# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-000350
**Filing Date:** 2026-1
**Character Count:** 720424
**Document Hash:** 71289372980bb20ee583ab5d4c2211d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000350.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001398344-26-000350

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26519406

**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 Core Bond Fund (Series ID: S000048262)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152509 | I Shares       | KCCIX           |
| C000158704 | Class S Shares | KCCSX           |

### Knights of Columbus Limited Duration Fund (Series ID: S000048263)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152510 | I Shares       | KCLIX           |
| C000158706 | Class S Shares | KCLSX           |

### Knights of Columbus Large Cap Growth Fund (Series ID: S000048264)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152511 | I Shares       | KCGIX           |
| C000158708 | Class S Shares | KCGSX           |

### Knights of Columbus Large Cap Value Fund (Series ID: S000048265)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152512 | I Shares       | KCVIX           |
| C000158710 | Class S Shares | KCVSX           |

### Knights of Columbus Small Cap Fund (Series ID: S000048266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152513 | I Shares       | KCSIX           |
| C000158713 | Class S Shares | KCSSX           |

### Knights of Columbus International Equity Fund (Series ID: S000048267)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152514 | I Shares       | KCIIX           |
| C000158714 | Class S Shares | KCISX           |

### Knights of Columbus Real Estate Fund (Series ID: S000066637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214836 | I Shares     | KCRIX           |

### Knights of Columbus Long/Short Equity Fund (Series ID: S000066638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214840 | I Shares     | KCEIX           |

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22920**

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: (877) 446-3863**

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Item 1. Reports to Stockholders.**

(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
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Limited Duration Fund

#### I Shares - KCLIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Limited Duration Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Limited Duration Fund, I Shares | $51 | 0.50% |

---

## How did the Fund perform in the last year?
The Bloomberg 1-3 Year US Government/Credit Index (USD) (TR) returned +5.07% for the year ended October 31, 2025. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to spread tightening over the year.

The Knights of Columbus Limited Duration Fund I Shares Class Fund returned +5.18% for the year ended October 31, 2025, outperforming the benchmark. The primary drivers of the portfolio outperformance for the year were its underweight of Treasuries, as risk products rallied over the year; exposure to short duration ABS and MBS which are not represented in the Index; and security selection in the Industrial and Financial sectors. Our security selection in the Utility sector was a slight headwind for the Fund's performance over the prior year.

The U.S. economy proved stronger than expected, especially given the uncertainty surrounding tariff policy and the government's growing fiscal deficit. Corporate credit spreads are near historic lows and investment grade bond supply is expected to be robust as technology companies fund their artificial intelligence infrastructure. We continue to believe that exposure to corporate credits with ample liquidity and selective securitized product with strong collateral remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](icc275ef6c86fcbee06ce9bde.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Knights of Columbus Limited Duration Fund, I Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1-3 Year US Government/Credit Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $25000 | $25000 | $25000 |
| Oct/16 | $25337 | $26093 | $25327 |
| Oct/17 | $25615 | $26328 | $25498 |
| Oct/18 | $25710 | $25787 | $25584 |
| Oct/19 | $26933 | $28755 | $26835 |
| Oct/20 | $27741 | $30535 | $27744 |
| Oct/21 | $27860 | $30389 | $27730 |
| Oct/22 | $26484 | $25623 | $26377 |
| Oct/23 | $27400 | $25714 | $27228 |
| Oct/24 | $29076 | $28426 | $28929 |
| Oct/25 | $30582 | $30177 | $30395 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Limited Duration Fund, I Shares | 5.18% | 1.97% | 2.04% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |
| Bloomberg 1-3 Year US Government/Credit Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.07% | 1.84% | 1.97% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $236106681 | 231 | $617577 | 60% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3b0b23a0693e69b9f9816b70.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 0.4% |
| Consumer Discretionary | 1.0% |
| Communication Services | 1.2% |
| Consumer Staples | 2.5% |
| U.S. Government Agency Mortgage-Backed Obligations | 2.6% |
| Materials | 4.0% |
| Mortgage-Backed Securities | 4.3% |
| Energy | 4.3% |
| Industrials | 4.8% |
| Utilities | 5.0% |
| Information Technology | 5.0% |
| Real Estate | 5.1% |
| Financials | 12.9% |
| U.S. Treasury Obligations | 22.3% |
| Asset-Backed Securities | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes | 4.375% | 11/30/28 | 7.6% |
| U.S. Treasury Notes | 3.875% | 06/15/28 | 5.2% |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 5.2% |
| U.S. Treasury Notes | 3.875% | 03/31/27 | 3.6% |
| FHLMC, Ser 2020-5036, Cl AB | 2.000% | 05/25/41 | 0.9% |
| GNMA, Ser 2022-212, Cl HP | 5.000% | 06/20/43 | 0.9% |
| FHLMC, Ser 2020-5019, Cl DA | 2.000% | 05/25/41 | 0.9% |
| Store Capital | 4.500% | 03/15/28 | 0.8% |
| U.S. Treasury Notes | 4.625% | 11/15/26 | 0.7% |
| Siemens Funding BV | 4.350% | 05/26/28 | 0.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Limited Duration Fund / I Shares - KCLIX

## Annual Shareholder Report: October 31, 2025

## KCLIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Limited Duration Fund

#### Class S Shares - KCLSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Limited Duration Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Limited Duration Fund, Class S Shares | $61 | 0.60% |

---

## How did the Fund perform in the last year?
The Bloomberg 1-3 Year US Government/Credit Index (USD) (TR) returned +5.07% for the year ended October 31, 2025. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to spread tightening over the year.

The Knights of Columbus Limited Duration Fund Class S Shares Fund returned +4.97% for the year ended October 31, 2025, outperforming the benchmark. The primary drivers of the portfolio outperformance for the year were its underweight of Treasuries, as risk products rallied over the year; exposure to short duration ABS and MBS which are not represented in the Index; and security selection in the Industrial and Financial sectors. Our security selection in the Utility sector was a slight headwind for the Fund's performance over the prior year.

The U.S. economy proved stronger than expected, especially given the uncertainty surrounding tariff policy and the government's growing fiscal deficit. Corporate credit spreads are near historic lows and investment grade bond supply is expected to be robust as technology companies fund their artificial intelligence infrastructure. We continue to believe that exposure to corporate credits with ample liquidity and selective securitized product with strong collateral remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](idb16a94380d66593d8c53a6b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Knights of Columbus Limited Duration Fund, Class S Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1-3 Year US Government/Credit Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $10000 | $10000 | $10000 |
| Oct/16 | $10124 | $10437 | $10131 |
| Oct/17 | $10237 | $10531 | $10199 |
| Oct/18 | $10270 | $10315 | $10234 |
| Oct/19 | $10748 | $11502 | $10734 |
| Oct/20 | $11061 | $12214 | $11097 |
| Oct/21 | $11098 | $12155 | $11092 |
| Oct/22 | $10539 | $10249 | $10551 |
| Oct/23 | $10893 | $10286 | $10891 |
| Oct/24 | $11545 | $11370 | $11572 |
| Oct/25 | $12119 | $12071 | $12158 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Limited Duration Fund, Class S Shares | 4.97% | 1.84% | 1.94% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |
| Bloomberg 1-3 Year US Government/Credit Index (USD) (TR)<sup>Footnote Reference\*</sup> | 5.07% | 1.84% | 1.97% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $236106681 | 231 | $617577 | 60% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3b0b23a0693e69b9f9816b70.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 0.4% |
| Consumer Discretionary | 1.0% |
| Communication Services | 1.2% |
| Consumer Staples | 2.5% |
| U.S. Government Agency Mortgage-Backed Obligations | 2.6% |
| Materials | 4.0% |
| Mortgage-Backed Securities | 4.3% |
| Energy | 4.3% |
| Industrials | 4.8% |
| Utilities | 5.0% |
| Information Technology | 5.0% |
| Real Estate | 5.1% |
| Financials | 12.9% |
| U.S. Treasury Obligations | 22.3% |
| Asset-Backed Securities | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes | 4.375% | 11/30/28 | 7.6% |
| U.S. Treasury Notes | 3.875% | 06/15/28 | 5.2% |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 5.2% |
| U.S. Treasury Notes | 3.875% | 03/31/27 | 3.6% |
| FHLMC, Ser 2020-5036, Cl AB | 2.000% | 05/25/41 | 0.9% |
| GNMA, Ser 2022-212, Cl HP | 5.000% | 06/20/43 | 0.9% |
| FHLMC, Ser 2020-5019, Cl DA | 2.000% | 05/25/41 | 0.9% |
| Store Capital | 4.500% | 03/15/28 | 0.8% |
| U.S. Treasury Notes | 4.625% | 11/15/26 | 0.7% |
| Siemens Funding BV | 4.350% | 05/26/28 | 0.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Limited Duration Fund / Class S Shares - KCLSX

## Annual Shareholder Report: October 31, 2025

## KCLSX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Core Bond Fund

#### I Shares - KCCIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Core Bond Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Core Bond Fund, I Shares | $52 | 0.50% |

---

## How did the Fund perform in the last year?
The Bloomberg US Aggregate Bond Index (USD) (TR) returned +6.16% for the year ended October 31, 2025. All sectors except ABS outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. The best sector in the Index was MBS, probably because the Federal Reserve continued to not reinvest mortgage proceeds received from its vast portfolio. Corporate credit performed well as spreads tightened over the course of the year.

The Knights of Columbus Core Bond I Shares Class Fund returned +6.27% for the year, slightly outperforming the benchmark. The primary drivers of portfolio outperformance for the year ended October 31, 2025, were being overweight spread product as Treasuries underperformed most asset classes, being overweight MBS and security selection across the portfolio's sectors.

Our conservative outlook on risk asset performance constrained the Fund's performance over the prior year. The U.S. economy proved stronger than expected especially given the uncertainty surrounding tariff policy and the government's growing fiscal deficit. Corporate credit spreads are near historic lows and investment grade bond supply is expected to be robust as technology companies fund their artificial intelligence infrastructure. We continue to believe that wider spreads in higher-rated securitized product positions remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment

.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](i04ca309dfa52e8a3e9ee65a0.jpg)

---

| | | |
|:---|:---|:---|
| | Knights of Columbus Core Bond Fund, I Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $25000 | $25000 |
| Oct/16 | $26147 | $26093 |
| Oct/17 | $26713 | $26328 |
| Oct/18 | $26156 | $25787 |
| Oct/19 | $29210 | $28755 |
| Oct/20 | $30817 | $30535 |
| Oct/21 | $31161 | $30389 |
| Oct/22 | $25963 | $25623 |
| Oct/23 | $25974 | $25714 |
| Oct/24 | $28551 | $28426 |
| Oct/25 | $30341 | $30177 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Core Bond Fund, I Shares | 6.27% | -0.31% | 1.96% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $337500381 | 314 | $903524 | 36% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](idefe8fb6ede0f9c5119f0c03.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology | 0.7% |
| Communication Services | 0.8% |
| Consumer Staples | 0.8% |
| Consumer Discretionary | 0.8% |
| Materials | 2.2% |
| Energy | 2.6% |
| Industrials | 2.6% |
| Utilities | 2.7% |
| Real Estate | 2.9% |
| Municipal Bonds | 3.7% |
| Mortgage-Backed Securities | 9.7% |
| Financials | 9.9% |
| Asset-Backed Securities | 12.8% |
| U.S. Government Agency Mortgage-Backed Obligations | 22.1% |
| U.S. Treasury Obligations | 23.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.0% |
| U.S. Treasury Notes | 2.750% | 05/31/29 | 3.7% |
| U.S. Treasury Bonds | 1.250% | 05/15/50 | 2.2% |
| U.S. Treasury Bonds | 3.000% | 05/15/45 | 2.1% |
| U.S. Treasury Notes | 3.875% | 09/30/29 | 1.7% |
| U.S. Treasury Notes | 2.625% | 07/31/29 | 1.6% |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | 1.2% |
| U.S. Treasury Bonds | 1.875% | 11/15/51 | 1.2% |
| U.S. Treasury Bonds | 2.250% | 08/15/46 | 1.1% |
| U.S. Treasury Notes | 4.125% | 11/15/32 | 1.0% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Core Bond Fund / I Shares - KCCIX

## Annual Shareholder Report: October 31, 2025

## KCCIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Core Bond Fund

#### Class S Shares - KCCSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Core Bond Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Core Bond Fund, Class S Shares | $62 | 0.60% |

---

## How did the Fund perform in the last year?
The Bloomberg US Aggregate Bond Index (USD) (TR) returned +6.16% for the year ended October 31, 2025. All sectors except ABS outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. The best sector in the Index was MBS, probably because the Federal Reserve continued to not reinvest mortgage proceeds received from its vast portfolio. Corporate credit performed well as spreads tightened over the course of the year.

The Knights of Columbus Core Bond Class S Shares Fund returned +6.05% for the year, slightly outperforming the benchmark. The primary drivers of portfolio outperformance for the year ended October 31, 2025, were being overweight spread product as Treasuries underperformed most asset classes, being overweight MBS and security selection across the portfolio's sectors.

Our conservative outlook on risk asset performance constrained the Fund's performance over the prior year. The U.S. economy proved stronger than expected especially given the uncertainty surrounding tariff policy and the government's growing fiscal deficit. Corporate credit spreads are near historic lows and investment grade bond supply is expected to be robust as technology companies fund their artificial intelligence infrastructure. We continue to believe that wider spreads in higher-rated securitized product positions remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment

.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ifa300aaaa4a9a117a5c3e78e.jpg)

---

| | | |
|:---|:---|:---|
| | Knights of Columbus Core Bond Fund, Class S Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $10000 | $10000 |
| Oct/16 | $10445 | $10437 |
| Oct/17 | $10683 | $10531 |
| Oct/18 | $10454 | $10315 |
| Oct/19 | $11652 | $11502 |
| Oct/20 | $12281 | $12214 |
| Oct/21 | $12394 | $12155 |
| Oct/22 | $10336 | $10249 |
| Oct/23 | $10318 | $10286 |
| Oct/24 | $11332 | $11370 |
| Oct/25 | $12018 | $12071 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Core Bond Fund, Class S Shares | 6.05% | -0.43% | 1.85% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $337500381 | 314 | $903524 | 36% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](idefe8fb6ede0f9c5119f0c03.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology | 0.7% |
| Communication Services | 0.8% |
| Consumer Staples | 0.8% |
| Consumer Discretionary | 0.8% |
| Materials | 2.2% |
| Energy | 2.6% |
| Industrials | 2.6% |
| Utilities | 2.7% |
| Real Estate | 2.9% |
| Municipal Bonds | 3.7% |
| Mortgage-Backed Securities | 9.7% |
| Financials | 9.9% |
| Asset-Backed Securities | 12.8% |
| U.S. Government Agency Mortgage-Backed Obligations | 22.1% |
| U.S. Treasury Obligations | 23.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.0% |
| U.S. Treasury Notes | 2.750% | 05/31/29 | 3.7% |
| U.S. Treasury Bonds | 1.250% | 05/15/50 | 2.2% |
| U.S. Treasury Bonds | 3.000% | 05/15/45 | 2.1% |
| U.S. Treasury Notes | 3.875% | 09/30/29 | 1.7% |
| U.S. Treasury Notes | 2.625% | 07/31/29 | 1.6% |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | 1.2% |
| U.S. Treasury Bonds | 1.875% | 11/15/51 | 1.2% |
| U.S. Treasury Bonds | 2.250% | 08/15/46 | 1.1% |
| U.S. Treasury Notes | 4.125% | 11/15/32 | 1.0% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Core Bond Fund / Class S Shares - KCCSX

## Annual Shareholder Report: October 31, 2025

## KCCSX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Long/Short Equity Fund

#### I Shares - KCEIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Long/Short Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Long/Short Equity Fund, I Shares | $199 | 1.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 1.47%. |

---

## How did the Fund perform in the last year?
The benchmark HFRX Equity Market Neutral Index (USD) (TR) rose +6.12% from October 31st, 2024, through October 31st, 2025, and the widely used S&P 500 Index (USD) (TR) benchmark returned +21.45%. The Knights of Columbus Long/Short Equity Fund rose +6.38% net over the same period. This performance was achieved despite our gross remaining consistently under 120% and our ex-post realized beta being just 0.20.

2025 was characterized by an intense period of irrational exuberance that began in April (here, we are ignoring the longer-term march to high valuations and multiples witnessed over the last 2+ years in large growth and speculative growth stocks). The performance of the ARKK ETF which we have always viewed as a reflection of the market's sentiment towards loss-making story-stocks was up 93.90% from October 31st, 2024, through October 31st, 2025, nearly triple the performance of large growth and more than 4x the performance of the S&P 500.

While speculative frenzies are hard on active and concentrated market neutral products, they also provide periods of significant pent up return potential. As a reminder the ARKK ETF lost -67.0% in 2022 while the market was down -18.1%. As a reminder Intermediate Term Corporates fell -9.66% and even Limited Duration Bonds fell -3.81%. Today, we continue to believe our style of Long/Short represents the last line of portfolio diversification if levered long alternatives, like privates, finally get revalued lower or if bonds suffer another setback due to pent up inflation.

The Fund did well despite the persistence of these headwinds. Here is why:

Long Portfolio: Our longs performed admirably, contributing 19% to the Fund's return. We made our money in mispriced blue-chip stocks that offered a significant margin of safety.

Short Portfolio: Our performance on the short side can be ascribed to the details mentioned above. Of the -13.8% drag, nearly half came from just 4 positions in PLTR, FSLR, AMD and ARKK. We continue to believe that these overvalued story stocks, and those like them, are tail winds in the making for the strategy.

Your managers continue to have a significant part of their liquid net worth invested in strategies managed by L2. Your fund managers have well over $1ml invested in KCEIX, specifically, and believe the importance of having some exposure to Market Neutral has never been more important than today. We look forward to the years ahead and thank you for your continued support.

#### How did the Fund perform since inception?

## Total Return Based on $25,000 Investment
![Growth Chart](ic9d5a6e11fc9eb92eeddb31d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Knights of Columbus Long/Short Equity Fund, I Shares | Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | HFR (HFRX) EH: Equity Market Neutral Index (TR) (USD)<sup>Footnote Reference\*</sup> |
| Dec/19 | $25000 | $25000 | $25000 |
| Oct/20 | $21555 | $26983 | $23253 |
| Oct/21 | $24183 | $38780 | $23881 |
| Oct/22 | $28427 | $32225 | $23883 |
| Oct/23 | $28859 | $35267 | $24642 |
| Oct/24 | $32819 | $48635 | $26647 |
| Oct/25 | $34913 | $59036 | $28278 |

---

Since its inception on December 2, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Knights of Columbus Long/Short Equity Fund, I Shares | 6.38% | 10.13% | 5.81% |
| Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.38% | 16.95% | 15.63% |
| HFR (HFRX) EH: Equity Market Neutral Index (TR) (USD)<sup>Footnote Reference\*</sup> | 6.12% | 3.99% | 2.10% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $179011194 | 96 | $1942213 | 110% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i5bcfe731fdc0d2b4a57f0cfb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | -17.0% |
| Industrials | -1.9% |
| Materials | 0.3% |
| Utilities | 0.4% |
| Consumer Staples | 1.1% |
| Energy | 2.9% |
| Communication Services | 4.3% |
| Consumer Discretionary | 6.1% |
| Information Technology | 7.2% |
| Health Care | 11.3% |
| Financials | 13.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Berkshire Hathaway, Cl B | 2.8% |
| Cardinal Health | 2.3% |
| Hologic | 2.1% |
| Flex | 2.1% |
| Zoom Video Communications, Cl A | 2.1% |
| Cisco Systems | 2.0% |
| Gilead Sciences | 2.0% |
| Royalty Pharma PLC, Cl A | 2.0% |
| Fox | 2.0% |
| Jabil | 2.0% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Long/Short Equity Fund / I Shares - KCEIX

## Annual Shareholder Report: October 31, 2025

## KCEIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Large Cap Value Fund

#### I Shares - KCVIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Large Cap Value Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Large Cap Value Fund, I Shares | $80 | 0.75% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from the Bloomberg US 1000 Value Index to the Bloomberg 1000 Value Catholic Values Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg US 1000 Value Index for November and December, and the Bloomberg 1000 Value Catholic Values Index for the rest of the year.

The Bloomberg 1000 Value Catholic Values Index rose +11.29% for the year ended October 31, 2025, while the Bloomberg US 1000 Value Index rose +9.99%. After a sharp selloff and bottom in early April, the indices steadily climbed higher for much of the year. The Information Technology and Financials sectors led the way while Materials and Staples were the biggest laggards.

The Fund Class I Shares returned +12.00% during this time frame. The Utilities sector helped performance due to strong selection. NRG Energy, Inc. (0.9% Average Weight, +71.7% Total Return.) rose +71.7%. With increasing power demand from data centers as a tailwind, the company reported strong Q1 earnings and announced a large acquisition of power plants that will double their generation capacity and be accretive to EPS. Entergy Corp. (2.0%, +27.7%) also performed well as the national data center buildout keeps demand strong for their power.

The Information Technology sector detracted from value due to allocation and selection. Motorola Solutions, Inc. (0.9%, -8.2%) sold off in September and October. Their guidance update in the Q3 earnings release was underwhelming along with tariff impacts likely continuing into 2026. Seagate Technology Holdings (0.0%, +12.3%) was not owned in the fund for much of the year. Shares rose +161.1% over increasing demand for digital storage space due to AI model training and content production, thus dragging on relative performance.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, the continued buildout of the Artificial Intelligence ecosystem, and a full year of tax cuts and deregulation from Congress should support asset prices. The Fund continues to maintain a balanced, risk-managed approach to portfolio construction, targeting opportunities in undervalued companies with bright futures or catalysts for growth. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](ic14fc21464f92c4558cabd32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Large Cap Value Fund, I Shares | Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg US 1000 Value Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1000 Value Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/16 | $25778 | $26085 | $26552 | $25000 |
| Oct/17 | $31624 | $32282 | $31940 | $25000 |
| Oct/18 | $32500 | $34471 | $32994 | $25000 |
| Oct/19 | $36239 | $39420 | $36409 | $25000 |
| Oct/20 | $33270 | $43758 | $32565 | $25000 |
| Oct/21 | $48650 | $62890 | $48158 | $25000 |
| Oct/22 | $45376 | $52260 | $47647 | $24109 |
| Oct/23 | $46874 | $57193 | $47164 | $24052 |
| Oct/24 | $62774 | $78873 | $61117 | $31629 |
| Oct/25 | $70309 | $95739 | $67225 | $35200 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 1000 Catholic Values Value Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Large Cap Value Fund, I Shares | 12.00% | 16.14% | 10.89% |
| Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.38% | 16.95% | 14.37% |
| Bloomberg US 1000 Value Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.99% | 15.60% | 10.40% |
| Bloomberg 1000 Value Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 11.29% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $293868908 | 76 | $1572292 | 53% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i13d13c6bbd1d53418fbb62bc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 3.2% |
| Real Estate | 4.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.8% |
| Health Care | 6.6% |
| Utilities | 6.9% |
| Industrials | 7.4% |
| Consumer Staples | 8.3% |
| Information Technology | 12.0% |
| Energy | 12.1% |
| Financials | 25.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Bank of America | 4.3% |
| Exxon Mobil | 3.7% |
| Citigroup | 2.7% |
| AT&T | 2.3% |
| Goldman Sachs Group | 2.3% |
| Micron Technology | 2.3% |
| JPMorgan Chase | 2.3% |
| General Motors | 2.1% |
| International Business Machines | 2.0% |
| Entergy | 2.0% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Large Cap Value Fund / I Shares - KCVIX

## Annual Shareholder Report: October 31, 2025

## KCVIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Large Cap Value Fund

#### Class S Shares - KCVSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Large Cap Value Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Large Cap Value Fund, Class S Shares | $90 | 0.85% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from the Bloomberg US 1000 Value Index to the Bloomberg 1000 Value Catholic Values Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg US 1000 Value Index for November and December, and the Bloomberg 1000 Value Catholic Values Index for the rest of the year.

The Bloomberg 1000 Value Catholic Values Index rose +11.29% for the year ended October 31, 2025, while the Bloomberg US 1000 Value Index rose +9.99%. After a sharp selloff and bottom in early April, the indices steadily climbed higher for much of the year. The Information Technology and Financials sectors led the way while Materials and Staples were the biggest laggards.

The Fund Class S Shares returned +11.84% during this time frame. The Utilities sector helped performance due to strong selection. NRG Energy, Inc. (0.9% Average Weight, +71.7% Total Return.) rose +71.7%. With increasing power demand from data centers as a tailwind, the company reported strong Q1 earnings and announced a large acquisition of power plants that will double their generation capacity and be accretive to EPS. Entergy Corp. (2.0%, +27.7%) also performed well as the national data center buildout keeps demand strong for their power.

The Information Technology sector detracted from value due to allocation and selection. Motorola Solutions, Inc. (0.9%, -8.2%) sold off in September and October. Their guidance update in the Q3 earnings release was underwhelming along with tariff impacts likely continuing into 2026. Seagate Technology Holdings (0.0%, +12.3%) was not owned in the fund for much of the year. Shares rose +161.1% over increasing demand for digital storage space due to AI model training and content production, thus dragging on relative performance.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, the continued buildout of the Artificial Intelligence ecosystem, and a full year of tax cuts and deregulation from Congress should support asset prices. The Fund continues to maintain a balanced, risk-managed approach to portfolio construction, targeting opportunities in undervalued companies with bright futures or catalysts for growth. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i41cdd075323ab33a9a6c9f5a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Large Cap Value Fund, Class S Shares | Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg US 1000 Value Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1000 Value Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/16 | $10307 | $10434 | $10621 | $10000 |
| Oct/17 | $12643 | $12913 | $12776 | $10000 |
| Oct/18 | $12976 | $13788 | $13198 | $10000 |
| Oct/19 | $14456 | $15768 | $14564 | $10000 |
| Oct/20 | $13258 | $17503 | $13026 | $10000 |
| Oct/21 | $19368 | $25156 | $19263 | $10000 |
| Oct/22 | $18045 | $20904 | $19059 | $9643 |
| Oct/23 | $18623 | $22877 | $18865 | $9621 |
| Oct/24 | $24916 | $31549 | $24447 | $12651 |
| Oct/25 | $27864 | $38295 | $26890 | $14080 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 1000 Catholic Values Value Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Large Cap Value Fund, Class S Shares | 11.84% | 16.02% | 10.79% |
| Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.38% | 16.95% | 14.37% |
| Bloomberg US 1000 Value Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.99% | 15.60% | 10.40% |
| Bloomberg 1000 Value Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 11.29% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $293868908 | 76 | $1572292 | 53% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i13d13c6bbd1d53418fbb62bc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 3.2% |
| Real Estate | 4.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.8% |
| Health Care | 6.6% |
| Utilities | 6.9% |
| Industrials | 7.4% |
| Consumer Staples | 8.3% |
| Information Technology | 12.0% |
| Energy | 12.1% |
| Financials | 25.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Bank of America | 4.3% |
| Exxon Mobil | 3.7% |
| Citigroup | 2.7% |
| AT&T | 2.3% |
| Goldman Sachs Group | 2.3% |
| Micron Technology | 2.3% |
| JPMorgan Chase | 2.3% |
| General Motors | 2.1% |
| International Business Machines | 2.0% |
| Entergy | 2.0% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Large Cap Value Fund / Class S Shares - KCVSX

## Annual Shareholder Report: October 31, 2025

## KCVSX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Large Cap Growth Fund

#### I Shares - KCGIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Large Cap Growth Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Large Cap Growth Fund, I Shares | $85 | 0.75% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg 1000 Growth Index to Bloomberg 1000 Growth Catholic Values Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg 1000 Growth Index from October 2024 to December 2024 and the Bloomberg 1000 Growth Catholic Values Index from January 2025 and beyond.

