UNITED STATES (continued)** | | |
| CONSUMER STAPLES — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 27173 | $2665428 |
|  |  | 5484376 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,387,328) |  | 130502775 |
| **PREFERRED STOCK — 1.9%** |  |  |
| **BRAZIL — 1.2%** |  |  |
| MATERIALS — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau (A) | 435998 | 1595900 |
| **GERMANY — 0.7%** |  |  |
| CONSUMER DISCRETIONARY — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche (A) | 22520 | 1025888 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,408,457) |  | 2621788 |
| TOTAL INVESTMENTS— 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $113,795,785) |  | $133124563 |

---

*Percentages are based on Net Assets of $134,693,474.*

*\** *Non-income producing security.* <br> *(A)* *There is currently no rate available.*

 

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

ARG-QH-001-1000

*10*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 4.8%** | | |
| &nbsp;&nbsp;&nbsp;AT&T | 4244 | $123034 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 6241 | 179179 |
|  |  | 302213 |
| **CONSUMER DISCRETIONARY — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 1397 | 26082 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 4583 | 52888 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 4363 | 235078 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 998 | 122734 |
| &nbsp;&nbsp;&nbsp;Lear | 1567 | 189732 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 2375 | 233843 |
| &nbsp;&nbsp;&nbsp;VF | 8254 | 140236 |
|  |  | 1000593 |
| **CONSUMER STAPLES — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Target | 1233 | 149440 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 2075 | 132945 |
|  |  | 282385 |
| **ENERGY — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources | 616 | 89055 |
| &nbsp;&nbsp;&nbsp;Halliburton | 3003 | 117087 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 3033 | 197145 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 28566 | 309370 |
|  |  | 712657 |
| **FINANCIALS — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | 1157 | 56403 |
| &nbsp;&nbsp;&nbsp;Citigroup | 573 | 64984 |
| &nbsp;&nbsp;&nbsp;Global Payments | 819 | 55119 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 474 | 140887 |
| &nbsp;&nbsp;&nbsp;SLM | 4669 | 99963 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 2402 | 216516 |
| &nbsp;&nbsp;&nbsp;Unum Group | 2420 | 176733 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 1647 | 112523 |
|  |  | 923128 |
| **HEALTH CARE — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International | 3336 | 56045 |
| &nbsp;&nbsp;&nbsp;Centene \* | 3456 | 113149 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 864 | 252936 |
| &nbsp;&nbsp;&nbsp;Humana | 816 | 141486 |
| &nbsp;&nbsp;&nbsp;Merck | 1167 | 140379 |

---

*11*

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA** |
|  | **VALUE FUND** |
|  | **March 31, 2026** |
| | **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE (continued)** | | |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 695 | $62842 |
|  |  | 766837 |
| **INDUSTRIALS — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 1306 | 107523 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1073 | 116120 |
| &nbsp;&nbsp;&nbsp;WESCO International | 240 | 65669 |
|  |  | 289312 |
| **INFORMATION TECHNOLOGY — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics \* | 1780 | 255270 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 274 | 54049 |
| &nbsp;&nbsp;&nbsp;Flex \* | 1049 | 68668 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 2151 | 138976 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 785 | 265204 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 805 | 158472 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 543 | 69927 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 3212 | 172003 |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 312 | 65214 |
|  |  | 1247783 |
| **MATERIALS — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 2048 | 135844 |
| &nbsp;&nbsp;&nbsp;Dow | 1233 | 51354 |
| &nbsp;&nbsp;&nbsp;FMC | 8491 | 146215 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 1887 | 136902 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 1217 | 130073 |
|  |  | 600388 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,632,327) |  | 6125296 |
| TOTAL INVESTMENTS— 97.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,632,327) |  | $6125296 |

---

*Percentages are based on Net Assets of $6,264,233.*

*\** *Non-income producing security.*

Cl — Class

ARG-QH-001-1000

*12*

## 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:** ARGA Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000071562

