Advisors' Inner Circle Fund III NPORT-P ARGA Emerging Markets Value Fund (Sep 2024 report)

The Advisors’ Inner Circle Fund III	ARGA EMERGING MARKETS
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† — 96.8%
	Shares		Value
BRAZIL — 9.8%
Atacadao *		4,512,800	$	7,670,857
Banco Bradesco		9,858,940		23,761,933
Banco do Brasil		2,179,200		10,912,601
Lojas Renner		2,975,400		9,831,158
Petroleo Brasileiro ADR		998,128		14,383,024
Sendas Distribuidora SA *		5,409,600		7,457,477
Vale		695,600		8,129,826
				82,146,876
CHINA — 37.9%
Alibaba Group Holding		398,100		5,633,116
Alibaba Group Holding ADR		146,642		15,561,649
Beijing New Building Materials, Cl A		4,138,129		19,451,760
Beijing Oriental Yuhong Waterproof Technology, Cl A		5,742,512		11,286,789
Budweiser Brewing APAC		6,172,600		8,305,459
China Hongqiao Group		5,577,500		9,298,404
China Jushi, Cl A		8,208,234		13,758,189
China Merchants Port Holdings		89,477		142,494
China Overseas Land & Investment		13,145,469		26,920,492
China Resources Power Holdings		3,012,865		8,177,602
Gree Electric Appliances of Zhuhai, Cl A		5,573,800		38,084,972
Hengli Petrochemical, Cl A		7,042,899		15,719,816
Industrial & Commercial Bank of China, Cl H		22,633,000		13,509,023
Jiangsu Yanghe Distillery, Cl A		1,042,500		14,738,327
Li Ning		3,974,000		10,070,660
PICC Property & Casualty, Cl H		4,588,000		6,798,917
Ping An Insurance Group of China, Cl H		3,355,500		21,646,716
SITC International Holdings		2,999,642		8,103,126
Sunny Optical Technology Group		1,976,479		14,619,210
Tencent Holdings		606,500		34,686,790
Trip.com Group ADR *		360,846		21,445,078
				317,958,589
HONG KONG — 4.2%
Melco Resorts & Entertainment ADR *		1,338,151		10,424,196
Sino Biopharmaceutical		18,025,151		8,648,715
WH Group		20,640,306		16,355,382
				35,428,293
HUNGARY — 1.3%
OTP Bank Nyrt		211,373		11,050,864
INDIA — 4.6%
HDFC Bank		1,143,366		23,631,713
Hindalco Industries		785,977		7,092,446

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The Advisors’ Inner Circle Fund III	ARGA EMERGING MARKETS
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
	Shares		Value
Manappuram Finance		3,115,483	$	7,485,598
				38,209,757
MACAO — 3.6%
Galaxy Entertainment Group		2,817,000		14,150,498
Sands China *		6,100,400		15,631,890
				29,782,388
PERU — 1.3%
Credicorp		60,993		11,037,903
RUSSIA — 0.0%
Alrosa PJSC (A)		506,080		–
SOUTH AFRICA — 7.3%
Absa Group		1,384,240		14,055,915
MTN Group		4,733,609		25,159,156
Naspers, Cl N		90,652		22,009,901
				61,224,972
SOUTH KOREA — 11.2%
DB Insurance		90,745		7,792,815
Hana Financial Group		185,145		8,324,941
Hyundai Mobis		64,723		10,764,894
KB Financial Group		142,479		8,814,370
Samsung Electronics		501,013		23,562,208
SK Hynix		225,781		30,145,571
WONIK IPS *		179,917		4,271,945
				93,676,744
TAIWAN — 8.6%
Chailease Holding		2,025,068		10,462,409
Taiwan Semiconductor Manufacturing		551,000		16,662,411
Taiwan Semiconductor Manufacturing ADR		96,067		16,683,956
Yageo		1,235,238		24,317,159
Zhen Ding Technology Holding		1,119,000		4,013,287
				72,139,222
THAILAND — 4.8%
CP ALL		4,754,400		9,677,980
Kasikornbank		3,538,600		16,495,688
SCB X		4,149,900		14,057,621
				40,231,289
UNITED STATES — 2.2%
JBS		843,300		4,893,205