Fiscal year 2025 began with heightened volatility, especially post-election, but US equity markets started to gain traction off the April market lows and momentum accelerated into the end of the fiscal year. Tariff headlines and high valuations proved to be not as bad as originally feared, especially with enthusiasm for Artificial Intelligence encouraging the bulls. The Bloomberg 1000 Growth Index gained +25.91% while the Bloomberg 1000 Growth Catholic Values Index gained +28.19% in fiscal year 2025. Within the benchmark, Communication Services and Information Technology led for the fiscal year, while Energy and Materials lagged.

The Fund Class I Shares was up +27.79% for the period. The Health Care sector was the largest area of outperformance due to strong stock selection and allocation. Insulet Corp (0.7% Average Weight, +36.1% Total Return) and Boston Scientific Corp (1.0%, +19.7%) were the biggest contributors to relative performance. Industrials also generated outperformance, led by ATI Inc. (0.3%, +82.7%) and data center exposed companies such as EMECOR (0.6%, +51.3%) and Caterpillar (1.2%, +55.9%). The Consumer Staples sector was the biggest detractor to relative performance. PepsiCo, Inc. (0.6%, -19.3%) was the largest relative detractor, followed by Primo Brands Corp (0.1%, -24.2%). In Consumer Discretionary, D.R. Horton, Inc. (0.2%, -22.8%) and Deckers Outdoor Corp (0.4%, -34.6%) also held back relative returns.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, the continued buildout of the Artificial Intelligence ecosystem, and a full year of tax cuts and deregulation from Congress should support asset prices. The Fund continues to maintain a balanced, risk-managed approach to portfolio construction, targeting opportunities in higher-growth companies across economic sectors while participating in the AI and datacenter build out. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](ib057d41023ccc0d474afef7d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Large Cap Growth Fund, I Shares | Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg US 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1000 Growth Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/16 | $24532 | $26085 | $25616 | $25000 |
| Oct/17 | $31021 | $32282 | $32476 | $25000 |
| Oct/18 | $33505 | $34471 | $35577 | $25000 |
| Oct/19 | $37172 | $39420 | $41789 | $25000 |
| Oct/20 | $46775 | $43758 | $52596 | $25000 |
| Oct/21 | $62727 | $62890 | $74919 | $25000 |
| Oct/22 | $44935 | $52260 | $56727 | $18570 |
| Oct/23 | $52410 | $57193 | $65166 | $21767 |
| Oct/24 | $73497 | $78873 | $92405 | $31288 |
| Oct/25 | $93925 | $95739 | $116347 | $40109 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 1000 Catholic Values Growth Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Large Cap Growth Fund, I Shares | 27.79% | 14.96% | 14.15% |
| Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.38% | 16.95% | 14.37% |
| Bloomberg US 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | 25.91% | 17.21% | 16.62% |
| Bloomberg 1000 Growth Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 28.19% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $284733867 | 77 | $1478681 | 43% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ief0007ce878266cb836fc0be.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 0.5% |
| Utilities | 0.9% |
| Materials | 1.2% |
| Real Estate | 1.8% |
| Health Care | 3.4% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 6.0% |
| Industrials | 8.9% |
| Financials | 12.1% |
| Communication Services | 12.4% |
| Information Technology | 47.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 11.3% |
| Microsoft | 9.7% |
| Apple | 9.6% |
| Broadcom | 4.5% |
| Alphabet, Cl A | 4.2% |
| Alphabet, Cl C | 3.6% |
| Meta Platforms, Cl A | 3.3% |
| Tesla | 3.1% |
| Visa, Cl A | 1.9% |
| JPMorgan Chase | 1.9% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Large Cap Growth Fund / I Shares - KCGIX

## Annual Shareholder Report: October 31, 2025

## KCGIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Large Cap Growth Fund

#### Class S Shares - KCGSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Large Cap Growth Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Large Cap Growth Fund, Class S Shares | $97 | 0.85% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg 1000 Growth Index to Bloomberg 1000 Growth Catholic Values Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg 1000 Growth Index from October 2024 to December 2024 and the Bloomberg 1000 Growth Catholic Values Index from January 2025 and beyond.

Fiscal year 2025 began with heightened volatility, especially post-election, but US equity markets started to gain traction off the April market lows and momentum accelerated into the end of the fiscal year. Tariff headlines and high valuations proved to be not as bad as originally feared, especially with enthusiasm for Artificial Intelligence encouraging the bulls. The Bloomberg 1000 Growth Index gained +25.91% while the Bloomberg 1000 Growth Catholic Values Index gained +28.19% in fiscal year 2025. Within the benchmark, Communication Services and Information Technology led for the fiscal year, while Energy and Materials lagged.

The Fund Class S Shares was up +27.66% for the period. The Health Care sector was the largest area of outperformance due to strong stock selection and allocation. Insulet Corp (0.7% Average Weight, +36.1% Total Return) and Boston Scientific Corp (1.0%, +19.7%) were the biggest contributors to relative performance. Industrials also generated outperformance, led by ATI Inc. (0.3%, +82.7%) and data center exposed companies such as EMECOR (0.6%, +51.3%) and Caterpillar (1.2%, +55.9%). The Consumer Staples sector was the biggest detractor to relative performance. PepsiCo, Inc. (0.6%, -19.3%) was the largest relative detractor, followed by Primo Brands Corp (0.1%, -24.2%). In Consumer Discretionary, D.R. Horton, Inc. (0.2%, -22.8%) and Deckers Outdoor Corp (0.4%, -34.6%) also held back relative returns.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, the continued buildout of the Artificial Intelligence ecosystem, and a full year of tax cuts and deregulation from Congress should support asset prices. The Fund continues to maintain a balanced, risk-managed approach to portfolio construction, targeting opportunities in higher-growth companies across economic sectors while participating in the AI and datacenter build out. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i0a748d48b43c28e6a165c35e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Large Cap Growth Fund, Class S Shares | Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg US 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 1000 Growth Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/16 | $9809 | $10434 | $10246 | $10000 |
| Oct/17 | $12406 | $12913 | $12990 | $10000 |
| Oct/18 | $13397 | $13788 | $14231 | $10000 |
| Oct/19 | $14846 | $15768 | $16716 | $10000 |
| Oct/20 | $18663 | $17503 | $21038 | $10000 |
| Oct/21 | $24994 | $25156 | $29968 | $10000 |
| Oct/22 | $17898 | $20904 | $22691 | $7428 |
| Oct/23 | $20849 | $22877 | $26066 | $8707 |
| Oct/24 | $29200 | $31549 | $36962 | $12515 |
| Oct/25 | $37277 | $38295 | $46539 | $16044 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 1000 Catholic Values Growth Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Large Cap Growth Fund, Class S Shares | 27.66% | 14.84% | 14.06% |
| Bloomberg US 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.38% | 16.95% | 14.37% |
| Bloomberg US 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | 25.91% | 17.21% | 16.62% |
| Bloomberg 1000 Growth Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 28.19% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $284733867 | 77 | $1478681 | 43% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ief0007ce878266cb836fc0be.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 0.5% |
| Utilities | 0.9% |
| Materials | 1.2% |
| Real Estate | 1.8% |
| Health Care | 3.4% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 6.0% |
| Industrials | 8.9% |
| Financials | 12.1% |
| Communication Services | 12.4% |
| Information Technology | 47.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 11.3% |
| Microsoft | 9.7% |
| Apple | 9.6% |
| Broadcom | 4.5% |
| Alphabet, Cl A | 4.2% |
| Alphabet, Cl C | 3.6% |
| Meta Platforms, Cl A | 3.3% |
| Tesla | 3.1% |
| Visa, Cl A | 1.9% |
| JPMorgan Chase | 1.9% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Large Cap Growth Fund / Class S Shares - KCGSX

## Annual Shareholder Report: October 31, 2025

## KCGSX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Small Cap Fund

#### I Shares - KCSIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Small Cap Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Small Cap Fund, I Shares | $94 | 0.90% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg 2000 Index to Bloomberg 2000 Catholic Values Index, as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg 2000 Index from October 2024 to December 2024 and the Bloomberg 2000 Catholic Values Index from January 2025 and beyond.

Fiscal year 2025 was a volatile year for small caps, but small caps started to gain traction off the April market lows and their momentum accelerated into the end of the fiscal year. Tariff headlines and concerns from Liberation Day proved to be not as bad as originally feared. The 10 year U.S. Treasury yield has been trending lower since its highs in January, and the Federal Reserve turned more accommodative – especially post the Jackson Hole speech in late August – all of which benefited small caps. The Bloomberg 2000 Index was up +12.02% and the Bloomberg 2000 Catholic Values Index was up +10.85% in fiscal year 2025. Within the small cap benchmark, Information Technology and Industrials led for the fiscal year, while Consumer Staples and Real Estate lagged.

In fiscal year 2025, the Fund Class I Shares was up +8.64%. In terms of sector performance, the Consumer Discretionary sector was the largest area of outperformance for the Fund due to selection and allocation. Boot Barn Holdings, Inc. (1.4% Average Weight, +52.3% Total Return) and Garrett Motion, Inc. (1.0%, +77.6%) were the biggest contributors to performance. The Industrials sector was the biggest detractor to relative performance. Willis Lease Finance Corp (1.1%, -28.8%) and Herc Holdings, Inc (0.6%, -37.9%) were the biggest detractors to performance.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, coupled with a full year of tax cuts and deregulation from Congress, should support asset prices. The Fund continues to maintain a barbell approach with a mostly neutral stance that favors quality over speculation within small cap. We are balancing upside participating in higher-growth, higher-momentum names against downside protection in stable/defensive companies. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](i01a56118277b506b89a869dc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Small Cap Fund, I Shares | Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 2000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/16 | $24329 | $26090 | $26156 | $25000 |
| Oct/17 | $31144 | $32336 | $33051 | $25000 |
| Oct/18 | $30243 | $34427 | $33943 | $25000 |
| Oct/19 | $31578 | $39103 | $35026 | $25000 |
| Oct/20 | $30223 | $43140 | $35309 | $25000 |
| Oct/21 | $46779 | $62311 | $55486 | $25000 |
| Oct/22 | $38081 | $51707 | $45201 | $20779 |
| Oct/23 | $37097 | $56039 | $41426 | $19093 |
| Oct/24 | $49042 | $77197 | $55842 | $25731 |
| Oct/25 | $53280 | $93373 | $62551 | $28523 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 2000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Small Cap Fund, I Shares | 8.64% | 12.01% | 7.86% |
| Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.95% | 16.70% | 14.08% |
| Bloomberg 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 12.02% | 12.12% | 9.60% |
| Bloomberg 2000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 10.85% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $168096942 | 99 | $1117106 | 66% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i22c27a4de740459772f2fb4d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Rights | 0.0% |
| Communication Services | 1.2% |
| Consumer Staples | 2.3% |
| Utilities | 3.6% |
| Materials | 4.1% |
| Energy | 5.6% |
| Real Estate | 7.6% |
| Consumer Discretionary | 9.9% |
| Information Technology | 13.9% |
| Industrials | 14.6% |
| Health Care | 15.8% |
| Financials | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| RadNet | 1.8% |
| IES Holdings | 1.7% |
| Brink's | 1.6% |
| DigitalOcean Holdings | 1.6% |
| American Healthcare REIT | 1.6% |
| Belden | 1.6% |
| Piper Sandler | 1.5% |
| Cushman & Wakefield PLC | 1.5% |
| Valley National Bancorp | 1.5% |
| Granite Construction | 1.5% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Small Cap Fund / I Shares - KCSIX

## Annual Shareholder Report: October 31, 2025

## KCSIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Small Cap Fund

#### Class S Shares - KCSSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Small Cap Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Small Cap Fund, Class S Shares | $104 | 1.00% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg 2000 Index to Bloomberg 2000 Catholic Values Index, as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg 2000 Index from October 2024 to December 2024 and the Bloomberg 2000 Catholic Values Index from January 2025 and beyond.

Fiscal year 2025 was a volatile year for small caps, but small caps started to gain traction off the April market lows and their momentum accelerated into the end of the fiscal year. Tariff headlines and concerns from Liberation Day proved to be not as bad as originally feared. The 10 year U.S. Treasury yield has been trending lower since its highs in January, and the Federal Reserve turned more accommodative – especially post the Jackson Hole speech in late August – all of which benefited small caps. The Bloomberg 2000 Index was up +12.02% and the Bloomberg 2000 Catholic Values Index was up +10.85% in fiscal year 2025. Within the small cap benchmark, Information Technology and Industrials led for the fiscal year, while Consumer Staples and Real Estate lagged.

In fiscal year 2025, the Fund Class S Shares was up +8.59%. In terms of sector performance, the Consumer Discretionary sector was the largest area of outperformance for the Fund due to selection and allocation. Boot Barn Holdings, Inc. (1.4% Average Weight, +52.3% Total Return) and Garrett Motion, Inc. (1.0%, +77.6%) were the biggest contributors to performance. The Industrials sector was the biggest detractor to relative performance. Willis Lease Finance Corp (1.1%, -28.8%) and Herc Holdings, Inc (0.6%, -37.9%) were the biggest detractors to performance.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, coupled with a full year of tax cuts and deregulation from Congress, should support asset prices. The Fund continues to maintain a barbell approach with a mostly neutral stance that favors quality over speculation within small cap. We are balancing upside participating in higher-growth, higher-momentum names against downside protection in stable/defensive companies. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i056802eea0973ab5c528c359.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Small Cap Fund, Class S Shares | Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 2000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/16 | $9729 | $10436 | $10463 | $10000 |
| Oct/17 | $12441 | $12934 | $13221 | $10000 |
| Oct/18 | $12065 | $13771 | $13577 | $10000 |
| Oct/19 | $12591 | $15641 | $14010 | $10000 |
| Oct/20 | $12038 | $17256 | $14123 | $10000 |
| Oct/21 | $18605 | $24924 | $22194 | $10000 |
| Oct/22 | $15142 | $20683 | $18080 | $8311 |
| Oct/23 | $14735 | $22416 | $16570 | $7637 |
| Oct/24 | $19460 | $30879 | $22337 | $10292 |
| Oct/25 | $21132 | $37349 | $25021 | $11409 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 2000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus Small Cap Fund, Class S Shares | 8.59% | 11.91% | 7.77% |
| Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.95% | 16.70% | 14.08% |
| Bloomberg 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 12.02% | 12.12% | 9.60% |
| Bloomberg 2000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 10.85% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $168096942 | 99 | $1117106 | 66% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i22c27a4de740459772f2fb4d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Rights | 0.0% |
| Communication Services | 1.2% |
| Consumer Staples | 2.3% |
| Utilities | 3.6% |
| Materials | 4.1% |
| Energy | 5.6% |
| Real Estate | 7.6% |
| Consumer Discretionary | 9.9% |
| Information Technology | 13.9% |
| Industrials | 14.6% |
| Health Care | 15.8% |
| Financials | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| RadNet | 1.8% |
| IES Holdings | 1.7% |
| Brink's | 1.6% |
| DigitalOcean Holdings | 1.6% |
| American Healthcare REIT | 1.6% |
| Belden | 1.6% |
| Piper Sandler | 1.5% |
| Cushman & Wakefield PLC | 1.5% |
| Valley National Bancorp | 1.5% |
| Granite Construction | 1.5% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Small Cap Fund / Class S Shares - KCSSX

## Annual Shareholder Report: October 31, 2025

## KCSSX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

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

#### I Shares - KCXIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus U.S. All Cap Index Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).This annual shareholder report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus U.S. All Cap Index Fund, I Shares | $28 | 0.25% |

---

## How did the Fund perform in the last year?
The broad U.S. stock market, as defined by the Bloomberg 3000 Catholic Values Total Return Index, rose +23.02% from October 31, 2024, through October 31, 2025.

Reflecting this environment, the Knights of Columbus Index Fund rose +22.35% as the portfolio continues to execute on its objective to maintain securities' weightings in accordance with the index. The benchmark was changed to the Bloomberg 3000 Catholic Values Index in December of 2024 which means the Fund was not seeking to mirror the benchmark for the full period which explains the 80 basis point drag. Prior to the change, the Fund was benchmarked vs. the Knights of Columbus U.S. All Cap Index.

The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market that is consistent with USCCB guidelines, closely tracked its target index.

#### How did the Fund perform since inception?

## Total Return Based on $25,000 Investment
![Growth Chart](iebd7081e9ae3233845e52f4f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus U.S. All Cap Index Fund, I Shares | Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg 3000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | Solactive Knights of Columbus U.S. All Cap Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/19 | $25000 | $25000 | $25000 | $25000 |
| Oct/20 | $25771 | $25837 | $25000 | $25905 |
| Oct/21 | $37783 | $37319 | $26778 | $38134 |
| Oct/22 | $30836 | $30968 | $21747 | $31175 |
| Oct/23 | $33822 | $33562 | $23886 | $34207 |
| Oct/24 | $47328 | $46234 | $33360 | $47944 |
| Oct/25 | $57906 | $55922 | $41039 | $59018 |

---

Since its inception on December 31, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg 3000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |
| &nbsp;&nbsp;Footnote‡ | &nbsp;&nbsp;On December 31, 2024, the Fund's benchmark changed from the Solactive Knights of Columbus U.S. All Cap Index to Bloomberg 3000 Catholic Values Total Return Index because the Adviser believes that the Bloomberg 3000 Catholic Values Total Return Index better reflects the Fund's investment strategies. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Knights of Columbus U.S. All Cap Index Fund, I Shares | 22.35% | 17.58% | 15.47% |
| Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.95% | 16.70% | 14.79% |
| Bloomberg 3000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 23.02% | -% | -% |
| Solactive Knights of Columbus U.S. All Cap Index (USD) (TR)<sup>Footnote Reference\*</sup> | 23.10% | 17.90% | 15.85% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $289107313 | 2736 | $- | 13% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i1c700b22f4548ad6ae572c7a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| Rights | 0.0% |
| Total Return Swaps | 0.1% |
| Materials | 2.2% |
| Real Estate | 2.3% |
| Utilities | 2.6% |
| Energy | 3.2% |
| Health Care | 3.7% |
| Consumer Staples | 4.3% |
| Consumer Discretionary | 7.5% |
| Industrials | 8.7% |
| Communication Services | 10.6% |
| Financials | 13.9% |
| Information Technology | 37.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 8.1% |
| Apple | 6.7% |
| Microsoft | 6.5% |
| Broadcom | 2.9% |
| Alphabet, Cl A | 2.8% |
| Meta Platforms, Cl A | 2.4% |
| Alphabet, Cl C | 2.2% |
| Tesla | 2.2% |
| JPMorgan Chase | 1.5% |
| Berkshire Hathaway, Cl B | 1.1% |

---

## Material Fund Changes
Effective December 31, 2024, Knights of Columbus U.S. All Cap Index Fund changed its primary benchmark, with approval of the Funds' Board of Trustees, from the Solactive Knights of Columbus U.S. All Cap Index to Bloomberg 3000 Catholic Values Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2025.

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus U.S. All Cap Index Fund / I Shares - KCXIX

## Annual Shareholder Report: October 31, 2025

## KCXIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus Real Estate Fund

#### I Shares - KCRIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus Real Estate Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus Real Estate Fund, I Shares | $97 | 1.00% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from the Bloomberg US 3000 REIT Index to the Bloomberg US REIT 3000 Catholic Values Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg US 3000 REIT Index for November and December and against the Bloomberg US REIT 3000 Catholic Values Index for the rest of the year.

The Bloomberg US REIT 3000 Catholic Values Index fell -2.17% for the year ended October 31, 2025, while the Bloomberg US 3000 REIT Index fell -2.61%. The indices fell in December and were primarily flat for the rest of the year (except for the April selloff/recovery). Health Care REITs and Diversified REITs led the way higher with Mortgage REITs and Timber REITs bringing up the rear.

The Fund I Shares returned -5.52% during this timeframe. Selection was negative for the fund particularly within Multi-Family REITs. The multi-family space continues to struggle with working off the large increase in supply that happened during COVID. Further, falling immigration in the U.S. seems to be lowering demand for multi-family rentals. Veris Residential, Inc. (0.7% Average Weight, -16.1% Total Return) fell -16.1%. Q3 same store expense growth came in higher than expected. Independence Realty Trust, Inc. (1.4%, -8.2%) finished lower.

Allocation was positive for the fund. Real Estate Services was a strong area as the commercial real estate market continues to thaw. Health Care REITs was the best performing group by a wide margin, led by senior housing REITs. The companies continue to recover from their COVID lows while simultaneously the baby boomer generation continues to retire into a market where demand for health care facilities outstrips the supply available.

We anticipate a similar trading environment as we look ahead to 2026. An increasingly accommodative Federal Reserve, the continued buildout of the Artificial Intelligence ecosystem, and a full year of tax cuts and deregulation from Congress should support asset prices. Interest rates will also impact REIT returns and seem broadly expected to drift lower, although the timeframe is certainly debated. The Fund continues to maintain a balanced, risk-managed approach to portfolio construction, targeting opportunities in undervalued REITs and/or those with superior growth potential. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.

#### How did the Fund perform since inception?

## Total Return Based on $25,000 Investment
![Growth Chart](i3a2b5fec45a116e38a06b1cc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Knights of Columbus Real Estate Fund, I Shares | Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Bloomberg US 3000 REIT Index (TR) (USD)<sup>Footnote Reference\*</sup> | Bloomberg US REIT 3000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Sep/19 | $25000 | $25000 | $25000 | $25000 |
| Oct/19 | $25825 | $25530 | $25279 | $25000 |
| Oct/20 | $22793 | $28166 | $21338 | $25000 |
| Oct/21 | $31832 | $40683 | $31115 | $26793 |
| Oct/22 | $26810 | $33759 | $25075 | $21658 |
| Oct/23 | $24423 | $36588 | $23083 | $20001 |
| Oct/24 | $31879 | $50401 | $30959 | $26749 |
| Oct/25 | $30118 | $60963 | $30151 | $26169 |

---

Since its inception on September 30, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg U.S. REIT 3000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Knights of Columbus Real Estate Fund, I Shares | -5.52% | 5.73% | 3.11% |
| Bloomberg US 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.95% | 16.70% | 15.76% |
| Bloomberg US 3000 REIT Index (TR) (USD)<sup>Footnote Reference\*</sup> | -2.61% | 7.16% | 3.12% |
| Bloomberg US REIT 3000 Catholic Values Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | -2.17% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $145370342 | 48 | $1184804 | 70% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia13e596cdb3a912102f35f78.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate Mgmnt/Servic | 0.4% |
| Multi-Family Residential | 0.5% |
| REITS-Shopping Centers | 0.6% |
| Real Estate Services | 0.9% |
| Single-Family Residential | 1.1% |
| Office | 1.7% |
| REITS-Manufactured Homes | 1.8% |
| Hotel & Resort | 1.9% |
| REITS-Warehouse/Industr | 2.0% |
| REITS-Health Care | 2.1% |
| REITS-Office Property | 2.4% |
| Other Specialized | 2.4% |
| REITS-Storage | 3.1% |
| Self-Storage | 3.4% |
| Retail | 4.5% |
| REITS-Regional Malls | 5.1% |
| REITS-Single Tenant | 5.4% |
| Data Center | 6.9% |
| Telecom Tower | 7.9% |
| REITS-Apartments | 9.4% |
| Industrial | 11.3% |
| Health Care | 11.9% |
| REITS-Diversified | 12.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Welltower | 10.9% |
| Prologis | 10.0% |
| Equinix | 6.9% |
| American Tower | 6.6% |
| Simon Property Group | 5.1% |
| Realty Income, | 4.8% |
| Digital Realty Trust | 4.2% |
| Public Storage | 3.4% |
| Crown Castle | 3.0% |
| Iron Mountain | 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus Real Estate Fund / I Shares - KCRIX

## Annual Shareholder Report: October 31, 2025

## KCRIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus International Equity Fund

#### I Shares - KCIIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Shares of the Knights of Columbus International Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus International Equity Fund, I Shares | $122 | 1.10% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg World ex-US Large-Mid Total Return Index to Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg World ex-US Large-Mid Total Return Index from October 2024 to December 2024 and the Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index from January 2025 and beyond.

Global equity returns for the fiscal year rose +24.94% for the second year in a row, producing a very strong two-year period. The only real wrinkle was during April, when the US administration introduced a new tariff regime. One of the major themes of the year was anything AI-related. This affected both countries, where South Korea took the top spot, driven by chip stocks including SK Hynix and Samsung Electronics, and sectors, where Information Technology was the best, returning +43%.

Economic growth was good enough to keep itself largely out of the headlines. While country-level GDP estimates were cut around the time of the tariff announcements, they recovered to reasonable levels, and ones that look set to repeat in 2026. With many central banks now in easing mode, this provides another tailwind for markets.

Latin America was the strongest region, buoyed by a +41% return in Mexico. Pacific ex-Japan was the weakest region due to Australia, which is over half the region's weight, and is heavily weighted towards Financials with very little technology.

The Fund Class I Shares appreciated +21.92%. Consumer Staples added the most to performance. Our top holdings were food producers, including Chinese meat company WH Group Ltd. (1.0% Average Weight, +42.9% Total Return) and French conglomerate Danone S.A. (1.5%, +27.6%). The sector that detracted the most from performance was Energy. TotalEnergies SE (0.1%, -8.6%) and Enbridge Inc. (0.2%, -3.5%) were the largest contributors. The average weights are small because they were not held for the entire fiscal period.