- **c. LEI of Series:** 54930048ZFLXP7RHY777

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

- **a. Date of fiscal year-end:** 2026-12-31

- **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:** $1655880036.42

**Total Liabilities:** $10530291.05

**Net Assets:** $1645349745.37

**Cash Not Reported:** $101323008.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226875 | -10.63%              | 8.55%                | 11.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42164408.54             | $-238726886.74                             |
| Month 2  | $42377564.16             | $105634591.12                              |
| Month 3  | $1069119.80              | $182455738.32                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HDFC BANK LIMITED                                       | HDFC BANK LIMITED COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               |  | IN        |   1737796 | NS      | $13612236.43  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ABSA GROUP LIMITED                                      | ABSA GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               |  | ZA        |   1027057 | NS      | $14794654.28  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                           | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    955000 | NS      | $45806741.15  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                               | VALE SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |   1280500 | NS      | $20387238.05  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corporation                                     | WISTRON CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900DIEONKUALBFM06       | Long             | EC               |  | TW        |   3044000 | NS      | $12104809.53  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                  | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT       | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               |  | US        |    360654 | NS      | $17956962.66  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRO-MECHANICS CO.,LTD                       | SAMSUNG ELECTRO-MECHANICS CO COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    120355 | NS      | $34482815.01  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SK TELECOM CO.,LTD                                      | SK TELECOM COMMON STOCK                         | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               |  | KR        |    299731 | NS      | $15508167.58  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AK ALROSA PAO                                           | ALROSA PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               |  | RU        |    506080 | NS      | $0.62         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                     | KASIKORNBANK PCL-FOREIGN COMMON STOCK           | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |   4542200 | NS      | $26500696.98  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: TRY/USD SETTLE 2026-04-01  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | TR        |         1 | NC      | $3251.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited      | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     90919 | NS      | $30726076.05  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                   | HYUNDAI MOBIS CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               |  | KR        |    143396 | NS      | $36999073.28  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                            | SCB X PCL-FOREIGN COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |   6017500 | NS      | $26452740.61  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car S.A.                                | LOCALIZA RENT A CAR COMMON STOCK                | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               |  | BR        |   2335700 | NS      | $21211295.31  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN OIL CORPORATION LIMITED                          | INDIAN OIL CORP LTD COMMON STOCK                | CUSIP: Y3925Y112<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               |  | IN        |   7557342 | NS      | $10788377.36  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BUDWEISER BREWING COMPANY APAC LIMITED                  | BUDWEISER BREWING CO APAC LT COMMON STOCK       | CUSIP: N/A<br>LEI: 549300YF1MR4GTF18132       | Long             | EC               |  | HK        |  19459300 | NS      | $17987568.22  | 1.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CHINA JUSHI CO., LTD                                    | CHINA JUSHI CO LTD -A COMMON STOCK              | CUSIP: N/A<br>LEI: 300300JZBQ0FKI1TDH04       | Long             | EC               |  | CN        |   7995634 | NS      | $28579783.89  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     79692 | NS      | $9998158.32   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    933992 | NS      | $58909099.41  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC HOLDING ANONIM SIRKETI                              | KOC HOLDING AS COMMON STOCK                     | CUSIP: N/A<br>LEI: 7890005U0H950VH19H45       | Long             | EC               |  | TR        |   3806430 | NS      | $16766628.44  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                 | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |    152996 | NS      | $15019688.02  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. | BEIJING ORIENTAL YUHONG-A COMMON STOCK          | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               |  | CN        |   8139412 | NS      | $18231878.75  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDS CHINA LTD.                                        | SANDS CHINA LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |   7716400 | NS      | $16446256.03  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO S.A. COMMON STOCK                | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | BR        |   3765079 | NS      | $12167808.42  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                    | HON HAI PRECISION INDUSTRY COMMON STOCK         | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               |  | TW        |   6367000 | NS      | $38919997.85  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                          | OTP BANK PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |    154135 | NS      | $16527569.78  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG SDI CO., LTD.                                   | SAMSUNG SDI CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               |  | KR        |     64336 | NS      | $17826557.45  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                    | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   1952697 | NS      | $40518462.75  | 2.46%             |  |  |  | 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        | 113918300 | NS      | $31977136.51  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China, Ltd.        | PING AN INSURANCE GROUP CO-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               |  | HK        |   4760000 | NS      | $36600660.57  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED         | IND & COMM BK OF CHINA-H COMMON STOCK           | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               |  | HK        |  26546000 | NS      | $23398921.80  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                       | MTN GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |    381164 | NS      | $4450723.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS LAND & INVESTMENT LTD.                   | CHINA OVERSEAS LAND & INVEST COMMON STOCK       | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               |  | HK        |  20316969 | NS      | $30298608.91  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDALCO INDUSTRIES LIMITED                             | HINDALCO INDUSTRIES LTD COMMON STOCK            | CUSIP: Y3196V185<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               |  | IN        |   1382015 | NS      | $13068979.61  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO-ADR DEPOSITARY RECEIPT           | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | US        |   6487189 | NS      | $23678239.85  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT S.A.                                            | GLOBANT SA COMMON STOCK                         | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               |  | US        |    104799 | NS      | $4832281.89   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORPORATION                                       | YAGEO CORPORATION COMMON STOCK                  | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               |  | TW        |   5704948 | NS      | $45082962.91  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MELCO RESORTS & ENTERTAINMENT LIMITED                   | MELCO RESORTS & ENTERT-ADR DEPOSITARY RECEIPT   | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               |  | US        |   1266459 | NS      | $7193487.12   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                           | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    895478 | NS      | $104736352.90 | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/ZAR SETTLE 2026-04-01  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-11416.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A                                     | BANCO DO BRASIL S.A. COMMON STOCK               | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |   7224900 | NS      | $32164289.31  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Yongxing Special Materials Technology Co.,Ltd.          | YONGXING SPECIAL MATERIALS-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300ULJO6T9VWWOQ73       | Long             | EC               |  | CN        |   1861200 | NS      | $20350672.03  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |   2242700 | NS      | $35153177.30  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                   | LAS VEGAS SANDS CORP COMMON STOCK               | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               |  | US        |    260070 | NS      | $14012571.60  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                 | XP INC - CLASS A COMMON STOCK                   | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               |  | US        |   2161607 | NS      | $41156997.28  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO S.A.                                               | PRIO SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               |  | BR        |   3636495 | NS      | $46545675.74  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Limited                      | GALAXY ENTERTAINMENT GROUP L COMMON STOCK       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               |  | HK        |   2530000 | NS      | $11435320.26  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A - Brasil, Bolsa, Balcao                          | B3 SA-BRASIL BOLSA BALCAO COMMON STOCK          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               |  | BR        |  14648700 | NS      | $52035499.10  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                           | SK HYNIX INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |     80055 | NS      | $45420415.20  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                               | HANA FINANCIAL GROUP COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    213862 | NS      | $15589873.01  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP.                              | UNIMICRON TECHNOLOGY CORP COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |   1280762 | NS      | $18740583.39  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAILEASE HOLDING COMPANY LIMITED                       | CHAILEASE HOLDING CO LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 529900L76E6T0JCM3J27       | Long             | EC               |  | TW        |   1954569 | NS      | $6773430.30   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Rakyat Indonesia (Persero) Tbk                  | BANK RAKYAT INDONESIA PERSER COMMON STOCK       | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               |  | ID        | 191537796 | NS      | $38273278.72  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co., Ltd.                               | KWEICHOW MOUTAI CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    116800 | NS      | $24596265.92  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Square Co., Ltd.                                     | SK SQUARE CO LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     40552 | NS      | $13351847.83  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LIMITED                                         | NASPERS LTD-N SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |    213739 | NS      | $11056079.08  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner S.A.                                       | LOJAS RENNER S.A. COMMON STOCK                  | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               |  | BR        |   3097440 | NS      | $8891943.36   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited      | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    723000 | NS      | $41814361.48  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/ZAR SETTLE 2026-04-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-10474.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LG CHEM LTD                                             | LG CHEM LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               |  | KR        |     51010 | NS      | $10426409.33  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car S.A.                                | Localiza Rent a Car SA PREFERRED STOCK          | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EP               |  | BR        |     89925 | NS      | $779661.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HENGLI PETROCHEMICAL CO., LTD.                          | HENGLI PETROCHEMICAL CO L-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |   7005099 | NS      | $22157765.35  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing New Building Materials Public Limited Company   | BEIJING NEW BUILDING MATER-A COMMON STOCK       | CUSIP: N/A<br>LEI: 3003000VY5ALEC09Q824       | Long             | EC               |  | CN        |   6318129 | NS      | $23976005.42  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSIND BANK LTD.                                      | INDUSIND BANK LTD COMMON STOCK                  | CUSIP: Y3990M134<br>LEI: 335800JDVJ8HSXG9G512 | Long             | EC               |  | IN        |   2512275 | NS      | $20125151.52  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                          | LI NING CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               |  | HK        |   8881500 | NS      | $24538038.86  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HANKOOK TIRE & TECHNOLOGY CO., LTD.                     | HANKOOK TIRE & TECHNOLOGY CO COMMON STOCK       | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               |  | KR        |    148215 | NS      | $5455910.10   | 0.33%             |  |  |  | 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