# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-021425
**Filing Date:** 2025-11
**Character Count:** 8624
**Document Hash:** aefb9590145e38326c745ab749140ef8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021425.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001398344-25-021425

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-192858
- **FILM NUMBER:** 251536288

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### Knights of Columbus U.S. All Cap Index Fund (Series ID: S000066639)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| I Shares       | KCXIX         | C000214842 |
| Class S Shares | KCXSX         | C000214844 |

---

## Series and Classes Contracts Data

### Knights of Columbus U.S. All Cap Index Fund (Series ID: S000066639)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214842 | I Shares       | KCXIX           |
| C000214844 | Class S Shares | KCXSX           |

?xml version='1.0' encoding='ASCII'?

**The Advisors' Inner Circle Fund III**

**(the "Trust")**

**Knights of Columbus U.S. All Cap Index Fund**

**(the "Fund")**

**Supplement Dated November 28, 2025 to the Fund's Summary Prospectus and Statutory Prospectus, each dated March 1, 2025, as supplemented**

**(together, the "Prospectuses")**

**This Supplement provides new and additional information beyond that contained in the Prospectuses and should be read in conjunction with the Prospectuses.**

Effective immediately, the Fund is modifying its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Fund intends to be diversified in approximately the same proportion as the Fund's benchmark index is diversified. The Fund may become "non-diversified," as defined in the 1940 Act, as a result of a change in relative market capitalization or index weighting of one or more constituents of the Fund's benchmark index. **Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status under such circumstances.**

 

The Prospectuses are hereby amended and supplemented to reflect the following changes to the Fund.

 

*1.* *The following text is added at the end of the last paragraph of the "Principal Investment Strategies" section of each Prospectus:* 

The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended, as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.

 

*2.* *The following text is added after the last risk of the "Principal Risks" section applicable to the Fund of each Prospectus:* 

 

**Non-Diversified Risk** *—* In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

*3.* *The last two sentences of the second paragraph of the "More Information about Risk" section of the Statutory Prospectus is deleted in its entirety and replaced with the following text:* 

The Large Cap Growth Fund and Real Estate Fund are each non-diversified, and the U.S. All Cap Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index, meaning that each Fund may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. Accordingly, the Large Cap Growth Fund and Real Estate Fund, and the U.S. All Cap Index Fund when it is non-diversified, will be more susceptible to negative events affecting a small number of holdings than a diversified fund.

*4.* *The following text is added in the appropriate alphabetical order under the "More Information about Risk" section of the Statutory Prospectus:* 

 

**Non-Diversified Risk (U.S. All Cap Index Fund)** *—* In seeking to track its target index, the U.S. All Cap Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the target index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**

KOC-SK-012-0100

**The Advisors' Inner Circle Fund III**

**(the "Trust")**

**Knights of Columbus U.S. All Cap Index Fund**

**(the "Fund")**

**Supplement Dated November 28, 2025 to the Fund's Statement of Additional Information dated March 1, 2025, as supplemented**

**(the "SAI")**

**This Supplement provides new and additional information beyond that contained in the SAI and should be read in conjunction with such SAI.**

*1.* *The phrase ", with the exception of the Knights of Columbus Large Cap Growth Fund and Knights of Columbus Real Estate Fund," in the second and third sentences of the first paragraph of the "Description of Permitted Investments" section is deleted and replaced with the following:*, with the exception of the Knights of Columbus Large Cap Growth Fund, Knights of Columbus Real Estate Fund, and when non-diversified, the Knights of Columbus U.S. All Cap Index Fund,

*2.* *The second paragraph of the "Description of Permitted Investments" section is deleted in its entirety and replaced with the following:* 

 

**Non-Diversification.** The Knights of Columbus Large Cap Growth Fund and Knights of Columbus Real Estate Fund are each "non-diversified," as that term is defined under the 1940 Act. Additionally, in seeking to track an index, the Knights of Columbus U.S. All Cap Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its target index. This means that each Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund, which increases the risk that a change in the value of any one investment held by a Fund could affect the overall value the Fund more than it would affect that of a "diversified" fund holding a greater number of investments. Accordingly, the value of the shares of a Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a "diversified" fund would be. Each Fund, however, intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). For more information, see "Taxes" below

*3.* *In the "Fundamental Policies" section, the following text is added as a new, second paragraph to Fundamental Policy No. 1:* 

 

Further, based on interpretive guidance from the SEC Staff, the Knights of Columbus U.S. All Cap Index Fund periodically may be non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its target index. The Fund intends to be diversified in approximately the same proportion as the Fund's target index is diversified.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**

KOC-SK-013-0100