(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

Annual Shareholder Report: December 31, 2025

This 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, 2025 to December 31, 2025. 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 year?

(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	$101	0.82%

How did the Fund perform in the last year?

The Fund outperformed the MSCI Emerging Markets Index (USD) (NR) in 2025. The Fund was up 47.21%, compared to a 33.57% rise in the MSCI Emerging Markets Index (USD) (NR) and a 32.74% increase in the MSCI Emerging Markets Value Index (USD) (NR).

Key market drivers included a tech rally, AI optimism, strong earnings, eased tariff concerns and a weaker US dollar, partially offset by geopolitical uncertainty.

The Fund’s outperformance reflected strong recoveries in the valuations of many Fund holdings. Per ARGA’s rigorous valuation approach, the Fund objective is to own deeply undervalued stocks with long-term upside. ARGA’s value style is based on the core belief that investment opportunity results from investor overreaction to company or macro stress, which creates price anomalies that value investors can exploit. As conditions normalize over time, stocks typically recover, as many did in 2025.

Strong Fund performance was broad, with nine of eleven sectors and almost all regions positively contributing to results. Largest sector contributors were Financial Services and Technology. On a company basis, Brazilian banks appreciated on strong operating results due to stabilizing inflation and improving rate outlook. Korean financials benefitted from favorable rates and macro tailwinds. Semiconductor and other Technology holdings rose on rising AI data center demand and higher chip prices amid supply shortages.

Valuation spreads in emerging markets remain wide, indicating future opportunity. Current price-to-book spreads between cheapest and most expensive quintiles well exceed historical averages. Historically, high spreads have signaled subsequent value outperformance. ARGA research confirms a wide variety of value opportunities across sectors and geographies, where temporary stress has depressed valuations particularly in select Financial Services, Materials and Chinese Consumer Discretionary companies. We believe these and other opportunities position the Fund well for long-term returns.

How did the Fund perform since inception?

Total Return Based on $250,000 Investment

	ARGA Emerging Markets Value Fund, Institutional Class Shares	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	MSCI Emerging Markets Value Index (USD) (NR)^{Footnote Reference*}
Jun/21	$250,000	$250,000	$250,000
Dec/21	$228,865	$225,873	$233,718
Dec/22	$226,136	$180,492	$196,723
Dec/23	$263,995	$198,231	$224,683
Dec/24	$285,592	$213,106	$234,807
Dec/25	$420,419	$284,638	$311,684

Since its inception on June 3, 2021. The line graph represents historical performance of a hypothetical investment of $250,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-234-ARGA (866-234-2742) or visit https://www.argainvest.com/arga-emerging-markets-value-fund/ for current month-end performance.

Footnote	Description
Footnote^*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of December 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
ARGA Emerging Markets Value Fund, Institutional Class Shares	47.21%	12.02%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	33.57%	2.87%
MSCI Emerging Markets Value Index (USD) (NR)^{Footnote Reference*}	32.74%	4.93%

Key Fund Statistics as of December 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,547,752,439	65	$8,297,127	33%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	0.7%
Hungary	1.1%
Peru	1.1%
United States	2.0%
Macao	2.2%
Indonesia	3.0%
Thailand	3.7%
India	3.8%
South Africa	4.2%
Taiwan	14.8%
South Korea	15.3%
Brazil	15.6%
China	27.7%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Samsung Electronics			5.5%
MediaTek			3.0%
Yageo			2.9%
Hengli Petrochemical, Cl A			2.8%
Alibaba Group Holding			2.8%
Ping An Insurance Group of China, Cl H			2.7%
Hyundai Mobis			2.5%
B3 - Brasil Bolsa Balcao			2.5%
Taiwan Semiconductor Manufacturing			2.4%
XP, Cl A			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, holdings, and proxy voting information, call or visit:

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, as amended, 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. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-234-ARGA (866-234-2742) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

The Advisors' Inner Circle Fund III

ARGA Emerging Markets Value Fund / Institutional Class Shares - ARMIX

Annual Shareholder Report: December 31, 2025

ARMIX-AR-2025

The Advisors' Inner Circle Fund III

ARGA International Value Fund

Institutional Class Shares - ARVIX

Annual Shareholder Report: December 31, 2025

This annual shareholder report contains important information about Institutional Class Shares of the ARGA International Value Fund (the "Fund") for the period from January 1, 2025 to December 31, 2025. 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 year?

(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	$90	0.75%

How did the Fund perform in the last year?

The Fund outperformed the MSCI ACWI ex USA Index in 2025 (USD) (NR). The Fund was up 39.66%, compared to a 32.39% rise in the MSCI ACWI ex USA Index (USD) (NR) and a 39.50% increase in the MSCI ACWI ex USA Value Index (USD) (NR).

Key market drivers included a tech rally, AI optimism, strong earnings, eased tariff concerns and a weaker US dollar, partially offset by geopolitical uncertainty.

Strong Fund performance occurred across sectors and geographies. Leading sector contributors were Financial Services, Health Care and Materials, with minor offset from Industrials. On a company basis, 18 of 20 Financial Services holdings made positive contributions, led by Spanish and other European banks due to benign credit environment and good loan growth. Strong benefit occurred from a diversified global life science holding that rallied over litigation resolution. A Nordic-based mining holding advanced on solid earnings and rising metals prices. Partial offset came from an Industrials holding facing accounting issues, which appear overblown.