While valuations in the US remain near record levels, they are much more attractive internationally, providing a key tailwind. There are certainly individual companies that have soared on AI headlines, but they are a much lower percentage of the benchmark than in the US. This should lead to lower benchmark volatility. Generally lower interest rates and decent economic expectations round out the list of positives for equity returns in the year ahead.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $25,000 Investment
![Growth Chart](i82ceac9a63e381a9eff232df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Knights of Columbus International Equity Fund, I Shares | Bloomberg World ex-US Large-Mid Index (TR) (USD)<sup>Footnote Reference\*</sup> | Bloomberg World ex-US Catholic Values Large & Mid Cap Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $25000 | $25000 | $25000 |
| Oct/16 | $26030 | $25215 | $25000 |
| Oct/17 | $33370 | $31292 | $25000 |
| Oct/18 | $31287 | $28951 | $25000 |
| Oct/19 | $33772 | $32413 | $25000 |
| Oct/20 | $33839 | $32205 | $25000 |
| Oct/21 | $45093 | $41787 | $25000 |
| Oct/22 | $33007 | $31680 | $18721 |
| Oct/23 | $36800 | $35406 | $20946 |
| Oct/24 | $45654 | $44096 | $26075 |
| Oct/25 | $55662 | $55094 | $32860 |

---

The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus International Equity Fund, I Shares | 21.92% | 10.47% | 8.33% |
| Bloomberg World ex-US Large-Mid Index (TR) (USD)<sup>Footnote Reference\*</sup> | 24.94% | 11.34% | 8.22% |
| Bloomberg World ex-US Catholic Values Large & Mid Cap Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 26.02% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $246740795 | 85 | $1966883 | 50% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia74c57160b12d976fa2f2f11.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 16.7% |
| Australia | 2.9% |
| Switzerland | 3.8% |
| Spain | 4.4% |
| Netherlands | 4.6% |
| Taiwan | 5.5% |
| Germany | 5.6% |
| South Korea | 6.2% |
| United Kingdom | 7.1% |
| France | 7.9% |
| Canada | 8.6% |
| Japan | 11.5% |
| China | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing | 4.2% |
| Tencent Holdings | 2.7% |
| Samsung Electronics | 2.5% |
| ASML Holding | 2.2% |
| Royal Bank of Canada | 2.2% |
| Shell PLC | 2.1% |
| Alibaba Group Holding | 2.0% |
| Mitsubishi UFJ Financial Group | 1.8% |
| CaixaBank | 1.6% |
| Barclays | 1.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus International Equity Fund / I Shares - KCIIX

## Annual Shareholder Report: October 31, 2025

## KCIIX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)

# The Advisors' Inner Circle Fund III
![Image](ie72f567cd153dd9fca413c99.jpg)

## Knights of Columbus International Equity Fund

#### Class S Shares - KCISX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus International Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Knights of Columbus International Equity Fund, Class S Shares | $133 | 1.20% |

---

## How did the Fund perform in the last year?
The Fund changed its performance benchmark, from Bloomberg World ex-US Large-Mid Total Return Index to Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index as of December 31, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Bloomberg World ex-US Large-Mid Total Return Index from October 2024 to December 2024 and the Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index from January 2025 and beyond.

Global equity returns for the fiscal year rose +24.94% for the second year in a row, producing a very strong two-year period. The only real wrinkle was during April, when the US administration introduced a new tariff regime. One of the major themes of the year was anything AI-related. This affected both countries, where South Korea took the top spot, driven by chip stocks including SK Hynix and Samsung Electronics, and sectors, where Information Technology was the best, returning +43%.

Economic growth was good enough to keep itself largely out of the headlines. While country-level GDP estimates were cut around the time of the tariff announcements, they recovered to reasonable levels, and ones that look set to repeat in 2026. With many central banks now in easing mode, this provides another tailwind for markets.

Latin America was the strongest region, buoyed by a +41% return in Mexico. Pacific ex-Japan was the weakest region due to Australia, which is over half the region's weight, and is heavily weighted towards Financials with very little technology.

The Fund Class S Shares appreciated +21.72%. Consumer Staples added the most to performance. Our top holdings were food producers, including Chinese meat company WH Group Ltd. (1.0% Average Weight, +42.9% Total Return) and French conglomerate Danone S.A. (1.5%, +27.6%). The sector that detracted the most from performance was Energy. TotalEnergies SE (0.1%, -8.6%) and Enbridge Inc. (0.2%, -3.5%) were the largest contributors. The average weights are small because they were not held for the entire fiscal period.

While valuations in the US remain near record levels, they are much more attractive internationally, providing a key tailwind. There are certainly individual companies that have soared on AI headlines, but they are a much lower percentage of the benchmark than in the US. This should lead to lower benchmark volatility. Generally lower interest rates and decent economic expectations round out the list of positives for equity returns in the year ahead.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i9c70b50552b238b0242687f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Knights of Columbus International Equity Fund, Class S Shares | Bloomberg World ex-US Large-Mid Index (TR) (USD)<sup>Footnote Reference\*</sup> | Bloomberg World ex-US Catholic Values Large & Mid Cap Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $10000 | $10000 | $10000 |
| Oct/16 | $10420 | $10086 | $10000 |
| Oct/17 | $13357 | $12517 | $10000 |
| Oct/18 | $12497 | $11580 | $10000 |
| Oct/19 | $13465 | $12965 | $10000 |
| Oct/20 | $13465 | $12882 | $10000 |
| Oct/21 | $17930 | $16715 | $10000 |
| Oct/22 | $13111 | $12672 | $7488 |
| Oct/23 | $14594 | $14162 | $8378 |
| Oct/24 | $18100 | $17639 | $10430 |
| Oct/25 | $22031 | $22038 | $13144 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. 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 1-844-KC-FUNDS (1-844-523-8637) or visit https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The inception date of the Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. The table above reports the one calendar year of performance available since inception. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Knights of Columbus International Equity Fund, Class S Shares | 21.72% | 10.35% | 8.22% |
| Bloomberg World ex-US Large-Mid Index (TR) (USD)<sup>Footnote Reference\*</sup> | 24.94% | 11.34% | 8.22% |
| Bloomberg World ex-US Catholic Values Large & Mid Cap Index (TR) (USD)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 26.02% | -% | -% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $246740795 | 85 | $1966883 | 50% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia74c57160b12d976fa2f2f11.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 16.7% |
| Australia | 2.9% |
| Switzerland | 3.8% |
| Spain | 4.4% |
| Netherlands | 4.6% |
| Taiwan | 5.5% |
| Germany | 5.6% |
| South Korea | 6.2% |
| United Kingdom | 7.1% |
| France | 7.9% |
| Canada | 8.6% |
| Japan | 11.5% |
| China | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing | 4.2% |
| Tencent Holdings | 2.7% |
| Samsung Electronics | 2.5% |
| ASML Holding | 2.2% |
| Royal Bank of Canada | 2.2% |
| Shell PLC | 2.1% |
| Alibaba Group Holding | 2.0% |
| Mitsubishi UFJ Financial Group | 1.8% |
| CaixaBank | 1.6% |
| Barclays | 1.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if37b8defd53aa0054e90cf4d.jpg)

* 1-844-KC-FUNDS (1-844-523-8637) 

* https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) 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

## Knights of Columbus International Equity Fund / Class S Shares - KCISX

## Annual Shareholder Report: October 31, 2025

## KCISX-AR-2025
![Image](ie72f567cd153dd9fca413c99.jpg)**

(b) Not applicable.

 **Item 2. Code of Ethics.**

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.

 **Item 3. Audit Committee Financial Expert.**

(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 are "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to The Advisors' Inner Circle Fund III (the aforementioned "Trust").

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 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<sup>(1)</sup> | $584911 |  |  | $734463 |  |  |
| (b) | Audit-Related Fees |  |  | $7712106<sup>(2)</sup> |  |  |  |
| (c) | Tax Fees |  |  | $6540150<sup>(3)</sup> |  |  | $559700<sup>(4)</sup> |
| (d) | All Other Fees |  |  | $1304150<sup>(5)</sup> |  |  | $10530<sup>(6)</sup> |

---

Fees billed by Cohen & Company, Ltd. ("Cohen & Co") relate to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 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<sup>(1)</sup> | $52000 |  |  |  |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

(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.

(2) Audit-related services performed in a period prior to the adoption of a new accounting standard, for the Penn Mutual ICC. Providing audit
 related services for other Natixis entities in the ICC, for the RWC Partners ICC.

(3) Preparation of K1's for tax filings for other entities in the Penn Mutual ICC, for the Penn Mutual ICC. Includes fees for tax compliance
 services to other Natixis entities in the ICC, for the RWC Partners ICC.

(4) Tax return preparation fees for affiliates of the Funds.

(5) Includes fees for licensing of online accounting research tools and other checklist templates, for the Penn Mutual ICC. Provision of other
 non-audit services including preparing benchmark reports, regulatory training and gap analysis reviews, for the RWC Partners ICC.

(6) Non-audit fees consist of SSAE No. 18 report over investment management activities and non-statutory audit reports of Legal & General
 Investment Management America, Inc.

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)&nbsp;&nbsp;&nbsp;&nbsp; Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
| | **FYE** <br> **October 31, 2025** | **FYE** <br>**October 31, 2024**<br>|
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2)&nbsp;&nbsp;&nbsp;&nbsp; Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (Cohen & Co):

---

| | | |
|:---|:---|:---|
| | **FYE**<br> **October 31, 2025** | **FYE** <br> **October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 October 31<sup>st</sup> were $15,556,406 and $570,230 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen & Co 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 October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR § 240.3b-4e.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

Financial statements and financial highlights are filed herein.

![](fp0096593_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS**<br> **OCTOBER 31, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Glossary | 57 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 58 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 60 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 62 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 72 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 74 |
| Report of Independent Registered Public Accounting Firm | 92 |
| Notice to Shareholders (Unaudited) | 93 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 94 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**CORPORATE OBLIGATIONS — 46.2%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 07/16/28(A) | $1160000 | $1172834 |
| &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/01/28 | 950000 | 931561 |
| &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/15/27 | 765000 | 758337 |
|  |  | 2862732 |
| **CONSUMER DISCRETIONARY — 1.0%** | **CONSUMER DISCRETIONARY — 1.0%** | **CONSUMER DISCRETIONARY — 1.0%** |
| &nbsp;&nbsp;&nbsp;General Motors Financial | &nbsp;&nbsp;&nbsp;General Motors Financial | &nbsp;&nbsp;&nbsp;General Motors Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 10/27/28 | 170000 | 169587 |
| &nbsp;&nbsp;&nbsp;Lowe's | &nbsp;&nbsp;&nbsp;Lowe's | &nbsp;&nbsp;&nbsp;Lowe's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/28 | 1140000 | 1137493 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 02/15/28 | 985000 | 987956 |
|  |  | 2295036 |
| **CONSUMER STAPLES — 2.5%** | **CONSUMER STAPLES — 2.5%** | **CONSUMER STAPLES — 2.5%** |
| &nbsp;&nbsp;&nbsp;7-Eleven | &nbsp;&nbsp;&nbsp;7-Eleven | &nbsp;&nbsp;&nbsp;7-Eleven |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 02/10/28(A) | 1220000 | 1143199 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/26/27(A) | 1000000 | 991244 |
| &nbsp;&nbsp;&nbsp;Bacardi | &nbsp;&nbsp;&nbsp;Bacardi | &nbsp;&nbsp;&nbsp;Bacardi |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 07/15/26(A) | 770000 | 761205 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/01/27 | 1088000 | 1027310 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/01/28(A) | 970000 | 981422 |
| &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/15/28 | 1000000 | 998800 |
|  |  | 5903180 |
| **ENERGY — 4.3%** | **ENERGY — 4.3%** | **ENERGY — 4.3%** |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017%, 11/17/27 | 987000 | 1006405 |
| &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 06/20/28 | 1010000 | 1019727 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US0003M + 4.155%(B)(C) | 1155000 | 1153224 |
| &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/15/28 | 1010000 | 1020202 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 12/01/27 | 950000 | 954198 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/30(A) | 20000 | 20131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/15/28(A) | 1100000 | 1097523 |
| &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/27 | 980000 | 981554 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 08/15/26 | 1085000 | 1071388 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/29/27(A) | 980000 | 992485 |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **ENERGY — continued** | **ENERGY — continued** | **ENERGY — continued** |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 985000 | 986902 |
|  |  | 10303739 |
| **FINANCIALS — 12.9%** | **FINANCIALS — 12.9%** | **FINANCIALS — 12.9%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 11/02/28 | 1175000 | 1097207 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.351%, SOFRRATE + 0.810%, 07/20/29(B) | 1065000 | 1071469 |
| &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 08/11/28(A) | 1030000 | 1091561 |
| &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/28 | 1125000 | 1071181 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/15/27 | 900000 | 908394 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183%, 11/25/27 | 975000 | 975566 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/27 | 1039000 | 1019452 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/11/28 | 1180000 | 1114274 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/23/28 | 385000 | 388404 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.857%, SOFRRATE + 1.030%, 03/30/29(B) | 945000 | 959385 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, SOFRRATE + 2.057%, 05/10/28(B) | 935000 | 943976 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/25/28 | 905000 | 903972 |
| &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/27 | 1010000 | 1001669 |
| &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 10/12/28 | 500000 | 462017 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/31/29(A) | 1130000 | 1131263 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 | 1000000 | 1049103 |
| &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/16/26 | 1090000 | 1070131 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/14/28 | 890000 | 896839 |
| &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/03/28 | 1015000 | 1028465 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.505%, SOFRRATE + 0.860%, 10/22/28(B) | 940000 | 947270 |
| &nbsp;&nbsp;&nbsp;Main Street Capital | &nbsp;&nbsp;&nbsp;Main Street Capital | &nbsp;&nbsp;&nbsp;Main Street Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/04/27 | 925000 | 943129 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/23/27 | 975000 | 972685 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance | &nbsp;&nbsp;&nbsp;New Mountain Finance | &nbsp;&nbsp;&nbsp;New Mountain Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/15/27 | 925000 | 939917 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 1

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 01/15/27 | 1010000 | 979587 |
| &nbsp;&nbsp;&nbsp;PNC Bank | &nbsp;&nbsp;&nbsp;PNC Bank | &nbsp;&nbsp;&nbsp;PNC Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.429%, SOFRRATE + 0.727%, 07/21/28(B) | 1065000 | 1070274 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.498%, SOFRRATE + 0.890%, 08/06/29(B) | 1095000 | 1103649 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.473%, SOFRRATE + 1.610%, 03/20/29(B) | 950000 | 966351 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, 08/14/28 | 1040000 | 1091653 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/04/26 | 1070000 | 1064326 |
| &nbsp;&nbsp;&nbsp;Truist Bank | &nbsp;&nbsp;&nbsp;Truist Bank | &nbsp;&nbsp;&nbsp;Truist Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.136%, SOFRRATE + 0.911%, 10/23/29(B) | 1150000 | 1145469 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, SOFRRATE + 0.780%, 01/24/28(B) | 905000 | 912525 |
|  |  | 30321163 |
| **HEALTH CARE — 0.4%** | **HEALTH CARE — 0.4%** | **HEALTH CARE — 0.4%** |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC | &nbsp;&nbsp;&nbsp;Icon Investments Six DAC | &nbsp;&nbsp;&nbsp;Icon Investments Six DAC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.809%, 05/08/27 | 1001000 | 1021713 |
| **INDUSTRIALS — 4.8%** | **INDUSTRIALS — 4.8%** | **INDUSTRIALS — 4.8%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | &nbsp;&nbsp;&nbsp;Delta Air Lines | &nbsp;&nbsp;&nbsp;Delta Air Lines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/10/28 | 1000000 | 1013724 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 01/15/28 | 925000 | 977008 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;Ingersoll Rand |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.197%, 06/15/27 | 985000 | 999659 |
| &nbsp;&nbsp;&nbsp;nVent Finance Sarl | &nbsp;&nbsp;&nbsp;nVent Finance Sarl | &nbsp;&nbsp;&nbsp;nVent Finance Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/28 | 1055000 | 1057743 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;Owens Corning |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/27 | 985000 | 1004922 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/26/28(A) | 1510000 | 1524792 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | &nbsp;&nbsp;&nbsp;Southwest Airlines | &nbsp;&nbsp;&nbsp;Southwest Airlines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/28 | 1150000 | 1147308 |
| &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/26(A) | 1065000 | 1062801 |
| &nbsp;&nbsp;&nbsp;Vertiv Group | &nbsp;&nbsp;&nbsp;Vertiv Group | &nbsp;&nbsp;&nbsp;Vertiv Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/28(A) | 1185000 | 1167408 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 09/15/28 | 1000000 | 1012174 |
|  |  | 10967539 |
| **INFORMATION TECHNOLOGY — 5.0%** | **INFORMATION TECHNOLOGY — 5.0%** | **INFORMATION TECHNOLOGY — 5.0%** |
| &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/12/28 | 1010000 | 1018455 |
| &nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;Broadcom |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.459%, 09/15/26 | 900000 | 896068 |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/01/28 | $945000 | $958311 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 09/25/27 | 954000 | 957709 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | 1093000 | 1069845 |
| &nbsp;&nbsp;&nbsp;Microchip Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/28 | 900000 | 911159 |
| &nbsp;&nbsp;&nbsp;NXP BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 08/19/28 | 1000000 | 1001507 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 03/25/28 | 1065000 | 1018533 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.170%, 11/25/26(A) | 1000000 | 976885 |
| &nbsp;&nbsp;&nbsp;Roper Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/15/28 | 1100000 | 1103268 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/28 | 1015000 | 971544 |
| &nbsp;&nbsp;&nbsp;Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/28 | 1180000 | 1123140 |
|  |  | 12006424 |
| **MATERIALS — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 09/15/26 | 1085000 | 1072558 |
| &nbsp;&nbsp;&nbsp;Amrize Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 04/07/28(A) | 960000 | 970705 |
| &nbsp;&nbsp;&nbsp;Berry Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/28 | 910000 | 935953 |
| &nbsp;&nbsp;&nbsp;FMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/26 | 1027000 | 1010833 |
| &nbsp;&nbsp;&nbsp;Glencore Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.338%, 04/04/27(A) | 950000 | 964306 |
| &nbsp;&nbsp;&nbsp;Nutrien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 06/21/27 | 935000 | 950181 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/14/28 | 965000 | 975982 |
| &nbsp;&nbsp;&nbsp;RPM International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/27 | 962000 | 954278 |
| &nbsp;&nbsp;&nbsp;Sonoco Products |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/01/27 | 965000 | 940673 |
| &nbsp;&nbsp;&nbsp;WRKCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/28 | 840000 | 832407 |
|  |  | 9607876 |
| **REAL ESTATE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/28 | 1080000 | 1023531 |
| &nbsp;&nbsp;&nbsp;American Tower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/28 | 970000 | 996019 |
| &nbsp;&nbsp;&nbsp;Crown Castle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/28 | 1095000 | 1108249 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 04/01/28 | 915000 | 944805 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/28 | 1030000 | 1017460 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 2

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **REAL ESTATE — continued** | **REAL ESTATE — continued** | **REAL ESTATE — continued** | **REAL ESTATE — continued** | **REAL ESTATE — continued** |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 11/15/28 | $| 1085000 | $| 1026243 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/26 |  | 985000 |  | 982511 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.872%, SOFRINDX + 0.700%, 04/16/27(B) |  | 975000 |  | 978027 |
| &nbsp;&nbsp;&nbsp;Store Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28 |  | 1900000 |  | 1900839 |
| &nbsp;&nbsp;&nbsp;Tanger Properties |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/15/27 |  | 1010000 |  | 1002540 |
| &nbsp;&nbsp;&nbsp;Vornado Realty |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 06/01/26 |  | 1075000 |  | 1055655 |
|  |  |  |  | 12035879 |
| **UTILITIES — 5.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 06/06/27(A) |  | 955000 |  | 967272 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 05/15/28 |  | 980000 |  | 990614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, H15T5Y + 3.195%(B)(C) |  | 1185000 |  | 1165503 |
| &nbsp;&nbsp;&nbsp;Emera |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, US0003M + 5.440%, 06/15/76(B) |  | 1145000 |  | 1150458 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/13/28 |  | 945000 |  | 953322 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/28 |  | 975000 |  | 999894 |
| &nbsp;&nbsp;&nbsp;Georgia Power |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.004%, 02/23/27 |  | 960000 |  | 973145 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/26 |  | 1000000 |  | 1010929 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/27 |  | 1010000 |  | 984501 |
| &nbsp;&nbsp;&nbsp;Public Service of New Hampshire |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/01/28 |  | 1010000 |  | 1019326 |
| &nbsp;&nbsp;&nbsp;Toledo Edison |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/01/28(A) |  | 386000 |  | 366424 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 10/15/28(A) |  | 1135000 |  | 1130720 |
|  |  |  |  | 11712108 |
| Total Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $108,102,393) |  |  |  | 109037389 |
| **ASSET-BACKED SECURITIES — 23.2%** | **ASSET-BACKED SECURITIES — 23.2%** | **ASSET-BACKED SECURITIES — 23.2%** | **ASSET-BACKED SECURITIES — 23.2%** | **ASSET-BACKED SECURITIES — 23.2%** |
| **Automotive — 5.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Issuer Trust, Ser 2025-1A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 11/15/30 (A) |  | 560000 |  | 561029 |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, <br> Ser 2023-5A, Cl B | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, <br> Ser 2023-5A, Cl B | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, <br> Ser 2023-5A, Cl B | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, <br> Ser 2023-5A, Cl B | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, <br> Ser 2023-5A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.120%, 04/20/28 (A) |  | 350000 |  | 356542 |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Automotive — continued** | **Automotive — continued** | **Automotive — continued** |
| &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Ser 2023-CAR3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.291%, 07/26/32 (A) | $395195 | $401330 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 | 490000 | 499651 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/15/32 | 1030000 | 1038490 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.140%, 09/15/32 | 570000 | 567923 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.460%, 09/20/29 (A) | 1050000 | 1060322 |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 | 440000 | 443189 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2021-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.460%, 09/15/27 (A) | 280398 | 279275 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2023-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 03/15/29 | 1050000 | 1066440 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2025-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.890%, 02/15/31 | 750000 | 759301 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2025-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.240%, 07/15/31 | 1140000 | 1138894 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 | 490000 | 499074 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) | 375000 | 370416 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) | 550000 | 553922 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.930%, 09/17/29 | 915000 | 917965 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 | 490000 | 492981 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 | 535000 | 538400 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490%, 09/15/31 | 1050000 | 1054150 |
|  |  | 12599294 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 3

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Ser 2025-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.120%, 03/24/31 (A) | $570000 | $569700 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.310%, 09/26/33 (A) | 986866 | 937539 |
|  |  | 1507239 |
| **Other ABS — 17.2%** | **Other ABS — 17.2%** | **Other ABS — 17.2%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.558%, TSFR3M + 1.700%, 01/27/37 (A)(B) | 550000 | 543405 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 09/15/29 (A) | 1050000 | 1051919 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) | 560000 | 560961 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2025-X1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.190%, 04/15/30 (A) | 500000 | 501395 |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 02/15/33 (A) | 940000 | 942194 |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R | &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R | &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.474%, TSFR3M + 1.590%, 07/20/36 (A)(B) | 950000 | 948145 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.607%, TSFR3M + 1.750%, 04/22/37 (A)(B) | 750000 | 741136 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) | 550000 | 551723 |
| &nbsp;&nbsp;&nbsp;Barings Equipment Finance, Ser 2025-B, Cl A2 | &nbsp;&nbsp;&nbsp;Barings Equipment Finance, Ser 2025-B, Cl A2 | &nbsp;&nbsp;&nbsp;Barings Equipment Finance, Ser 2025-B, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.020%, 02/13/29 (A) | 570000 | 569549 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.805%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 995000 | 985737 |
| &nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.213%, 12/16/41 (A)(D) | 79401 | 79427 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 540000 | 545764 |
| &nbsp;&nbsp;&nbsp;California Street CLO IX, Ser 2021-9A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.255%, TSFR3M + 1.362%, 07/16/32 (A)(B) | 398624 | 398851 |
| &nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLVII, Ser 2024-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.655%, TSFR3M + 1.750%, 07/15/36 (A)(B) | 785000 | 784974 |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | $500000 | $488474 |
| &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Ser 2025- A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.910%, 02/20/32 (A) | 525000 | 527669 |
| &nbsp;&nbsp;&nbsp;DLLMT, Ser 2023-1A, Cl A4 | &nbsp;&nbsp;&nbsp;DLLMT, Ser 2023-1A, Cl A4 | &nbsp;&nbsp;&nbsp;DLLMT, Ser 2023-1A, Cl A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/20/31 (A) | 680000 | 686592 |
| &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2022-1, Cl A | &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2022-1, Cl A | &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2022-1, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.870%, 02/20/52 (A) | 732009 | 691596 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.414%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1175000 | 1176655 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.815%, SOFR30A + 1.500%, 08/15/28 (A)(B) | 1000000 | 999556 |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A | &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A | &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | 914362 | 842006 |
| &nbsp;&nbsp;&nbsp;Guggenheim MM CLO, Ser 2021-3A, Cl A | &nbsp;&nbsp;&nbsp;Guggenheim MM CLO, Ser 2021-3A, Cl A | &nbsp;&nbsp;&nbsp;Guggenheim MM CLO, Ser 2021-3A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.682%, TSFR3M + 1.812%, 01/21/34 (A)(B) | 365000 | 364762 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R | &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R | &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.318%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 950000 | 952378 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2025-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.540%, 05/25/44 (A) | 487938 | 489217 |
| &nbsp;&nbsp;&nbsp;Hlend CLO, Ser 2025-3A, Cl B | &nbsp;&nbsp;&nbsp;Hlend CLO, Ser 2025-3A, Cl B | &nbsp;&nbsp;&nbsp;Hlend CLO, Ser 2025-3A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.584%, TSFR3M + 1.700%, 01/20/37 (A)(B) | 750000 | 750958 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.510%, 09/20/32 (A) | 1055000 | 1060530 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A | &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A | &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 82722 | 82647 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR | &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR | &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 950000 | 948861 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 530000 | 532677 |
| &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 | &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 | &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.015%, TSFR3M + 1.812%, 05/20/33 (A)(B) | 794128 | 793525 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.147%, SOFR30A + 0.964%, 07/27/37 (A)(B) | 645844 | 647869 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 4

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;NMEF Funding, Ser 2025-B, Cl A2 | &nbsp;&nbsp;&nbsp;NMEF Funding, Ser 2025-B, Cl A2 | &nbsp;&nbsp;&nbsp;NMEF Funding, Ser 2025-B, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.640%, 01/18/33 (A) | $550000 | $551193 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1602621 | 1334171 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R | &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R | &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.434%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 950000 | 950286 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A | &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A | &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 382115 | 380309 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | 371456 | 373931 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.278%, 10/15/31 (A) | 223199 | 224877 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 334971 | 338030 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | 789917 | 794986 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 399919 | 406258 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Ser 2024-2, Cl A | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Ser 2024-2, Cl A | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Ser 2024-2, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319%, 08/15/31 (A) | 230533 | 231792 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.505%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 950000 | 951459 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 625000 | 624358 |
| &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/15/43 (A) | 500000 | 500920 |
| &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.990%, 07/25/34 (A) | 1050000 | 1047501 |
| &nbsp;&nbsp;&nbsp;Silver Point SCF CLO IV, Ser 2024-1A, Cl A1AR | &nbsp;&nbsp;&nbsp;Silver Point SCF CLO IV, Ser 2024-1A, Cl A1AR | &nbsp;&nbsp;&nbsp;Silver Point SCF CLO IV, Ser 2024-1A, Cl A1AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, TSFR3M + 1.720%, 10/15/36 (A)(B) | 950000 | 949845 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.725%, SOFR90A + 0.412%, 03/25/44 (B) | 835104 | 816304 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 08/15/34 (A) | 550000 | 550283 |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | $| 890811 | $| 845968 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2025-2A, Cl A1R2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.154%, TSFR3M + 1.270%, 01/20/38 (A)(B) |  | 1270000 |  | 1270284 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(D) |  | 116109 |  | 116042 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2020-2A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.560%, 11/19/50 (A) |  | 500000 |  | 478567 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 07/19/51 (A) |  | 575000 |  | 540175 |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.784%, TSFR3M + 1.900%, 07/20/36 (A)(B) |  | 750000 |  | 750121 |
| &nbsp;&nbsp;&nbsp;USQ Rail I, Ser 2021-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/28/51 (A) |  | 269795 |  | 255910 |
| &nbsp;&nbsp;&nbsp;Venture 38 CLO, Ser 2025-38A, Cl ARR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.838%, TSFR3M + 1.000%, 07/30/32 (A)(B) |  | 708861 |  | 708845 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) |  | 315520 |  | 321395 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.505%, TSFR3M + 1.600%, 10/15/37 (A)(B) |  | 950000 |  | 950289 |
| &nbsp;&nbsp;&nbsp;Whitehorse Principal Lending CLO, Ser 2024-1A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.685%, TSFR3M + 1.780%, 10/15/36 (A)(B) |  | 1000000 |  | 999844 |
| &nbsp;&nbsp;&nbsp;Wingspire Equipment Finance, Ser 2025-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.330%, 09/20/33 (A) |  | 1140000 |  | 1138923 |
|  |  |  |  | 40644018 |
| Total Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,592,560) |  |  |  | 54750551 |
| **U.S. TREASURY OBLIGATIONS — 22.3%** | **U.S. TREASURY OBLIGATIONS — 22.3%** | **U.S. TREASURY OBLIGATIONS — 22.3%** | **U.S. TREASURY OBLIGATIONS — 22.3%** | **U.S. TREASURY OBLIGATIONS — 22.3%** |
| U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/26 |  | 1715300 |  | 1730460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/28 |  | 17582800 |  | 17968111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/27 |  | 8360000 |  | 8384492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 |  | 12105000 |  | 12174982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/15/28 |  | 12243000 |  | 12329562 |
| Total U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,290,568) |  |  |  | 52587607 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 5

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

**MORTGAGE-BACKED SECURITIES — 4.3%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.247%, TSFR1M + 1.214%, 09/15/36 (A)(B) | $1065711 | $1065053 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, <br> Ser 2025-BCAT, Cl A | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, <br> Ser 2025-BCAT, Cl A | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, <br> Ser 2025-BCAT, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.412%, TSFR1M + 1.380%, 08/15/42 (A)(B) | 527057 | 527385 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.882%, TSFR1M + 1.850%, 06/15/40 (A)(B) | 496904 | 497836 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/25/55 (A)(B) | 511832 | 517532 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/55 (A)(B) | 544593 | 550454 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) | 360350 | 364717 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106%, 07/27/54 (A) | 84675 | 77097 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) | 950000 | 965406 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(B) | 850000 | 855149 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2020-K737, Cl C | &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2020-K737, Cl C | &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2020-K737, Cl C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.328%, 01/25/53 (A)(B) | 525000 | 515990 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/52 (A)(B) | 697500 | 661589 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 646909 | 611792 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) | 691330 | 666468 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/25/53 (A)(B) | 413115 | 410582 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A7 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A7 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) | 789868 | 798952 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl B3 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl B3 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl B3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.435%, 04/25/43 (B) | 48387 | 46820 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A11 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A11 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/54 (A)(B) | 291144 | 292002 |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, <br> Ser 2025-DATA, Cl C | &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, <br> Ser 2025-DATA, Cl C | &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, <br> Ser 2025-DATA, Cl C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.124%, TSFR1M + 2.092%, 02/15/42 (A)(B) | 625000 | $621484 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2021-1, Cl A2 | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2021-1, Cl A2 | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2021-1, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.052%, 01/25/66 (A)(B) | 117604 | 106186 |
|  |  | 10152494 |
| Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,172,816) |  | 10152494 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.6%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.6%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.6%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/37 | 719 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/37 | 915 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/34 | 562 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/39 | 2098 | 2060 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 | 2108085 | 2019254 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 | 2237707 | 2140713 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/36 | 197 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/36 | 228 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/38 | 1246 | 1290 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/15/32 | 332 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/33 | 3122 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/37 | 1344 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/38 | 635 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/33 | 600 | 614 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/43 | 2073295 | 2068202 |
| Total U.S. Government Agency Mortgage-Backed Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,113,192) |  | 6240485 |
| Total Investments in Securities— 98.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $231,271,529) |  | $232768526 |

---

Percentages are based on Net Assets of $236,106,681.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities sold within the terms
 of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold
 only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2025 was $71,849,669
 and represented 30.4% of Net Assets.

