# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002653
**Filing Date:** 2025-11
**Character Count:** 44984
**Document Hash:** cfba3bf0c8c9268c4db321ffce7f8ee3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002653.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002653

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532668

**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**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† — 97.6%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BRAZIL — 15.8%** | | |
| CONSUMER DISCRETIONARY — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 3272940 | $9212014 |
| ENERGY — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 2063235 | 26120555 |
| &nbsp;&nbsp;&nbsp;PRIO \* | 2537795 | 18162358 |
|  |  | 44282913 |
| FINANCIALS — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 12813500 | 32140584 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 9053719 | 30601570 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 5223079 | 14936402 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 4791500 | 19806097 |
| &nbsp;&nbsp;&nbsp;XP, Cl A | 1041124 | 19562720 |
|  |  | 117047373 |
| INDUSTRIALS — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 2468100 | 18294245 |
| MATERIALS — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Vale | 2223500 | 24055452 |
|  |  | 212891997 |
| **CHINA — 31.9%** |  |  |
| COMMUNICATION SERVICES — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 358300 | 30530600 |
| CONSUMER DISCRETIONARY — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 146642 | 26209325 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1983400 | 44356989 |
| &nbsp;&nbsp;&nbsp;Li Ning | 9385000 | 21221152 |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR | 381071 | 28656539 |
|  |  | 120444005 |
| CONSUMER STAPLES — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Budweiser Brewing | 20352300 | 21633514 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 123500 | 25099469 |
|  |  | 46732983 |
| FINANCIALS — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 28050000 | 20654485 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 8500000 | 19174757 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 5030500 | 34222941 |
|  |  | 74052183 |
| INDUSTRIALS — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 5790429 | 19276630 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings | 2999642 | 11548991 |
|  |  | 30825621 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CHINA (continued)** |  |  |
| MATERIALS — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology, Cl A | 8600312 | $14910899 |
| &nbsp;&nbsp;&nbsp;China Jushi, Cl A | 11559734 | 28204026 |
| &nbsp;&nbsp;&nbsp;Hengli Petrochemical, Cl A | 13545399 | 32660838 |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology, Cl A | 2389400 | 13035709 |
|  |  | 88811472 |
| REAL ESTATE — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 21467969 | 39537171 |
|  |  | 430934035 |
| **HONG KONG — 1.9%** |  |  |
| CONSUMER DISCRETIONARY — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment ADR \* | 1338151 | 12270845 |
| CONSUMER STAPLES — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;WH Group | 11718806 | 12690893 |
|  |  | 24961738 |
| **HUNGARY — 1.0%** |  |  |
| FINANCIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 162862 | 14088109 |
| **INDIA — 3.4%** |  |  |
| ENERGY — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Indian Oil | 7985145 | 13485725 |
| FINANCIALS — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 1836169 | 19677684 |
| MATERIALS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 1460249 | 12531948 |
|  |  | 45695357 |
| **INDONESIA — 3.2%** |  |  |
| FINANCIALS — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 73233000 | 19354667 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 104378600 | 24464516 |
|  |  | 43819183 |
| **MACAO — 2.8%** |  |  |
| CONSUMER DISCRETIONARY — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | 2675000 | 14708110 |
| &nbsp;&nbsp;&nbsp;Sands China | 8154000 | 22657489 |
|  |  | 37365599 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PERU — 1.2%** | | |
| FINANCIALS — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 60993 | $16241216 |
| **RUSSIA — 0.0%** |  |  |
| MATERIALS — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alrosa PJSC (A) | 506080 | – |
| **SOUTH AFRICA — 4.3%** |  |  |
| COMMUNICATION SERVICES — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 2807670 | 23626616 |
| CONSUMER DISCRETIONARY — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 45168 | 16412771 |
| FINANCIALS — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 1735632 | 18214359 |
|  |  | 58253746 |
| **SOUTH KOREA — 13.0%** |  |  |
| COMMUNICATION SERVICES — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;SK Telecom | 299731 | 11619138 |
| CONSUMER DISCRETIONARY — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 102019 | 21705040 |
| FINANCIALS — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 57370 | 5669759 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 225970 | 14049674 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 161658 | 13342588 |
|  |  | 33062021 |
| INFORMATION TECHNOLOGY — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 177982 | 24571172 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 1007746 | 60414703 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 55708 | 13809901 |
|  |  | 98795776 |
| MATERIALS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;LG Chemical | 53899 | 10699969 |
|  |  | 175881944 |
| **TAIWAN — 13.4%** |  |  |
| FINANCIALS — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 2065569 | 7569993 |
| INFORMATION TECHNOLOGY — 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 4322000 | 30859701 |
| &nbsp;&nbsp;&nbsp;MediaTek | 742000 | 32180355 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 763000 | 33143062 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA EMERGING MARKETS**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TAIWAN (continued)** |  |  |
| INFORMATION TECHNOLOGY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 96067 | $26830553 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology | 2694000 | 13500980 |
| &nbsp;&nbsp;&nbsp;Yageo | 6480948 | 36343929 |
|  |  | 172858580 |
|  |  | 180428573 |
| **THAILAND — 3.7%** |  |  |
| FINANCIALS — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 4799500 | 24824760 |
| &nbsp;&nbsp;&nbsp;SCB X | 6358300 | 25225473 |
|  |  | 50050233 |
| **UNITED STATES — 2.0%** |  |  |
| CONSUMER DISCRETIONARY — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 274794 | 14781169 |
| INFORMATION TECHNOLOGY — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Globant \* | 212657 | 12202259 |
|  |  | 26983428 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $998,477,656) |  | 1317595158 |
| TOTAL INVESTMENTS— 97.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $998,477,656) |  | $1317595158 |