Valuation spreads in international equity markets remain wide, indicating future opportunity. Current price-to-book spreads between cheapest and most expensive quintiles well exceed historical averages. Historically, high spreads have signaled subsequent value outperformance. ARGA research confirms a wide variety of value opportunities across sectors and geographies, where temporary stress has depressed valuations particularly in select Consumer Discretionary, Technology and Materials companies. We believe these and other opportunities position the Fund well for long-term returns.

How did the Fund perform since inception?

Total Return Based on $250,000 Investment

	ARGA International Value Fund, Institutional Class Shares	MSCI ACWI ex USA Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	MSCI ACWI ex USA Value Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}
Jun/21	$250,000	$250,000	$250,000
Dec/21	$231,975	$244,094	$240,764
Dec/22	$222,969	$205,031	$220,082
Dec/23	$274,447	$237,048	$258,160
Dec/24	$277,597	$250,167	$273,759
Dec/25	$387,689	$331,188	$381,900

Since its inception on June 3, 2021. The line graph represents historical performance of a hypothetical investment of $250,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-234-ARGA (866-234-2742) or visit https://www.argainvest.com/arga-international-value-fund/ for current month-end performance.

Footnote	Description
Footnote^*	ACWI – All Country World Index
Footnote^†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of December 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
ARGA International Value Fund, Institutional Class Shares	39.66%	10.05%
MSCI ACWI ex USA Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	32.39%	6.33%
MSCI ACWI ex USA Value Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	39.50%	9.69%

Key Fund Statistics as of December 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$123,353,406	57	$630,397	58%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	23.8%
United States	3.8%
Australia	4.0%
Hong Kong	4.4%
Singapore	4.5%
Spain	5.0%
Canada	5.1%
Brazil	6.0%
France	7.5%
South Korea	7.9%
Germany	8.2%
Japan	10.2%
China	10.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Nidec			5.1%
Kering			4.7%
Samsung Electronics			4.6%
STMicroelectronics			4.5%
Murata Manufacturing			3.0%
Infineon Technologies			3.0%
Nutrien			2.9%
Banco Bilbao Vizcaya Argentaria			2.8%
Las Vegas Sands			2.8%
Nokia			2.7%

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, holdings, and proxy voting information, call or visit:

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

Householding

The Advisors' Inner Circle Fund III

ARGA International Value Fund / Institutional Class Shares - ARVIX

Annual Shareholder Report: December 31, 2025

ARVIX-AR-2025

The Advisors' Inner Circle Fund III

ARGA Value Fund

Institutional Class Shares - ARUIX

Annual Shareholder Report: December 31, 2025

This annual shareholder report contains important information about Institutional Class Shares of the ARGA Value Fund (the "Fund") for the period from January 1, 2025 to December 31, 2025. 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 year?

(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	$71	0.65%

How did the Fund perform in the last year?

The Fund outperformed the Russell 1000 Value Index (USD) (NR) in 2025. The Fund was up 17.76%, compared to a 15.21% rise in the Russell 1000 Value Index (USD) (NR) and a 17.43% increase in the S&P 500 Index (USD) (NR).

Key market drivers included AI growth, solid corporate earnings, rate cuts, partially offset by geopolitical and trade tensions.

Strong Fund performance occurred across various sectors. Strength in Health Care, Financial Services and Consumer Discretionary more than offset drag from Communication Services, Energy and Industrials. Positive results were largely due to company specific factors. For example, a large US health service provider rose on improved margins and good results from its health insurance subsidiary. Several US banks advanced on robust earnings and strong capitalization. Other large company contributors included a global luxury brand holding and a US-based casino operator. Partial negative offset was due to falling oil prices and company specific factors.

US valuation spreads remain wide, indicating future opportunity. Current price-to-book spreads between cheapest and most expensive quintiles well exceed historical averages. Historically, high spreads have signaled subsequent value outperformance. ARGA research confirms a wide variety of value opportunities across sectors, where temporary stress has depressed valuations particularly in select Consumer Discretionary, Technology and Health Care companies. We believe these and other opportunities position the Fund well for long-term returns.

How did the Fund perform since inception?

Total Return Based on $250,000 Investment

	ARGA Value Fund, Institutional Class Shares	S&P 500 Index (USD) (NR)^{Footnote Reference*}	Russell 1000 Value Index (USD) (NR)^{Footnote Reference*}
Aug/23	$250,000	$250,000	$250,000
Dec/23	$277,525	$265,502	$262,546
Dec/24	$295,450	$330,561	$298,372
Dec/25	$347,930	$388,179	$343,766

Since its inception on August 31, 2023. The line graph represents historical performance of a hypothetical investment of $250,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-234-ARGA (866-234-2742) or visit https://www.argainvest.com/arga-value-fund/ for current month-end performance.

