(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The Advisors' Inner Circle Fund III

ARGA Emerging Markets Value Fund

Institutional Class Shares - ARMIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Institutional Class Shares of the ARGA Emerging Markets Value Fund (the "Fund") for the period from January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.argainvest.com/arga-emerging-markets-value-fund/. You can also request this information by contacting us at 866-234-ARGA (866-234-2742).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ARGA Emerging Markets Value Fund, Institutional Class Shares	$43	0.84%

Key Fund Statistics as of June 30, 2024

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$726,143,421	56	$2,270,767	10%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	0.0%
Peru	1.4%
Hungary	1.4%
United States	3.0%
Thailand	3.1%
Macao	3.1%
Hong Kong	3.2%
India	4.4%
South Africa	7.2%
Taiwan	9.7%
Brazil	9.8%
South Korea	15.6%
China	31.9%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
SK Hynix			5.6%
Gree Electric Appliances of Zhuhai, Class A			4.1%
Samsung Electronics			4.1%
Alibaba Group Holding			3.9%
Yageo			3.2%
Tencent Holdings			3.2%
China Overseas Land & Investment			3.1%
MTN Group			3.0%
Banco Bradesco			2.7%
Naspers, Class N			2.4%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, and holdings, visit or call:

866-234-ARGA (866-234-2742)
https://www.argainvest.com/arga-emerging-markets-value-fund/

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds.

ARG-SA-TSR-2024-1

The Advisors' Inner Circle Fund III

ARGA International Value Fund

Institutional Class Shares - ARVIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Institutional Class Shares of the ARGA International Value Fund (the "Fund") for the period from January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.argainvest.com/arga-international-value-fund/. You can also request this information by contacting us at 866-234-ARGA (866-234-2742).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ARGA International Value Fund, Institutional Class Shares	$38	0.75%

Key Fund Statistics as of June 30, 2024

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$70,761,986	76	$80,835	15%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	17.4%
Italy	3.0%
Hong Kong	3.3%
Canada	3.3%
Spain	4.1%
United Kingdom	4.2%
Switzerland	4.6%
Brazil	6.1%
South Korea	6.5%
United States	7.5%
Japan	10.2%
France	10.4%
China	14.4%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Accor			4.9%
Tencent Holdings			4.0%
Nidec			3.5%
Las Vegas Sands			3.5%
SK Hynix			3.4%
Prudential			3.2%
Alibaba Group Holding			3.1%
Boliden			2.8%
UBS Group			2.7%
Banco Bilbao Vizcaya Argentaria			2.6%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, and holdings, visit or call:

866-234-ARGA (866-234-2742)
https://www.argainvest.com/arga-international-value-fund/

Householding

ARG-SA-TSR-2024-2

The Advisors' Inner Circle Fund III

ARGA Value Fund

Institutional Class Shares - ARUIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Institutional Class Shares of the ARGA Value Fund (the "Fund") for the period from January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.argainvest.com/arga-value-fund/. You can also request this information by contacting us at 866-234-ARGA (866-234-2742).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ARGA Value Fund, Institutional Class Shares	$33	0.65%

Key Fund Statistics as of June 30, 2024

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,138,331	48	$0	17%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Consumer Staples	4.2%
Industrials	4.2%
Communication Services	6.7%
Information Technology	9.6%
Energy	10.5%
Health Care	10.8%
Materials	10.8%
Consumer Discretionary	20.2%
Financials	22.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Tapestry			4.5%
Alcoa			4.1%
Citigroup			3.9%
Bank of America			3.6%
PVH			3.5%
Mohawk Industries			3.4%
Las Vegas Sands			3.3%
QUALCOMM			3.2%
Gilead Sciences			3.1%
Walt Disney			3.1%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, and holdings, visit or call:

866-234-ARGA (866-234-2742)
https://www.argainvest.com/arga-value-fund/

Householding

ARG-SA-TSR-2024-3

(a) The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The Funds file their complete schedules of investments with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the Funds’ website at https://www.argainvest.com/mutual-funds/.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 866-234-2742; and (ii) on the Funds’ website at https://www.argainvest.com/mutual-funds/.