---

*Percentages are based on Net Assets of $1,350,678,004.*

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

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

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

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

ARG-QH-001-0800

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† — 94.3%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AUSTRALIA — 1.4%** |  |  |
| FINANCIALS — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group | 121738 | $1656641 |
| **BRAZIL — 4.2%** |  |  |
| CONSUMER DISCRETIONARY — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 726850 | 2045791 |
| CONSUMER STAPLES — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 385558 | 874383 |
| FINANCIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 433376 | 1464811 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 199100 | 822998 |
|  |  | 2287809 |
|  |  | 5207983 |
| **CANADA — 5.2%** |  |  |
| CONSUMER DISCRETIONARY — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International | 58526 | 2773015 |
| MATERIALS — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nutrien | 62705 | 3682460 |
|  |  | 6455475 |
| **CHINA — 10.8%** |  |  |
| CONSUMER DISCRETIONARY — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Li Ning | 945500 | 2137943 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 163600 | 1295170 |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR | 18558 | 1395562 |
|  |  | 4828675 |
| CONSUMER STAPLES — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 6200 | 1260054 |
| FINANCIALS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 359127 | 2443173 |
| INFORMATION TECHNOLOGY — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Tongwei, Cl A \* | 414600 | 1301042 |
| MATERIALS — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology, Cl A | 249700 | 1362274 |
| REAL ESTATE — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 1189804 | 2191241 |
|  |  | 13386459 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINLAND — 2.7%** | | |
| ENERGY — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Neste | 39490 | $725582 |
| INFORMATION TECHNOLOGY — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nokia | 550207 | 2645843 |
|  |  | 3371425 |
| **FRANCE — 8.0%** |  |  |
| CONSUMER DISCRETIONARY — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kering | 19202 | 6434558 |
| CONSUMER STAPLES — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Pernod Ricard | 11306 | 1113086 |
| INDUSTRIALS — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Teleperformance | 5027 | 375485 |
| INFORMATION TECHNOLOGY — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini | 13387 | 1952866 |
|  |  | 9875995 |
| **GERMANY — 5.6%** |  |  |
| CONSUMER DISCRETIONARY — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 12557 | 1265591 |
| &nbsp;&nbsp;&nbsp;Continental | 11632 | 769529 |
|  |  | 2035120 |
| HEALTH CARE — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bayer | 42463 | 1413646 |
| INFORMATION TECHNOLOGY — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 88571 | 3474666 |
|  |  | 6923432 |
| **HONG KONG — 4.7%** |  |  |
| CONSUMER DISCRETIONARY — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment ADR \* | 185949 | 1705152 |
| FINANCIALS — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Prudential | 199368 | 2791096 |
| REAL ESTATE — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties | 113500 | 1357636 |
|  |  | 5853884 |
| **INDONESIA — 1.9%** |  |  |
| FINANCIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 10004100 | 2344786 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **ITALY — 1.7%** | | |
| ENERGY — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Saipem | 271223 | $785154 |