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The Advisors’ Inner Circle Fund III	ARGA EMERGING MARKETS
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
	Shares		Value
Las Vegas Sands		270,229	$	13,603,328
				18,496,533
TOTAL COMMON STOCK
(Cost $663,312,621)				811,383,430
TOTAL INVESTMENTS— 96.8%
(Cost $663,312,621)			$	811,383,430

	Percentages are based on Net Assets of $838,308,159.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

ARG-QH-001-0700

3

The Advisors’ Inner Circle Fund III	ARGA INTERNATIONAL
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† — 94.9%
	Shares		Value
AUSTRALIA — 1.0%
QBE Insurance Group		41,901	$	479,134
South32		147,820		385,275
				864,409
BRAZIL — 4.5%
Ambev		336,700		811,512
Banco Bradesco ADR		499,319		1,328,188
Banco do Brasil		77,211		386,643
Lojas Renner		452,800		1,496,118
				4,022,461
CANADA — 2.9%
Great-West Lifeco		14,035		478,609
Magna International		19,270		790,491
Nutrien		27,597		1,326,133
				2,595,233
CHINA — 16.4%
Alibaba Group Holding		500		7,075
Alibaba Group Holding ADR		19,261		2,043,977
China Overseas Land & Investment		826,304		1,692,181
Gree Electric Appliances of Zhuhai, Cl A		273,600		1,869,470
Li Ning		623,500		1,580,034
Ping An Insurance Group of China, Cl H		266,627		1,720,041
Tencent Holdings		73,220		4,187,579
Trip.com Group ADR *		26,186		1,556,234
				14,656,591
FINLAND — 2.0%
Neste		35,720		693,048
Nokia		255,353		1,115,384
				1,808,432
FRANCE — 9.6%
Accor		84,225		3,656,454
Airbus		8,792		1,284,228
Kering		8,532		2,439,410
Societe Generale		28,602		711,587
Teleperformance		5,027		520,411
				8,612,090
GERMANY — 2.8%
BASF		13,955		738,721
Bayer		49,492		1,670,668
Fresenius & KGaA *		1,982		75,521
				2,484,910

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The Advisors’ Inner Circle Fund III	ARGA INTERNATIONAL
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
	Shares		Value
HONG KONG — 2.7%
CK Asset Holdings		4,500	$	19,797
Melco Resorts & Entertainment ADR *		5,371		41,840
Prudential		247,997		2,303,016
Sun Hung Kai Properties		2,000		22,010
				2,386,663
INDIA — 0.6%
HDFC Bank ADR		8,118		507,862
ITALY — 2.2%
Eni		57,957		882,693
Leonardo		22,145		493,508
Saipem *		271,223		597,334
				1,973,535
JAPAN — 9.8%
Japan Airlines		36,000		630,579
Kobe Steel		107,300		1,277,745
Marubeni		28,100		457,499
Nidec		157,600		3,296,195
Olympus		31,600		597,701
Shimizu		117,100		801,307
Takeda Pharmaceutical		40,100		1,144,758
Toray Industries		97,400		571,422
				8,777,206
LUXEMBOURG — 0.7%
ArcelorMittal		24,898		652,417
MACAO — 3.5%
Galaxy Entertainment Group		82,000		411,907
Sands China *		1,046,800		2,682,359
				3,094,266
MEXICO — 0.9%
Cemex		1,337,400		818,470
NETHERLANDS — 3.7%
ABN AMRO Bank GDR		39,111		705,509
Aegon		156,627		1,005,649
Koninklijke Ahold Delhaize		46,385		1,602,189
				3,313,347
NORWAY — 1.5%
Aker BP		1,405		30,116
Equinor		52,388		1,323,978
				1,354,094
SOUTH KOREA — 6.3%
Hyundai Mobis		8,343		1,387,629