The following is a summary of the inputs used as of June 30, 2024, in valuing the Fund’s investments carried at value:

^{^†} A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 58 funds. The financial statements herein are those of the ARGA Emerging Markets Value Fund (the “Emerging Markets Value Fund”), the ARGA International Value Fund (the “International Value Fund”) and the ARGA Value Fund (the “Value Fund”); collectively known as the ARGA Funds (the “Funds”). The investment objective of the Funds is to seek to provide long-term capital appreciation. Each of the Funds is classified as a non-diversified investment company. ARGA Investment Management, LP (the “Adviser”) serves as the investment adviser to each of the Funds. Each Fund offers two classes of shares to investors, Investor Shares and Institutional Shares. The financial statements of the remaining funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Please refer to a current prospectus for additional information on each share class. Investor Shares of the Funds are currently not available for purchase.

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are investment companies and therefore apply the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized

independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Federal Income Taxes — It is the Funds’ intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended June 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date. Certain dividends and expenses from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses

realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on basis of relative daily net assets.

Cash — Idle cash may be swept into various time deposit accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times may exceed United States federally insured limits. Amounts invested are available on the same business day.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — Each Fund distributes its net investment income and makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on a Fund’s record date, you will be entitled to receive the distribution.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Fund. During the six months ended June 30, 2024, the ARGA Value Fund amortized offering costs of $64,768. As of June 30, 2024, the ARGA Value Fund has deferred offering costs remaining to be amortized of $4,671.

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the six months ended June 30, 2024, ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $222,524, $49,750 and $37,312 for these services, respectively.

Brown Brothers Harriman & Co. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. For the six months ended June 30, 2024, the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $57,891, $3,565 and $527 for these services, respectively.

Atlantic Shareholder Services LLC serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. For the six months ended June 30, 2024, the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $20,332, $10,439 and $10,399 for these services, respectively.

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund at a fee, which is calculated daily and paid monthly, at an annual rate of 0.70%, 0.60% and 0.50%, respectively of each Fund’s average daily net assets.

For each Fund, the Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep the Funds’ total annual Fund operating expenses (excluding distribution and/or service (12b-1) fees, shareholder servicing fees, interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, “excluded expenses”)) for Investor Shares and Institutional Shares from exceeding certain levels as set forth below until April 30, 2025. Refer to Waiver - Reimbursement from Adviser on the Statement of Operations for fees waived for the six months ended June 30, 2024.

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund’s contractual expense limit to recoup all or a portion of its prior fee waivers or expense

reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2025.

As of June 30, 2024, fees that were previously waived by the Adviser, which may be subject to possible future reimbursement to the Adviser are as follows:

For the six months ended June 30, 2024, the Funds did not recoup any previously waived fees.

For the six months ended June 30, 2024, the purchases and sales of investment securities other than long-term U.S. Government and short-term investments, were as follows:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in-capital as appropriate, in the period that the difference arises.

The tax character of dividends and distributions paid during the year or period ended December 31, 2023, were as follows:

As of December 31, 2023, the components of distributable earnings on a tax basis were as follows:

Post October losses represent losses realized on investment transactions from November 1, 2023 through December 31, 2023, that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. Losses carried forward are as follows:

During the year ended December 31, 2023, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for investments held by Funds at June 30, 2024, were as follows:

At June 30, 2024, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, each owning 10% or greater of the aggregate shares outstanding were as follows:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency.

Equity Risk — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. Moreover, in the event of a company’s bankruptcy, claims

of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

Market Risk — The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

Active Management Risk — The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

Value Style Risk — The Adviser’s value investment style may increase the risks of investing in the Fund. If the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Frontier Markets Risk — Frontier markets are inherently riskier than developed and advanced emerging markets, given the earlier stage of their economic and capital market development. Given the more limited investment flows, frontier markets tend to be less liquid than their developed and emerging market peers. Frontier markets carry higher governance risk, political instability, capital control risk and foreign exchange risk.