Footnote	Description
Footnote^*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of December 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
ARGA Value Fund, Institutional Class Shares	17.76%	15.19%
S&P 500 Index (USD) (NR)^{Footnote Reference*}	17.43%	20.72%
Russell 1000 Value Index (USD) (NR)^{Footnote Reference*}	15.21%	14.60%

Key Fund Statistics as of December 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$6,418,114	52	$-	88%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Communication Services	2.5%
Consumer Staples	3.0%
Materials	6.4%
Energy	7.4%
Industrials	8.6%
Consumer Discretionary	15.6%
Health Care	17.1%
Financials	17.3%
Information Technology	19.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Elevance Health			4.7%
Las Vegas Sands			4.2%
Alaska Air Group			4.0%
Humana			3.5%
Patterson-UTI Energy			3.0%
NXP Semiconductors			2.9%
Micron Technology			2.8%
Unum Group			2.8%
Mohawk Industries			2.8%
Accenture, Cl A			2.7%

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, holdings, and proxy voting information, call or visit:

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

Householding

The Advisors' Inner Circle Fund III

ARGA Value Fund / Institutional Class Shares - ARUIX

Annual Shareholder Report: December 31, 2025

ARUIX-AR-2025

The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant’s audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel is “independent” as that term is defined in Form N-CSR Item 3 (a)(2).

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

Cohen billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

(1) Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

(3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (PwC):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (Cohen):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (E&Y):

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31^stwere $265,560 and $570,230 for 2025 and 2024, respectively.

(g) The aggregate non-audit fees and services billed by Cohen for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31^st were $48,000 and $0 for 2025 and 2024, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31^stwere $0 and $0 for 2025 and 2024, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4e.

(a) The Schedule of Investments is 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 following is a summary of the inputs used as of December 31, 2025, in valuing the Fund’s investments carried at value:

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

The following is a summary of the inputs used as of December 31, 2025, in valuing the Fund’s investments carried at value:

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

As of December 31, 2025, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

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 44 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 year ended December 31, 2025, 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, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Foreign Taxes — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the year ended December 31, 2025, ARGA Emerging Markets Value Fund has accrued foreign tax in the amount of $2,121,252 as presented on the Statements of Assets and Liabilities.

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.

Segment Reporting — The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Advisor acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund’s single investment objective strategy which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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 year ended December 31, 2025, ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $765,264, $99,910 and $83,289 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 year ended December 31, 2025, the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $206,342, $52,790 and $974 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 year ended December 31, 2025, the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund each paid $48,234, $23,643 and $20,668 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, 2026. Refer to Waiver of Investment Advisory Fees and Waiver - Reimbursement from Adviser on the Statements of Operations for fees waived for the year ended December 31, 2025.

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 December 31, 2025.

As of December 31, 2025, fees that were previously waived by the Adviser, which may be subject to possible future recapture to the Adviser are as follows:

For the year ended December 31, 2025, the Funds did not recapture any previously waived fees.

For the year ended December 31, 2025, 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.

There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings (Accumulated Losses) as of December 31, 2025.

The tax character of dividends and distributions paid during the year or period ended December 31, 2025, were as follows:

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

Post October losses represent losses realized on investment transactions from November 1, 2025 through December 31, 2025, that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year.

During the year ended December 31, 2025, 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 December 31, 2025, were as follows:

The book/tax difference on investment cost is primarily related to deferred wash sales losses and investments in passive foreign investment companies.

The Funds did not pay any federal or state and local income taxes. Certain Funds paid income taxes in foreign jurisdictions for the year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

At December 31, 2025, 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.

In this reporting period, the Funds adopted FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Funds’ financial position or the results of its operations.

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.

To the Shareholders of ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund and the Board of Trustees of The Advisors’ Inner Circle Fund III

We have audited the accompanying statements of assets and liabilities of ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund (collectively referred to as the “Funds”), (three of the funds constituting The Advisors’ Inner Circle Fund III (the “Trust”)), including the schedules of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (three of the funds constituting The Advisors’ Inner Circle Fund III) at December 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more ARGA Investment Management, LP investment companies since 2021.

For shareholders that do not have a December 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with a December 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended December 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended December 31, 2025, the amount of foreign source income and foreign tax credit are as follows:

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2025. Complete information will be computed and reported with your 2025 Form 1099-DIV.

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

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.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

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.

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

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

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 (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.

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$687,581	None	None	$797,690	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	$257,780⁽²⁾	None	None	$559,700⁽²⁾
(d)	All Other Fees	None	None	$7,780⁽³⁾	None	None	$10,530⁽³⁾

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$48,000	None	None	None	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$271,918	None	None	$392,971	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

	FYE December 31, 2025	FYE December 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	FYE December 31, 2025	FYE December 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	19
Statements of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	26
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	43
Notice to Shareholders (Unaudited)	45
Other Information (Form N-CSR Items 8-11) (Unaudited)	47

	Shares		Value
BRAZIL — 15.5%
CONSUMER DISCRETIONARY — 0.5%
Lojas Renner		3,272,940	$	8,033,404

ENERGY — 2.9%
Petroleo Brasileiro ADR		2,063,235		24,449,334
PRIO*		2,548,595		19,264,164
				43,713,498
FINANCIALS — 8.9%
B3 - Brasil Bolsa Balcao		15,478,200		39,233,943
Banco Bradesco		4,539,879		12,924,333
Banco Bradesco ADR		9,053,719		30,148,884
Banco do Brasil		4,791,500		19,166,874
XP, Cl A		2,283,970		37,388,589
				138,862,623
INDUSTRIALS — 1.3%
Localiza Rent a Car		2,468,100		19,624,092

MATERIALS — 1.9%
Vale		2,223,500		29,198,971
				239,432,588
CHINA — 27.7%
COMMUNICATION SERVICES — 2.4%
Tencent Holdings		472,300		36,245,974