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The Advisors’ Inner Circle Fund III	ARGA INTERNATIONAL
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† (continued)
	Shares		Value
Samsung Electronics		32,609	$	1,533,573
Shinhan Financial Group		18,843		799,714
SK Hynix		14,061		1,877,381
				5,598,297
SPAIN — 6.3%
Banco Bilbao Vizcaya Argentaria		180,453		1,950,061
Banco Santander		411,873		2,109,225
Enagas		99,802		1,530,886
				5,590,172
SWEDEN — 2.3%
Boliden		61,550		2,087,858
SWITZERLAND — 2.9%
UBS Group		83,515		2,571,514
UNITED KINGDOM — 3.0%
BP		74,683		391,103
easyJet		2,079		14,454
HSBC Holdings		117,327		1,049,711
Kingfisher		23,820		102,545
Taylor Wimpey		185,021		406,419
Whitbread		16,841		705,639
				2,669,871
UNITED STATES — 9.3%
Genpact		42,903		1,682,227
GSK		54,672		1,108,468
Las Vegas Sands		56,136		2,825,886
Shell		10,359		335,850
Smurfit WestRock		22,738		1,136,337
Tenaris		77,234		1,215,231
				8,303,999
TOTAL COMMON STOCK
(Cost $79,698,474)				84,743,697
PREFERRED STOCK†† — 2.7%
BRAZIL — 1.8%
Gerdau (A)		256,068		899,672
Petroleo Brasileiro (A)		108,400		717,931
				1,617,603

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The Advisors’ Inner Circle Fund III	ARGA INTERNATIONAL
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
PREFERRED STOCK†† (continued)
	Shares		Value
GERMANY — 0.9%
Henkel & KGaA (A)		8,901	$	836,249
TOTAL PREFERRED STOCK
(Cost $2,443,664)				2,453,852
TOTAL INVESTMENTS— 97.6%
(Cost $82,142,138)			$	87,197,549

	Percentages are based on Net Assets of $89,311,875.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

ARG-QH-001-0700

7

The Advisors’ Inner Circle Fund III	ARGA
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.4%
	Shares		Value
COMMUNICATION SERVICES — 6.4%
Comcast, Cl A		573	$	23,934
Liberty Global, Cl A *		909		19,189
Walt Disney		355		34,148
				77,271
CONSUMER DISCRETIONARY — 13.2%
Las Vegas Sands		840		42,285
Lear		185		20,193
Mohawk Industries *		154		24,745
Newell Brands		1,895		14,553
Tapestry		1,204		56,564
				158,340
CONSUMER STAPLES — 3.6%
Target		240		37,406
Tyson Foods, Cl A		91		5,420
				42,826
ENERGY — 9.7%
EQT		328		12,018
Helmerich & Payne		886		26,952
Occidental Petroleum		379		19,534
Patterson-UTI Energy		2,509		19,194
PBF Energy, Cl A		236		7,304
Petroleo Brasileiro ADR		753		10,851
Phillips 66		158		20,769
				116,622
FINANCIALS — 14.1%
American International Group		154		11,277
Bank of America		580		23,014
Citigroup		374		23,412
First American Financial		365		24,094
Invesco		1,345		23,618
MetLife		316		26,064
RenaissanceRe Holdings		36		9,806
SLM		703		16,078
Wells Fargo		208		11,750
				169,113
HEALTH CARE — 14.0%
AbbVie		135		26,660
Baxter International		560		21,263
Cardinal Health		105		11,605
CVS Health		280		17,606
Gilead Sciences		521		43,681

8

The Advisors’ Inner Circle Fund III	ARGA
	VALUE FUND
	SEPTEMBER 30, 2024
	(UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
Labcorp Holdings		101	$	22,571
Medtronic		271		24,398
				167,784
INDUSTRIALS — 9.0%
AGCO		257		25,150
Genpact		593		23,252
Stanley Black & Decker		351		38,656
WESCO International		123		20,661
				107,719
INFORMATION TECHNOLOGY — 13.4%
Amdocs		271		23,707
Arrow Electronics *		236		31,348
Cisco Systems		233		12,401
Flex *		716		23,936
Jabil		212		25,404
Skyworks Solutions		208		20,544
TE Connectivity		159		24,007
				161,347
MATERIALS — 12.1%
Alcoa		1,161		44,791
Berry Global Group		349		23,725
Celanese, Cl A		79		10,741
Dow		547		29,883
FMC		182		12,001
LyondellBasell Industries, Cl A		252		24,167
				145,308
UTILITIES — 2.9%
UGI		1,408		35,228
TOTAL COMMON STOCK
(Cost $1,086,935)				1,181,558
TOTAL INVESTMENTS— 98.4%
(Cost $1,086,935)			$	1,181,558

	Percentages are based on Net Assets of $1,201,008.
*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

ARG-QH-001-0700

9