# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002651
**Filing Date:** 2025-11
**Character Count:** 39371
**Document Hash:** e783d1a14350e5d17377495c8a6ea70c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002651.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002651

**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:** 251532663

**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**<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 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:** 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:** $5336631.38

**Total Liabilities:** $17129.96

**Net Assets:** $5319501.42

**Cash Not Reported:** $82003.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243045 | -3.16%               | 6.93%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-183736.35                                |
| Month 2  | $20317.18                | $319240.41                                 |
| Month 3  | $113441.88               | $-31325.20                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SYNCHRONY FINANCIAL               | SYNCHRONY FINANCIAL COMMON STOCK        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               |  | US        |      2263 | NS      | $160786.15    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.             | GILEAD SCIENCES INC COMMON STOCK        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |       891 | NS      | $98901.00     | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION       | BANK OF AMERICA CORP COMMON STOCK       | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | EC               |  | US        |      4344 | NS      | $224106.96    | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.    | LYONDELLBASELL INDU-CL A COMMON STOCK   | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               |  | US        |       720 | NS      | $35308.80     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION      | ON SEMICONDUCTOR COMMON STOCK           | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               |  | US        |      1042 | NS      | $51381.02     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.             | ELEVANCE HEALTH INC COMMON STOCK        | CUSIP: N/A<br>LEI: 8MYN82XMYQH89CTMTH67       | Long             | EC               |  | US        |       337 | NS      | $108891.44    | 2.05%             |  |  |  | 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        |       991 | NS      | $101716.24    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS, INC.                | EPAM SYSTEMS INC COMMON STOCK           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               |  | US        |       804 | NS      | $121235.16    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                 | MERCK & CO. INC. COMMON STOCK           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |      1301 | NS      | $109192.93    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC.            | JACKSON FINANCIAL INC-A COMMON STOCK    | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               |  | US        |       590 | NS      | $59725.70     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BAXTER INTERNATIONAL INC.         | BAXTER INTERNATIONAL INC COMMON STOCK   | CUSIP: N/A<br>LEI: J5OIVXX3P24RJRW5CK77       | Long             | EC               |  | US        |      4559 | NS      | $103808.43    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                   | UGI CORP COMMON STOCK                   | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               |  | US        |      2805 | NS      | $93294.30     | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC.              | GLOBAL PAYMENTS INC COMMON STOCK        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               |  | US        |       634 | NS      | $52672.72     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.        | BUILDERS FIRSTSOURCE INC COMMON STOCK   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               |  | US        |       733 | NS      | $88876.25     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                       | HUMANA INC COMMON STOCK                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |       460 | NS      | $119678.20    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO LTD                       | INVESCO LTD COMMON STOCK                | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               |  | US        |      5139 | NS      | $117888.66    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                  | LEAR CORP COMMON STOCK                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               |  | US        |      1505 | NS      | $151418.05    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION        | CARRIER GLOBAL CORP COMMON STOCK        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               |  | US        |       687 | NS      | $41013.90     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION               | COMCAST CORP-CLASS A COMMON STOCK       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |      2307 | NS      | $72485.94     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY, INC.        | PATTERSON-UTI ENERGY INC COMMON STOCK   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               |  | US        |     25475 | NS      | $131960.50    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION  | OCCIDENTAL PETROLEUM CORP COMMON STOCK  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |      2992 | NS      | $141372.00    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.       | RENAISSANCERE HOLDINGS LTD COMMON STOCK | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               |  | US        |       441 | NS      | $111983.13    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.           | MICRON TECHNOLOGY INC COMMON STOCK      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               |  | US        |       455 | NS      | $76130.60     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                    | LCI INDUSTRIES COMMON STOCK             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               |  | US        |      1543 | NS      | $143730.45    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                | MANPOWERGROUP INC COMMON STOCK          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               |  | US        |      2405 | NS      | $91149.50     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.            | ALASKA AIR GROUP INC COMMON STOCK       | CUSIP: N/A<br>LEI: 529900G48RT4KWLC6C27       | Long             | EC               |  | US        |      1905 | NS      | $94830.90     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.          | SKYWORKS SOLUTIONS INC COMMON STOCK     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               |  | US        |      1430 | NS      | $110081.40    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHAWK INDUSTRIES, INC.           | MOHAWK INDUSTRIES INC COMMON STOCK      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               |  | US        |      1631 | NS      | $210268.52    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                        | UNUM GROUP COMMON STOCK                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               |  | US        |       649 | NS      | $50479.22     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.           | BATH & BODY WORKS INC COMMON STOCK      | CUSIP: N/A<br>LEI: GR3KVMWVCR54YWQNXU90       | Long             | EC               |  | US        |      1587 | NS      | $40881.12     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION | CAPITAL ONE FINANCIAL CORP COMMON STOCK | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               |  | US        |       238 | NS      | $50594.04     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                 | ALCOA CORP COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300T12EZ1F6PWWU29       | Long             | EC               |  | US        |      4007 | NS      | $131790.23    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS, INC.      | ZIMMER BIOMET HOLDINGS INC COMMON STOCK | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               |  | US        |      1110 | NS      | $109335.00    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION               | CENTENE CORP COMMON STOCK               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      1800 | NS      | $64224.00     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC.                          | DOW INC COMMON STOCK                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               |  | US        |      1413 | NS      | $32400.09     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                | TARGET CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 8WDDFXB5T1Z6J0XC1L66       | Long             | EC               |  | US        |      1928 | NS      | $172941.60    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY  | ACCENTURE PLC-CL A COMMON STOCK         | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               |  | US        |       205 | NS      | $50553.00     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED             | QUALCOMM INC COMMON STOCK               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |       987 | NS      | $164197.32    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                    | CITIGROUP INC COMMON STOCK              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |      1111 | NS      | $112766.50    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                         | FLEX LTD COMMON STOCK                   | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |       886 | NS      | $51361.42     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. CORPORATION                  | VF CORP COMMON STOCK                    | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               |  | US        |      4054 | NS      | $58499.22     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.           | NXP SEMICONDUCTORS NV COMMON STOCK      | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |       696 | NS      | $158500.08    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                 | FIRST SOLAR INC COMMON STOCK            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               |  | US        |       290 | NS      | $63953.70     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR GENERAL CORPORATION        | DOLLAR GENERAL CORP COMMON STOCK        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               |  | US        |       476 | NS      | $49194.60     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                 | EVERSOURCE ENERGY COMMON STOCK          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               |  | US        |       788 | NS      | $56058.32     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                    | AMDOCS LTD COMMON STOCK                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               |  | US        |       586 | NS      | $48081.30     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.         | WESCO INTERNATIONAL INC COMMON STOCK    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               |  | US        |       486 | NS      | $102789.00    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.              | VOYA FINANCIAL INC COMMON STOCK         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               |  | US        |      1358 | NS      | $101578.40    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS, INC.           | ARROW ELECTRONICS INC COMMON STOCK      | CUSIP: N/A<br>LEI: 549300YNNLBXT8N8R512       | Long             | EC               |  | US        |      1186 | NS      | $143506.00    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                | FORD MOTOR CO COMMON STOCK              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               |  | US        |      4551 | NS      | $54429.96     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.             | LAS VEGAS SANDS CORP COMMON STOCK       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               |  | US        |      5353 | NS      | $287937.87    | 5.41%             |  |  |  | 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