Geographic Focus Risk — To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

Sector and Industry Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Currency Risk — As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, resulting in the dollar value of an investment in the Fund being adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. Liquidity risk may be heightened in the emerging market countries in which the Fund invests, as a result of their markets being less developed.

Depositary Receipts Risk — Depositary receipts, such as ADRs, GDRs and EDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

Preferred Stock Risk — Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such

securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Participation Notes Risk — The return on a P-Note is linked to the performance of the issuers of the underlying securities. The performance of P-Notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-Notes are subject to counterparty risk since the notes constitute general unsecured contractual obligations of the financial institutions issuing the notes, and the Fund is relying on the creditworthiness of such institutions and has no rights under the notes against the issuers of the underlying securities. In addition, P-Notes are subject to liquidity risk, which is described elsewhere in this section.

Master Limited Partnerships (MLPs) Risk — MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in a MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions, which will have the effect of reducing the amount of income paid by the MLP to its investors.

REITs Risk — REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

ETFs Risk — ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the

layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses.

Stock Connect Investing Risk — Trading through Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund’s investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

New Fund Risk — Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of June 30, 2024.

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory agreement (the “Agreement”) must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund III (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on March 26–27, 2024 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s services; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations and financial condition; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser’s potential economies of scale; (viii) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser’s services, fees and other aspects of

the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser’s investment and risk management approaches for the Funds. The most recent investment adviser registration form (“Form ADV”) for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the

performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser’s profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser’s views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees,

with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

This information must be preceded or accompanied by a current prospectus for the Funds described.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by the report.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

No remuneration was paid by the company during the period covered by the report to any Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.8%
	Shares		Value
BRAZIL — 9.8%
Atacadao *		2,723,300	$	4,413,713
Banco Bradesco		9,858,940		19,752,800
Banco do Brasil		2,179,200		10,381,227
Lojas Renner		2,975,400		6,669,248
Petroleo Brasileiro ADR		1,063,529		15,410,535
Sendas Distribuidora *		3,440,500		6,351,579
Suzano		816,800		8,337,348
				71,316,450

CHINA — 31.9%
Alibaba Group Holding		503,300		4,543,786
Alibaba Group Holding ADR		390,017		28,081,224
Bank of China, Cl A		7,903,630		5,025,395
China Merchants Port Holdings		3,450,298		5,134,103
China Overseas Land & Investment		13,145,469		22,792,740
China Resources Power Holdings		5,442,000		16,690,366
Gree Electric Appliances of Zhuhai, Cl A		5,573,800		30,085,732
Hengli Petrochemical, Cl A		7,042,899		13,521,575
Industrial & Commercial Bank of China, Cl A		15,371,900		12,058,798
Jiangsu Yanghe Distillery, Cl A		1,042,500		11,584,210
PICC Property & Casualty, Cl H		4,588,000		5,698,977
Ping An Insurance Group of China, Cl A		2,473,400		14,079,152
Shanghai Mechanical and Electrical Industry, Cl A		3,909,614		6,193,139
SITC International Holdings		1,344,642		3,650,433
Sunny Optical Technology Group		1,207,179		7,458,831
Suofeiya Home Collection, Cl A		3,711,390		7,830,335
Tencent Holdings		487,300		23,238,489
Trip.com Group ADR *		251,144		11,803,768
Weibo ADR		315,139		2,420,268
				231,891,321

HONG KONG — 3.2%
Melco Resorts & Entertainment ADR *		1,338,151		9,982,606
WH Group		20,640,306		13,585,670
				23,568,276