CONSUMER DISCRETIONARY — 6.9%
Alibaba Group Holding		2,369,800		43,511,808
Alibaba Group Holding ADR		84,206		12,342,916
Li Ning		9,385,000		22,550,461
Trip.com Group ADR		381,071		27,402,816
				105,808,001
CONSUMER STAPLES — 2.9%
Budweiser Brewing		20,352,300		19,856,543
Kweichow Moutai, Cl A		123,500		24,352,224
				44,208,767
FINANCIALS — 4.2%
Industrial & Commercial Bank of China, Cl H		28,050,000		22,698,226
Ping An Insurance Group of China, Cl H		5,030,500		42,254,715
				64,952,941
INDUSTRIALS — 1.6%
Beijing New Building Materials, Cl A		6,676,029		23,851,959
SITC International Holdings		473,162		1,693,160
				25,545,119

	Shares		Value
CHINA (continued)
INFORMATION TECHNOLOGY — 0.6%
Silergy		1,674,960	$	10,158,177

MATERIALS — 6.9%
Beijing Oriental Yuhong Waterproof Technology, Cl A		8,600,312		16,736,254
China Jushi, Cl A		11,559,734		28,315,736
Hengli Petrochemical, Cl A		13,545,399		43,684,620
YongXing Special Materials Technology, Cl A		2,389,400		18,559,882
				107,296,492
REAL ESTATE — 2.2%
China Overseas Land & Investment		21,467,969		33,903,409
				428,118,880
HONG KONG — 0.7%
CONSUMER DISCRETIONARY — 0.7%
Melco Resorts & Entertainment ADR *		1,338,151		10,129,803

HUNGARY — 1.1%
FINANCIALS — 1.1%
OTP Bank Nyrt		162,862		17,462,745

INDIA — 3.8%
ENERGY — 1.0%
Indian Oil		7,985,145		14,803,423

FINANCIALS — 1.9%
HDFC Bank		1,836,169		20,283,966
IndusInd Bank *		1,009,515		9,712,068
				29,996,034
MATERIALS — 0.9%
Hindalco Industries		1,460,249		14,411,603
				59,211,060
INDONESIA — 3.0%
FINANCIALS — 3.0%
Bank Mandiri Persero		76,396,500		23,295,832
Bank Rakyat Indonesia Persero		104,378,600		22,859,635
				46,155,467
MACAO — 2.2%
CONSUMER DISCRETIONARY — 2.2%
Galaxy Entertainment Group		2,675,000		13,189,938

	Shares		Value
MACAO (continued)
CONSUMER DISCRETIONARY (continued)
Sands China		8,154,000	$	20,567,842
				33,757,780
PERU — 1.1%
FINANCIALS — 1.1%
Credicorp		60,993		17,504,991

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

SOUTH AFRICA — 4.2%
COMMUNICATION SERVICES — 1.6%
MTN Group		2,504,404		25,639,333

CONSUMER DISCRETIONARY — 1.0%
Naspers, Cl N		225,840		15,061,610

FINANCIALS — 1.6%
Absa Group		1,735,632		25,084,870
				65,785,813
SOUTH KOREA — 15.3%
COMMUNICATION SERVICES — 0.7%
SK Telecom		299,731		11,128,594

CONSUMER DISCRETIONARY — 2.5%
Hyundai Mobis		151,516		39,315,581

FINANCIALS — 1.9%
Hana Financial Group		225,970		14,743,771
KB Financial Group		161,658		13,916,279
				28,660,050
INFORMATION TECHNOLOGY — 9.4%
Samsung Electro-Mechanics		127,169		22,506,106
Samsung Electronics		1,007,746		84,464,129
Samsung SDI		67,979		12,711,436
SK Hynix		55,708		25,228,938
				144,910,609
MATERIALS — 0.8%
LG Chemical		53,899		12,467,548
				236,482,382

	Shares		Value
TAIWAN — 14.8%
FINANCIALS — 0.4%
Chailease Holding		2,065,569	$	6,923,813

INFORMATION TECHNOLOGY — 14.4%
Hon Hai Precision Industry		4,322,000		31,681,667
MediaTek		1,009,000		45,813,838
Taiwan Semiconductor Manufacturing		763,000		37,507,008
Taiwan Semiconductor Manufacturing ADR		96,067		29,193,801
Unimicron Technology		2,694,000		18,811,807
Wistron		3,044,000		14,547,364
Yageo		6,027,948		44,185,280
				221,740,765
				228,664,578
THAILAND — 3.7%
FINANCIALS — 3.7%
Kasikornbank		4,799,500		29,602,043
SCB X		6,358,300		28,022,780
				57,624,823
UNITED STATES — 2.0%
CONSUMER DISCRETIONARY — 1.1%
Las Vegas Sands		274,794		17,886,341

INFORMATION TECHNOLOGY — 0.9%
Globant *		212,657		13,901,388
				31,787,729
TOTAL COMMON STOCK
(Cost $1,078,236,348)				1,472,118,639

PREFERRED STOCK†† — 0.1%

BRAZIL — 0.1%
INDUSTRIALS — 0.1%
Localiza Rent a Car * (B)		94,927		718,914

TOTAL PREFERRED STOCK
(Cost $469,182)				718,914

	Number of
	Rights		Value
TAIWAN — 0.0%
INFORMATION TECHNOLOGY — 0.0%
Unimicron Technology, Expires 01/08/2026 *		60,763	$	201,122