(B) Variable or floating rate security.
 The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates
 and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates
 of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C) Perpetual security with no stated
 maturity date.

*The accompanying notes are an integral part of the financial statements.*

#### 6

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LIMITED DURATION FUND**<br> **OCTOBER 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(D) Step coupon security. Coupon rate
 will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the
 rate currently in effect.

See "Glossary" for abbreviations.

As of October 31, 2025, all of the Fund's investments in securities were considered Level 2, 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.

*The accompanying notes are an integral part of the financial statements.*

#### 7

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**CORPORATE OBLIGATIONS — 26.0%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** |
| &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/29 | $635000 | $614273 |
| &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/31(A) | 600000 | 550276 |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.502%, 07/16/35(A) | 1175000 | 1224818 |
|  |  | 2389367 |
| **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** |
| &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/20/35(A) | 1190000 | 1223935 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/16/40(A) | 540000 | 389372 |
| &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 04/30/36 | 1145000 | 1204143 |
|  |  | 2817450 |
| **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** |
| &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/14/31 | 1150000 | 1056430 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/53 | 1000000 | 1132883 |
| &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/04/31 | 535000 | 463585 |
|  |  | 2652898 |
| **ENERGY — 2.6%** | **ENERGY — 2.6%** | **ENERGY — 2.6%** |
| &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/15/29 | 950000 | 1027672 |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/03/29 | 480000 | 486413 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;Diamondback Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 04/18/64 | 1500000 | 1437200 |
| &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/29 | 560000 | 535961 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US0003M + 4.155%(B)(C) | 1675000 | 1672424 |
| &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/32 | 1130000 | 1109297 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/34 | 1200000 | 1181949 |
| &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 09/01/34 | 1280000 | 1318442 |
|  |  | 8769358 |
| **FINANCIALS — 9.9%** | **FINANCIALS — 9.9%** | **FINANCIALS — 9.9%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.184%, SOFRRATE + 2.290%, 07/26/35(B) | 1440000 | 1490686 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.442%, SOFRINDX + 1.320%, 01/30/36(B) | 1293000 | 1345778 |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/15/30(A) | $645000 | $607499 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 02/15/35 | 1090000 | 1100566 |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/15/30 | 1160000 | 1156168 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.511%, SOFRRATE + 1.310%, 01/24/36(B) | 1150000 | 1203967 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.803%, USSW5 + 1.432%, 12/15/32(B) | 825000 | 811124 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, H15T5Y + 2.903%, 04/27/85(B) | 930000 | 971665 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 06/23/55 | 1155000 | 1214659 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.183%, SOFRRATE + 2.036%, 01/30/36(B) | 1940000 | 2021793 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/19/29(A) | 650000 | 631424 |
| &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 910000 | 819609 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.020%, SOFRRATE + 1.830%, 01/24/36(B) | 1150000 | 1203120 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, 06/15/29 | 1080000 | 1114332 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/15/29 | 1280000 | 1299293 |
| &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/16/30 | 1150000 | 1163952 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/14/32 | 1200000 | 1205897 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.946%, SOFRRATE + 1.340%, 10/22/35(B) | 1082000 | 1094110 |
| &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, H15T5Y + 1.430%, 07/30/35(B) | 778000 | 783618 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.587%, SOFRRATE + 1.418%, 01/18/36(B) | 1150000 | 1204380 |
| &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.347%, H15T5Y + 1.700%, 01/12/37(A)(B) | 750000 | 684555 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/27(A) | 970000 | 968764 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.340%, 02/27/30 | 1315000 | 1320779 |
| &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/26 | 650000 | 646905 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.373%, SOFRRATE + 1.417%, 07/21/36(B) | 1450000 | 1489520 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 8

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/51 | 610000 | 458429 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.342%, SOFRRATE + 2.138%, 05/31/35(B) | 1365000 | 1450891 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/15/30 | 1320000 | 1334775 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, SOFRRATE + 2.070%, 07/29/36(B) | 845000 | 863983 |
| &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.179%, H15T1Y + 1.100%, 02/11/43(A)(B) | 555000 | 427621 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244%, SOFRRATE + 1.110%, 01/24/31(B) | 1150000 | 1190229 |
|  |  | 33280091 |
| **INDUSTRIALS — 2.6%** | **INDUSTRIALS — 2.6%** | **INDUSTRIALS — 2.6%** |
| &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/12/26(A) | 650000 | 635858 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/14/31(A) | 940000 | 835116 |
| &nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;Flowserve |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/32 | 1407000 | 1251608 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/29 | 495000 | 478227 |
| &nbsp;&nbsp;&nbsp;Masco | &nbsp;&nbsp;&nbsp;Masco | &nbsp;&nbsp;&nbsp;Masco |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 317000 | 348784 |
| &nbsp;&nbsp;&nbsp;Northern Group Housing | &nbsp;&nbsp;&nbsp;Northern Group Housing | &nbsp;&nbsp;&nbsp;Northern Group Housing |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605%, 08/15/33(A) | 401960 | 412754 |
| &nbsp;&nbsp;&nbsp;Oshkosh | &nbsp;&nbsp;&nbsp;Oshkosh | &nbsp;&nbsp;&nbsp;Oshkosh |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/30 | 1550000 | 1470484 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 05/28/55(A) | 1730000 | 1845915 |
| &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/29(A) | 1640000 | 1624290 |
|  |  | 8903036 |
| **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** |
| &nbsp;&nbsp;&nbsp;Constellation Software | &nbsp;&nbsp;&nbsp;Constellation Software | &nbsp;&nbsp;&nbsp;Constellation Software |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.461%, 02/16/34(A) | 1040000 | 1054857 |
| &nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;Microsoft |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.921%, 03/17/52 | 270000 | 182087 |
| &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 12/01/28 | 245000 | 253355 |
| &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 03/25/31 | 600000 | 546924 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/15/29 | 420000 | 401139 |
|  |  | 2438362 |
| **MATERIALS — 2.2%** | **MATERIALS — 2.2%** | **MATERIALS — 2.2%** |
| &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 04/07/35(A) | 1765000 | 1822603 |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **MATERIALS — continued** | **MATERIALS — continued** | **MATERIALS — continued** |
| &nbsp;&nbsp;&nbsp;Anglo American Capital | &nbsp;&nbsp;&nbsp;Anglo American Capital | &nbsp;&nbsp;&nbsp;Anglo American Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28(A) | 525000 | 527027 |
| &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 01/15/27 | 625000 | 604813 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;Martin Marietta Materials |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 07/15/31 | 865000 | 776788 |
| &nbsp;&nbsp;&nbsp;NewMarket | &nbsp;&nbsp;&nbsp;NewMarket | &nbsp;&nbsp;&nbsp;NewMarket |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 03/18/31 | 1592000 | 1448500 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/14/55 | 1340000 | 1385656 |
| &nbsp;&nbsp;&nbsp;Sealed Air | &nbsp;&nbsp;&nbsp;Sealed Air | &nbsp;&nbsp;&nbsp;Sealed Air |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.573%, 10/15/26(A) | 835000 | 811199 |
|  |  | 7376586 |
| **REAL ESTATE — 2.9%** | **REAL ESTATE — 2.9%** | **REAL ESTATE — 2.9%** |
| &nbsp;&nbsp;&nbsp;Camp Pendleton & Quantico Housing | &nbsp;&nbsp;&nbsp;Camp Pendleton & Quantico Housing | &nbsp;&nbsp;&nbsp;Camp Pendleton & Quantico Housing |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165%, 10/01/50(A) | 400000 | 400121 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 03/15/32 | 730000 | 634367 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 02/01/31 | 1390000 | 1233784 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/01/35 | 1135000 | 1123588 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;Kilroy Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/15/35 | 1560000 | 1575065 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/34 | 1280000 | 1320381 |
| &nbsp;&nbsp;&nbsp;NNN REIT | &nbsp;&nbsp;&nbsp;NNN REIT | &nbsp;&nbsp;&nbsp;NNN REIT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/30 | 700000 | 648380 |
| &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 12/01/31 | 2000000 | 1754256 |
| &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/31 | 1370000 | 1230902 |
|  |  | 9920844 |
| **UTILITIES — 2.7%** | **UTILITIES — 2.7%** | **UTILITIES — 2.7%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy | &nbsp;&nbsp;&nbsp;Alliant Energy | &nbsp;&nbsp;&nbsp;Alliant Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 2.077%, 04/01/56(B) | 1495000 | 1500068 |
| &nbsp;&nbsp;&nbsp;American Electric Power | &nbsp;&nbsp;&nbsp;American Electric Power | &nbsp;&nbsp;&nbsp;American Electric Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, H15T5Y + 1.940%, 03/15/56(B) | 1606000 | 1626388 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding II | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding II | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.070%, 01/01/46 | 840000 | 842294 |
| &nbsp;&nbsp;&nbsp;Duquesne Light Holdings | &nbsp;&nbsp;&nbsp;Duquesne Light Holdings | &nbsp;&nbsp;&nbsp;Duquesne Light Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.532%, 10/01/30(A) | 540000 | 486446 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas | &nbsp;&nbsp;&nbsp;Entergy Arkansas | &nbsp;&nbsp;&nbsp;Entergy Arkansas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/54 | 1080000 | 1115083 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/01/32(A) | 670000 | 600971 |
| &nbsp;&nbsp;&nbsp;Monongahela Power | &nbsp;&nbsp;&nbsp;Monongahela Power | &nbsp;&nbsp;&nbsp;Monongahela Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/15/27(A) | 550000 | 545455 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 9

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 06/15/28 | $| 1230000 | $| 1165508 |
| &nbsp;&nbsp;&nbsp;Southern |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 2.069%, 03/15/55(B) |  | 1190000 |  | 1271810 |
|  |  |  |  | 9154023 |
| Total Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $87,594,959) |  |  |  | 87702015 |
| **U.S. TREASURY OBLIGATIONS — 23.7%** | **U.S. TREASURY OBLIGATIONS — 23.7%** | **U.S. TREASURY OBLIGATIONS — 23.7%** | **U.S. TREASURY OBLIGATIONS — 23.7%** | **U.S. TREASURY OBLIGATIONS — 23.7%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52 |  | 2530000 |  | 2261089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/41 |  | 310000 |  | 283311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/45 |  | 9000000 |  | 7078008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/52 |  | 250000 |  | 184775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/52 |  | 5467000 |  | 3942433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/46 |  | 5599000 |  | 3778231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/51 |  | 6814000 |  | 3900217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/50 |  | 15080000 |  | 7492875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/15/40 |  | 1070000 |  | 680913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/31/32 |  | 3100000 |  | 3148559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/32 |  | 3350000 |  | 3398549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/31/30 |  | 520000 |  | 526581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/31/32 |  | 2120000 |  | 2135320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 |  | 13575000 |  | 13653480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/30/29 |  | 5569900 |  | 5613415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/31/32 |  | 1170000 |  | 1160128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/31/29 |  | 13000000 |  | 12614570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 07/31/29 |  | 5640000 |  | 5438855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/31 |  | 2880000 |  | 2504025 |
| Total U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $82,107,233) |  |  |  | 79795334 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.1%** |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 |  | 1188118 |  | 1221887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 |  | 670715 |  | 689244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/53 |  | 1133907 |  | 1169375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/54 |  | 1820725 |  | 1862935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/52 |  | 716507 |  | 728577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 |  | 1368082 |  | 1389343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 |  | 2183506 |  | 2209055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/54 |  | 1739882 |  | 1758148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/52 |  | 693725 |  | 695276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 |  | 763794 |  | 763927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/53 |  | 2409043 |  | 2404792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/55 |  | 2399109 |  | 2396556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/48 |  | 113688 |  | 112426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/52 |  | 651323 |  | 637346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/47 |  | 195232 |  | 189139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/47 |  | 182406 |  | 177146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/48 |  | 66340 |  | 64187 |

---

**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/52 | $1055740 | $1007841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/44 | 175954 | 167060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/46 | 111847 | 105666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/47 | 239298 | 225642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/48 | 152242 | 142757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/52 | 849290 | 789543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/45 | 192472 | 177486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/45 | 96329 | 88267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/48 | 116232 | 105298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/50 | 404064 | 362107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/30 | 69027 | 67176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/52 | 1596575 | 1360544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/52 | 1586497 | 1353149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/50 | 902904 | 738217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/50 | 266476 | 218235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/51 | 2240071 | 1817449 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/25/50 | 3500000 | 2214244 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser 162, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 12/25/33(B) | 1000000 | 1054064 |
| &nbsp;&nbsp;&nbsp;FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.251%, 02/25/43(B) | 43705 | 42169 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/53 | 566803 | 588335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/52 | 509964 | 524174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/53 | 635181 | 655307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 | 643589 | 661655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/53 | 739205 | 758107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/53 | 2813163 | 2854406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 | 646500 | 657994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/53 | 662893 | 671906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/37 | 461060 | 466110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/52 | 615911 | 616661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/52 | 674681 | 674917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 | 627139 | 631797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 | 1193436 | 1194998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/37 | 534120 | 533693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/41 | 256286 | 257828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/48 | 165629 | 164392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/52 | 717592 | 702087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/53 | 1081539 | 1061715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/53 | 1802149 | 1764118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/53 | 1770697 | 1730033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/35 | 61631 | 61321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/42 | 211029 | 206601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/49 | 142061 | 137413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/52 | 853497 | 813518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/47 | 207677 | 197203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/47 | 103547 | 97234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/48 | 105151 | 98208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/49 | 207126 | 196369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/49 | 405137 | 378695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/50 | 633029 | 590126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/48 | 171886 | 156927 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 10

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/50 | $| 1516493 | $| 1349656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/51 |  | 1119911 |  | 1009927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/52 |  | 1152920 |  | 1030847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/49 |  | 285495 |  | 243995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/50 |  | 591140 |  | 504839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/50 |  | 2124775 |  | 1808200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/51 |  | 926328 |  | 797707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/52 |  | 1931172 |  | 1640148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/51 |  | 546928 |  | 447348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/51 |  | 1492018 |  | 1214848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/52 |  | 1885517 |  | 1545579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/52 |  | 1613268 |  | 1315382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/52 |  | 3025983 |  | 2467101 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL | &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL | &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL | &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL | &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/25/51 |  | 3150000 |  | 1968119 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/52 |  | 549902 |  | 564560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/52 |  | 802541 |  | 815855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/48 |  | 73996 |  | 71136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/52 |  | 628188 |  | 599424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/48 |  | 437529 |  | 407704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/51 |  | 855710 |  | 769206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/51 |  | 1918572 |  | 1661366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/51 |  | 2031316 |  | 1690169 |
| Total U.S. Government Agency Mortgage-Backed Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,272,540) |  |  |  | 74533237 |
| **ASSET-BACKED SECURITIES — 12.8%** | **ASSET-BACKED SECURITIES — 12.8%** | **ASSET-BACKED SECURITIES — 12.8%** | **ASSET-BACKED SECURITIES — 12.8%** | **ASSET-BACKED SECURITIES — 12.8%** |
| **Automotive — 2.4%** | **Automotive — 2.4%** | **Automotive — 2.4%** | **Automotive — 2.4%** | **Automotive — 2.4%** |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 |  | 665000 |  | 678097 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.480%, 10/10/31 |  | 1250000 |  | 1244442 |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 |  | 530000 |  | 533842 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 |  | 665000 |  | 677314 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) |  | 650000 |  | 642054 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) |  | 755000 |  | 760384 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 |  | 665000 |  | 669045 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 |  | 660000 |  | 664194 |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Automotive — continued** | **Automotive — continued** | **Automotive — continued** |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 02/20/31 (A) | 665000 | 681869 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 07/21/31 (A) | 710000 | 722890 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 05/25/38 (A) | 700000 | 712768 |
|  |  | 7986899 |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B | &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B | &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.310%, 09/26/33 (A) | 1430240 | 1358752 |
| **Other ABS — 10.0%** | **Other ABS — 10.0%** | **Other ABS — 10.0%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.558%, TSFR3M + 1.700%, 01/27/37 (A)(B) | 770000 | 760767 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) | 600000 | 601029 |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R | &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R | &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.474%, TSFR3M + 1.590%, 07/20/36 (A)(B) | 1170000 | 1167715 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.607%, TSFR3M + 1.750%, 04/22/37 (A)(B) | 1000000 | 988181 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A | &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A | &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) | 775000 | 777428 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR | &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR | &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.805%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 1170000 | 1159109 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B | &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B | &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 710000 | 717579 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Business Jet Securities, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Business Jet Securities, Ser 2024-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.197%, 05/15/39 (A) | 965860 | 989900 |
| &nbsp;&nbsp;&nbsp;Centersquare Issuer, Ser 2025-3A, Cl A2 | &nbsp;&nbsp;&nbsp;Centersquare Issuer, Ser 2025-3A, Cl A2 | &nbsp;&nbsp;&nbsp;Centersquare Issuer, Ser 2025-3A, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/25/55 (A) | 755000 | 738498 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | 580000 | 566630 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.414%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1425000 | 1427008 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 11

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A | &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A | &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | $1142952 | $1052508 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R | &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R | &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.318%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 1170000 | 1172928 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A | &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A | &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 111119 | 111019 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR | &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR | &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 1000000 | 998801 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 725000 | 728662 |
| &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 | &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 | &nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XI, Ser 2021-1A, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.015%, TSFR3M + 1.812%, 05/20/33 (A)(B) | 846134 | 845491 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1741979 | 1450186 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R | &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R | &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.434%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 1170000 | 1170352 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A | &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A | &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 509487 | 507079 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | 456361 | 459401 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 449962 | 454070 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | 999895 | 1006311 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 599879 | 609386 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.505%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 1000000 | 1001536 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 875000 | 874101 |
| &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Ser 2016-2A, Cl B | &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Ser 2016-2A, Cl B | &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Ser 2016-2A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.797%, SOFR30A + 1.614%, 11/25/65 (A)(B) | 1050000 | 1038286 |

---

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A | &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A | &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/15/43 (A) | 750000 | 751381 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.725%, SOFR90A + 0.412%, 03/25/44 (B) | 1004294 | 981685 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A | &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A | &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | 964923 | 916349 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII, XIV, XIX, XX, XXIV and XXII, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 05/20/54 (A) | 992500 | 1016073 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A | &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A | &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(D) | 155586 | 155496 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2018-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2018-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2018-1A, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 06/17/48 (A) | 600000 | 595104 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 07/19/51 (A) | 825000 | 775033 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2025-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 10/19/55 (A) | 825000 | 821264 |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A | &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.784%, TSFR3M + 1.900%, 07/20/36 (A)(B) | 800000 | 800129 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers, Ser 2025-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Vantage Data Centers, Ser 2025-1A, Cl A2 | &nbsp;&nbsp;&nbsp;Vantage Data Centers, Ser 2025-1A, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.132%, 08/15/55 (A) | 750000 | 754649 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-8, Cl B | &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-8, Cl B | &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-8, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.410%, 08/22/33 (A) | 800000 | 796001 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) | 385636 | 392816 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.505%, TSFR3M + 1.600%, 10/15/37 (A)(B) | 1170000 | 1170356 |
| &nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VIII, Ser 2025-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.582%, 06/15/50 (A) | 592989 | 600910 |
|  |  | 33901207 |
| Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,039,935) |  | 43246858 |
| **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** |
| **Non-Agency Mortgage-Backed Obligations — 9.7%** | **Non-Agency Mortgage-Backed Obligations — 9.7%** | **Non-Agency Mortgage-Backed Obligations — 9.7%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2025-BNK50, Cl A5 | &nbsp;&nbsp;&nbsp;BANK, Ser 2025-BNK50, Cl A5 | &nbsp;&nbsp;&nbsp;BANK, Ser 2025-BNK50, Cl A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.652%, 05/15/68 (B) | 700000 | 743731 |
| &nbsp;&nbsp;&nbsp;BFLD Trust, Ser 2025-FPM, Cl A | &nbsp;&nbsp;&nbsp;BFLD Trust, Ser 2025-FPM, Cl A | &nbsp;&nbsp;&nbsp;BFLD Trust, Ser 2025-FPM, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.011%, 10/10/40 (A)(B) | 750000 | 758049 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 12

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;BSTN Commercial Mortgage Trust, Ser 2025-HUB, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.062%, 04/13/41 (A)(B) | $750000 | $754652 |
| &nbsp;&nbsp;&nbsp;BWAY Trust, Ser 2025-1535, Cl A | &nbsp;&nbsp;&nbsp;BWAY Trust, Ser 2025-1535, Cl A | &nbsp;&nbsp;&nbsp;BWAY Trust, Ser 2025-1535, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.309%, 05/05/42 (A)(B) | 600000 | 621801 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.247%, TSFR1M + 1.214%, 09/15/36 (A)(B) | 1157750 | 1157035 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.412%, TSFR1M + 1.380%, 08/15/42 (A)(B) | 723505 | 723956 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) | 844183 | 853752 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/25/55 (A)(B) | 809032 | 820149 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) | 665788 | 675333 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.301%, 03/25/67 (A)(B) | 679763 | 677362 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Cl A2 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Cl A2 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/43 (A)(B) | 116167 | 106001 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2015-2, Cl A18 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2015-2, Cl A18 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2015-2, Cl A18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/45 (A)(B) | 103933 | 95843 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) | 1300000 | 1321082 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 | &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(B) | 1200000 | 1207269 |
| &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Ser 2020-1, Cl A5 | &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Ser 2020-1, Cl A5 | &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Ser 2020-1, Cl A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.882%, 04/25/50 (A)(B) | 343684 | 341520 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019-K101, Cl B | &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019-K101, Cl B | &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019-K101, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.528%, 10/25/52 (A)(B) | 700000 | 671201 |
| &nbsp;&nbsp;&nbsp;GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.363%, 02/10/47 (A)(E) | 219339 | 233588 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GSA2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.560%, 12/12/53 | 341918 | 316545 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2024-RVR, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.198%, 08/10/41 (A)(B) | 1150000 | 1167321 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/28/52 (A)(B) | 1025394 | 910493 |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/52 (A)(B) | $1348642 | $1204855 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1179364 | 986843 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 939129 | 838044 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1377960 | 1226653 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) | 1447090 | 1315268 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2025-J3, Cl A3 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2025-J3, Cl A3 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2025-J3, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/25/55 (A)(B) | 1687995 | 1663269 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(B) | 860918 | 864717 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/55 (A)(B) | 1247307 | 1255542 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Cl A9 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Cl A9 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Cl A9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) | 1052672 | 939041 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A1 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A1 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) | 1092401 | 1112865 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A4 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A4 | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) | 865371 | 878222 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2021-5, Cl A1 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2021-5, Cl A1 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2021-5, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/51 (A)(B) | 1089210 | 913448 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-1, Cl A1 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-1, Cl A1 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-1, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) | 1182444 | 990839 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-3, Cl A5 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-3, Cl A5 | &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-3, Cl A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/52 (A)(B) | 1453354 | 1315169 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/58 | 578267 | 550920 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-1, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-1, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-1, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/45 (A)(B) | 20245 | 18883 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/45 (A)(B) | 39287 | 36251 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-4, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-4, Cl A1 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-4, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/30 (A)(B) | 23747 | 23232 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-7, Cl A2 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-7, Cl A2 | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-7, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/54 (A)(B) | 767235 | 777773 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 13
 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.124%, TSFR1M + 2.092%, 02/15/42 (A)(B) | 875000 | 870078 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C5, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.590%, 07/15/58 | 735000 | 767974 |
|  |  | 32706569 |
| Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,172,816) |  | 32706569 |
| **MUNICIPAL BONDS — 3.7%** | **MUNICIPAL BONDS — 3.7%** | **MUNICIPAL BONDS — 3.7%** |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser 2023-M1, RB | &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser 2023-M1, RB | &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser 2023-M1, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.619%, 11/01/38 | 845000 | 859061 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser L1, RB | &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser L1, RB | &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser L1, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 11/01/32 | 500000 | 512725 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Housing Authority, Ser 2021-B, RB | &nbsp;&nbsp;&nbsp;Denver City & County, Housing Authority, Ser 2021-B, RB | &nbsp;&nbsp;&nbsp;Denver City & County, Housing Authority, Ser 2021-B, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.104%, 02/01/39 | 300000 | 246073 |
| &nbsp;&nbsp;&nbsp;District of Columbia, University Refunding, Ser 2025-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751%, 04/01/35 | 1375000 | 1472399 |
| &nbsp;&nbsp;&nbsp;Grand Parkway Transportation, Ser 2020-B, RB | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation, Ser 2020-B, RB | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation, Ser 2020-B, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.216%, 10/01/49 | 640000 | 466704 |
| &nbsp;&nbsp;&nbsp;Hawaii State, Department of Business Economic Development & Tourism, Ser 2014-A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.242%, 01/01/31 | 71569 | 70487 |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Ser 2023-D-1, RB | &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Ser 2023-D-1, RB | &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Ser 2023-D-1, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.713%, 07/01/38 | 760000 | 778130 |
| &nbsp;&nbsp;&nbsp;Indiana State, Housing & Community Development Authority, Ser 2024-B-3, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.932%, 07/01/44 | 1000000 | 1017574 |
| &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB | &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB | &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.426%, 12/01/35 | 1710000 | 1746637 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Housing & Community Development, Ser 2024-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.991%, 09/01/44 | 750000 | 761351 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, Ser 2020-B, RB | &nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, Ser 2020-B, RB | &nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, Ser 2020-B, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 12/01/40 | 145000 | 118506 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser 2023-C, RB | &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser 2023-C, RB | &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser 2023-C, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.816%, 12/01/38 | 895000 | 914030 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2024-V, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2024-V, RB | &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2024-V, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.925%, 07/01/49 | 750000 | 752077 |

---

**MUNICIPAL BONDS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2023-P, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.726%, 07/01/33 | $375000 | $397291 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development, Ser 2021-D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.083%, 11/01/46 | 900000 | 647036 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 241, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/46 | 700000 | 482200 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Housing and Mortgage Finance, Ser 2020-1-T, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.993%, 10/01/38 | 540000 | 425944 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser 2020-C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.829%, 04/01/41 | 500000 | 387241 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Ser 2023-2T, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.738%, 12/01/38 | 550000 | 562441 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,300,006) |  | 12617907 |
| Total Investments in Securities— 98.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $334,487,489) |  | $330601920 |

---

Percentages are based on Net Assets of $337,500,381.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities sold within the terms
 of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold
 only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2025 was $84,467,657
 and represented 25.0% of Net Assets.