HUNGARY — 1.4%
OTP Bank Nyrt		211,373		10,502,507

INDIA — 4.4%
HDFC Bank		741,127		14,965,189
Hindalco Industries		785,977		6,537,123
Manappuram Finance		4,143,995		10,331,723
				31,834,035

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
MACAO — 3.1%
Galaxy Entertainment Group		2,154,000	$	10,040,350
Sands China *		6,100,400		12,717,874
				22,758,224

PERU — 1.4%
Credicorp		60,993		9,840,001

RUSSIA — 0.0%
Alrosa PJSC (A)		506,080		–

SOUTH AFRICA — 7.2%
Absa Group		1,384,240		12,055,394
MTN Group		4,733,609		22,099,498
Naspers, Cl N		90,652		17,773,996
				51,928,888

SOUTH KOREA — 15.6%
DB Insurance		122,162		10,161,677
Hana Financial Group		185,145		8,164,404
Hyundai Mobis		64,723		11,825,524
KB Financial Group		142,479		8,125,392
Samsung Electronics		501,013		29,664,046
SK Hynix		237,478		40,801,705
WONIK IPS *		179,917		4,548,574
				113,291,322

TAIWAN — 9.7%
Chailease Holding		1,960,000		9,273,924
Taiwan Semiconductor Manufacturing		551,000		16,406,948
Taiwan Semiconductor Manufacturing ADR		96,067		16,697,405
Yageo		1,033,813		23,262,904
Zhen Ding Technology Holding		1,119,000		4,466,825
				70,108,006

THAILAND — 3.1%
CP ALL		4,754,400		7,125,608
Kasikornbank		2,464,200		8,427,198
SCB X		2,378,400		6,675,528
				22,228,334

UNITED STATES — 3.0%
JBS		2,481,800		14,357,777

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
Las Vegas Sands		173,292	$	7,668,171
				22,025,948

TOTAL COMMON STOCK
(Cost $627,012,514)				681,293,312


TOTAL INVESTMENTS— 93.8%
(Cost $627,012,514)			$	681,293,312

	Percentages are based on Net Assets of $726,143,421.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 92.0%
	Shares		Value
AUSTRALIA — 1.2%
QBE Insurance Group		41,901	$	486,087
South32		147,820		360,914
				847,001

BRAZIL — 3.9%
Banco Bradesco ADR		499,319		1,118,475
Banco do Brasil		130,611		622,202
Lojas Renner		452,800		1,014,934
				2,755,611

CANADA — 3.3%
Great-West Lifeco		14,484		422,541
Nutrien		27,597		1,405,015
Suncor Energy		14,100		537,491
				2,365,047

CHINA — 14.4%
Alibaba Group Holding		1,800		16,250
Alibaba Group Holding ADR		30,212		2,175,264
China Overseas Land & Investment		412,804		715,755
Gree Electric Appliances of Zhuhai, Cl A		273,600		1,476,812
NXP Semiconductors		2,021		543,831
Ping An Insurance Group of China, Cl H		266,627		1,208,674
Tencent Holdings		58,620		2,795,486
Trip.com Group ADR *		26,186		1,230,742
				10,162,814

FINLAND — 1.4%
Nokia		255,353		973,144

FRANCE — 10.4%
Accor		84,225		3,454,691
Airbus		8,792		1,207,670
Bouygues		12,725		408,426
Kering		3,005		1,089,363
Societe Generale		28,602		671,439
Teleperformance		5,027		529,430
				7,361,019

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	14
Statements of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	21
Notes to Financial Statements	24
Approval of Investment Advisory Agreement (Form N-CSRS Item 11)	36

SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.0%
	Shares		Value
COMMUNICATION SERVICES — 6.7%
Comcast, Cl A		428	$	16,760
Liberty Global, Cl A *		1,376		23,984
Walt Disney		355		35,248

				75,992
CONSUMER DISCRETIONARY — 20.2%
Las Vegas Sands		840		37,170
Lear		185		21,129
Mohawk Industries *		345		39,189
Newell Brands		1,895		12,147
PVH		374		39,595
Signet Jewelers		332		29,741
Tapestry		1,204		51,519