TOTAL RIGHTS
(Cost $—)				201,122

TOTAL INVESTMENTS— 95.2%
(Cost $1,078,705,530)			$	1,473,038,675

Investments in Securities	Level 1		Level 2		Level 3^†			Total
Common Stock
Brazil	$	239,432,588	$	—	$	—		$	239,432,588
China		39,745,732		388,373,148		—			428,118,880
Hong Kong		10,129,803		—		—			10,129,803
Hungary		—		17,462,745		—			17,462,745
India		—		59,211,060		—			59,211,060
Indonesia		—		46,155,467		—			46,155,467
Macao		—		33,757,780		—			33,757,780
Peru		17,504,991		—		—			17,504,991
Russia		—		—		—	^		—
South Africa		—		65,785,813		—			65,785,813
South Korea		—		236,482,382		—			236,482,382
Taiwan		29,193,801		199,470,777		—			228,664,578
Thailand		—		57,624,823		—			57,624,823
United States		31,787,729		—		—			31,787,729
Total Common Stock		367,794,644		1,104,323,995		—	^		1,472,118,639
Preferred Stock
Brazil		—		718,914		—			718,914
Right
Taiwan		—		201,122		—			201,122
Total Investments in Securities	$	367,794,644	$	1,105,244,031	$	—	^	$	1,473,038,675

	Shares		Value
AUSTRALIA — 4.0%
FINANCIALS — 2.0%
QBE Insurance Group		187,924	$	2,488,016

MATERIALS — 2.0%
Glencore		454,830		2,486,393
				4,974,409
BRAZIL — 3.8%
CONSUMER DISCRETIONARY — 1.4%
Lojas Renner		687,650		1,687,831

CONSUMER STAPLES — 0.7%
Ambev		364,658		922,334

FINANCIALS — 1.7%
Banco Bradesco ADR		403,900		1,344,987
Banco do Brasil		188,400		753,634
				2,098,621
				4,708,786
CANADA — 5.1%
CONSUMER DISCRETIONARY — 2.2%
Magna International		50,457		2,689,839

MATERIALS — 2.9%
Nutrien		58,441		3,607,243
				6,297,082
CHINA — 10.4%
CONSUMER DISCRETIONARY — 4.0%
Li Ning		1,054,000		2,532,572
Shenzhou International Group Holdings		154,800		1,219,803
Trip.com Group ADR		15,299		1,100,151
				4,852,526

	Shares		Value
FRANCE (continued)
INDUSTRIALS — 0.3%
Teleperformance		4,756	$	344,190

INFORMATION TECHNOLOGY — 1.7%
Capgemini		12,664		2,102,833
				9,227,305
GERMANY — 7.2%
CONSUMER DISCRETIONARY — 2.8%
Bayerische Motoren Werke		11,879		1,288,102
Continental		13,269		1,053,066
Mercedes-Benz Group		17,198		1,192,200
				3,533,368
HEALTH CARE — 1.4%
Bayer		40,173		1,742,532

INFORMATION TECHNOLOGY — 3.0%
Infineon Technologies		83,795		3,656,052
				8,931,952
HONG KONG — 4.4%
CONSUMER DISCRETIONARY — 0.9%
Melco Resorts & Entertainment ADR *		153,843		1,164,592

FINANCIALS — 2.4%
Prudential		188,620		2,901,545

REAL ESTATE — 1.1%
Sun Hung Kai Properties		108,000		1,315,039
				5,381,176

	Shares		Value
INDONESIA — 1.7%
FINANCIALS — 1.7%
Bank Rakyat Indonesia Persero		9,464,700	$	2,072,835

ITALY — 1.8%
ENERGY — 0.6%
Saipem		256,601		726,436

FINANCIALS — 1.2%
Banca Monte dei Paschi di Siena		138,491		1,474,540
				2,200,976
JAPAN — 10.2%
INDUSTRIALS — 5.1%
Nidec		466,900		6,339,577

INFORMATION TECHNOLOGY — 3.0%
Murata Manufacturing		179,600		3,711,965

MATERIALS — 1.2%
Kobe Steel		107,300		1,417,840

REAL ESTATE — 0.9%
Daito Trust Construction		55,900		1,064,447
				12,533,829
MACAO — 3.6%
CONSUMER DISCRETIONARY — 3.6%
Galaxy Entertainment Group		235,000		1,158,742
Sands China		1,300,800		3,281,169
				4,439,911

	Shares		Value
NETHERLANDS — 1.9%
FINANCIALS — 1.2%
ABN AMRO Bank GDR		41,078	$	1,435,218

INDUSTRIALS — 0.7%
Randstad		23,314		885,117
				2,320,335
NORWAY — 1.9%
ENERGY — 1.9%
Equinor		100,984		2,381,387

SINGAPORE — 4.5%
INFORMATION TECHNOLOGY — 4.5%
STMicroelectronics		211,125		5,517,770

SOUTH KOREA — 7.9%
CONSUMER DISCRETIONARY — 2.4%
Hyundai Mobis		11,256		2,920,722

FINANCIALS — 1.0%
Shinhan Financial Group		22,519		1,199,132

INFORMATION TECHNOLOGY — 4.5%
Samsung Electronics		66,995		5,615,179
				9,735,033
SPAIN — 5.0%
FINANCIALS — 5.0%
Banco Bilbao Vizcaya Argentaria		145,255		3,407,274