| FINANCIALS — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena | 146384 | 1302558 |
|  |  | 2087712 |
| **JAPAN — 7.7%** |  |  |
| INDUSTRIALS — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 291800 | 5186706 |
| INFORMATION TECHNOLOGY — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 89000 | 1689581 |
| MATERIALS — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kobe Steel | 107300 | 1267961 |
| REAL ESTATE — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction | 59000 | 1294534 |
|  |  | 9438782 |
| **MACAO — 4.6%** |  |  |
| CONSUMER DISCRETIONARY — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | 249000 | 1369091 |
| &nbsp;&nbsp;&nbsp;Sands China | 1545200 | 4293642 |
|  |  | 5662733 |
| **NETHERLANDS — 2.0%** |  |  |
| FINANCIALS — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank GDR | 43420 | 1392898 |
| INDUSTRIALS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Randstad | 24643 | 1050762 |
|  |  | 2443660 |
| **NORWAY — 2.1%** |  |  |
| ENERGY — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Equinor | 106740 | 2602974 |
| **SINGAPORE — 5.1%** |  |  |
| INFORMATION TECHNOLOGY — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 223156 | 6307505 |
| **SOUTH KOREA — 7.2%** |  |  |
| CONSUMER DISCRETIONARY — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 11899 | 2531571 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SOUTH KOREA (continued)** |  |  |
| FINANCIALS — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 32841 | $1655776 |
| INFORMATION TECHNOLOGY — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 78229 | 4689854 |
|  |  | 8877201 |
| **SPAIN — 6.9%** |  |  |
| ENERGY — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Repsol | 94543 | 1681189 |
| FINANCIALS — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 216681 | 4175376 |
| &nbsp;&nbsp;&nbsp;Banco Santander | 250959 | 2633651 |
|  |  | 6809027 |
|  |  | 8490216 |
| **SWEDEN — 3.0%** |  |  |
| MATERIALS — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Boliden \* | 91939 | 3752800 |
| **SWITZERLAND — 2.7%** |  |  |
| FINANCIALS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Julius Baer Group | 35345 | 2461159 |
| INDUSTRIALS — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Adecco Group | 32603 | 918513 |
|  |  | 3379672 |
| **UNITED KINGDOM — 3.4%** |  |  |
| CONSUMER DISCRETIONARY — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Whitbread | 32886 | 1426798 |
| FINANCIALS — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 193252 | 2727387 |
|  |  | 4154185 |
| **UNITED STATES — 3.4%** |  |  |
| CONSUMER DISCRETIONARY — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 56136 | 3019556 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA INTERNATIONAL**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK†† (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **UNITED STATES (continued)** |  |  |
| HEALTH CARE — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;GSK | 55932 | $1200970 |
|  |  | 4220526 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,313,510) |  | 116494046 |
| **PREFERRED STOCK†† — 2.1%** |  |  |
| **BRAZIL — 1.9%** |  |  |
| MATERIALS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau (A) | 762268 | 2384661 |
| **GERMANY — 0.2%** |  |  |
| CONSUMER DISCRETIONARY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche (A) | 6016 | 291676 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,759,517) |  | 2676337 |
| TOTAL INVESTMENTS— 96.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $103,073,027) |  | $119170383 |

---

*Percentages are based on Net Assets of $123,567,200. \* Non-income producing security.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *There is currently no rate available.* 

