# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004277
**Filing Date:** 2026-5
**Character Count:** 38403
**Document Hash:** 0531f74d7de59b82db33d05bd0b06395
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004277.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004277

**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:** 261029675

**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 VALUE FUND (Series ID: S000080564)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000243045 | Institutional Shares | ARUIX           |

## 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 Value Fund

- **b. EDGAR series identifier (if any):** S000080564

- **c. LEI of Series:** 5493000BK2UAUVXLMN46

**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:** $6272021.51

**Total Liabilities:** $7789.00

**Net Assets:** $6264232.51

**Cash Not Reported:** $131319.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243045 | -5.28%               | -0.08%               | 4.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-76321.23               | $-283105.71                                |
| Month 2  | $-92768.50               | $77486.37                                  |
| Month 3  | $140842.09               | $132604.71                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORPORATION             | BANK OF AMERICA CORP COMMON STOCK       | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |      1157 | NS      | $56403.75     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                               | AT&T INC COMMON STOCK                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |      4244 | NS      | $123033.56    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON COMPANY                     | HALLIBURTON CO COMMON STOCK             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               |  | US        |      3003 | NS      | $117086.97    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                   | ELEVANCE HEALTH INC COMMON STOCK        | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |       864 | NS      | $252936.00    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.               | T ROWE PRICE GROUP INC COMMON STOCK     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               |  | US        |      2402 | NS      | $216516.28    | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                       | MERCK & CO. INC. COMMON STOCK           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |      1167 | NS      | $140378.43    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BAXTER INTERNATIONAL INC.               | BAXTER INTERNATIONAL INC COMMON STOCK   | CUSIP: N/A<br>LEI: J5OIVXX3P24RJRW5CK77       | Long             | EC               |  | US        |      3336 | NS      | $56044.80     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS, INCORPORATED               | TYSON FOODS INC-CL A COMMON STOCK       | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               |  | US        |      2075 | NS      | $132945.25    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC.                    | GLOBAL PAYMENTS INC COMMON STOCK        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               |  | US        |       819 | NS      | $55118.70     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.              | BUILDERS FIRSTSOURCE INC COMMON STOCK   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               |  | US        |      1306 | NS      | $107522.98    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                             | HUMANA INC COMMON STOCK                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |       816 | NS      | $141486.24    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                           | OWENS CORNING COMMON STOCK              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               |  | US        |      1073 | NS      | $116120.06    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED       | MICROCHIP TECHNOLOGY INC COMMON STOCK   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               |  | US        |      2151 | NS      | $138976.11    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                        | LEAR CORP COMMON STOCK                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               |  | US        |      1567 | NS      | $189732.36    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                     | COMCAST CORP-CLASS A COMMON STOCK       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |      6241 | NS      | $179179.11    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY, INC.              | PATTERSON-UTI ENERGY INC COMMON STOCK   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               |  | US        |     28566 | NS      | $309369.78    | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION        | OCCIDENTAL PETROLEUM CORP COMMON STOCK  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |      3033 | NS      | $197145.00    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.             | RENAISSANCERE HOLDINGS LTD COMMON STOCK | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               |  | US        |       474 | NS      | $140887.02    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.                 | MICRON TECHNOLOGY INC COMMON STOCK      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               |  | US        |       785 | NS      | $265204.40    | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                          | LCI INDUSTRIES COMMON STOCK             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               |  | US        |       998 | NS      | $122734.04    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                | SKYWORKS SOLUTIONS INC COMMON STOCK     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               |  | US        |      3212 | NS      | $172002.60    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHAWK INDUSTRIES, INC.                 | MOHAWK INDUSTRIES INC COMMON STOCK      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               |  | US        |      2375 | NS      | $233842.50    | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                              | UNUM GROUP COMMON STOCK                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               |  | US        |      2420 | NS      | $176732.60    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.                 | BATH & BODY WORKS INC COMMON STOCK      | CUSIP: N/A<br>LEI: GR3KVMWVCR54YWQNXU90       | Long             | EC               |  | US        |      1397 | NS      | $26081.99     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                     | EOG RESOURCES INC COMMON STOCK          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               |  | US        |       616 | NS      | $89055.12     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                       | ALCOA CORP COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300T12EZ1F6PWWU29       | Long             | EC               |  | US        |      2048 | NS      | $135843.84    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS, INC.            | ZIMMER BIOMET HOLDINGS INC COMMON STOCK | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               |  | US        |       695 | NS      | $62841.90     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC. | INTL FLAVORS & FRAGRANCES COMMON STOCK  | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               |  | US        |      1887 | NS      | $136901.85    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                     | CENTENE CORP COMMON STOCK               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      3456 | NS      | $113149.44    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC.                                | DOW INC COMMON STOCK                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               |  | US        |      1233 | NS      | $51354.45     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                      | TARGET CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 8WDDFXB5T1Z6J0XC1L66       | Long             | EC               |  | US        |      1233 | NS      | $149439.60    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                   | QUALCOMM INC COMMON STOCK               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |       543 | NS      | $69927.54     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                          | CITIGROUP INC COMMON STOCK              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |       573 | NS      | $64983.93     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                         | FMC CORP COMMON STOCK                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               |  | US        |      8491 | NS      | $146215.02    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                               | FLEX LTD COMMON STOCK                   | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |      1049 | NS      | $68667.54     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. CORPORATION                        | VF CORP COMMON STOCK                    | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               |  | US        |      8254 | NS      | $140235.46    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                 | NXP SEMICONDUCTORS NV COMMON STOCK      | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |       805 | NS      | $158472.30    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                       | FIRST SOLAR INC COMMON STOCK            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               |  | US        |       274 | NS      | $54049.24     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY  | TE CONNECTIVITY PLC COMMON STOCK        | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               |  | US        |       312 | NS      | $65214.24     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.               | WESCO INTERNATIONAL INC COMMON STOCK    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               |  | US        |       240 | NS      | $65668.80     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                    | VOYA FINANCIAL INC COMMON STOCK         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               |  | US        |      1647 | NS      | $112523.04    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                    | PPG INDUSTRIES INC COMMON STOCK         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               |  | US        |      1217 | NS      | $130072.96    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS, INC.                 | ARROW ELECTRONICS INC COMMON STOCK      | CUSIP: N/A<br>LEI: 549300YNNLBXT8N8R512       | Long             | EC               |  | US        |      1780 | NS      | $255269.80    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                      | FORD MOTOR CO COMMON STOCK              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               |  | US        |      4583 | NS      | $52887.82     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORPORATION                         | SLM CORP COMMON STOCK                   | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               |  | US        |      4669 | NS      | $99963.29     | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                   | LAS VEGAS SANDS CORP COMMON STOCK       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               |  | US        |      4363 | NS      | $235078.44    | 3.75%             |  |  |  | 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