	Shares		Value
SPAIN (continued)
FINANCIALS (continued)
Banco Santander		237,428	$	2,794,641
				6,201,915
SWEDEN — 2.2%
MATERIALS — 2.2%
Boliden *		48,173		2,668,605

SWITZERLAND — 2.8%
FINANCIALS — 2.1%
Julius Baer Group		33,440		2,612,695

INDUSTRIALS — 0.7%
Adecco Group		30,845		888,336
				3,501,031
UNITED KINGDOM — 3.2%
CONSUMER DISCRETIONARY — 0.9%
Whitbread		31,113		1,066,400

FINANCIALS — 2.3%
HSBC Holdings		182,833		2,877,039
				3,943,439
UNITED STATES — 3.8%
CONSUMER DISCRETIONARY — 2.7%
Las Vegas Sands		52,319		3,405,444

	Shares		Value
UNITED STATES (continued)
HEALTH CARE — 1.1%
GSK		53,423	$	1,309,778
				4,715,222
TOTAL COMMON STOCK
(Cost $99,932,112)				120,398,629

PREFERRED STOCK†† — 3.2%

BRAZIL — 2.2%
MATERIALS — 2.2%
Gerdau (A)		721,168		2,683,446

GERMANY — 1.0%
CONSUMER DISCRETIONARY — 1.0%
Dr Ing hc F Porsche (A)		22,862		1,217,682

TOTAL PREFERRED STOCK
(Cost $3,409,961)				3,901,128

TOTAL INVESTMENTS— 100.8%
(Cost $103,342,073)			$	124,299,757

	Shares		Value
COMMUNICATION SERVICES — 2.5%
Comcast, Cl A		5,391	$	161,137

CONSUMER DISCRETIONARY — 15.6%
Bath & Body Works		1,587		31,867
Ford Motor		4,551		59,709
Las Vegas Sands		4,179		272,011
LCI Industries		1,043		126,558
Lear		1,505		172,473
Mohawk Industries *		1,631		178,268
PVH		395		26,473
VF		7,436		134,443

				1,001,802
CONSUMER STAPLES — 3.0%
Dollar General		476		63,198
Target		1,324		129,421

				192,619
ENERGY — 7.4%
EOG Resources		614		64,476
Halliburton		3,415		96,508
Occidental Petroleum		2,992		123,031
Patterson-UTI Energy		31,333		191,445

				475,460
FINANCIALS — 17.3%
Bank of America		1,091		60,005
Citigroup		1,111		129,643
Global Payments		634		49,072
Invesco		3,576		93,942
Jackson Financial, Cl A		590		62,923
RenaissanceRe Holdings		444		124,835
SLM		4,070		110,134
Synchrony Financial		356		29,701
T Rowe Price Group		1,715		175,582
Unum Group		2,311		179,102
Voya Financial		1,358		101,157

				1,116,096

	Shares		Value
HEALTH CARE — 17.1%
Baxter International		6,073	$	116,055
Centene *		3,559		146,453
Elevance Health		861		301,823
Gilead Sciences		891		109,362
Humana		867		222,065
Merck		1,301		136,943
Zimmer Biomet Holdings		713		64,113

				1,096,814
INDUSTRIALS — 8.6%
Alaska Air Group *		5,155		259,296
Builders FirstSource *		1,548		159,274
ManpowerGroup		2,405		71,501
WESCO International		247		60,426

				550,497
INFORMATION TECHNOLOGY — 19.4%
Accenture, Cl A		657		176,273
Amdocs		586		47,179
Arrow Electronics *		1,186		130,673
EPAM Systems *		547		112,069
First Solar *		290		75,757
Flex *		886		53,532
Microchip Technology		2,162		137,763
Micron Technology		629		179,523
NXP Semiconductors		848		184,067
QUALCOMM		521		89,117
Skyworks Solutions		885		56,118

				1,242,071
MATERIALS — 6.4%
Alcoa		2,804		149,004
Dow		1,413		33,036
FMC		8,267		114,663

	Shares		Value
MATERIALS (continued)
International Flavors & Fragrances		1,676	$	112,946

				409,649
TOTAL COMMON STOCK
(Cost $5,680,162)				6,246,145

TOTAL INVESTMENTS— 97.3%
(Cost $5,680,162)			$	6,246,145

	ARGA Emerging		ARGA International
	Markets Value Fund		Value Fund
Assets:
Investments, at Value (Cost $1,078,705,530 and $103,342,073)	$	1,473,038,675	$	124,299,757
Foreign Currency, at Value (Cost (proceeds) $258,382 and $32,462)		262,201		32,468
Cash		68,104,712		–
Dividend and Interest Receivable		6,486,308		221,650
Receivable for Capital Shares Sold		2,096,335		413,400
Receivable for Investment Securities Sold		956,110		449,330
Reclaim Receivable		338,412		254,226
Other Prepaid Expenses		50,382		9,313
Total Assets		1,551,333,135		125,680,144
Liabilities:
Payable for Foreign Capital Gains Tax		2,121,252		–
Payable to Investment Adviser		912,675		44,437
Payable for Capital Shares Redeemed		257,334		440,200
Payable to Administrator		82,922		8,493
Audit Fees Payable		29,394		29,394
Transfer Agent Fees Payable		11,706		5,783
Chief Compliance Officer Fees Payable		3,829		313
Unrealized Loss on Foreign Spot Currency Contracts		937		581
Payable to Trustees		360		30
Due to Custodian		–		658,812
Payable for Investment Securities Purchased		–		1,126,382
Other Accrued Expenses and Other Payables		160,287		12,313
Total Liabilities		3,580,696		2,326,738
Commitments and Contingencies^†
Net Assets	$	1,547,752,439	$	123,353,406
Net Assets Consist of:
Paid-in Capital	$	1,145,567,571	$	100,914,668
Total Distributable Earnings		402,184,868		22,438,738
Net Assets	$	1,547,752,439	$	123,353,406
Institutional Class Shares:
Net Assets	$	1,547,752,439	$	123,353,406
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		110,469,695		9,507,976
Net Asset Value, Offering and Redemption Price Per Share	$	14.01	$	12.97