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

ARG-QH-001-0800

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.4%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 2307 | $72486 |
| **CONSUMER DISCRETIONARY — 17.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 1587 | 40881 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 4551 | 54430 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 5353 | 287938 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 1543 | 143730 |
| &nbsp;&nbsp;&nbsp;Lear | 1505 | 151418 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 1631 | 210269 |
| &nbsp;&nbsp;&nbsp;VF | 4054 | 58499 |
|  |  | 947165 |
| **CONSUMER STAPLES — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General | 476 | 49194 |
| &nbsp;&nbsp;&nbsp;Target | 1928 | 172942 |
|  |  | 222136 |
| **ENERGY — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 2992 | 141372 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 25475 | 131960 |
|  |  | 273332 |
| **FINANCIALS — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | 4344 | 224107 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 238 | 50594 |
| &nbsp;&nbsp;&nbsp;Citigroup | 1111 | 112767 |
| &nbsp;&nbsp;&nbsp;Global Payments | 634 | 52673 |
| &nbsp;&nbsp;&nbsp;Invesco | 5139 | 117889 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 590 | 59726 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 441 | 111983 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 2263 | 160786 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 991 | 101716 |
| &nbsp;&nbsp;&nbsp;Unum Group | 649 | 50479 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 1358 | 101578 |
|  |  | 1144298 |
| **HEALTH CARE — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International | 4559 | 103808 |
| &nbsp;&nbsp;&nbsp;Centene \* | 1800 | 64224 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 337 | 108892 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 891 | 98901 |
| &nbsp;&nbsp;&nbsp;Humana | 460 | 119678 |
| &nbsp;&nbsp;&nbsp;Merck | 1301 | 109193 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 1110 | $109335 |
|  |  | 714031 |
| **INDUSTRIALS — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group \* | 1905 | 94831 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 733 | 88876 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 687 | 41014 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup | 2405 | 91150 |
| &nbsp;&nbsp;&nbsp;WESCO International | 486 | 102789 |
|  |  | 418660 |
| **INFORMATION TECHNOLOGY — 19.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture, Cl A | 205 | 50553 |
| &nbsp;&nbsp;&nbsp;Amdocs | 586 | 48081 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics \* | 1186 | 143506 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 804 | 121235 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 290 | 63954 |
| &nbsp;&nbsp;&nbsp;Flex \* | 886 | 51362 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 455 | 76131 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 696 | 158500 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 1042 | 51381 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 987 | 164197 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 1430 | 110081 |
|  |  | 1038981 |
| **MATERIALS — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 4007 | 131790 |
| &nbsp;&nbsp;&nbsp;Dow | 1413 | 32400 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 720 | 35309 |
|  |  | 199499 |
| **UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 788 | 56059 |
| &nbsp;&nbsp;&nbsp;UGI | 2805 | 93294 |
|  |  | 149353 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,919,308) |  | 5179941 |
| TOTAL INVESTMENTS— 97.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,919,308) |  | $5179941 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **ARGA**<br> **VALUE FUND**<br> **September 30, 2025**<br> **(UNAUDITED)** |

---

---

| | |
|:---|:---|
|  | *Percentages are based on Net Assets of $5,319,501.* |
| *\** | *Non-income producing security.* |

---

Cl — Class

ARG-QH-001-0800

*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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1353212372.06

**Total Liabilities:** $2537045.82

**Net Assets:** $1350675326.24

**Cash Not Reported:** $31562677.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226875 | 5.00%                | 5.01%                | 1.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10286431.03             | $50631480.01                               |
| Month 2  | $4317086.45              | $51283343.42                               |
| Month 3  | $25201404.14             | $-4060095.88                               |