(B) Variable or floating rate security.
 The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates
 and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates
 of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C) Perpetual security with no stated
 maturity date.

(D) Step coupon security. Coupon rate
 will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the
 rate currently in effect.

(E) Level 3 security in accordance with
 fair value hierarchy.

See "Glossary" for abbreviations.

*The accompanying notes are an integral part of the financial statements.*

#### 14

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **CORE BOND FUND**<br> **OCTOBER 31, 2025** |

---

The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at market value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3<sup>(1)</sup> | Total |
| &nbsp;&nbsp;&nbsp;Corporate Obligations | $— | $87702015 | $— | $87702015 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 79795334 |  | 79795334 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Mortgage- Backed Obligations |  | 74533237 |  | 74533237 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 43246858 |  | 43246858 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 32472981 | 233588 | 32706569 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 12617907 |  | 12617907 |
| Total Investments in Securities | $— | $330368332 | $233588 | $330601920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) A reconciliation of Level 3 investments
 is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net
 assets. Management has concluded that Level 3 investments are not material in relation to net assets

Amounts designated as "—" are $0 or have been rounded to $0.

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

*The accompanying notes are an integral part of the financial statements.*

#### 15

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LONG/SHORT EQUITY FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 69.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 4.7%** | **COMMUNICATION SERVICES — 4.7%** | **COMMUNICATION SERVICES — 4.7%** |
| &nbsp;&nbsp;&nbsp;Fox (A) | 55177 | $3567193 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \*(A) | 16170 | 2417900 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A (A) | 1627 | 1054866 |
| &nbsp;&nbsp;&nbsp;Omnicom Group (A) | 18352 | 1376767 |
|  |  | 8416726 |
| **CONSUMER DISCRETIONARY — 9.4%** | **CONSUMER DISCRETIONARY — 9.4%** | **CONSUMER DISCRETIONARY — 9.4%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \*(A) | 13940 | 1763968 |
| &nbsp;&nbsp;&nbsp;Best Buy (A) | 18738 | 1539139 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 1786 | 395510 |
| &nbsp;&nbsp;&nbsp;eBay (A) | 32692 | 2658187 |
| &nbsp;&nbsp;&nbsp;Expedia Group (A) | 15600 | 3432000 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 3575 | 609680 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A (A) | 5782 | 1848274 |
| &nbsp;&nbsp;&nbsp;Tapestry (A) | 29399 | 3228598 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 3228 | 1363765 |
|  |  | 16839121 |
| **CONSUMER STAPLES — 2.5%** | **CONSUMER STAPLES — 2.5%** | **CONSUMER STAPLES — 2.5%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 12603 | 1643179 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 25256 | 2503375 |
| &nbsp;&nbsp;&nbsp;General Mills | 7371 | 343562 |
|  |  | 4490116 |
| **ENERGY — 2.9%** | **ENERGY — 2.9%** | **ENERGY — 2.9%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 3496 | 741152 |
| &nbsp;&nbsp;&nbsp;Coterra Energy (A) | 12403 | 293455 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 10923 | 1156091 |
| &nbsp;&nbsp;&nbsp;Halliburton | 64955 | 1743392 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 37488 | 1351817 |
|  |  | 5285907 |
| **FINANCIALS — 13.5%** | **FINANCIALS — 13.5%** | **FINANCIALS — 13.5%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial (A) | 6902 | 3125019 |
| &nbsp;&nbsp;&nbsp;Bank of America | 16109 | 861026 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \*(A) | 10328 | 4932033 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 8549 | 808051 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 20042 | 652567 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 7897 | 2055984 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 43399 | 2143911 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 13000 | 718120 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase (A) | 3855 | 1199368 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 23533 | 1630131 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 9903 | 1453562 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial (A) | 40322 | 2999150 |
| &nbsp;&nbsp;&nbsp;Unum Group | 5650 | 414823 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 14115 | 1227582 |
|  |  | 24221327 |
| **HEALTH CARE — 13.0%** | **HEALTH CARE — 13.0%** | **HEALTH CARE — 13.0%** |
| &nbsp;&nbsp;&nbsp;Cardinal Health (A) | 21881 | 4174238 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 52330 | 2023601 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 30088 | 3604242 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 50628 | 3741916 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 29211 | 2730644 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A (A) | 95039 | 3567764 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \*(A) | 7557 | 3366114 |
|  |  | 23208519 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 9787 | $853035 |
| **INFORMATION TECHNOLOGY — 20.1%** | **INFORMATION TECHNOLOGY — 20.1%** | **INFORMATION TECHNOLOGY — 20.1%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \*(A) | 24798 | 1862330 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \*(A) | 8719 | 1706134 |
| &nbsp;&nbsp;&nbsp;Cisco Systems (A) | 50063 | 3660106 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 14969 | 2425127 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A \*(A) | 7721 | 564714 |
| &nbsp;&nbsp;&nbsp;Flex \* | 59144 | 3697683 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 30575 | 805957 |
| &nbsp;&nbsp;&nbsp;International Business Machines (A) | 6332 | 1946520 |
| &nbsp;&nbsp;&nbsp;Jabil | 15874 | 3506408 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6861 | 1080333 |
| &nbsp;&nbsp;&nbsp;Logitech International (A) | 25912 | 3123951 |
| &nbsp;&nbsp;&nbsp;NetApp (A) | 28748 | 3385939 |
| &nbsp;&nbsp;&nbsp;QUALCOMM (A) | 16187 | 2928228 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 15826 | 1229997 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 1976 | 287587 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \*(A) | 42282 | 3688259 |
|  |  | 35899273 |
| **MATERIALS — 2.1%** | **MATERIALS — 2.1%** | **MATERIALS — 2.1%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 9192 | 625056 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings (A) | 37457 | 3119794 |
|  |  | 3744850 |
| **UTILITIES — 1.1%** | **UTILITIES — 1.1%** | **UTILITIES — 1.1%** |
| &nbsp;&nbsp;&nbsp;NRG Energy | 7313 | 1256812 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 1948 | 778772 |
|  |  | 2035584 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $102,139,825) |  | 124994458 |
| Total Investments in Securities— 69.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $102,139,825) |  | $124994458 |

---

---

| | | |
|:---|:---|:---|
| **SECURITIES SOLD SHORT COMMON STOCK — (24.6)%** | **SECURITIES SOLD SHORT COMMON STOCK — (24.6)%** | **SECURITIES SOLD SHORT COMMON STOCK — (24.6)%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — (0.4)%** | **COMMUNICATION SERVICES — (0.4)%** | **COMMUNICATION SERVICES — (0.4)%** |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | (3175) | (663416) |
| **CONSUMER DISCRETIONARY — (3.3)%** | **CONSUMER DISCRETIONARY — (3.3)%** | **CONSUMER DISCRETIONARY — (3.3)%** |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | (85910) | (2682969) |
| &nbsp;&nbsp;&nbsp;MakeMyTrip \* | (4559) | (364720) |
| &nbsp;&nbsp;&nbsp;Tesla \* | (6433) | (2937051) |
|  |  | (5984740) |
| **CONSUMER STAPLES — (1.4)%** | **CONSUMER STAPLES — (1.4)%** | **CONSUMER STAPLES — (1.4)%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | (26987) | (1625427) |
| &nbsp;&nbsp;&nbsp;McCormick | (14897) | (955791) |
|  |  | (2581218) |
| **HEALTH CARE — (1.7)%** | **HEALTH CARE — (1.7)%** | **HEALTH CARE — (1.7)%** |
| &nbsp;&nbsp;&nbsp;Cooper \* | (42430) | (2966281) |

---

*The accompanying notes are an integral part of the financial statements.*

#### 16

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LONG/SHORT EQUITY FUND**<br> **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS — (2.4)%** | **INDUSTRIALS — (2.4)%** | **INDUSTRIALS — (2.4)%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | (9079) | $(1569759) |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | (11960) | (753241) |
| &nbsp;&nbsp;&nbsp;Watsco | (5482) | (2017431) |
|  |  | (4340431) |
| **INFORMATION TECHNOLOGY — (12.9)%** | **INFORMATION TECHNOLOGY — (12.9)%** | **INFORMATION TECHNOLOGY — (12.9)%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | (7313) | (1873006) |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | (4441) | (829046) |
| &nbsp;&nbsp;&nbsp;Coherent \* | (11212) | (1479535) |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | (6124) | (1148985) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | (1970) | (1069730) |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | (3479) | (566416) |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | (567) | (940953) |
| &nbsp;&nbsp;&nbsp;First Solar \* | (8149) | (2175294) |
| &nbsp;&nbsp;&nbsp;HubSpot \* | (5008) | (2463535) |
| &nbsp;&nbsp;&nbsp;Marvell Technology | (18150) | (1701381) |
| &nbsp;&nbsp;&nbsp;Microchip Technology | (30362) | (1895196) |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Cl A \* | (4702) | (1267236) |
| &nbsp;&nbsp;&nbsp;Roper Technologies | (3252) | (1450880) |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | (75204) | (3020945) |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | (4219) | (1159719) |
|  |  | (23041857) |
| **MATERIALS — (1.8)%** | **MATERIALS — (1.8)%** | **MATERIALS — (1.8)%** |
| &nbsp;&nbsp;&nbsp;International Paper | (65521) | (2531731) |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | (16355) | (603827) |
|  |  | (3135558) |
| **UTILITIES — (0.7)%** | **UTILITIES — (0.7)%** | **UTILITIES — (0.7)%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy | (3275) | (1234675) |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $42,865,517) |  | (43948176) |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — (17.0)%** | **EXCHANGE-TRADED FUNDS — (17.0)%** | **EXCHANGE-TRADED FUNDS — (17.0)%** |
|  | **Shares** | **Value** |
| **EQUITY FUND — (17.0)%** | **EQUITY FUND — (17.0)%** | **EQUITY FUND — (17.0)%** |
| &nbsp;&nbsp;&nbsp;ARK Fintech Innovation ETF\* | (46597) | (2637856) |
| &nbsp;&nbsp;&nbsp;ARK Next Generation Internet ETF\* | (7746) | (1370268) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | (23165) | (8656992) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value ETF | (71840) | (12725019) |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF | (91589) | (5127152) |
|  |  | (30517287) |
| &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $30,761,802) |  | (30517287) |
| &nbsp;&nbsp;&nbsp;Total Securities Sold Short— (41.6)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $73,627,319) |  | $(74465463) |

---

Percentages are based on Net Assets of $179,011,194.

\* Non-income producing security. <br> (A) This security or a partial position of this security has been committed as collateral for securities sold short.

See "Glossary" for abbreviations.

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

Amounts designated as "—" are $0 or have been rounded to $0.

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

*The accompanying notes are an integral part of the financial statements.*

#### 17

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP VALUE FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.8%#** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 5.8%** | **COMMUNICATION SERVICES — 5.8%** | **COMMUNICATION SERVICES — 5.8%** |
| &nbsp;&nbsp;&nbsp;AT&T | 272366 | $6741058 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 83601 | 2327034 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 1622 | 1051624 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 106323 | 4225276 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 24487 | 2757726 |
|  |  | 17102718 |
| **CONSUMER DISCRETIONARY — 5.7%** | **CONSUMER DISCRETIONARY — 5.7%** | **CONSUMER DISCRETIONARY — 5.7%** |
| &nbsp;&nbsp;&nbsp;General Motors | 87367 | 6036186 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 30792 | 3811126 |
| &nbsp;&nbsp;&nbsp;Lowe's | 13657 | 3252141 |
| &nbsp;&nbsp;&nbsp;TJX | 25434 | 3564321 |
|  |  | 16663774 |
| **CONSUMER STAPLES — 8.3%** | **CONSUMER STAPLES — 8.3%** | **CONSUMER STAPLES — 8.3%** |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 6826 | 3503035 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 16872 | 1162481 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 42624 | 3284179 |
| &nbsp;&nbsp;&nbsp;Dollar General | 40213 | 3967414 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 65420 | 4372019 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 32553 | 4894995 |
| &nbsp;&nbsp;&nbsp;Walmart | 31938 | 3231487 |
|  |  | 24415610 |
| **ENERGY — 12.1%** | **ENERGY — 12.1%** | **ENERGY — 12.1%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 86742 | 4199180 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 14218 | 3014216 |
| &nbsp;&nbsp;&nbsp;Chevron | 36398 | 5740692 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 40104 | 3563642 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 94535 | 10811023 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 152544 | 3995127 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 25519 | 4327002 |
|  |  | 35650882 |
| **FINANCIALS — 25.1%** | **FINANCIALS — 25.1%** | **FINANCIALS — 25.1%** |
| &nbsp;&nbsp;&nbsp;Allstate | 20974 | 4016941 |
| &nbsp;&nbsp;&nbsp;American Express | 7763 | 2800347 |
| &nbsp;&nbsp;&nbsp;American International Group | 55324 | 4368383 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 35669 | 3340759 |
| &nbsp;&nbsp;&nbsp;Bank of America | 234846 | 12552519 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 11172 | 5335077 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 14332 | 3152897 |
| &nbsp;&nbsp;&nbsp;Citigroup | 78998 | 7996967 |
| &nbsp;&nbsp;&nbsp;First Horizon | 89540 | 1912574 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 8443 | 6664651 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 14019 | 1740879 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 21317 | 6632145 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 13349 | 2189236 |
| &nbsp;&nbsp;&nbsp;Popular | 18826 | 2098534 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 37187 | 3867448 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 3879 | 1321730 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 41890 | 3643173 |
|  |  | 73634260 |
| **HEALTH CARE — 6.6%** | **HEALTH CARE — 6.6%** | **HEALTH CARE — 6.6%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 33426 | 3366667 |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 15790 | 5334020 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 41240 | 4940139 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 22865 | 4023097 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 7009 | $1652021 |
|  |  | 19315944 |
| **INDUSTRIALS — 7.4%** | **INDUSTRIALS — 7.4%** | **INDUSTRIALS — 7.4%** |
| &nbsp;&nbsp;&nbsp;3M | 28674 | 4774221 |
| &nbsp;&nbsp;&nbsp;AECOM | 30951 | 4158267 |
| &nbsp;&nbsp;&nbsp;CSX | 90175 | 3248104 |
| &nbsp;&nbsp;&nbsp;Cummins | 10091 | 4416629 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 12442 | 1736530 |
| &nbsp;&nbsp;&nbsp;United Rentals | 2118 | 1845159 |
| &nbsp;&nbsp;&nbsp;Waste Management | 7446 | 1487487 |
|  |  | 21666397 |
| **INFORMATION TECHNOLOGY — 12.0%** | **INFORMATION TECHNOLOGY — 12.0%** | **INFORMATION TECHNOLOGY — 12.0%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 67697 | 4949328 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 148778 | 3633159 |
| &nbsp;&nbsp;&nbsp;Intel \* | 48776 | 1950552 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 19491 | 5991728 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 29716 | 6649549 |
| &nbsp;&nbsp;&nbsp;Microsoft | 4008 | 2075382 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 4941 | 2009554 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 9282 | 1679114 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 3934 | 1006632 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 24521 | 3959161 |
| &nbsp;&nbsp;&nbsp;Western Digital | 8165 | 1226465 |
|  |  | 35130624 |
| **MATERIALS — 3.2%** | **MATERIALS — 3.2%** | **MATERIALS — 3.2%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | 6672 | 2790898 |
| &nbsp;&nbsp;&nbsp;Newmont | 29284 | 2371125 |
| &nbsp;&nbsp;&nbsp;Pan American Silver | 52000 | 1830920 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 16490 | 2585632 |
|  |  | 9578575 |
| **REAL ESTATE — 4.7%** | **REAL ESTATE — 4.7%** | **REAL ESTATE — 4.7%** |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 67647 | 2858086 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 96366 | 4050263 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 58216 | 3375364 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 19912 | 3604868 |
|  |  | 13888581 |
| **UTILITIES — 6.9%** | **UTILITIES — 6.9%** | **UTILITIES — 6.9%** |
| &nbsp;&nbsp;&nbsp;Entergy | 61997 | 5957292 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 104934 | 4809125 |
| &nbsp;&nbsp;&nbsp;Fortis | 75461 | 3790406 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 34000 | 2682940 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 17551 | 3016315 |
|  |  | 20256078 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $231,202,505) |  | 287303443 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $231,202,505) |  | $287303443 |

---

Percentages are based on Net Assets of $293,868,908.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. <br> \* Non-income producing security. <br> ‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

*The accompanying notes are an integral part of the financial statements.* 

#### 18

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP VALUE FUND**<br> **OCTOBER 31, 2025** |

---

As of October 31, 2025, all of the Fund's investments in securities 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.

*The accompanying notes are an integral part of the financial statements.*

#### 19

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP GROWTH FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.0%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 12.4%** | **COMMUNICATION SERVICES — 12.4%** | **COMMUNICATION SERVICES — 12.4%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 42523 | $11957043 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 36254 | 10217102 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 14676 | 9515184 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 2792 | 3123857 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 878 | 575371 |
|  |  | 35388557 |
| **CONSUMER DISCRETIONARY — 6.0%** | **CONSUMER DISCRETIONARY — 6.0%** | **CONSUMER DISCRETIONARY — 6.0%** |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 485 | 1782099 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 8522 | 1535238 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 5327 | 1355029 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 19067 | 8705229 |
| &nbsp;&nbsp;&nbsp;TJX | 16115 | 2258356 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 22629 | 1376975 |
|  |  | 17012926 |
| **CONSUMER STAPLES — 4.4%** | **CONSUMER STAPLES — 4.4%** | **CONSUMER STAPLES — 4.4%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 38053 | 2621852 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2952 | 2690600 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 15077 | 1007596 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 16992 | 2555087 |
| &nbsp;&nbsp;&nbsp;Walmart | 35900 | 3632362 |
|  |  | 12507497 |
| **ENERGY — 0.5%** | **ENERGY — 0.5%** | **ENERGY — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 6941 | 1471492 |
| **FINANCIALS — 12.1%** | **FINANCIALS — 12.1%** | **FINANCIALS — 12.1%** |
| &nbsp;&nbsp;&nbsp;Allstate | 6462 | 1237602 |
| &nbsp;&nbsp;&nbsp;American Express | 6701 | 2417252 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 21779 | 2350607 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 9892 | 4723826 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 2276 | 670419 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 3750 | 2960137 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 17232 | 5361220 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 6621 | 3654726 |
| &nbsp;&nbsp;&nbsp;Progressive | 11529 | 2374974 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 67681 | 2008772 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 29288 | 1058468 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 16274 | 5545203 |
|  |  | 34363206 |
| **HEALTH CARE — 3.4%** | **HEALTH CARE — 3.4%** | **HEALTH CARE — 3.4%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 22976 | 2314143 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 12246 | 1466948 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 4512 | 1412301 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 4225 | 2257333 |
| &nbsp;&nbsp;&nbsp;Stryker | 6517 | 2321616 |
|  |  | 9772341 |
| **INDUSTRIALS — 8.9%** | **INDUSTRIALS — 8.9%** | **INDUSTRIALS — 8.9%** |
| &nbsp;&nbsp;&nbsp;API Group \* | 20817 | 766482 |
| &nbsp;&nbsp;&nbsp;ATI \* | 14823 | 1467032 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 8021 | 931799 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 5457 | 3150108 |
| &nbsp;&nbsp;&nbsp;Cummins | 4946 | 2164765 |
| &nbsp;&nbsp;&nbsp;Deere | 1169 | 539645 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 1865 | 711610 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 2315 | 1564431 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp;&nbsp;GE Vernova | 3100 | $1813934 |
| &nbsp;&nbsp;&nbsp;General Electric | 11568 | 3573934 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 15346 | 1624681 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 31432 | 3033188 |
| &nbsp;&nbsp;&nbsp;United Rentals | 1755 | 1528921 |
| &nbsp;&nbsp;&nbsp;Waste Management | 12126 | 2422411 |
|  |  | 25292941 |
| **INFORMATION TECHNOLOGY — 47.4%** | **INFORMATION TECHNOLOGY — 47.4%** | **INFORMATION TECHNOLOGY — 47.4%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 3228 | 807323 |
| &nbsp;&nbsp;&nbsp;Adobe \* | 4388 | 1493280 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 11169 | 2860604 |
| &nbsp;&nbsp;&nbsp;Apple | 101485 | 27438499 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1536 | 978939 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 11890 | 1874934 |
| &nbsp;&nbsp;&nbsp;Broadcom | 34658 | 12810636 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 5420 | 1372886 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 3438 | 1790442 |
| &nbsp;&nbsp;&nbsp;Intuit | 3438 | 2295037 |
| &nbsp;&nbsp;&nbsp;KLA | 2037 | 2462203 |
| &nbsp;&nbsp;&nbsp;Lam Research | 7714 | 1214646 |
| &nbsp;&nbsp;&nbsp;Microsoft | 53291 | 27594613 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 158783 | 32151970 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 23890 | 1196411 |
| &nbsp;&nbsp;&nbsp;Oracle | 10929 | 2870065 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 13722 | 2750849 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 9882 | 2176412 |
| &nbsp;&nbsp;&nbsp;Salesforce | 11673 | 3039766 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 1356 | 1246544 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 4962 | 1363955 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 9813 | 1584407 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 11100 | 1497168 |
|  |  | 134871589 |
| **MATERIALS — 1.2%** | **MATERIALS — 1.2%** | **MATERIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amrize LTD \* | 24718 | 1281381 |
| &nbsp;&nbsp;&nbsp;Ecolab | 8616 | 2209143 |
|  |  | 3490524 |
| **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 9954 | 1749515 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 18030 | 3264151 |
|  |  | 5013666 |
| **UTILITIES — 0.9%** | **UTILITIES — 0.9%** | **UTILITIES — 0.9%** |
| &nbsp;&nbsp;&nbsp;Entergy | 12757 | 1225820 |
| &nbsp;&nbsp;&nbsp;Vistra | 7611 | 1433152 |
|  |  | 2658972 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $157,539,151) |  | 281843711 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $157,539,151) |  | $281843711 |

---

Percentages are based on Net Assets of $284,733,867.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. <br> \* Non-income producing security. <br> ‡ Real Estate Investment Trust.

*The accompanying notes are an integral part of the financial statements.*

#### 20

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP GROWTH FUND**<br> **OCTOBER 31, 2025** |

---

See "Glossary" for abbreviations.

As of October 31, 2025, all of the Fund's investments in securities 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.