	ARGA Value Fund
Assets:
Investments, at Value (Cost $5,680,162)	$	6,246,145
Cash		446,993
Receivable for Investment Securities Sold		98,227
Reimbursement/Receivable due from Investment Adviser		14,554
Dividend and Interest Receivable		5,096
Other Prepaid Expenses		12,151
Total Assets		6,823,166
Liabilities:
Payable for Investment Securities Purchased		363,516
Audit Fees Payable		26,770
Payable to Administrator		8,493
Transfer Agent Fees Payable		5,176
Chief Compliance Officer Fees Payable		15
Payable to Trustees		1
Other Accrued Expenses and Other Payables		1,081
Total Liabilities		405,052
Commitments and Contingencies^†
Net Assets	$	6,418,114
Net Assets Consist of:
Paid-in Capital	$	5,768,982
Total Distributable Earnings		649,132
Net Assets	$	6,418,114
Institutional Class Shares:
Net Assets	$	6,418,114
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		534,686
Net Asset Value, Offering and Redemption Price Per Share	$	12.00

THE ADVISORS’ INNER CIRCLE FUND III	ARGA FUNDS
	FOR THE YEAR ENDED

	ARGA Value Fund
Investment Income:
Dividends	$	90,214
Interest		2,845
Less: Foreign Taxes Withheld		(246	)
Total Investment Income		92,813
Expenses:
Administration Fees		83,289
Investment Advisory Fees		18,624
Trustees' Fees		128
Chief Compliance Officer Fees		62
Audit Fees		26,773
Registration and Filing Fees		26,379
Transfer Agent Fees		20,668
Printing Fees		3,126
Pricing Fees		2,315
Custodian Fees		974
Legal Fees		191
Other Expenses		2,434
Total Expenses		184,963
Less:
Waiver of Investment Advisory Fees		(18,624	)
Waiver - Reimbursement from Adviser		(142,129	)
Net Expenses		24,210
Net Investment Income		68,603
Net Realized Gain on:
Investments		262,799
Net Realized Gain		262,799
Net Change in Unrealized Appreciation on:
Investments		547,084
Net Change in Unrealized Appreciation (Depreciation)		547,084
Net Realized and Unrealized Gain		809,883
Net Increase in Net Assets Resulting from Operations	$	878,486

The Advisors' Inner Circle Fund III

ARGA Emerging Markets Value Fund

Institutional Class Shares - ARMIX

Annual Shareholder Report: December 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $250,000 Investment

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

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

Annual Shareholder Report: December 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $250,000 Investment

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

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

Annual Shareholder Report: December 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $250,000 Investment

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

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*}

THE ADVISORS’ INNER CIRCLE FUND III	ARGA EMERGING MARKETS
	VALUE FUND

	Year Ended December 31, 2025			Year Ended December 31, 2024
Operations:
Net Investment Income	$	34,972,147		$	20,064,864
Net Realized Gain (Loss)		94,659,486			55,748
Net Change in Unrealized Appreciation (Depreciation)		330,656,469			31,494,682
Net Increase in Net Assets Resulting From Operations		460,288,102			51,615,294
Distributions:
Institutional Class Shares		(100,653,881	)		(28,842,447	)
Return of Capital:
Institutional Class Shares		–			(39,537	)
Total Distributions		(100,653,881	)		(28,881,984	)
Capital Share Transactions:
Institutional Class Shares
Issued		510,234,291			372,857,514
Reinvestment of Distributions		93,678,331			26,188,685
Redeemed		(278,239,206	)		(125,856,552	)
Net Increase in Net Assets From Capital Share Transactions		325,673,416			273,189,647
Total Increase in Net Assets		685,307,637			295,922,957
Net Assets:
Beginning of Year		862,444,802			566,521,845
End of Year	$	1,547,752,439		$	862,444,802
Shares Transactions:
Institutional Class Shares
Issued		41,684,622			36,470,325
Reinvestment of Distributions		6,698,611			2,554,994
Redeemed		(22,730,075	)		(12,494,053	)
Net Increase in Shares Outstanding From Share Transactions		25,653,158			26,531,266