				230,490
CONSUMER STAPLES — 4.2%
Target		159		23,539
Tyson Foods, Cl A		423		24,170

				47,709
ENERGY — 10.5%
EQT		328		12,129
Helmerich & Payne		886		32,020
Occidental Petroleum		379		23,888
PBF Energy, Cl A		236		10,861
Petroleo Brasileiro ADR		1,283		18,591
Phillips 66		158		22,305

				119,794
FINANCIALS — 22.0%
American International Group		342		25,390
Bank of America		1,028		40,884
Citigroup		697		44,232
Goldman Sachs Group		59		26,687
Invesco		1,105		16,531
MetLife		316		22,180
RenaissanceRe Holdings		36		8,046
SLM		703		14,615
Travelers		124		25,214

	ARGA Emerging Markets Value Fund		ARGA International Value Fund
Assets:
Investments, at Value (Cost $627,012,514 and $67,280,740)	$	681,293,312	$	67,256,865
Foreign Currency, at Value (Cost $533,878 and $17,797)		533,878		17,796
Cash		40,086,065		3,201,093
Dividend and Interest Receivable		4,264,121		262,672
Receivable for Capital Shares Sold		1,270,161		700
Receivable for Investment Securities Sold		249,115		–
Reclaim Receivable		155,026		60,561
Reimbursement/Receivable due from Investment Adviser		–		–
Other Prepaid Expenses		49,244		18,833
Total Assets		727,900,922		70,818,520
Liabilities:
Payable for Foreign Capital Gains Tax		829,882		–
Payable to Investment Adviser		412,989		27,430
Payable for Investment Securities Purchased		328,394		–
Payable for Capital Shares Redeemed		67,545		–
Payable to Administrator		39,880		8,197
Audit Fees Payable		14,054		14,054
Transfer Agent Fees Payable		6,212		3,123
Chief Compliance Officer Fees Payable		3,112		141
Unrealized Loss on Foreign Spot Currency Contracts		289		15
Payable to Trustees		–		276
Other Accrued Expenses and Other Payables		55,144		3,298
Total Liabilities		1,757,501		56,534
Commitments and Contingencies^{^†}
Net Assets	$	726,143,421	$	70,761,986
Net Assets Consist of:
Paid-in Capital	$	667,790,111	$	69,036,878
Total Distributable Earnings		58,353,310		1,725,108
Net Assets	$	726,143,421	$	70,761,986
Institutional Class Shares:
Net Assets	$	726,143,421	$	70,761,986
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		70,815,155		6,526,016
Net Asset Value, Offering and Redemption Price Per Share	$	10.25	$	10.84

	ARGA Value Fund
Assets:
Investments, at Value (Cost $1,028,543)	$	1,127,400
Cash		8,871
Deferred Offering Costs (Note 2)		4,671
Receivable for Legal Fees		3,503
Dividend and Interest Receivable		816
Receivable for Trustee Fee		505
Reclaim Receivable		17
Reimbursement/Receivable due from Investment Adviser		21,126
Other Prepaid Expenses		4,958
Total Assets		1,171,867
Liabilities:
Audit Fees Payable		12,800
Prepaid Reimbursement to Fund		10,640
Payable to Administrator		6,148
Transfer Agent Fees Payable		3,125
Chief Compliance Officer Fees Payable		6
Other Accrued Expenses and Other Payables		817
Total Liabilities		33,536
Commitments and Contingencies^{^†}
Net Assets	$	1,138,331
Net Assets Consist of:
Paid-in Capital	$	1,007,297
Total Distributable Earnings		131,034
Net Assets	$	1,138,331
Institutional Class Shares:
Net Assets	$	1,138,331
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		100,659
Net Asset Value, Offering and Redemption Price Per Share	$	11.31