*The accompanying notes are an integral part of the financial statements.*

#### 21

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **SMALL CAP FUND**<br> **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.6%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** |
| &nbsp;&nbsp;&nbsp;IMAX \* | 64948 | $2110161 |
| **CONSUMER DISCRETIONARY — 9.9%** | **CONSUMER DISCRETIONARY — 9.9%** | **CONSUMER DISCRETIONARY — 9.9%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 11762 | 2230663 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 33581 | 1672334 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 130924 | 2217852 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 23964 | 695675 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings \* | 36145 | 930734 |
| &nbsp;&nbsp;&nbsp;Phinia | 45499 | 2361853 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 19661 | 1897483 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment \* | 55908 | 1284766 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 58114 | 1850931 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 75768 | 1484295 |
|  |  | 16626586 |
| **CONSUMER STAPLES — 2.3%** | **CONSUMER STAPLES — 2.3%** | **CONSUMER STAPLES — 2.3%** |
| &nbsp;&nbsp;&nbsp;Dole PLC | 115397 | 1470158 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 62776 | 2363516 |
|  |  | 3833674 |
| **ENERGY — 5.6%** | **ENERGY — 5.6%** | **ENERGY — 5.6%** |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 31493 | 907943 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 66117 | 1713091 |
| &nbsp;&nbsp;&nbsp;International Seaways | 44281 | 2268516 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 122833 | 2224506 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 49902 | 1705151 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 38877 | 588209 |
|  |  | 9407416 |
| **FINANCIALS — 19.0%** | **FINANCIALS — 19.0%** | **FINANCIALS — 19.0%** |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 44892 | 1075612 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 31145 | 1951234 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 37408 | 1959057 |
| &nbsp;&nbsp;&nbsp;Essent Group | 15379 | 931506 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 68164 | 1225589 |
| &nbsp;&nbsp;&nbsp;First Financial | 27721 | 1478084 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 14006 | 2219951 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 84909 | 2009796 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 39829 | 2274634 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 26534 | 1758408 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 14217 | 900363 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 48718 | 1883438 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 123274 | 2212768 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 8084 | 2580898 |
| &nbsp;&nbsp;&nbsp;Popular | 10353 | 1154049 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 241761 | 1682656 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 19226 | 2054875 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 233025 | 2532982 |
|  |  | 31885900 |
| **HEALTH CARE — 15.8%** | **HEALTH CARE — 15.8%** | **HEALTH CARE — 15.8%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies \* | 128192 | 2225413 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 121461 | 1088291 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 18443 | 2489621 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 270646 | 1772731 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 45293 | 737370 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 22470 | 2090159 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 31013 | 988074 |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 17030 | $| 1053135 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* | 3480 |  | 1457772 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 24707 |  | 2162851 |
| &nbsp;&nbsp;&nbsp;Merus \* | 12279 |  | 1164786 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 18182 |  | 1320922 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 30362 |  | 1152238 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 40192 |  | 3054190 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines \* | 11356 |  | 668187 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience \* | 20875 |  | 686579 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 32276 |  | 1131597 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 53705 |  | 1269049 |
|  |  |  | 26512965 |
| **INDUSTRIALS — 14.6%** | **INDUSTRIALS — 14.6%** | **INDUSTRIALS — 14.6%** | **INDUSTRIALS — 14.6%** |
| &nbsp;&nbsp;&nbsp;Blue Bird \* | 15992 |  | 798960 |
| &nbsp;&nbsp;&nbsp;Brink's | 24794 |  | 2756101 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 17225 |  | 2156742 |
| &nbsp;&nbsp;&nbsp;GATX | 2431 |  | 381302 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 24272 |  | 2497832 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 7395 |  | 2897953 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies | 3522 |  | 444124 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 15659 |  | 1479462 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 98567 |  | 2256199 |
| &nbsp;&nbsp;&nbsp;Maximus | 25229 |  | 2097034 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 20966 |  | 2106664 |
| &nbsp;&nbsp;&nbsp;Standex International | 10614 |  | 2475503 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 13223 |  | 1697569 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 11042 |  | 520189 |
|  |  |  | 24565634 |
| **INFORMATION TECHNOLOGY — 13.9%** | **INFORMATION TECHNOLOGY — 13.9%** | **INFORMATION TECHNOLOGY — 13.9%** | **INFORMATION TECHNOLOGY — 13.9%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 40261 |  | 1917631 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 61017 |  | 1969629 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 14755 |  | 511408 |
| &nbsp;&nbsp;&nbsp;Belden | 21401 |  | 2607712 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 67422 |  | 2741378 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 153084 |  | 1269066 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 35405 |  | 1358844 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 56896 |  | 1555537 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 17886 |  | 1213744 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 67046 |  | 1181351 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 32087 |  | 2156247 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 140200 |  | 2481540 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 27578 |  | 2344406 |
|  |  |  | 23308493 |
| **MATERIALS — 4.1%** | **MATERIALS — 4.1%** | **MATERIALS — 4.1%** | **MATERIALS — 4.1%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining \* | 82303 |  | 1413143 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 119484 |  | 1879483 |
| &nbsp;&nbsp;&nbsp;FMC | 30546 |  | 463383 |
| &nbsp;&nbsp;&nbsp;NewMarket | 1286 |  | 987519 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 156072 |  | 1762053 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 136932 |  | 479262 |
|  |  |  | 6984843 |
| **REAL ESTATE — 7.6%** | **REAL ESTATE — 7.6%** | **REAL ESTATE — 7.6%** | **REAL ESTATE — 7.6%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 60463 |  | 2740183 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 51850 |  | 1796602 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 163031 |  | 2559587 |

---

*The accompanying notes are an integral part of the financial statements.*

#### 22

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **SMALL CAP FUND**<br> **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 37275 | $| 1574869 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 84631 |  | 1508971 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 40817 |  | 317148 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 69423 |  | 2260413 |
|  |  |  | 12757773 |
| **UTILITIES — 3.6%** | **UTILITIES — 3.6%** | **UTILITIES — 3.6%** | **UTILITIES — 3.6%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 25142 |  | 1983955 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 21314 |  | 1694463 |
| &nbsp;&nbsp;&nbsp;Spire | 27578 |  | 2382739 |
|  |  |  | 6061157 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $139,211,269) |  |  | 164054602 |

---

**RIGHT — 0.0%**

---

| | | |
|:---|:---|:---|
|  | **Number Of Rights** | |
| Blueprint Medicines\*‡‡ | 4287 | 1972 |
| Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 1972 |
| Total Investments in Securities— 97.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,211,269) |  | $164056574 |

---

Percentages are based on Net Assets of $168,096,942.

\* Non-income producing security. <br> ‡ Real Estate Investment Trust. <br> ‡‡ Expiration Date or Rate unavailable.

See "Glossary" for abbreviations.

As of October 31, 2025, all of the Fund's investments in securities 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.

*The accompanying notes are an integral part of the financial statements.*

#### 23

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 96.5%#** | **COMMON STOCK — 96.5%#** | **COMMON STOCK — 96.5%#** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 10.6%** | **COMMUNICATION SERVICES — 10.6%** | **COMMUNICATION SERVICES — 10.6%** |
| &nbsp;&nbsp;&nbsp;Advantage Solutions \* | 415 | $531 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 28504 | 8015040 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 22880 | 6448042 |
| &nbsp;&nbsp;&nbsp;Altice USA, Cl A \* | 1135 | 2531 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Cl A \* | 1971 | 5105 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Cl A \* | 145 | 1099 |
| &nbsp;&nbsp;&nbsp;Angi, Cl A \* | 198 | 2624 |
| &nbsp;&nbsp;&nbsp;Anterix \* | 57 | 1153 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Cl A \* | 971 | 77923 |
| &nbsp;&nbsp;&nbsp;AT&T | 35089 | 868453 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl A \* | 44 | 1898 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl C \* | 170 | 6922 |
| &nbsp;&nbsp;&nbsp;ATN International | 45 | 654 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A \* | 123 | 1986 |
| &nbsp;&nbsp;&nbsp;Boston Omaha, Cl A \* | 106 | 1348 |
| &nbsp;&nbsp;&nbsp;Bumble, Cl A \* | 233 | 1293 |
| &nbsp;&nbsp;&nbsp;Cable One | 21 | 3120 |
| &nbsp;&nbsp;&nbsp;Cardlytics \* | 220 | 427 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A \* | 371 | 13030 |
| &nbsp;&nbsp;&nbsp;Cars.com \* | 274 | 2943 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A \* | 430 | 100551 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings | 469 | 12668 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Cl A \* | 1214 | 2197 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings | 208 | 8580 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 18160 | 505484 |
| &nbsp;&nbsp;&nbsp;DHI Group \* | 183 | 355 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings \* | 620 | 7056 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A \* | 654 | 48965 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 1227 | 245474 |
| &nbsp;&nbsp;&nbsp;Entravision Communications, Cl A | 258 | 534 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Cl A \* | 328 | 758 |
| &nbsp;&nbsp;&nbsp;EverQuote, Cl A \* | 120 | 2585 |
| &nbsp;&nbsp;&nbsp;EW Scripps, Cl A \* | 311 | 756 |
| &nbsp;&nbsp;&nbsp;Fox | 941 | 60836 |
| &nbsp;&nbsp;&nbsp;Fox | 597 | 34871 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent \* | 1207 | 45576 |
| &nbsp;&nbsp;&nbsp;fuboTV \* | 1530 | 5783 |
| &nbsp;&nbsp;&nbsp;Gannett \* | 629 | 3334 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings \* | 564 | 1060 |
| &nbsp;&nbsp;&nbsp;Globalstar \* | 221 | 12050 |
| &nbsp;&nbsp;&nbsp;Gogo \* | 334 | 3039 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group \* | 96 | 99 |
| &nbsp;&nbsp;&nbsp;Gray Television | 385 | 1759 |
| &nbsp;&nbsp;&nbsp;IAC \* | 310 | 9988 |
| &nbsp;&nbsp;&nbsp;Ibotta, Cl A \* | 81 | 2613 |
| &nbsp;&nbsp;&nbsp;IDT, Cl B | 93 | 4711 |
| &nbsp;&nbsp;&nbsp;iHeartMedia \* | 465 | 1381 |
| &nbsp;&nbsp;&nbsp;IMAX \* | 201 | 6530 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding \* | 450 | 4594 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies | 1785 | 45803 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 417 | 7986 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Cl A | 174 | 6415 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A \* | 76 | $4065 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C \* | 559 | 30085 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl A \* | 107 | 9735 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl C \* | 1032 | 103045 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Live, Cl A \* | 91 | 7984 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Live, Cl C \* | 229 | 20704 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \* | 779 | 116484 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies \* | 4631 | 47607 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment, Cl A \* | 174 | 7684 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports \* | 83 | 17794 |
| &nbsp;&nbsp;&nbsp;Magnite \* | 629 | 11247 |
| &nbsp;&nbsp;&nbsp;Marcus | 104 | 1498 |
| &nbsp;&nbsp;&nbsp;Match Group | 1197 | 38711 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A \* | 129 | 1645 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 10634 | 6894554 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 495 | 23319 |
| &nbsp;&nbsp;&nbsp;National CineMedia | 283 | 1251 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 2074 | 2320516 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 749 | 42685 |
| &nbsp;&nbsp;&nbsp;News | 508 | 15479 |
| &nbsp;&nbsp;&nbsp;News | 1850 | 49025 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 138 | 27011 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings \* | 1008 | 1966 |
| &nbsp;&nbsp;&nbsp;NII Holdings \*(A) | 46 |  |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 939 | 70444 |
| &nbsp;&nbsp;&nbsp;Outbrain \* | 150 | 222 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A \* | 2766 | 91555 |
| &nbsp;&nbsp;&nbsp;Playstudios \* | 404 | 376 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 322 | 1182 |
| &nbsp;&nbsp;&nbsp;PubMatic, Cl A \* | 183 | 1530 |
| &nbsp;&nbsp;&nbsp;QuinStreet \* | 244 | 3609 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 559 | 116803 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 2907 | 330584 |
| &nbsp;&nbsp;&nbsp;Roku, Cl A \* | 632 | 67074 |
| &nbsp;&nbsp;&nbsp;Rumble \* | 402 | 2758 |
| &nbsp;&nbsp;&nbsp;Scholastic | 83 | 2380 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications | 240 | 2957 |
| &nbsp;&nbsp;&nbsp;Shutterstock | 111 | 2778 |
| &nbsp;&nbsp;&nbsp;Sinclair | 173 | 2363 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings | 926 | 20085 |
| &nbsp;&nbsp;&nbsp;Skillz, Cl A \* | 9 | 60 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A \* | 5181 | 40412 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 119 | 8149 |
| &nbsp;&nbsp;&nbsp;Spok Holdings | 80 | 1143 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 656 | 429890 |
| &nbsp;&nbsp;&nbsp;Stagwell, Cl A \* | 485 | 2304 |
| &nbsp;&nbsp;&nbsp;System1 \* | 9 | 48 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 876 | 224580 |
| &nbsp;&nbsp;&nbsp;TEGNA | 726 | 14280 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems | 403 | 15644 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings \* | 186 | 1434 |