THE ADVISORS’ INNER CIRCLE FUND III	ARGA INTERNATIONAL
	VALUE FUND

	Year Ended December 31, 2025			Year Ended December 31, 2024
Operations:
Net Investment Income	$	2,480,706		$	1,821,969
Net Realized Gain (Loss)		10,939,216			1,884,257
Net Change in Unrealized Appreciation (Depreciation)		29,071,111			(8,835,188	)
Net Increase (Decrease) in Net Assets Resulting From Operations		42,491,033			(5,128,962	)
Distributions:
Institutional Class Shares		(12,120,484	)		(3,538,824	)
Total Distributions		(12,120,484	)		(3,538,824	)
Capital Share Transactions:
Institutional Class Shares
Issued		30,583,801			118,164,378
Reinvestment of Distributions		12,120,484			3,538,824
Redeemed		(71,785,900	)		(7,898,750	)
Net Increase (Decrease) in Net Assets From Capital Share Transactions		(29,081,615	)		113,804,452
Total Increase in Net Assets		1,288,934			105,136,666
Net Assets:
Beginning of Year		122,064,472			16,927,806
End of Year	$	123,353,406		$	122,064,472
Shares Transactions:
Institutional Class Shares
Issued		2,724,692			10,671,805
Reinvestment of Distributions		930,742			343,028
Redeemed		(6,064,401	)		(722,345	)
Net Increase (Decrease) in Shares Outstanding From Share Transactions		(2,408,967	)		10,292,488

THE ADVISORS’ INNER CIRCLE FUND III	ARGA
	VALUE FUND

	Year Ended December 31, 2025			Year Ended December 31, 2024
Operations:
Net Investment Income	$	68,603		$	23,598
Net Realized Gain (Loss)		262,799			129,037
Net Change in Unrealized Appreciation (Depreciation)		547,084			(80,916	)
Net Increase in Net Assets Resulting From Operations		878,486			71,719
Distributions:
Institutional Class Shares		(298,971	)		(105,350	)
Total Distributions		(298,971	)		(105,350	)
Capital Share Transactions:
Institutional Class Shares
Issued		4,864,677			56
Reinvestment of Distributions		298,970			105,350
Redeemed		(507,312	)		–
Net Increase in Net Assets From Capital Share Transactions		4,656,335			105,406
Total Increase in Net Assets		5,235,850			71,775
Net Assets:
Beginning of Year		1,182,264			1,110,489
End of Year	$	6,418,114		$	1,182,264
Shares Transactions:
Institutional Class Shares
Issued		441,310			5
Reinvestment of Distributions		24,755			9,806
Redeemed		(41,844	)		–
Net Increase in Shares Outstanding From Share Transactions		424,221			9,811

	Institutional Class Shares
	Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
Net Asset Value, Beginning of Year/Period	$	10.17		$	9.72		$	8.61		$	9.05		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.37			0.28			0.29			0.38			0.23
Net Realized and Unrealized Gain (Loss)		4.42			0.52			1.15			(0.49	)		(1.08	)
Total from Investment Operations		4.79			0.80			1.44			(0.11	)		(0.85	)
Dividends and Distributions:
Net Investment Income		(0.46	)		(0.35	)		(0.33	)		(0.33	)		(0.09	)
Capital Gains		(0.49	)		—			—			—			(0.01	)
Return of Capital		—			—	^		—			—			—
Total Dividends and Distributions		(0.95	)		(0.35	)		(0.33	)		(0.33	)		(0.10	)
Net Asset Value, End of Year/Period	$	14.01		$	10.17		$	9.72		$	8.61		$	9.05
Total Return†		47.21	%		8.18	%		16.74	%		(1.19	)%		(8.45	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	1,547,752		$	862,445		$	566,522		$	427,811		$	179,438
Ratio of Net Expenses to Average Net Assets		0.82	%		0.84	%		0.87	%		0.90	%		0.90	%††
Ratio of Gross Expenses to Average Net Assets		0.82	%		0.84	%		0.85	%		0.88	%		1.19	%††
Ratio of Net Investment Income to Average Net Assets		2.95	%		2.77	%		3.09	%		4.45	%		4.24	%††
Portfolio Turnover Rate‡		33	%		32	%		26	%		35	%		17	%

	Institutional Class Shares
	Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
Net Asset Value, Beginning of Year/Period	$	10.24		$	10.42		$	8.56		$	9.23		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.24			0.27			0.23			0.29			0.12
Net Realized and Unrealized Gain (Loss)		3.81			(0.15	)		1.75			(0.65	)		(0.84	)
Total from Investment Operations		4.05			0.12			1.98			(0.36	)		(0.72	)
Dividends and Distributions:
Net Investment Income		(0.31	)		(0.17	)		(0.12	)		(0.31	)		(0.05	)
Capital Gains		(1.01	)		(0.13	)		—			—			—
Total Dividends and Distributions		(1.32	)		(0.30	)		(0.12	)		(0.31	)		(0.05	)
Net Asset Value, End of Year/Period	$	12.97		$	10.24		$	10.42		$	8.56		$	9.23
Total Return†		39.66	%		1.15	%		23.09	%		(3.88	)%		(7.21	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	123,353		$	122,064		$	16,928		$	3,127		$	3,474
Ratio of Net Expenses to Average Net Assets		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%††
Ratio of Gross Expenses to Average Net Assets		0.83	%		0.92	%		4.16	%		6.39	%		17.78	%††
Ratio of Net Investment Income to Average Net Assets		2.03	%		2.48	%		2.34	%		3.44	%		2.23	%††
Portfolio Turnover Rate‡		58	%		38	%		64	%		46	%		10	%

THE ADVISORS’ INNER CIRCLE FUND III	ARGA FUNDS
	DECEMBER 31, 2025

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