	ARGA Emerging Markets Value Fund			ARGA International Value Fund
Investment Income:
Dividends	$	14,026,681		$	1,224,006
Interest		589,104			32,428
Less: Foreign Taxes Withheld		(1,006,530	)		(109,917	)
Total Investment Income		13,609,255			1,146,517
Expenses:
Investment Advisory Fees		2,270,767			135,962
Administration Fees		222,524			49,750
Trustees' Fees (Form N-CSRS Item 10)		19,419			1,070
Chief Compliance Officer Fees		7,100			467
Custodian Fees		57,891			3,565
Legal Fees		28,728			1,414
Printing Fees		22,917			1,611
Registration and Filing Fees		22,583			3,907
Transfer Agent Fees		20,332			10,439
Audit Fees		14,054			14,054
Pricing Fees		489			689
Other Expenses		26,476			2,153
Total Expenses		2,713,280			225,081
Less:
Waiver - Reimbursement from Adviser		–			(55,127	)
Net Expenses		2,713,280			169,954
Net Investment Income		10,895,975			976,563
Net Realized Gain (Loss) on:
Investments		4,912,274			786,253
Foreign Capital Gains Tax		(435,877	)		–
Foreign Currency Transactions		(118,293	)		(13,247	)
Net Realized Gain		4,358,104			773,006
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		23,960,975			(758,321	)
Foreign Capital Gains Tax		(591,903	)		–
Foreign Currency Translation		(44,879	)		(2,090	)
Net Change in Unrealized Appreciation (Depreciation)		23,324,193			(760,411	)
Net Realized and Unrealized Gain		27,682,297			12,595
Net Increase in Net Assets Resulting from Operations	$	38,578,272		$	989,158

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Operations:
Net Investment Income	$	10,895,975		$	15,989,805
Net Realized Gain (Loss)		4,358,104			15,930,289
Net Change in Unrealized Appreciation (Depreciation)		23,324,193			44,692,992
Net Increase in Net Assets Resulting From Operations		38,578,272			76,613,086
Total Distributions		–			(18,921,672	)
Capital Share Transactions:
Institutional Class Shares
Issued		196,046,454			179,033,794
Reinvestment of Distributions		–			18,574,301
Redeemed		(75,003,150	)		(116,588,880	)
Net Increase in Net Assets From Capital Share Transactions		121,043,304			81,019,215
Total Increase in Net Assets		159,621,576			138,710,629
Net Assets:
Beginning of Year/Six Month Period		566,521,845			427,811,216
End of Year/Six Month Period	$	726,143,421		$	566,521,845
Shares Transactions:
Institutional Class Shares
Issued		20,248,902			18,825,594
Reinvestment of Distributions		–			1,915,191
Redeemed		(7,719,018	)		(12,147,112	)
Net Increase in Shares Outstanding From Share Transactions		12,529,884			8,593,673

	Six Months Ended June 30, 2024 (Unaudited)			Period Ended December 31, 2023*
Operations:
Net Investment Income	$	11,043		$	7,262
Net Realized Gain (Loss)		17,701			3,312
Net Change in Unrealized Appreciation (Depreciation)		(958	)		99,815
Net Increase in Net Assets Resulting From Operations		27,786			110,389
Total Distributions		–			(7,141	)
Capital Share Transactions:
Institutional Class Shares
Issued		56			1,000,100
Reinvestment of Distributions		–			7,141
Net Increase in Net Assets From Capital Share Transactions		56			1,007,241
Total Increase in Net Assets		27,842			1,110,489
Net Assets:
Beginning of Period		1,110,489			–
End of Period	$	1,138,331		$	1,110,489
Shares Transactions:
Institutional Class Shares
Issued		5			100,010
Reinvestment of Distributions		–			644
Net Increase in Shares Outstanding From Share Transactions		5			100,654