### 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        |   1836169 | NS      | $19677683.86  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ABSA GROUP LIMITED                                      | ABSA GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               |  | ZA        |   1735632 | NS      | $18214358.87  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                           | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    742000 | NS      | $32180355.27  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                               | VALE SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |   2223500 | NS      | $24055452.11  | 1.78%             |  |  |  | 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      | $28656539.20  | 2.12%             |  |  |  | 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        |    177982 | NS      | $24571172.31  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SK TELECOM CO.,LTD                                      | SK TELECOM COMMON STOCK                         | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               |  | KR        |    299731 | NS      | $11619137.89  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AK ALROSA PAO                                           | ALROSA PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               |  | RU        |    506080 | NS      | $0.61         | 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        |   4799500 | NS      | $24824760.22  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     96067 | NS      | $26830552.43  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                   | HYUNDAI MOBIS CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               |  | KR        |    102019 | NS      | $21705039.87  | 1.61%             |  |  |  | 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      | $25225472.64  | 1.87%             |  |  |  | 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        |   2468100 | NS      | $18294244.92  | 1.35%             |  |  |  | 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      | $13485725.04  | 1.00%             |  |  |  | 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      | $21633514.55  | 1.60%             |  |  |  | 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        |  11559734 | NS      | $28204026.37  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |    146642 | NS      | $26209324.66  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    358300 | NS      | $30530600.48  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                 | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |    161658 | NS      | $13342587.58  | 0.99%             |  |  |  | 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      | $14910898.83  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDS CHINA LTD.                                        | SANDS CHINA LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |   8154000 | NS      | $22657488.93  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO S.A. COMMON STOCK                | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | BR        |   5310879 | NS      | $15187482.43  | 1.12%             |  |  |  | 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      | $30859701.12  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                      | SITC INTERNATIONAL HOLDINGS COMMON STOCK        | CUSIP: N/A<br>LEI: 529900JUV4MOM9CE3V12       | Long             | EC               |  | HK        |   2999642 | NS      | $11548990.78  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                          | OTP BANK PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |    162862 | NS      | $14088108.76  | 1.04%             |  |  |  | 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      | $26120555.10  | 1.93%             |  |  |  | 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        |  72106700 | NS      | $19056998.36  | 1.41%             |  |  |  | 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      | $34222940.87  | 2.53%             |  |  |  | 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      | $20654484.56  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                       | MTN GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |   2807670 | NS      | $23626615.72  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited              | PICC PROPERTY & CASUALTY-H COMMON STOCK         | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |   8500000 | NS      | $19174756.78  | 1.42%             |  |  |  | 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      | $39537171.42  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDALCO INDUSTRIES LIMITED                             | HINDALCO INDUSTRIES LTD COMMON STOCK            | CUSIP: Y3196V185<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               |  | IN        |   1460249 | NS      | $12531948.35  | 0.93%             |  |  |  | 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      | $30601570.22  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WH GROUP LIMITED                                        | WH GROUP LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |  11718806 | NS      | $12690893.38  | 0.94%             |  |  |  | Yes           |                  1 | On Loan: No      |
| GLOBANT S.A.                                            | GLOBANT SA COMMON STOCK                         | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               |  | US        |    212657 | NS      | $12202258.66  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| YAGEO CORPORATION                                       | YAGEO CORPORATION COMMON STOCK                  | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               |  | TW        |   6480948 | NS      | $36343929.64  | 2.69%             |  |  |  | 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      | $12270844.67  | 0.91%             |  |  |  | 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      | $60414703.00  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS CO., LTD.                                     | WONIK IPS CO LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      3974 | NS      | $133468.95    | 0.01%             |  |  |  | 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      | $19806097.05  | 1.47%             |  |  |  | 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      | $13035709.38  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                           | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |   1983400 | NS      | $44356988.56  | 3.28%             |  |  |  | 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      | $14781169.26  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                 | XP INC - CLASS A COMMON STOCK                   | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               |  | US        |    939063 | NS      | $17644993.77  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO S.A.                                               | PRIO SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               |  | BR        |   2537795 | NS      | $18162358.32  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Limited                      | GALAXY ENTERTAINMENT GROUP L COMMON STOCK       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               |  | HK        |   2675000 | NS      | $14708110.04  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD-N SHS                                       | NASPERS LTD-N SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |     45168 | NS      | $16412771.35  | 1.22%             |  |  |  | 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        |  12813500 | NS      | $32140584.34  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                           | SK HYNIX INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |     55708 | NS      | $13809901.08  | 1.02%             |  |  |  | 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      | $14049673.85  | 1.04%             |  |  |  | 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      | $13500979.67  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                          | CREDICORP LTD COMMON STOCK                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |     60993 | NS      | $16241216.04  | 1.20%             |  |  |  | No            |                  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      | $7569992.83   | 0.56%             |  |  |  | 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      | $24464515.95  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DB INSURANCE CO.,LTD                                    | DB INSURANCE CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               |  | KR        |     59855 | NS      | $5915346.10   | 0.44%             |  |  |  | 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      | $25099468.93  | 1.86%             |  |  |  | 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      | $9212013.94   | 0.68%             |  |  |  | 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      | $33143062.14  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LG CHEM LTD                                             | LG CHEM LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               |  | KR        |     53899 | NS      | $10699969.52  | 0.79%             |  |  |  | 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      | $32660838.01  | 2.42%             |  |  |  | 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        |   5790429 | NS      | $19276630.12  | 1.43%             |  |  |  | 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      | $21221151.75  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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