# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001412
**Filing Date:** 2026-2
**Character Count:** 27501
**Document Hash:** 31447684e67709bea7a70a01e4607f2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001412.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001412

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**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:** 26695497

**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           |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1551525864.76

**Total Liabilities:** $4487258.29

**Net Assets:** $1547038606.47

**Cash Not Reported:** $68992682.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226875 | 2.82%                | 0.62%                | 4.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9862619.44              | $27669599.05                               |
| Month 2  | $16982054.92             | $-7872354.24                               |
| Month 3  | $7548965.44              | $55052822.82                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABSA GROUP LIMITED                                      | ABSA GROUP LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               |  | ZA        |   1735632 | NS      | $25084869.51  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |   2369800 | NS      | $43511808.37  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     84206 | NS      | $12342915.48  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AK ALROSA PAO                                           | ALROSA PJSC COMMON STOCK                                  | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               |  | RU        |    506080 | NS      | $0.64         | 0.00%             |  |  |  | No            |                  3 | 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        |  15478200 | NS      | $39233942.79  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO S.A. COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | BR        |   4539879 | NS      | $12924332.75  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO-ADR DEPOSITARY RECEIPT                     | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | US        |   9053719 | NS      | $30148884.27  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil S.A.                                    | BANCO DO BRASIL S.A. COMMON STOCK                         | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |   4791500 | NS      | $19166874.40  | 1.24%             |  |  |  | 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        |  76396500 | NS      | $23295831.96  | 1.51%             |  |  |  | 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        | 104378600 | NS      | $22859635.22  | 1.48%             |  |  |  | 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        |   6676029 | NS      | $23851959.43  | 1.54%             |  |  |  | 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        |   8600312 | NS      | $16736254.04  | 1.08%             |  |  |  | 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        |  20352300 | NS      | $19856543.00  | 1.28%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CHAILEASE HOLDING COMPANY LIMITED                       | CHAILEASE HOLDING CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900L76E6T0JCM3J27       | Long             | EC               |  | TW        |   2065569 | NS      | $6923813.41   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA JUSHI CO., LTD                                    | CHINA JUSHI CO LTD -A COMMON STOCK                        | CUSIP: N/A<br>LEI: 300300JZBQ0FKI1TDH04       | Long             | EC               |  | CN        |  11559734 | NS      | $28315736.46  | 1.83%             |  |  |  | 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        |  21467969 | NS      | $33903408.72  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                          | CREDICORP LTD COMMON STOCK                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |     60993 | NS      | $17504991.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIA RUPEE                                             | FX Forward Contract: INR/USD SETTLE 2026-01-02            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $-1135.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/HKD SETTLE 2026-01-02            | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $239.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/HKD SETTLE 2026-01-05            | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-15.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/TWD SETTLE 2026-01-02            | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-25.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Limited                      | GALAXY ENTERTAINMENT GROUP L COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               |  | HK        |   2675000 | NS      | $13189938.07  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT S.A.                                            | GLOBANT SA COMMON STOCK                                   | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               |  | US        |    212657 | NS      | $13901388.09  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                               | HANA FINANCIAL GROUP COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    225970 | NS      | $14743770.55  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                       | HDFC BANK LIMITED COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               |  | IN        |   1836169 | NS      | $20283966.48  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HENGLI PETROCHEMICAL CO., LTD.                          | HENGLI PETROCHEMICAL CO L-A COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |  13545399 | NS      | $43684619.75  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDALCO INDUSTRIES LIMITED                             | HINDALCO INDUSTRIES LTD COMMON STOCK                      | CUSIP: Y3196V185<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               |  | IN        |   1460249 | NS      | $14411602.74  | 0.93%             |  |  |  | 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        |   4322000 | NS      | $31681666.76  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                   | HYUNDAI MOBIS CO LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               |  | KR        |    151516 | NS      | $39315581.34  | 2.54%             |  |  |  | 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        |  28050000 | NS      | $22698226.37  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN OIL CORPORATION LIMITED                          | INDIAN OIL CORP LTD COMMON STOCK                          | CUSIP: Y3925Y112<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               |  | IN        |   7985145 | NS      | $14803422.69  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSIND BANK LTD.                                      | INDUSIND BANK LTD COMMON STOCK                            | CUSIP: Y3990M134<br>LEI: 335800JDVJ8HSXG9G512 | Long             | EC               |  | IN        |   1009515 | NS      | $9712067.75   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                     | KASIKORNBANK PCL-FOREIGN COMMON STOCK                     | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |   4799500 | NS      | $29602043.34  | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                                 | KB FINANCIAL GROUP INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |    161658 | NS      | $13916278.70  | 0.90%             |  |  |  | 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        |    123500 | NS      | $24352223.81  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                   | LAS VEGAS SANDS CORP COMMON STOCK                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               |  | US        |    274794 | NS      | $17886341.46  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LG CHEM LTD                                             | LG CHEM LTD COMMON STOCK                                  | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               |  | KR        |     53899 | NS      | $12467548.35  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                          | LI NING CO LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               |  | HK        |   9385000 | NS      | $22550460.62  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car S.A.                                | LOCALIZA RENT A CAR COMMON STOCK                          | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               |  | BR        |   2468100 | NS      | $19624091.79  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner S.A.                                       | LOJAS RENNER S.A. COMMON STOCK                            | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               |  | BR        |   3272940 | NS      | $8033403.53   | 0.52%             |  |  |  | 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        |     94927 | NS      | $718913.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                           | MEDIATEK INC COMMON STOCK                                 | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |   1009000 | NS      | $45813837.60  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MELCO RESORTS & ENTERTAINMENT LIMITED                   | MELCO RESORTS & ENTERT-ADR DEPOSITARY RECEIPT             | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               |  | US        |   1338151 | NS      | $10129803.07  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                       | MTN GROUP LTD COMMON STOCK                                | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |   2504404 | NS      | $25639333.50  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LIMITED                                         | NASPERS LTD-N SHS COMMON STOCK                            | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |    225840 | NS      | $15061610.09  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                          | OTP BANK PLC COMMON STOCK                                 | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |    162862 | NS      | $17462744.65  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                    | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT           | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   2063235 | NS      | $24449334.75  | 1.58%             |  |  |  | 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        |   5030500 | NS      | $42254715.29  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO S.A.                                               | PRIO SA COMMON STOCK                                      | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               |  | BR        |   2548595 | NS      | $19264164.41  | 1.25%             |  |  |  | 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        |    127169 | NS      | $22506106.42  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                           | SAMSUNG ELECTRONICS CO LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |   1007746 | NS      | $84464128.53  | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG SDI CO., LTD.                                   | SAMSUNG SDI CO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               |  | KR        |     67979 | NS      | $12711435.77  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDS CHINA LTD.                                        | SANDS CHINA LTD COMMON STOCK                              | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |   8154000 | NS      | $20567841.87  | 1.33%             |  |  |  | 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        |   6358300 | NS      | $28022779.69  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| SILERGY CORP.                                           | SILERGY CORP COMMON STOCK                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |   1674960 | NS      | $10158176.80  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                      | SITC INTERNATIONAL HOLDINGS COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900JUV4MOM9CE3V12       | Long             | EC               |  | HK        |    473162 | NS      | $1693160.55   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                           | SK HYNIX INC COMMON STOCK                                 | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |     55708 | NS      | $25228937.60  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SK TELECOM CO.,LTD                                      | SK TELECOM COMMON STOCK                                   | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               |  | KR        |    299731 | NS      | $11128594.30  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    763000 | NS      | $37507008.62  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     96067 | NS      | $29193800.63  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                | TENCENT HOLDINGS LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    472300 | NS      | $36245973.71  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                  | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT                 | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               |  | US        |    381071 | NS      | $27402815.61  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP.                              | UNIMICRON TECHNOLOGY CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |   2694000 | NS      | $18811807.12  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIMICRON TECHNOLOGY- RTS                               | UNIMICRON TECHNOLOGY- RTS ISSUE 22.55491341:1 / TERMS 1:1 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | TW        |     60763 | NC      | $201121.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                               | VALE SA COMMON STOCK                                      | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |   2223500 | NS      | $29198970.76  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corporation                                     | WISTRON CORP COMMON STOCK                                 | CUSIP: N/A<br>LEI: 254900DIEONKUALBFM06       | Long             | EC               |  | TW        |   3044000 | NS      | $14547364.11  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                 | XP INC - CLASS A COMMON STOCK                             | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               |  | US        |   2283970 | NS      | $37388588.90  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORPORATION                                       | YAGEO CORPORATION COMMON STOCK                            | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               |  | TW        |   6027948 | NS      | $44185280.14  | 2.86%             |  |  |  | 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        |   2389400 | NS      | $18559881.92  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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