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
Net Asset Value, Beginning of Year/Period	$	9.72		$	8.61		$	9.05		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.16			0.29			0.38			0.23
Net Realized and Unrealized Gain (Loss)		0.37			1.15			(0.49	)		(1.08	)
Total from Investment Operations		0.53			1.44			(0.11	)		(0.85	)
Dividends and Distributions:
Net Investment Income		—			(0.33	)		(0.33	)		(0.09	)
Capital Gains		—			—			—			(0.01	)
Total Dividends and Distributions		—			(0.33	)		(0.33	)		(0.10	)
Net Asset Value, End of Year/Period	$	10.25		$	9.72		$	8.61		$	9.05
Total Return^†		5.45	%		16.74	%		(1.19	)%		(8.45	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	726,143		$	566,522		$	427,811		$	179,438
Ratio of Net Expenses to Average Net Assets		0.84	%^†^†		0.87	%		0.90	%		0.90	%^†^†
Ratio of Gross Expenses to Average Net Assets		0.84	%^†^†		0.85	%		0.88	%		1.19	%^†^†
Ratio of Net Investment Income to Average Net Assets		3.36	%^†^†		3.09	%		4.45	%		4.24	%^†^†
Portfolio Turnover Rate^‡		10	%		26	%		35	%		17	%

*	Per share calculations were performed using average shares for the period.
^†	Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^†^†	Annualized
^‡	Portfolio turnover rate is for the period indicated and has not been annualized.
(1)	Commenced operations on June 3, 2021.
	Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

	Six Months Ended June 30, 2024 (Unaudited)			Period Ended December 31, 2023⁽¹⁾
Net Asset Value, Beginning of Period	$	11.03		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.11			0.07
Net Realized and Unrealized Gain		0.17			1.03
Total from Investment Operations		0.28			1.10
Dividends and Distributions:
Net Investment Income		—			(0.07	)
Capital Gains		—			—
Total Dividends and Distributions		—			(0.07	)
Net Asset Value, End of Period	$	11.31		$	11.03
Total Return^†		2.54	%		11.01	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	1,138		$	1,110
Ratio of Net Expenses to Average Net Assets		0.65	%^†^†		0.65	%^†^†
Ratio of Gross Expenses to Average Net Assets		23.36	%^†^†		25.73	%^†^†
Ratio of Net Investment Income to Average Net Assets		1.93	%^†^†		2.17	%^†^†
Portfolio Turnover Rate^‡		17	%		17	%

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
GERMANY — 1.0%
BASF		13,955	$	675,295
Fresenius & KGaA *		1,982		59,179
				734,474

HONG KONG — 3.3%
CK Asset Holdings		4,500		16,856
Melco Resorts & Entertainment ADR *		5,371		40,068
Prudential		247,997		2,252,124
Sun Hung Kai Properties		2,000		17,300
				2,326,348

INDIA — 0.7%
HDFC Bank ADR		8,118		522,231

IRELAND — 1.4%
Smurfit Kappa Group		22,738		1,013,013

ITALY — 3.0%
Eni		57,957		890,939
Leonardo		22,145		514,167
Saipem *		271,223		694,796
				2,099,902

JAPAN — 10.2%
ITOCHU		11,100		541,857
Japan Airlines		36,000		568,003
Kobe Steel		107,300		1,331,496
Marubeni		28,100		519,681
Nidec		56,200		2,509,771
Olympus		31,600		509,383
SoftBank Group		8,300		536,000
Sumitomo Realty & Development		8,500		249,416
Toray Industries		97,400		460,999
				7,226,606

LUXEMBOURG — 0.8%

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
Sands China *		603,600	$	1,258,362
				1,640,585

NETHERLANDS — 2.8%
ABN AMRO Bank GDR		39,111		642,949
Aegon		156,627		967,523
Shell		10,359		371,106
				1,981,578

NORWAY — 2.2%
Aker BP		1,405		35,819
Equinor		52,388		1,491,368
				1,527,187

SOUTH KOREA — 6.5%
Hyundai Mobis		2,322		424,252
Samsung Electronics		22,714		1,344,854
Shinhan Financial Group		12,457		435,746
SK Hynix		14,061		2,415,856
				4,620,708