---

*The accompanying notes are an integral part of the financial statements.*

**24**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 320 | $| 60288 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 2283 |  | 479544 |
| &nbsp;&nbsp;&nbsp;Toro Combineco \* | 133 |  | 730 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 2186 |  | 109912 |
| &nbsp;&nbsp;&nbsp;TripAdvisor \* | 503 |  | 8078 |
| &nbsp;&nbsp;&nbsp;TrueCar \* | 337 |  | 741 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group \* | 731 |  | 11203 |
| &nbsp;&nbsp;&nbsp;United States Cellular | 62 |  | 3045 |
| &nbsp;&nbsp;&nbsp;Uniti Group \*‡ | 661 |  | 3806 |
| &nbsp;&nbsp;&nbsp;Urban One \* | 68 |  | 41 |
| &nbsp;&nbsp;&nbsp;Urban One, Cl A \* | 21 |  | 27 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 18967 |  | 753749 |
| &nbsp;&nbsp;&nbsp;Vimeo \* | 650 |  | 5070 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Cl A \* | 17 |  | 205 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 8852 |  | 996912 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery \* | 11517 |  | 258557 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A | 691 |  | 22084 |
| &nbsp;&nbsp;&nbsp;WideOpenWest \* | 229 |  | 1175 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 282 |  | 9300 |
| &nbsp;&nbsp;&nbsp;Ziff Davis \* | 189 |  | 6407 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Cl A \* | 299 |  | 1390 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A \* | 1313 |  | 14732 |
|  |  |  | 30646247 |
| **CONSUMER DISCRETIONARY — 7.5%** | **CONSUMER DISCRETIONARY — 7.5%** | **CONSUMER DISCRETIONARY — 7.5%** | **CONSUMER DISCRETIONARY — 7.5%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Cl A \* | 68 |  | 245 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A \* | 228 |  | 16541 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 300 |  | 14367 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings | 125 |  | 9666 |
| &nbsp;&nbsp;&nbsp;Adient PLC \* | 375 |  | 8696 |
| &nbsp;&nbsp;&nbsp;ADT | 1998 |  | 17662 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education \* | 166 |  | 16271 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 271 |  | 12772 |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 1883 |  | 238275 |
| &nbsp;&nbsp;&nbsp;Allbirds, Cl A \* | 22 |  | 198 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals | 80 |  | 2126 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings \* | 502 |  | 3112 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters | 722 |  | 12065 |
| &nbsp;&nbsp;&nbsp;American Public Education \* | 69 |  | 2311 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart \* | 32 |  | 712 |
| &nbsp;&nbsp;&nbsp;AMMO \* | 396 |  | 634 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC \* | 1054 |  | 85479 |
| &nbsp;&nbsp;&nbsp;Aramark | 1277 |  | 48373 |
| &nbsp;&nbsp;&nbsp;Arhaus, Cl A \* | 234 |  | 2345 |
| &nbsp;&nbsp;&nbsp;Arko | 258 |  | 1137 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group \* | 96 |  | 22522 |
| &nbsp;&nbsp;&nbsp;AutoNation \* | 168 |  | 33578 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 81 |  | 297629 |
| &nbsp;&nbsp;&nbsp;BARK \* | 546 |  | 496 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education \* | 95 |  | 867 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 1032 |  | 25263 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA \* | 129 |  | 2890 |
| &nbsp;&nbsp;&nbsp;Best Buy | 957 |  | 78608 |
| &nbsp;&nbsp;&nbsp;Beyond \* | 246 |  | 1897 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Cl B \* | 3 | $1084 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants \* | 97 | 3294 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands | 337 | 2302 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 159 | 807361 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 149 | 28258 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1070 | 45967 |
| &nbsp;&nbsp;&nbsp;Bowlero | 60 | 503 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 278 | 30366 |
| &nbsp;&nbsp;&nbsp;Brinker International \* | 213 | 23145 |
| &nbsp;&nbsp;&nbsp;Brunswick | 316 | 20891 |
| &nbsp;&nbsp;&nbsp;Buckle | 143 | 7836 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Cl A | 55 | 2982 |
| &nbsp;&nbsp;&nbsp;Burlington Stores \* | 308 | 84266 |
| &nbsp;&nbsp;&nbsp;Caleres | 148 | 1634 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Cl A | 264 | 3474 |
| &nbsp;&nbsp;&nbsp;Capri Holdings \* | 525 | 10894 |
| &nbsp;&nbsp;&nbsp;CarMax \* | 733 | 30720 |
| &nbsp;&nbsp;&nbsp;Carnival \* | 5124 | 147725 |
| &nbsp;&nbsp;&nbsp;CarParts.com \* | 250 | 173 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 58 | 2593 |
| &nbsp;&nbsp;&nbsp;Carter's | 160 | 5024 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 641 | 196492 |
| &nbsp;&nbsp;&nbsp;Cato, Cl A | 66 | 254 |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 486 | 26113 |
| &nbsp;&nbsp;&nbsp;Cavco Industries \* | 39 | 20662 |
| &nbsp;&nbsp;&nbsp;Century Communities | 119 | 7069 |
| &nbsp;&nbsp;&nbsp;Champion Homes \* | 275 | 18763 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 208 | 10358 |
| &nbsp;&nbsp;&nbsp;Chegg \* | 450 | 477 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A \* | 840 | 28325 |
| &nbsp;&nbsp;&nbsp;Children's Place \* | 33 | 237 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 6535 | 207094 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International | 117 | 10876 |
| &nbsp;&nbsp;&nbsp;Citi Trends \* | 22 | 788 |
| &nbsp;&nbsp;&nbsp;Clarus | 133 | 444 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 117 | 5807 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings \* | 76 | 2297 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 506 | 4261 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 99 | 3336 |
| &nbsp;&nbsp;&nbsp;Cricut, Cl A | 203 | 1078 |
| &nbsp;&nbsp;&nbsp;Crocs \* | 264 | 21566 |
| &nbsp;&nbsp;&nbsp;Dana | 660 | 13398 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 572 | 103046 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment \* | 122 | 1792 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 723 | 58924 |
| &nbsp;&nbsp;&nbsp;Denny's \* | 224 | 876 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Cl A | 150 | 553 |
| &nbsp;&nbsp;&nbsp;Destination XL Group \* | 203 | 203 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 316 | 69978 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 17 | 10201 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global | 69 | 1706 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 153 | 60964 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 1699 | 432175 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 135 | 18108 |
| &nbsp;&nbsp;&nbsp;DR Horton | 1299 | 193655 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Cl A \* | 129 | 2554 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings \* | 267 | $3831 |
| &nbsp;&nbsp;&nbsp;Duluth Holdings, Cl B \* | 59 | 162 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 188 | 50880 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Cl A \* | 591 | 32824 |
| &nbsp;&nbsp;&nbsp;eBay | 2257 | 183517 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings \* | 109 | 1114 |
| &nbsp;&nbsp;&nbsp;Escalade | 40 | 460 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 108 | 2610 |
| &nbsp;&nbsp;&nbsp;Etsy \* | 453 | 28086 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Cl A \* | 109 | 425 |
| &nbsp;&nbsp;&nbsp;EVgo, Cl A \* | 580 | 2384 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 591 | 130020 |
| &nbsp;&nbsp;&nbsp;Figs, Cl A \* | 397 | 2962 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 203 | 3347 |
| &nbsp;&nbsp;&nbsp;Five Below \* | 264 | 41519 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 525 | 32802 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 19133 | 251216 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding \* | 168 | 3714 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 360 | 23915 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A \* | 161 | 502 |
| &nbsp;&nbsp;&nbsp;GameStop, Cl A \* | 2005 | 44691 |
| &nbsp;&nbsp;&nbsp;Gap | 1210 | 27649 |
| &nbsp;&nbsp;&nbsp;Garmin | 801 | 171366 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 602 | 10198 |
| &nbsp;&nbsp;&nbsp;General Motors | 4669 | 322581 |
| &nbsp;&nbsp;&nbsp;Genesco \* | 45 | 1305 |
| &nbsp;&nbsp;&nbsp;Gentex | 1101 | 25818 |
| &nbsp;&nbsp;&nbsp;Gentherm \* | 136 | 5005 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 680 | 86571 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group \* | 169 | 4538 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I \* | 516 | 4056 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber \* | 1181 | 8137 |
| &nbsp;&nbsp;&nbsp;GoPro, Cl A \* | 571 | 1125 |
| &nbsp;&nbsp;&nbsp;Graham Holdings, Cl B | 14 | 14170 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 137 | 25797 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners \* | 140 | 9064 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 63 | 25045 |
| &nbsp;&nbsp;&nbsp;Groupon, Cl A \* | 109 | 2194 |
| &nbsp;&nbsp;&nbsp;GrowGeneration \* | 249 | 378 |
| &nbsp;&nbsp;&nbsp;Guess? | 164 | 2785 |
| &nbsp;&nbsp;&nbsp;H&R Block | 649 | 32281 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding, Cl A | 26 | 366 |
| &nbsp;&nbsp;&nbsp;Hanesbrands \* | 1504 | 9941 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 551 | 14866 |
| &nbsp;&nbsp;&nbsp;Hasbro | 647 | 49373 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture | 60 | 1309 |
| &nbsp;&nbsp;&nbsp;Helen of Troy \* | 103 | 1919 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations \* | 290 | 12020 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 1132 | 290879 |
| &nbsp;&nbsp;&nbsp;Holley \* | 250 | 717 |
| &nbsp;&nbsp;&nbsp;Home Depot | 4886 | 1854677 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings | 48 | 436 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Cl A \* | 20 | 2405 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A | 197 | 27070 |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 114 | 28298 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;iRobot \* | 134 | $426 |
| &nbsp;&nbsp;&nbsp;J Jill | 31 | 467 |
| &nbsp;&nbsp;&nbsp;Jack in the Box | 83 | 1331 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific | 38 | 646 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Cl A | 20 | 815 |
| &nbsp;&nbsp;&nbsp;KB Home | 269 | 16791 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning \* | 145 | 856 |
| &nbsp;&nbsp;&nbsp;Kohl's | 494 | 8037 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 267 | 21606 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme | 363 | 1303 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Cl A \* | 29 | 1651 |
| &nbsp;&nbsp;&nbsp;Lands' End \* | 50 | 787 |
| &nbsp;&nbsp;&nbsp;Latham Group \* | 185 | 1341 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 592 | 17186 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Cl Z | 184 | 5833 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 111 | 11487 |
| &nbsp;&nbsp;&nbsp;Lear | 260 | 27209 |
| &nbsp;&nbsp;&nbsp;Legacy Housing \* | 39 | 876 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt | 598 | 5585 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 1090 | 134909 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 36 | 4250 |
| &nbsp;&nbsp;&nbsp;Leslie's \* | 25 | 89 |
| &nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 444 | 9004 |
| &nbsp;&nbsp;&nbsp;LGI Homes \* | 93 | 3795 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 593 | 14665 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands | 58 | 197 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services \* | 123 | 2389 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings \* | 169 | 2038 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 125 | 39260 |
| &nbsp;&nbsp;&nbsp;LKQ | 1256 | 40142 |
| &nbsp;&nbsp;&nbsp;Lovesac \* | 61 | 846 |
| &nbsp;&nbsp;&nbsp;Lowe's | 2751 | 655096 |
| &nbsp;&nbsp;&nbsp;Lucid Group \* | 576 | 10220 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 535 | 91239 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Cl A \* | 187 | 217 |
| &nbsp;&nbsp;&nbsp;M/I Homes \* | 116 | 14522 |
| &nbsp;&nbsp;&nbsp;Macy's | 1263 | 24616 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Cl A \* | 84 | 2341 |
| &nbsp;&nbsp;&nbsp;Marine Products | 43 | 363 |
| &nbsp;&nbsp;&nbsp;MarineMax \* | 85 | 2105 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 1084 | 282469 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide | 144 | 9501 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings \* | 73 | 1464 |
| &nbsp;&nbsp;&nbsp;Mattel \* | 1567 | 28801 |
| &nbsp;&nbsp;&nbsp;Matthews International, Cl A | 135 | 3162 |
| &nbsp;&nbsp;&nbsp;McDonald's | 3512 | 1048086 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 339 | 22903 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash \* | 447 | 2499 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 252 | 38609 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 253 | 28751 |
| &nbsp;&nbsp;&nbsp;Monro | 129 | 1890 |
| &nbsp;&nbsp;&nbsp;Movado Group | 68 | 1238 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 88 | 31522 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 12 | 1270 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings \* | 353 | 9090 |
| &nbsp;&nbsp;&nbsp;Nerdy \* | 234 | 232 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 5768 | $372555 |
| &nbsp;&nbsp;&nbsp;Noodles, Cl A \* | 165 | 108 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 2178 | 48831 |
| &nbsp;&nbsp;&nbsp;NVR \* | 14 | 100951 |
| &nbsp;&nbsp;&nbsp;ODP \* | 131 | 3652 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 301 | 36364 |
| &nbsp;&nbsp;&nbsp;On Holding, Cl A \* | 1177 | 43726 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 452 | 10518 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Cl A \* | 54 | 839 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 4172 | 394004 |
| &nbsp;&nbsp;&nbsp;Oxford Industries | 58 | 2137 |
| &nbsp;&nbsp;&nbsp;Papa John's International | 139 | 7063 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance, Cl B | 3002 | 46201 |
| &nbsp;&nbsp;&nbsp;Patrick Industries | 146 | 15238 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A \* | 1741 | 12640 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group | 82 | 13126 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education | 274 | 8702 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness, Cl A \* | 350 | 1113 |
| &nbsp;&nbsp;&nbsp;PetMed Express \* | 85 | 218 |
| &nbsp;&nbsp;&nbsp;Phinia | 171 | 8877 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 410 | 37183 |
| &nbsp;&nbsp;&nbsp;Polaris | 240 | 15864 |
| &nbsp;&nbsp;&nbsp;Pool | 171 | 45667 |
| &nbsp;&nbsp;&nbsp;Portillo's, Cl A \* | 282 | 1509 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 963 | 115435 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Cl A \* | 254 | 201 |
| &nbsp;&nbsp;&nbsp;PVH | 232 | 18173 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A \* | 1920 | 35405 |
| &nbsp;&nbsp;&nbsp;Qurate Retail \* | 37 | 416 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 184 | 58817 |
| &nbsp;&nbsp;&nbsp;RealReal \* | 400 | 4884 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Cl A \* | 183 | 4048 |
| &nbsp;&nbsp;&nbsp;RH \* | 69 | 11902 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* | 4011 | 54429 |
| &nbsp;&nbsp;&nbsp;Rocky Brands | 32 | 902 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 1571 | 249663 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 1172 | 336165 |
| &nbsp;&nbsp;&nbsp;RumbleON, Cl B \* | 66 | 224 |
| &nbsp;&nbsp;&nbsp;Sabre \* | 1706 | 3489 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings \* | 457 | 6905 |
| &nbsp;&nbsp;&nbsp;Savers Value Village \* | 182 | 1676 |
| &nbsp;&nbsp;&nbsp;Serve Robotics \* | 198 | 2620 |
| &nbsp;&nbsp;&nbsp;Service International | 674 | 56286 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 176 | 16986 |
| &nbsp;&nbsp;&nbsp;SharkNinja \* | 382 | 32661 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 78 | 1430 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 193 | 19078 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment \* | 412 | 9468 |
| &nbsp;&nbsp;&nbsp;Sleep Number \* | 92 | 506 |
| &nbsp;&nbsp;&nbsp;Smith Douglas Homes, Cl A \* | 37 | 646 |
| &nbsp;&nbsp;&nbsp;Solid Power \* | 636 | 3994 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 64 | 4066 |
| &nbsp;&nbsp;&nbsp;Sonos \* | 524 | 8997 |
| &nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings \* | 162 | 400 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 95 | 3527 |
| &nbsp;&nbsp;&nbsp;Starbucks | 5467 | 442116 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Stellantis | 8877 | $90013 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 313 | 10614 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Cl A \* | 481 | 2015 |
| &nbsp;&nbsp;&nbsp;Stoneridge \* | 123 | 838 |
| &nbsp;&nbsp;&nbsp;Strategic Education | 102 | 7750 |
| &nbsp;&nbsp;&nbsp;Stride \* | 209 | 14220 |
| &nbsp;&nbsp;&nbsp;Superior Group of | 48 | 448 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A \* | 443 | 2786 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1013 | 111248 |
| &nbsp;&nbsp;&nbsp;Target Hospitality \* | 132 | 1015 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 473 | 28035 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International | 985 | 78150 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 13815 | 6307376 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Cl A | 324 | 53000 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 250 | 26087 |
| &nbsp;&nbsp;&nbsp;ThredUp, Cl A \* | 408 | 3586 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings \* | 71 | 444 |
| &nbsp;&nbsp;&nbsp;Tilly's, Cl A \* | 64 | 98 |
| &nbsp;&nbsp;&nbsp;TJX | 5464 | 765725 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 479 | 64641 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 140 | 59147 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands \* | 540 | 5081 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings \* | 136 | 170 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 2597 | 140524 |
| &nbsp;&nbsp;&nbsp;Traeger \* | 284 | 261 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 283 | 17767 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 387 | 12326 |
| &nbsp;&nbsp;&nbsp;Udemy \* | 419 | 2386 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 220 | 114374 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl A \* | 862 | 3974 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl C \* | 537 | 2384 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts \* | 122 | 5905 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute \* | 228 | 6776 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Cl A | 223 | 4322 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters \* | 315 | 20352 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 181 | 26848 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 617 | 20367 |
| &nbsp;&nbsp;&nbsp;Vera Bradley \* | 79 | 186 |
| &nbsp;&nbsp;&nbsp;VF | 1886 | 26479 |
| &nbsp;&nbsp;&nbsp;Viad \* | 95 | 3371 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret \* | 356 | 12549 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 857 | 52148 |
| &nbsp;&nbsp;&nbsp;Visteon | 123 | 13181 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 450 | 8816 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 486 | 50306 |
| &nbsp;&nbsp;&nbsp;Wendy's | 723 | 6174 |
| &nbsp;&nbsp;&nbsp;Weyco Group | 26 | 745 |
| &nbsp;&nbsp;&nbsp;Whirlpool | 273 | 19555 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 597 | 116021 |
| &nbsp;&nbsp;&nbsp;Wingstop | 137 | 29678 |
| &nbsp;&nbsp;&nbsp;Winmark | 15 | 6048 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries | 123 | 4638 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 359 | 8149 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 367 | 26949 |
| &nbsp;&nbsp;&nbsp;XPEL \* | 98 | 3342 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A \* | 123 | 827 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;YETI Holdings \* | 375 | $| 12746 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 1364 |  | 188518 |
| &nbsp;&nbsp;&nbsp;Zumiez \* | 63 |  | 1364 |
|  |  |  | 21690446 |
| **CONSUMER STAPLES — 4.3%** | **CONSUMER STAPLES — 4.3%** | **CONSUMER STAPLES — 4.3%** | **CONSUMER STAPLES — 4.3%** |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 1554 |  | 27490 |
| &nbsp;&nbsp;&nbsp;Alico | 25 |  | 880 |
| &nbsp;&nbsp;&nbsp;Andersons | 148 |  | 6854 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 2339 |  | 141580 |
| &nbsp;&nbsp;&nbsp;B&G Foods | 351 |  | 1404 |
| &nbsp;&nbsp;&nbsp;Beauty Health \* | 338 |  | 483 |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 615 |  | 18530 |
| &nbsp;&nbsp;&nbsp;Beyond Meat \* | 326 |  | 540 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 643 |  | 56751 |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 36 |  | 7452 |
| &nbsp;&nbsp;&nbsp;BRC, Cl A \* | 413 |  | 524 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl A | 192 |  | 5207 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 1434 |  | 39048 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 813 |  | 76910 |
| &nbsp;&nbsp;&nbsp;Calavo Growers | 75 |  | 1666 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 213 |  | 18701 |
| &nbsp;&nbsp;&nbsp;Campbell Soup | 958 |  | 28865 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 182 |  | 93401 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 938 |  | 56496 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet \* | 36 |  | 1104 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 228 |  | 6341 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse \* | 168 |  | 9912 |
| &nbsp;&nbsp;&nbsp;Clorox | 603 |  | 67813 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 17274 |  | 1190179 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 253 |  | 32986 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 3969 |  | 305811 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 2329 |  | 40035 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 683 |  | 89733 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2173 |  | 1980581 |
| &nbsp;&nbsp;&nbsp;Coty, Cl A \* | 1678 |  | 6662 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 727 |  | 23300 |
| &nbsp;&nbsp;&nbsp;Dole PLC | 322 |  | 4102 |
| &nbsp;&nbsp;&nbsp;Dollar General | 1077 |  | 106257 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 956 |  | 94759 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care | 212 |  | 4111 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 268 |  | 32734 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 327 |  | 7596 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 1023 |  | 98914 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 888 |  | 10594 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce | 179 |  | 6328 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 221 |  | 10875 |
| &nbsp;&nbsp;&nbsp;General Mills | 2653 |  | 123656 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding \* | 414 |  | 5635 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group \* | 405 |  | 470 |
| &nbsp;&nbsp;&nbsp;Herbalife \* | 441 |  | 3528 |
| &nbsp;&nbsp;&nbsp;Hershey | 713 |  | 120946 |
| &nbsp;&nbsp;&nbsp;HF Foods Group \* | 178 |  | 384 |
| &nbsp;&nbsp;&nbsp;Honest \* | 408 |  | 1391 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1426 |  | 30787 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 66 |  | 4561 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** |
| &nbsp;&nbsp;&nbsp;Ingredion | 313 | $36123 |
| &nbsp;&nbsp;&nbsp;Inter Parfums | 83 | 7399 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods | 72 | 6095 |
| &nbsp;&nbsp;&nbsp;JM Smucker | 499 | 51671 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son | 41 | 2574 |
| &nbsp;&nbsp;&nbsp;Kellanova | 1368 | 113626 |
| &nbsp;&nbsp;&nbsp;Kenvue | 9477 | 136184 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 6314 | 171488 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 1626 | 194648 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 4144 | 102481 |
| &nbsp;&nbsp;&nbsp;Kroger | 2955 | 188027 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 678 | 41853 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 91 | 14268 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods \* | 26 | 624 |
| &nbsp;&nbsp;&nbsp;Limoneira | 75 | 1060 |
| &nbsp;&nbsp;&nbsp;Mama's Creations \* | 152 | 1610 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 901 | 33211 |
| &nbsp;&nbsp;&nbsp;McCormick | 1242 | 79687 |
| &nbsp;&nbsp;&nbsp;Medifast \* | 48 | 577 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients | 67 | 1621 |
| &nbsp;&nbsp;&nbsp;Mission Produce \* | 173 | 1993 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 838 | 36637 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 6339 | 364239 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 3408 | 227757 |
| &nbsp;&nbsp;&nbsp;National Beverage \* | 108 | 3701 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 56 | 1797 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products \* | 65 | 876 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Cl A | 217 | 2326 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp of America | 45 | 2493 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings \* | 397 | 413 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 6714 | 980848 |
| &nbsp;&nbsp;&nbsp;Performance Food Group \* | 754 | 72942 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 189 | 7201 |
| &nbsp;&nbsp;&nbsp;Post Holdings \* | 240 | 24943 |
| &nbsp;&nbsp;&nbsp;PriceSmart | 116 | 13333 |
| &nbsp;&nbsp;&nbsp;Primo Brands | 1253 | 27528 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 11509 | 1730608 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 248 | 6061 |
| &nbsp;&nbsp;&nbsp;Seaboard | 1 | 3370 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A \* | 22 | 2372 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods \* | 419 | 8200 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings | 108 | 5819 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 478 | 37743 |
| &nbsp;&nbsp;&nbsp;Sysco | 2374 | 176341 |
| &nbsp;&nbsp;&nbsp;Target | 2225 | 206302 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries | 78 | 2753 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods \* | 200 | 3640 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 1384 | 71151 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 263 | 9902 |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 1127 | 81843 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences \* | 50 | 1058 |
| &nbsp;&nbsp;&nbsp;Utz Brands | 312 | 3285 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Cl A | 41 | 1286 |
| &nbsp;&nbsp;&nbsp;Vita Coco \* | 198 | 8154 |
| &nbsp;&nbsp;&nbsp;Vital Farms \* | 152 | 4993 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Cl A \* | 201 | $364 |
| &nbsp;&nbsp;&nbsp;Walmart | 21199 | 2144915 |
| &nbsp;&nbsp;&nbsp;WD-40 | 61 | 11851 |
| &nbsp;&nbsp;&nbsp;Weis Markets | 72 | 4560 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee \* | 243 | 1072 |
| &nbsp;&nbsp;&nbsp;Zevia PBC, Cl A \* | 158 | 373 |
|  |  | 12486737 |
| **ENERGY — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aemetis \* | 236 | 503 |
| &nbsp;&nbsp;&nbsp;Amplify Energy \* | 180 | 817 |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 1629 | 28100 |
| &nbsp;&nbsp;&nbsp;Antero Resources \* | 1426 | 44078 |
| &nbsp;&nbsp;&nbsp;APA | 1766 | 40000 |
| &nbsp;&nbsp;&nbsp;Archrock | 845 | 21353 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 176 | 2216 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Cl A | 322 | 3986 |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 4824 | 233530 |
| &nbsp;&nbsp;&nbsp;Berry | 286 | 964 |
| &nbsp;&nbsp;&nbsp;Borr Drilling | 1031 | 3196 |
| &nbsp;&nbsp;&nbsp;Bristow Group \* | 113 | 4599 |
| &nbsp;&nbsp;&nbsp;Cactus, Cl A | 310 | 13693 |
| &nbsp;&nbsp;&nbsp;California Resources | 371 | 17500 |
| &nbsp;&nbsp;&nbsp;Calumet \* | 380 | 7433 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 76 | 27927 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 1046 | 221752 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 1137 | 117463 |
| &nbsp;&nbsp;&nbsp;Chevron | 9501 | 1498450 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 276 | 25039 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 419 | 12080 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels \* | 740 | 2116 |
| &nbsp;&nbsp;&nbsp;CNX Resources \* | 652 | 21946 |
| &nbsp;&nbsp;&nbsp;Comstock Resources \* | 364 | 6825 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 6197 | 550665 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 154 | 2455 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 3646 | 86264 |
| &nbsp;&nbsp;&nbsp;Crescent Energy, Cl A | 838 | 7064 |
| &nbsp;&nbsp;&nbsp;CVR Energy \* | 134 | 4769 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 268 | 10120 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 3134 | 101824 |
| &nbsp;&nbsp;&nbsp;DHT Holdings | 584 | 7755 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 926 | 132594 |
| &nbsp;&nbsp;&nbsp;DMC Global \* | 85 | 685 |
| &nbsp;&nbsp;&nbsp;Dorian LPG | 181 | 5222 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 497 | 54417 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum \* | 54 | 163 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 2671 | 282699 |
| &nbsp;&nbsp;&nbsp;EQT | 3054 | 163633 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum | 134 | 587 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 106 | 2746 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings \* | 465 | 6315 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 21096 | 2412539 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings | 91 | 1474 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies \* | 53 | 1419 |
| &nbsp;&nbsp;&nbsp;FutureFuel | 119 | 468 |
| &nbsp;&nbsp;&nbsp;Gevo \* | 1051 | 2459 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp;&nbsp;Golar LNG | 444 | $18226 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources | 327 | 1727 |
| &nbsp;&nbsp;&nbsp;Green Plains \* | 290 | 2981 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy \* | 71 | 13207 |
| &nbsp;&nbsp;&nbsp;Halliburton | 3823 | 102609 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group \* | 626 | 4207 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | 401 | 10530 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 640 | 21728 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 780 | 40248 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy | 110 | 731 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources \* | 69 | 792 |
| &nbsp;&nbsp;&nbsp;Innovex International \* | 208 | 4175 |
| &nbsp;&nbsp;&nbsp;International Seaways | 221 | 11322 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 9698 | 253991 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A | 198 | 7625 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 256 | 9441 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 711 | 12876 |
| &nbsp;&nbsp;&nbsp;Lightbridge \* | 100 | 2683 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 893 | 20057 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services \* | 65 | 133 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 1505 | 293340 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 564 | 22255 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 659 | 18650 |
| &nbsp;&nbsp;&nbsp;Nabors Industries \* | 69 | 3348 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Cl A | 15 | 634 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited \* | 247 | 3117 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group | 54 | 1503 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings | 131 | 2154 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A \* | 805 | 1038 |
| &nbsp;&nbsp;&nbsp;NextDecade \* | 808 | 4791 |
| &nbsp;&nbsp;&nbsp;Nine Energy Service \* | 153 | 85 |
| &nbsp;&nbsp;&nbsp;Noble PLC | 575 | 16876 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers | 923 | 3397 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas | 438 | 9693 |
| &nbsp;&nbsp;&nbsp;NOV | 1803 | 26324 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 3520 | 145024 |
| &nbsp;&nbsp;&nbsp;Oil States International \* | 262 | 1564 |
| &nbsp;&nbsp;&nbsp;ONEOK | 3088 | 206896 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 1243 | 46625 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* | 223 | 8916 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 1715 | 10753 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 376 | 12848 |
| &nbsp;&nbsp;&nbsp;Peabody Energy | 525 | 14395 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 3143 | 39476 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1977 | 269149 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources \* | 1 | 135 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding \* | 391 | 4059 |
| &nbsp;&nbsp;&nbsp;Range Resources | 1140 | 40527 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Cl A | 71 | 976 |
| &nbsp;&nbsp;&nbsp;REX American Resources \* | 130 | 4164 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian | 63 | 1639 |
| &nbsp;&nbsp;&nbsp;Ring Energy \* | 825 | 788 |
| &nbsp;&nbsp;&nbsp;RPC | 456 | 2371 |
| &nbsp;&nbsp;&nbsp;Sable Offshore \* | 341 | 3567 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 143 | 1703 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp;&nbsp;Schlumberger | 7358 | $| 265323 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers | 200 |  | 12340 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings \* | 103 |  | 655 |
| &nbsp;&nbsp;&nbsp;Seadrill \* | 270 |  | 8521 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Cl A | 445 |  | 5144 |
| &nbsp;&nbsp;&nbsp;SM Energy | 513 |  | 10717 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Cl A | 173 |  | 9209 |
| &nbsp;&nbsp;&nbsp;Summit Midstream \* | 49 |  | 1074 |
| &nbsp;&nbsp;&nbsp;Talos Energy \* | 589 |  | 5778 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 1039 |  | 160048 |
| &nbsp;&nbsp;&nbsp;Teekay | 236 |  | 2270 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies \* | 544 |  | 3841 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 93 |  | 87734 |
| &nbsp;&nbsp;&nbsp;Tidewater \* | 193 |  | 9764 |
| &nbsp;&nbsp;&nbsp;Transocean \* | 3557 |  | 13659 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 2145 |  | 32454 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy | 459 |  | 1804 |
| &nbsp;&nbsp;&nbsp;Valaris \* | 266 |  | 14928 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1518 |  | 257392 |
| &nbsp;&nbsp;&nbsp;Venture Global | 431 |  | 3694 |
| &nbsp;&nbsp;&nbsp;Viper Energy | 819 |  | 30766 |
| &nbsp;&nbsp;&nbsp;Vital Energy \* | 140 |  | 2199 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy | 131 |  | 2849 |
| &nbsp;&nbsp;&nbsp;W&T Offshore | 446 |  | 937 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 345 |  | 25423 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 52 |  | 1939 |
| &nbsp;&nbsp;&nbsp;Williams | 5969 |  | 345426 |
| &nbsp;&nbsp;&nbsp;World Kinect | 249 |  | 6437 |
|  |  |  | 9278296 |
| **FINANCIALS — 13.9%** | **FINANCIALS — 13.9%** | **FINANCIALS — 13.9%** | **FINANCIALS — 13.9%** |
| &nbsp;&nbsp;&nbsp;1st Source | 76 |  | 4517 |
| &nbsp;&nbsp;&nbsp;Acacia Research \* | 151 |  | 524 |
| &nbsp;&nbsp;&nbsp;ACNB | 46 |  | 2078 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 134 |  | 31887 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 1231 |  | 88484 |
| &nbsp;&nbsp;&nbsp;AGNC Investment ‡ | 4975 |  | 49750 |
| &nbsp;&nbsp;&nbsp;Alerus Financial | 96 |  | 2028 |
| &nbsp;&nbsp;&nbsp;Allstate | 1277 |  | 244571 |
| &nbsp;&nbsp;&nbsp;Ally Financial | 1346 |  | 52454 |
| &nbsp;&nbsp;&nbsp;AlTi Global \* | 158 |  | 623 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial | 78 |  | 2126 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group \* | 205 |  | 1683 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Cl A | 186 |  | 3119 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance | 91 |  | 1077 |
| &nbsp;&nbsp;&nbsp;American Express | 2443 |  | 881263 |
| &nbsp;&nbsp;&nbsp;American Financial Group | 353 |  | 46483 |
| &nbsp;&nbsp;&nbsp;American International Group | 2817 |  | 222430 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 466 |  | 210991 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 319 |  | 22847 |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 85 |  | 3407 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT ‡ | 82 |  | 744 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management ‡ | 3143 |  | 66537 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 1024 |  | 348856 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance ‡ | 632 | $6187 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 1945 | 241783 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust ‡ | 830 | 8375 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group | 1741 | 150266 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate ‡ | 233 | 1039 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 984 | 146331 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT ‡ | 418 | 6780 |
| &nbsp;&nbsp;&nbsp;Arrow Financial | 65 | 1813 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 1248 | 311364 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Cl A | 314 | 13709 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 794 | 19667 |
| &nbsp;&nbsp;&nbsp;Assurant | 248 | 52507 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 226 | 18211 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 690 | 22432 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings \* | 24 | 1323 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 363 | 33999 |
| &nbsp;&nbsp;&nbsp;Axos Financial \* | 264 | 20587 |
| &nbsp;&nbsp;&nbsp;B. Riley Financial \* | 81 | 405 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Cl A \* | 55 | 1522 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 315 | 6962 |
| &nbsp;&nbsp;&nbsp;Banc of California | 578 | 9809 |
| &nbsp;&nbsp;&nbsp;BancFirst | 85 | 9253 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior, Cl E | 131 | 5634 |
| &nbsp;&nbsp;&nbsp;Bancorp \* | 200 | 13074 |
| &nbsp;&nbsp;&nbsp;Bank First | 43 | 5251 |
| &nbsp;&nbsp;&nbsp;Bank of America | 33327 | 1781328 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii | 178 | 11558 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 67 | 1725 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 3497 | 377431 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 525 | 23620 |
| &nbsp;&nbsp;&nbsp;Bank7 | 18 | 747 |
| &nbsp;&nbsp;&nbsp;BankUnited | 341 | 13667 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group | 25 | 1084 |
| &nbsp;&nbsp;&nbsp;Banner | 154 | 9300 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 64 | 1877 |
| &nbsp;&nbsp;&nbsp;BayCom | 47 | 1281 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp | 70 | 556 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 6460 | 3084908 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp | 376 | 9147 |
| &nbsp;&nbsp;&nbsp;BGC Group, Cl A | 1704 | 15575 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 695 | 752553 |
| &nbsp;&nbsp;&nbsp;Blackstone, Cl A | 3545 | 519839 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 732 | 13527 |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 2698 | 204886 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp \* | 84 | 692 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 3020 | 47625 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares \* | 286 | 1281 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 98 | 10249 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 86 | 2061 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 207 | 12969 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares \* | 94 | 1547 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial \* | 260 | 14838 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group | 120 | 5772 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Cl A ‡ | 582 | $3003 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 1391 | 110918 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services | 59 | 3473 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 127 | 3114 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp | 123 | 3289 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 889 | 33551 |
| &nbsp;&nbsp;&nbsp;California BanCorp \* | 110 | 2034 |
| &nbsp;&nbsp;&nbsp;Camden National | 74 | 2823 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings | 255 | 4559 |
| &nbsp;&nbsp;&nbsp;Cantaloupe \* | 286 | 3020 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp | 51 | 1418 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group | 59 | 2295 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 3082 | 677989 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial | 525 | 3171 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 1270 | 67716 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares \* | 101 | 1725 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems | 59 | 2332 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 305 | 13862 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 513 | 126013 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial | 119 | 3393 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 8379 | 791983 |
| &nbsp;&nbsp;&nbsp;Chemung Financial | 19 | 963 |
| &nbsp;&nbsp;&nbsp;Chimera Investment ‡ | 357 | 4555 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services | 63 | 1804 |
| &nbsp;&nbsp;&nbsp;Chubb | 1817 | 503200 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 755 | 116715 |
| &nbsp;&nbsp;&nbsp;Citigroup | 9081 | 919270 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern | 66 | 1278 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 2003 | 101893 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services | 20 | 1107 |
| &nbsp;&nbsp;&nbsp;City Holding | 63 | 7426 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 84 | 1809 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust ‡ | 540 | 1728 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 1766 | 468855 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 133 | 3263 |
| &nbsp;&nbsp;&nbsp;Coastal Financial \* | 57 | 6070 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers | 125 | 8540 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 1008 | 346530 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp | 74 | 1183 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 1448 | 38803 |
| &nbsp;&nbsp;&nbsp;Columbia Financial \* | 122 | 1799 |
| &nbsp;&nbsp;&nbsp;Comerica | 639 | 48883 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 633 | 33315 |
| &nbsp;&nbsp;&nbsp;Community Financial System | 239 | 13260 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 70 | 3584 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 77 | 1631 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 304 | 1940 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp | 218 | 5234 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services \* | 39 | 328 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 1225 | 39886 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 334 | 86957 |
| &nbsp;&nbsp;&nbsp;Crawford, Cl A | 78 | 845 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance \* | 22 | 9841 |
| &nbsp;&nbsp;&nbsp;Cullen | 294 | 36203 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp \* | 131 | 8793 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;CVB Financial | 591 | $10857 |
| &nbsp;&nbsp;&nbsp;Dave \* | 51 | 12205 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group | 11 | 1412 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group | 793 | 9381 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 190 | 4987 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl A | 76 | 1425 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl B | 4 | 61 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions \* | 119 | 5468 |
| &nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 583 | 7719 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp | 126 | 2110 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 670 | 68072 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares | 884 | 15497 |
| &nbsp;&nbsp;&nbsp;Ellington Financial ‡ | 415 | 5528 |
| &nbsp;&nbsp;&nbsp;Employers Holdings | 108 | 4118 |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 134 | 4786 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group \* | 102 | 4241 |
| &nbsp;&nbsp;&nbsp;Enova International \* | 108 | 12914 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 162 | 8484 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 1485 | 73359 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Cl A | 66 | 2674 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 123 | 35995 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 32 | 3002 |
| &nbsp;&nbsp;&nbsp;Essent Group | 482 | 29195 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 192 | 14530 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 178 | 52432 |
| &nbsp;&nbsp;&nbsp;Everest Group | 206 | 64791 |
| &nbsp;&nbsp;&nbsp;EVERTEC | 287 | 8171 |
| &nbsp;&nbsp;&nbsp;EZCORP, Cl A \* | 226 | 4125 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life | 97 | 2876 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 186 | 49625 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp | 57 | 1362 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc | 162 | 2103 |
| &nbsp;&nbsp;&nbsp;FB Financial | 192 | 10359 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 41 | 6504 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Cl B | 374 | 18132 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 351 | 6311 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp | 20 | 874 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 1284 | 70928 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 2559 | 159989 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3248 | 135182 |
| &nbsp;&nbsp;&nbsp;Finance of America, Cl A \* | 31 | 682 |
| &nbsp;&nbsp;&nbsp;Financial Institutions | 88 | 2502 |
| &nbsp;&nbsp;&nbsp;First American Financial | 479 | 29942 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 45 | 1116 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 184 | 8931 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 722 | 14072 |
| &nbsp;&nbsp;&nbsp;First Bank | 151 | 2359 |
| &nbsp;&nbsp;&nbsp;First Busey | 394 | 8813 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services | 34 | 1721 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 45 | 82117 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial | 465 | 7110 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares | 77 | 2490 |
| &nbsp;&nbsp;&nbsp;First Financial | 49 | 2613 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 416 | 9739 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 593 | $18318 |
| &nbsp;&nbsp;&nbsp;First Foundation \* | 334 | 1817 |
| &nbsp;&nbsp;&nbsp;First Hawaiian | 570 | 13982 |
| &nbsp;&nbsp;&nbsp;First Horizon | 2448 | 52289 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 26 | 461 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A | 394 | 12313 |
| &nbsp;&nbsp;&nbsp;First Merchants | 260 | 9225 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares | 93 | 3323 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 187 | 29640 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp \* | 66 | 2247 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 2650 | 176729 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 64 | 2273 |
| &nbsp;&nbsp;&nbsp;Flushing Financial | 147 | 2009 |
| &nbsp;&nbsp;&nbsp;Flywire \* | 514 | 6846 |
| &nbsp;&nbsp;&nbsp;FNB | 1742 | 27384 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings \* | 43 | 946 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust ‡ | 369 | 3742 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 1533 | 34661 |
| &nbsp;&nbsp;&nbsp;FS Bancorp | 29 | 1122 |
| &nbsp;&nbsp;&nbsp;Fulton Financial | 821 | 14261 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp | 69 | 843 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor | 222 | 2555 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Cl A \* | 1853 | 15639 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 159 | 6128 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 596 | 24347 |
| &nbsp;&nbsp;&nbsp;Global Payments | 1190 | 92534 |
| &nbsp;&nbsp;&nbsp;Globe Life | 395 | 51946 |
| &nbsp;&nbsp;&nbsp;GoHealth, Cl A \* | 18 | 71 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 1501 | 1184844 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Cl A | 112 | 7691 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust ‡ | 206 | 552 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp | 42 | 2339 |
| &nbsp;&nbsp;&nbsp;Green Dot, Cl A \* | 240 | 2786 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp | 32 | 702 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Cl A \* | 110 | 1333 |
| &nbsp;&nbsp;&nbsp;Hagerty, Cl A \* | 146 | 1638 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 216 | 5113 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 192 | 21880 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 410 | 23415 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial | 135 | 3564 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 158 | 26999 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp | 171 | 2107 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 1376 | 170872 |
| &nbsp;&nbsp;&nbsp;HBT Financial | 51 | 1244 |
| &nbsp;&nbsp;&nbsp;HCI Group | 44 | 8976 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce | 269 | 2798 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 153 | 3395 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings \* | 103 | 2434 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 205 | 6622 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings The | 7 | 2060 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings \* | 74 | 2722 |
| &nbsp;&nbsp;&nbsp;Home Bancorp | 30 | 1595 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 897 | 23959 |
| &nbsp;&nbsp;&nbsp;HomeStreet \* | 80 | 1071 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares | 66 | 2594 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Hope Bancorp | 557 | $5843 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators | 183 | 8182 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp | 194 | 3026 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 266 | 47635 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 7517 | 116064 |
| &nbsp;&nbsp;&nbsp;Independent Bank | 224 | 15100 |
| &nbsp;&nbsp;&nbsp;Independent Bank/MI | 92 | 2780 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 2070 | 145645 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 2799 | 409466 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 277 | 18387 |
| &nbsp;&nbsp;&nbsp;International Money Express \* | 125 | 1861 |
| &nbsp;&nbsp;&nbsp;Invesco | 2163 | 51263 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital ‡ | 300 | 2259 |
| &nbsp;&nbsp;&nbsp;Investors Title | 6 | 1552 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 355 | 52874 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 344 | 34679 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings | 162 | 826 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 608 | 26484 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group | 727 | 38407 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp | 56 | 1070 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 13514 | 4204476 |
| &nbsp;&nbsp;&nbsp;Kearny Financial | 257 | 1642 |
| &nbsp;&nbsp;&nbsp;Kemper | 278 | 12507 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 5379 | 94617 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 109 | 43542 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust ‡ | 247 | 2011 |
| &nbsp;&nbsp;&nbsp;Ladder Capital, Cl A ‡ | 516 | 5454 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial | 113 | 6447 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 543 | 26498 |
| &nbsp;&nbsp;&nbsp;LCNB | 58 | 891 |
| &nbsp;&nbsp;&nbsp;Lemonade \* | 297 | 17844 |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 513 | 8921 |
| &nbsp;&nbsp;&nbsp;LendingTree \* | 50 | 3200 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 829 | 34818 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP | 112 | 787 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares | 158 | 4920 |
| &nbsp;&nbsp;&nbsp;Loews | 847 | 84327 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 390 | 147151 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 778 | 143051 |
| &nbsp;&nbsp;&nbsp;Markel Group \* | 61 | 120446 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings | 179 | 28651 |
| &nbsp;&nbsp;&nbsp;MarketWise | 8 | 138 |
| &nbsp;&nbsp;&nbsp;Marqeta, Cl A \* | 1892 | 8571 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 2411 | 429520 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 4007 | 2211824 |
| &nbsp;&nbsp;&nbsp;MBIA \* | 200 | 1366 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank | 72 | 3157 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 94 | 2932 |
| &nbsp;&nbsp;&nbsp;Mercury General | 121 | 9353 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares | 83 | 2126 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 46 | 3048 |
| &nbsp;&nbsp;&nbsp;MFA Financial REIT ‡ | 464 | 4171 |
| &nbsp;&nbsp;&nbsp;MGIC Investment | 1147 | 31451 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp | 95 | 2703 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc | 35 | 1141 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp | 94 | 1376 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group | 70 | $2589 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 360 | 22799 |
| &nbsp;&nbsp;&nbsp;Moody's | 742 | 356383 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 5958 | 977112 |
| &nbsp;&nbsp;&nbsp;Mortgage Investment Trust ‡ | 129 | 921 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 368 | 216586 |
| &nbsp;&nbsp;&nbsp;MVB Financial | 53 | 1356 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 2376 | 203124 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings, Cl A | 170 | 6062 |
| &nbsp;&nbsp;&nbsp;Navient | 314 | 3840 |
| &nbsp;&nbsp;&nbsp;NB Bancorp | 157 | 2837 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp | 232 | 9389 |
| &nbsp;&nbsp;&nbsp;NCR Atleos \* | 332 | 12251 |
| &nbsp;&nbsp;&nbsp;Nelnet, Cl A | 71 | 9163 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Cl A \* | 182 | 2124 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp | 1653 | 18877 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust ‡ | 383 | 2555 |
| &nbsp;&nbsp;&nbsp;NewtekOne | 113 | 1175 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance ‡ | 35 | 456 |
| &nbsp;&nbsp;&nbsp;NI Holdings \* | 30 | 396 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares | 57 | 6734 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Cl A \* | 347 | 12641 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 30 | 2588 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp | 55 | 1080 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 910 | 117090 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp | 169 | 1727 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp | 100 | 2198 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 667 | 7811 |
| &nbsp;&nbsp;&nbsp;Norwood Financial | 36 | 958 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 30 | 818 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 257 | 4672 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 203 | 7848 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1690 | 34527 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 1116 | 44037 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 227 | 4075 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 581 | 34389 |
| &nbsp;&nbsp;&nbsp;Onity Group \* | 27 | 1012 |
| &nbsp;&nbsp;&nbsp;Open Lending, Cl A \* | 453 | 861 |
| &nbsp;&nbsp;&nbsp;OppFi | 112 | 1092 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp | 47 | 1149 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Cl A ‡ | 578 | 4179 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 134 | 4644 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services | 83 | 2762 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Cl A \* | 1012 | 18216 |
| &nbsp;&nbsp;&nbsp;P10, Cl A | 277 | 2814 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 119 | 13567 |
| &nbsp;&nbsp;&nbsp;Park National | 67 | 10197 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp | 48 | 1037 |
| &nbsp;&nbsp;&nbsp;Pathward Financial | 107 | 7282 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A \* | 135 | 3861 |
| &nbsp;&nbsp;&nbsp;Payoneer Global \* | 1342 | 7770 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 4667 | 323283 |
| &nbsp;&nbsp;&nbsp;Paysafe \* | 143 | 1574 |
| &nbsp;&nbsp;&nbsp;Paysign \* | 158 | 816 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 53 | 1117 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial | 73 | 1847 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services | 128 | $16104 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust ‡ | 392 | 4720 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp | 157 | 4490 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services | 48 | 2138 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners, Cl A | 267 | 4988 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 373 | 31783 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp \* | 51 | 670 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 85 | 27137 |
| &nbsp;&nbsp;&nbsp;PJT Partners | 112 | 18044 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 29 | 1190 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 1930 | 352321 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group \* | 92 | 1298 |
| &nbsp;&nbsp;&nbsp;Popular | 329 | 36674 |
| &nbsp;&nbsp;&nbsp;PRA Group \* | 171 | 2344 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 57 | 5144 |
| &nbsp;&nbsp;&nbsp;Primerica | 161 | 41839 |
| &nbsp;&nbsp;&nbsp;Primis Financial | 109 | 1186 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 1092 | 91772 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 109 | 759 |
| &nbsp;&nbsp;&nbsp;ProAssurance \* | 230 | 5509 |
| &nbsp;&nbsp;&nbsp;PROG Holdings | 174 | 5034 |
| &nbsp;&nbsp;&nbsp;Progressive | 2872 | 591632 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 448 | 29487 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services | 577 | 10553 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 1735 | 180440 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 75 | 5579 |
| &nbsp;&nbsp;&nbsp;Radian Group | 651 | 22095 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 885 | 140423 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 72 | 1341 |
| &nbsp;&nbsp;&nbsp;Ready Capital ‡ | 737 | 2159 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares | 23 | 1519 |
| &nbsp;&nbsp;&nbsp;Redwood Trust ‡ | 600 | 3186 |
| &nbsp;&nbsp;&nbsp;Regional Management | 36 | 1417 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 4392 | 106286 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 324 | 59117 |
| &nbsp;&nbsp;&nbsp;Remitly Global \* | 739 | 11854 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 226 | 57424 |
| &nbsp;&nbsp;&nbsp;Renasant | 425 | 14293 |
| &nbsp;&nbsp;&nbsp;Repay Holdings, Cl A \* | 351 | 1506 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Cl A | 41 | 2702 |
| &nbsp;&nbsp;&nbsp;Rithm Capital ‡ | 2588 | 28390 |
| &nbsp;&nbsp;&nbsp;RLI | 437 | 25766 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 3709 | 544407 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 4521 | 75316 |
| &nbsp;&nbsp;&nbsp;Root, Cl A \* | 42 | 3382 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 521 | 28551 |
| &nbsp;&nbsp;&nbsp;S&P Global | 1542 | 751278 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp | 173 | 6339 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group | 65 | 4467 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 403 | 12211 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 558 | 44980 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 294 | 22150 |
| &nbsp;&nbsp;&nbsp;Selectquote \* | 608 | 1265 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 247 | 17357 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Sezzle \* | 74 | $4851 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* | 322 | 22250 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares | 138 | 2154 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 57 | 1640 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Cl A | 35 | 495 |
| &nbsp;&nbsp;&nbsp;Simmons First National, Cl A | 639 | 11106 |
| &nbsp;&nbsp;&nbsp;SiriusPoint \* | 465 | 8463 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 161 | 7340 |
| &nbsp;&nbsp;&nbsp;SLM | 958 | 25722 |
| &nbsp;&nbsp;&nbsp;SmartFinancial | 65 | 2273 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 5480 | 162646 |
| &nbsp;&nbsp;&nbsp;South Plains Financial | 58 | 2117 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares \* | 35 | 1534 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp | 44 | 2307 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares | 129 | 3627 |
| &nbsp;&nbsp;&nbsp;SouthState | 493 | 43740 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust ‡ | 1704 | 30979 |
| &nbsp;&nbsp;&nbsp;State Street | 1314 | 151977 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp | 197 | 5798 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Cl A | 337 | 20517 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services | 125 | 8534 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 476 | 56373 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 131 | 8518 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 209 | 19211 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust ‡ | 45 | 445 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1812 | 134777 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 648 | 28927 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 1055 | 108169 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 211 | 17690 |
| &nbsp;&nbsp;&nbsp;TFS Financial | 239 | 3179 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares \* | 50 | 1838 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 32 | 1028 |
| &nbsp;&nbsp;&nbsp;Tiptree | 106 | 1877 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 2327 | 84098 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 58 | 3681 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 308 | 10013 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 631 | 34730 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust ‡ | 282 | 2439 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 568 | 59862 |
| &nbsp;&nbsp;&nbsp;Travelers | 1090 | 292796 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 122 | 5396 |
| &nbsp;&nbsp;&nbsp;Triumph Financial \* | 103 | 5609 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 6388 | 285096 |
| &nbsp;&nbsp;&nbsp;Trupanion \* | 152 | 6078 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank NY | 84 | 3168 |
| &nbsp;&nbsp;&nbsp;Trustmark | 252 | 9379 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment ‡ | 469 | 4559 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 335 | 35751 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 682 | 24409 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 592 | 17286 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 83 | 2509 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp | 32 | 1453 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 116 | 3575 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 127 | 3729 |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Unum Group | 806 | $| 59177 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* | 404 |  | 19198 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 7567 |  | 353228 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings | 55 |  | 949 |
| &nbsp;&nbsp;&nbsp;UWM Holdings | 756 |  | 4256 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2350 |  | 25545 |
| &nbsp;&nbsp;&nbsp;Velocity Financial \* | 41 |  | 763 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Cl A | 229 |  | 14260 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 364 |  | 12682 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners | 29 |  | 4722 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 8344 |  | 2843135 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 468 |  | 34847 |
| &nbsp;&nbsp;&nbsp;WaFd | 360 |  | 10451 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 147 |  | 11748 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp | 87 |  | 2370 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial | 71 |  | 1086 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 820 |  | 46773 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 15959 |  | 1387954 |
| &nbsp;&nbsp;&nbsp;WesBanco | 428 |  | 12871 |
| &nbsp;&nbsp;&nbsp;West Bancorporation | 66 |  | 1404 |
| &nbsp;&nbsp;&nbsp;Westamerica Bancorporation | 114 |  | 5432 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 512 |  | 39603 |
| &nbsp;&nbsp;&nbsp;Western Union | 1458 |  | 13603 |
| &nbsp;&nbsp;&nbsp;WEX \* | 166 |  | 24216 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group | 11 |  | 20950 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 485 |  | 151854 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 323 |  | 41996 |
| &nbsp;&nbsp;&nbsp;WisdomTree | 609 |  | 7284 |
| &nbsp;&nbsp;&nbsp;World Acceptance \* | 13 |  | 1657 |
| &nbsp;&nbsp;&nbsp;WR Berkley | 1406 |  | 100304 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 256 |  | 13335 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 712 |  | 37102 |
|  |  |  | 40033762 |
| **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** |
| &nbsp;&nbsp;&nbsp;Absci \* | 585 |  | 2504 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare \* | 406 |  | 8729 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 565 |  | 12826 |
| &nbsp;&nbsp;&nbsp;Accuray \* | 465 |  | 656 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics \* | 478 |  | 1205 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics \* | 74 |  | 147 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals \* | 140 |  | 200 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals \* | 160 |  | 354 |
| &nbsp;&nbsp;&nbsp;AdaptHealth, Cl A \* | 476 |  | 4279 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies \* | 662 |  | 11492 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics \* | 402 |  | 1793 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 82 |  | 9585 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 1054 |  | 16316 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics | 139 |  | 1362 |
| &nbsp;&nbsp;&nbsp;Agenus \* | 122 |  | 484 |
| &nbsp;&nbsp;&nbsp;Agilon Health \* | 1376 |  | 1096 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals \* | 260 |  | 11242 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies \* | 62 |  | 645 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics \* | 1128 |  | 2493 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics \* | 352 |  | 19078 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**34**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Alector \* | 350 | $515 |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 344 | 47431 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare \* | 613 | 10335 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 795 | 24407 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 638 | 290954 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 493 | 9362 |
| &nbsp;&nbsp;&nbsp;Altimmune \* | 368 | 1490 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience \* | 110 | 1561 |
| &nbsp;&nbsp;&nbsp;Alumis \* | 345 | 1639 |
| &nbsp;&nbsp;&nbsp;Alvotech \* | 501 | 3833 |
| &nbsp;&nbsp;&nbsp;American Well, Cl A \* | 58 | 303 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services \* | 174 | 3426 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals \* | 366 | 5098 |
| &nbsp;&nbsp;&nbsp;AnaptysBio \* | 95 | 3475 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences \* | 426 | 3395 |
| &nbsp;&nbsp;&nbsp;AngioDynamics \* | 175 | 2105 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics \* | 63 | 614 |
| &nbsp;&nbsp;&nbsp;Annexon \* | 464 | 1466 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals \* | 492 | 10563 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics \* | 184 | 10413 |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics \* | 548 | 630 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics \* | 368 | 2510 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma \* | 679 | 3212 |
| &nbsp;&nbsp;&nbsp;Arcellx \* | 264 | 23826 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings \* | 108 | 1077 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences \* | 301 | 5936 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics \* | 489 | 12377 |
| &nbsp;&nbsp;&nbsp;Ardelyx \* | 1055 | 6393 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners \* | 105 | 1529 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma \* | 138 | 2585 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals \* | 589 | 24968 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 247 | 2213 |
| &nbsp;&nbsp;&nbsp;Artivion \* | 182 | 8257 |
| &nbsp;&nbsp;&nbsp;Arvinas \* | 323 | 3275 |
| &nbsp;&nbsp;&nbsp;Astrana Health \* | 171 | 5337 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics \* | 205 | 2589 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals \* | 330 | 1073 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 219 | 7566 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences \* | 219 | 1342 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC \* | 421 | 7953 |
| &nbsp;&nbsp;&nbsp;Avanos Medical \* | 204 | 2266 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings \* | 230 | 2082 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences \* | 678 | 47358 |
| &nbsp;&nbsp;&nbsp;Avita Medical \* | 119 | 461 |
| &nbsp;&nbsp;&nbsp;Axogen \* | 196 | 4355 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 198 | 26728 |
| &nbsp;&nbsp;&nbsp;Baxter International | 2511 | 46378 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics \* | 429 | 10729 |
| &nbsp;&nbsp;&nbsp;Beta Bionics \* | 182 | 4954 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics \* | 188 | 3055 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals \* | 940 | 6881 |
| &nbsp;&nbsp;&nbsp;Biohaven \* | 387 | 6656 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical \* | 929 | 49767 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion \* | 205 | 279 |
| &nbsp;&nbsp;&nbsp;Biote, Cl A \* | 112 | 321 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 162 | 1061 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics \* | 187 | $724 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility \* | 285 | 1434 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 7204 | 725587 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services \* | 441 | 14575 |
| &nbsp;&nbsp;&nbsp;Bruker | 478 | 18613 |
| &nbsp;&nbsp;&nbsp;Butterfly Network \* | 774 | 2082 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics \* | 311 | 812 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio \* | 398 | 1437 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics \* | 155 | 834 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics \* | 32 | 149 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 1165 | 222247 |
| &nbsp;&nbsp;&nbsp;CareDx \* | 237 | 3555 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences \* | 397 | 961 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics \* | 43 | 351 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences \* | 190 | 619 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences \* | 119 | 3034 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 523 | 11124 |
| &nbsp;&nbsp;&nbsp;Celcuity \* | 144 | 11111 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics \* | 303 | 8099 |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 898 | 303353 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics \* | 231 | 135 |
| &nbsp;&nbsp;&nbsp;Ceribell \* | 119 | 1357 |
| &nbsp;&nbsp;&nbsp;Certara \* | 559 | 6501 |
| &nbsp;&nbsp;&nbsp;Cerus \* | 818 | 1202 |
| &nbsp;&nbsp;&nbsp;CG oncology \* | 282 | 12202 |
| &nbsp;&nbsp;&nbsp;Chemed | 71 | 30622 |
| &nbsp;&nbsp;&nbsp;ChromaDex \* | 309 | 2330 |
| &nbsp;&nbsp;&nbsp;Cibus, Cl A \* | 132 | 211 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics \* | 85 | 9285 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro \* | 119 | 2763 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments, Cl A \* | 1763 | 6223 |
| &nbsp;&nbsp;&nbsp;Codexis \* | 366 | 867 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences \* | 708 | 11540 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences \* | 477 | 801 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical \* | 140 | 5040 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics \* | 411 | 1537 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 566 | 11275 |
| &nbsp;&nbsp;&nbsp;CONMED | 140 | 6160 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Cl A \* | 77 | 848 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings \* | 54 | 656 |
| &nbsp;&nbsp;&nbsp;CorMedix \* | 327 | 3640 |
| &nbsp;&nbsp;&nbsp;CorVel \* | 132 | 9761 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals \* | 306 | 2460 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals \* | 418 | 18183 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare \* | 141 | 1729 |
| &nbsp;&nbsp;&nbsp;CryoPort \* | 219 | 2024 |
| &nbsp;&nbsp;&nbsp;CVRx \* | 99 | 1009 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences \* | 500 | 1950 |
| &nbsp;&nbsp;&nbsp;Cytokinetics \* | 599 | 38090 |
| &nbsp;&nbsp;&nbsp;CytomX Therapeutics \* | 658 | 2349 |
| &nbsp;&nbsp;&nbsp;DaVita \* | 186 | 22138 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals \* | 344 | 2559 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A \* | 155 | 429 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 515 | 8384 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona | 884 | 11147 |

