# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004279
**Filing Date:** 2026-5
**Character Count:** 45844
**Document Hash:** c3f6763315cfcec66507be8e5504197c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004279.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004279

**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:** 261029677

**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 INTERNATIONAL VALUE FUND (Series ID: S000071563)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226877 | Institutional Shares | ARVIX           |

## 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 International Value Fund

- **b. EDGAR series identifier (if any):** S000071563

- **c. LEI of Series:** 54930038PKDSI2AYT567

**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:** $134836103.01

**Total Liabilities:** $148264.85

**Net Assets:** $134687838.16

**Cash Not Reported:** $1094980.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226877 | -7.88%               | 7.61%                | 6.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-698780.79              | $-10987421.39                              |
| Month 2  | $4019900.41              | $6049119.52                                |
| Month 3  | $4626263.16              | $3300666.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Continental Aktiengesellschaft                     | CONTINENTAL AG COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               |  | DE        |     13269 | NS      | $926275.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                              | BANCO SANTANDER SA COMMON STOCK                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               |  | ES        |    102650 | NS      | $1150785.81   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED      | SHENZHOU INTERNATIONAL GROUP COMMON STOCK      | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               |  | HK        |    152600 | NS      | $932414.59    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCA MONTE DEI PASCHI DI SIENA S.P.A.             | BANCA MONTE DEI PASCHI SIENA COMMON STOCK      | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               |  | IT        |    136427 | NS      | $1190403.64   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co., Ltd.                     | MURATA MANUFACTURING CO LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               |  | JP        |    177000 | NS      | $3971389.35   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PERNOD RICARD SA                                   | PERNOD RICARD SA COMMON STOCK                  | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               |  | FR        |     30186 | NS      | $2244698.38   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                            | BASF SE COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               |  | DE        |     25594 | NS      | $1576352.58   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KERING SA                                          | KERING COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               |  | FR        |     16385 | NS      | $4975551.41   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner S.A.                                  | LOJAS RENNER S.A. COMMON STOCK                 | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               |  | BR        |    677450 | NS      | $1944782.47   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL PUBLIC LIMITED COMPANY                  | PRUDENTIAL PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               |  | GB        |    185810 | NS      | $2583321.70   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                                       | GLENCORE PLC COMMON STOCK                      | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |    454830 | NS      | $3444803.26   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU S.A.                                        | Gerdau SA PREFERRED STOCK                      | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               |  | BR        |    435998 | NS      | $1595899.90   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MELCO RESORTS & ENTERTAINMENT LIMITED              | MELCO RESORTS & ENTERT-ADR DEPOSITARY RECEIPT  | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               |  | US        |     40767 | NS      | $231556.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIPEM S.P.A.                                      | SAIPEM SPA COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300PHV8MBDHWB8X12       | Long             | EC               |  | IT        |    691496 | NS      | $3163852.36   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC HOLDINGS PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |    115657 | NS      | $1899375.98   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft        | BAYERISCHE MOTOREN WERKE AG COMMON STOCK       | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |      6384 | NS      | $590565.91    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                              | LAS VEGAS SANDS CORP COMMON STOCK              | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               |  | US        |     52319 | NS      | $2818947.72   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                         | AMBEV SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               |  | BR        |    359258 | NS      | $1057691.73   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                                        | EQUINOR ASA COMMON STOCK                       | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               |  | NO        |     99479 | NS      | $4238241.85   | 3.15%             |  |  |  | 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        |   9323600 | NS      | $1863051.31   | 1.38%             |  |  |  | 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        |   1108804 | NS      | $1653554.66   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                     | LI NING CO LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               |  | HK        |   1038500 | NS      | $2869194.77   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                          | NOKIA CORP-SPON ADR DEPOSITARY RECEIPT         | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               |  | US        |    215423 | NS      | $1732000.92   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Gruppe AG                              | JULIUS BAER GROUP LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               |  | CH        |     32942 | NS      | $2423015.81   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sika AG                                            | SIKA AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300R3N69ECGYPU434       | Long             | EC               |  | CH        |     13943 | NS      | $2307821.21   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                      | FX Forward Contract: USD/CHF SETTLE 2026-04-01 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-15.73       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Prosus N.V.                                        | PROSUS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               |  | NL        |     50956 | NS      | $2359048.41   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                            | GSK PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               |  | GB        |     53095 | NS      | $1462517.97   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DAITO TRUST CONSTRUCTION CO.,LTD.                  | DAITO TRUST CONSTRUCT CO LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               |  | JP        |     55000 | NS      | $1288880.15   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                      | SAMSUNG ELECTRONICS CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     65997 | NS      | $7719100.95   | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA | MICHELIN (CGDE) COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               |  | FR        |     31479 | NS      | $1078441.12   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN HUNG KAI PROPERTIES LIMITED                    | SUN HUNG KAI PROPERTIES COMMON STOCK           | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               |  | HK        |    107000 | NS      | $1781639.56   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                        | NESTLE SA-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |     27173 | NS      | $2665428.19   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                           | INFINEON TECHNOLOGIES AG COMMON STOCK          | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               |  | DE        |     63671 | NS      | $2888521.14   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                            | XP INC - CLASS A COMMON STOCK                  | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               |  | US        |     71761 | NS      | $1366329.44   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NIDEC CORPORATION                                  | NIDEC CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               |  | JP        |    459900 | NS      | $5839909.96   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                      | FX Forward Contract: USD/CHF SETTLE 2026-04-01 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-24.19       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                               | SOFTBANK GROUP CORP COMMON STOCK               | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               |  | JP        |     99000 | NS      | $2410625.33   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAGEO PLC                                         | DIAGEO PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               |  | GB        |     57732 | NS      | $1073647.62   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.              | BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK      | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               |  | ES        |     52647 | NS      | $1137157.98   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                   | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |     48722 | NS      | $1782957.05   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Adecco Group AG                                    | ADECCO GROUP AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               |  | CH        |     13825 | NS      | $332521.57    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITBREAD PLC                                      | WHITBREAD PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 21380099VMZKRMN3EX36       | Long             | EC               |  | GB        |     30650 | NS      | $942336.95    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobe Steel, Ltd.                                   | KOBE STEEL LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300ZDCYYUPHEE5K87       | Long             | EC               |  | JP        |      4293 | NS      | $52100.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Central Asia Tbk                           | BANK CENTRAL ASIA TBK PT COMMON STOCK          | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               |  | ID        |   2967900 | NS      | $1146443.41   | 0.85%             |  |  |  | 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        |    185500 | NS      | $825821.21    | 0.61%             |  |  |  | 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        |      5900 | NS      | $1242448.36   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LG CHEM LTD                                        | LG CHEM LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               |  | KR        |     12539 | NS      | $2562963.08   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDS CHINA LTD.                                   | SANDS CHINA LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |   1282000 | NS      | $2732375.23   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc.                           | MAGNA INTERNATIONAL INC COMMON STOCK           | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               |  | CA        |     50457 | NS      | $2817916.99   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft        | Dr Ing hc F Porsche AG PREFERRED STOCK         | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EP               |  | DE        |     22520 | NS      | $1025888.43   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                           | BAYER AG-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |     25075 | NS      | $1160432.23   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                             | MERCEDES-BENZ GROUP AG COMMON STOCK            | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |     16942 | NS      | $1041309.38   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                    | SHINHAN FINANCIAL GROUP LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               |  | KR        |     22183 | NS      | $1322136.94   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                            | STMICROELECTRONICS NV COMMON STOCK             | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               |  | FR        |    207980 | NS      | $7077304.63   | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                          | NOKIA OYJ COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               |  | FI        |    618353 | NS      | $4960465.28   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Limited                 | GALAXY ENTERTAINMENT GROUP L COMMON STOCK      | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               |  | HK        |    232000 | NS      | $1048614.35   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                          | CK ASSET HOLDINGS LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               |  | HK        |    228500 | NS      | $1307429.46   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                | BANCO BRADESCO-ADR DEPOSITARY RECEIPT          | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | US        |    403900 | NS      | $1474235.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank N.V.                                 | ABN AMRO BANK NV-CVA DEPOSITARY RECEIPT        | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               |  | NL        |     71614 | NS      | $2270232.67   | 1.69%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TOTALENERGIES SE                                   | TOTALENERGIES SE COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |     18650 | NS      | $1711595.86   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad N.V.                                      | RANDSTAD NV COMMON STOCK                       | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               |  | NL        |      9890 | NS      | $258128.65    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INSURANCE GROUP LIMITED                        | QBE INSURANCE GROUP LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               |  | AU        |    185124 | NS      | $2731831.23   | 2.03%             |  |  |  | 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        |    239627 | NS      | $1842543.38   | 1.37%             |  |  |  | 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        |    232800 | NS      | $2545474.13   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                      | FX Forward Contract: USD/CHF SETTLE 2026-04-01 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.70        | -0.00%            |  |  |  | No            |                  2 | 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