SPAIN — 4.1%
Banco Bilbao Vizcaya Argentaria		180,453		1,807,332
Banco Santander		229,088		1,062,453
				2,869,785

SWEDEN — 2.8%
Boliden		61,550		1,969,205

SWITZERLAND — 4.6%
Novartis		12,725		1,362,083
Sandoz Group		125		4,527
UBS Group		64,472		1,898,029
				3,264,639

UNITED KINGDOM — 4.2%
Berkeley Group Holdings		363		21,053

SCHEDULE OF INVESTMENTS
COMMON STOCK (continued)
	Shares		Value
Kingfisher		23,023	$	72,409
Lloyds Banking Group		166,825		115,437
Taylor Wimpey		392,832		705,884
Whitbread		16,504		620,663
				3,010,402

UNITED STATES — 7.5%
GSK		54,672		1,057,046
JBS		99,700		576,787
Las Vegas Sands		56,136		2,484,018
Tenaris		77,234		1,186,943
				5,304,794

TOTAL COMMON STOCK
(Cost $65,107,093)				65,145,914


PREFERRED STOCK — 3.0%

BRAZIL — 2.2%
Gerdau (A)		256,068		844,688
Petroleo Brasileiro (A)		108,400		737,844
				1,582,532

GERMANY — 0.8%
Henkel & KGaA (A)		5,929		528,419

TOTAL PREFERRED STOCK
(Cost $2,173,647)				2,110,951

TOTAL INVESTMENTS— 95.0%
(Cost $67,280,740)			$	67,256,865

	Contractual Expense Limitations Institutional Shares
ARGA Emerging Markets Value Fund	0.90%
ARGA International Value Fund	0.75%
ARGA Value Fund	0.65%

Period	Subject to Repayment until June 30:		ARGA Emerging Markets Value Fund		ARGA International Value Fund
2022		2025	$	—	$	158,043
2023		2026		—		158,361
2024		2027		—		147,812
			$	—	$	464,216

		Purchases		Sales
ARGA Emerging Markets Value Fund	$	149,071,108	$	60,800,814
ARGA International Value Fund		63,548,626		6,240,272
ARGA Value Fund		200,678		198,798

	Ordinary Income		Total
ARGA Emerging Markets Value Fund
2023	$	18,921,672	$	18,921,672
2022		16,259,011		16,259,011
ARGA International Value Fund
2023		111,339		111,339
2022		110,290		110,290
ARGA Value Fund
2023		7,141		7,141

		Short-Term Loss				Long-Term Loss				Total
ARGA Emerging Markets Value Fund		$	5,725,877			$	—			$	5,725,877

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/Depreciation
ARGA Emerging Markets Value Fund	$	627,012,514	$	113,419,219	$	(59,138,421	)	$	54,280,798
ARGA International Value Fund		67,280,740		3,261,936		(3,285,811	)		(23,875	)
ARGA Value Fund		1,028,543		149,396		(50,539	)		98,857

	No. of Shareholders		% Ownership
ARGA Emerging Markets Value Fund, Institutional Shares		2		78%
ARGA International Value Fund, Institutional Shares		3		92%
ARGA Value Fund, Institutional Shares		1		100%

(Registrant)	The Advisors’ Inner Circle Fund III

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer

Date: September 6, 2024

The Advisors' Inner Circle Fund III

ARGA Emerging Markets Value Fund

Institutional Class Shares - ARMIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for the last six months?

Key Fund Statistics as of June 30, 2024

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund III

ARGA International Value Fund

Institutional Class Shares - ARVIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for the last six months?

Key Fund Statistics as of June 30, 2024

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund III

ARGA Value Fund

Institutional Class Shares - ARUIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for the last six months?

Key Fund Statistics as of June 30, 2024

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}