---

 

*The accompanying notes are an integral part of the financial statements.*

**35**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Design Therapeutics \* | 134 | $898 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 1915 | 111491 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics \* | 125 | 4373 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 101 | 8708 |
| &nbsp;&nbsp;&nbsp;DocGo \* | 377 | 411 |
| &nbsp;&nbsp;&nbsp;Doximity, Cl A \* | 591 | 39006 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics \* | 589 | 13300 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics \* | 409 | 7477 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Cl A \* | 379 | 1167 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 2856 | 235477 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health \* | 2409 | 53359 |
| &nbsp;&nbsp;&nbsp;Eliem Therapeutics \* | 124 | 254 |
| &nbsp;&nbsp;&nbsp;Embecta | 261 | 3482 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals \* | 91 | 997 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 491 | 55900 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 223 | 1813 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics \* | 201 | 4707 |
| &nbsp;&nbsp;&nbsp;Enovis \* | 256 | 7997 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics \* | 141 | 980 |
| &nbsp;&nbsp;&nbsp;Envista Holdings \* | 766 | 15588 |
| &nbsp;&nbsp;&nbsp;Erasca \* | 1056 | 2556 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics \* | 919 | 2729 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals \* | 96 | 1729 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Cl A \* | 510 | 3402 |
| &nbsp;&nbsp;&nbsp;Evolus \* | 258 | 1667 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 907 | 58674 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 1269 | 49072 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals \* | 306 | 4006 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics \* | 459 | 620 |
| &nbsp;&nbsp;&nbsp;FibroGen \* | 18 | 198 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics \* | 148 | 653 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings \* | 412 | 4310 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics \* | 243 | 2126 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics \* | 89 | 1998 |
| &nbsp;&nbsp;&nbsp;Galectin Therapeutics \* | 198 | 1150 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A \* | 80 | 10953 |
| &nbsp;&nbsp;&nbsp;Genelux \* | 142 | 1147 |
| &nbsp;&nbsp;&nbsp;Geron \* | 2786 | 3510 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 6107 | 731558 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 271 | 23867 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 550 | 33215 |
| &nbsp;&nbsp;&nbsp;GoodRx Holdings, Cl A \* | 384 | 1294 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio \* | 1010 | 2475 |
| &nbsp;&nbsp;&nbsp;GRAIL \* | 136 | 12502 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 586 | 54510 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Cl A \* | 84 | 2355 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics \* | 90 | 698 |
| &nbsp;&nbsp;&nbsp;Haemonetics \* | 217 | 10852 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 224 | 6400 |
| &nbsp;&nbsp;&nbsp;Harrow \* | 140 | 5288 |
| &nbsp;&nbsp;&nbsp;Health Catalyst \* | 298 | 963 |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 416 | 39345 |
| &nbsp;&nbsp;&nbsp;HealthStream | 109 | 2681 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 512 | 32358 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics \* | 658 | 763 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 864 | $39277 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 1079 | 79749 |
| &nbsp;&nbsp;&nbsp;Humacyte \* | 605 | 1010 |
| &nbsp;&nbsp;&nbsp;ICON PLC \* | 379 | 65120 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 106 | 12730 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 384 | 12234 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 391 | 246138 |
| &nbsp;&nbsp;&nbsp;Immunome \* | 350 | 5625 |
| &nbsp;&nbsp;&nbsp;Immunovant \* | 317 | 7824 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 796 | 74410 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings \* | 83 | 860 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences \* | 54 | 4410 |
| &nbsp;&nbsp;&nbsp;Inmode \* | 245 | 3619 |
| &nbsp;&nbsp;&nbsp;Innoviva \* | 269 | 4896 |
| &nbsp;&nbsp;&nbsp;Inogen \* | 108 | 890 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals \* | 232 | 545 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 921 | 174622 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 133 | 9587 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 344 | 107675 |
| &nbsp;&nbsp;&nbsp;Integer Holdings \* | 158 | 10202 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings \* | 304 | 3651 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics \* | 463 | 5843 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 1747 | 933387 |
| &nbsp;&nbsp;&nbsp;Invivyd \* | 362 | 637 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals \* | 759 | 56394 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics \* | 1421 | 2799 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings \* | 805 | 174250 |
| &nbsp;&nbsp;&nbsp;iRadimed | 37 | 2842 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 154 | 28844 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Cl A \* | 637 | 1223 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics \* | 181 | 5197 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics \* | 65 | 148 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 287 | 39503 |
| &nbsp;&nbsp;&nbsp;Joint \* | 46 | 363 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals \* | 199 | 2171 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics \* | 38 | 219 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics \* | 155 | 2359 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC, Cl A \* | 177 | 6551 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences \* | 151 | 2737 |
| &nbsp;&nbsp;&nbsp;Korro Bio \* | 35 | 1432 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech \* | 125 | 24689 |
| &nbsp;&nbsp;&nbsp;Kura Oncology \* | 387 | 3974 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 265 | 16388 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics \* | 136 | 948 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 409 | 103870 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 309 | 17826 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics \* | 273 | 1062 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 95 | 8228 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics \* | 176 | 1762 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals \* | 814 | 1123 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical \* | 116 | 834 |
| &nbsp;&nbsp;&nbsp;LifeMD \* | 150 | 887 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 466 | 2283 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals \* | 86 | 16453 |
| &nbsp;&nbsp;&nbsp;Liquidia \* | 290 | 7064 |

---

*The accompanying notes are an integral part of the financial statements.*

**36**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 257 | $13526 |
| &nbsp;&nbsp;&nbsp;MacroGenics \* | 281 | 466 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* | 90 | 37701 |
| &nbsp;&nbsp;&nbsp;MannKind \* | 1353 | 7563 |
| &nbsp;&nbsp;&nbsp;Masimo \* | 247 | 34741 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics \* | 115 | 3785 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences \* | 84 | 1845 |
| &nbsp;&nbsp;&nbsp;McKesson | 604 | 490049 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings \* | 110 | 64340 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 6290 | 570503 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 284 | 24861 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics \* | 20 | 194 |
| &nbsp;&nbsp;&nbsp;Merus \* | 360 | 34150 |
| &nbsp;&nbsp;&nbsp;Metsera \* | 286 | 18029 |
| &nbsp;&nbsp;&nbsp;MiMedx Group \* | 514 | 3932 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed \* | 322 | 4572 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics \* | 177 | 7232 |
| &nbsp;&nbsp;&nbsp;Mirati Therapeutics \* | 201 |  |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 191 | 13876 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics \* | 245 | 3148 |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics, Cl A \* | 169 | 1707 |
| &nbsp;&nbsp;&nbsp;Multiplan \* | 41 | 2669 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics \* | 400 | 3216 |
| &nbsp;&nbsp;&nbsp;National Research | 74 | 989 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Cl A \* | 225 | 299 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics, Cl A \* | 78 | 5065 |
| &nbsp;&nbsp;&nbsp;Neogen \* | 990 | 6108 |
| &nbsp;&nbsp;&nbsp;NeoGenomics \* | 582 | 5686 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics \* | 386 | 1166 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 480 | 68741 |
| &nbsp;&nbsp;&nbsp;Neuronetics \* | 267 | 708 |
| &nbsp;&nbsp;&nbsp;NeuroPace \* | 123 | 1223 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 346 | 13131 |
| &nbsp;&nbsp;&nbsp;Nkarta \* | 211 | 445 |
| &nbsp;&nbsp;&nbsp;Novavax \* | 711 | 5972 |
| &nbsp;&nbsp;&nbsp;Novocure \* | 495 | 6341 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics \* | 348 | 4503 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* | 211 | 20957 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio \* | 1227 | 6405 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix \* | 688 | 8022 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals \* | 294 | 2637 |
| &nbsp;&nbsp;&nbsp;Omeros \* | 294 | 2155 |
| &nbsp;&nbsp;&nbsp;OmniAb \* | 422 | 654 |
| &nbsp;&nbsp;&nbsp;Omnicell \* | 207 | 6949 |
| &nbsp;&nbsp;&nbsp;OPKO Health \* | 1573 | 2139 |
| &nbsp;&nbsp;&nbsp;OptimizeRx \* | 70 | 1434 |
| &nbsp;&nbsp;&nbsp;Option Care Health \* | 789 | 20538 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies \* | 325 | 891 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings \* | 107 | 417 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Cl A \* | 290 | 1233 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals \* | 335 | 4409 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical \* | 166 | 2563 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics \* | 76 | 1280 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics \* | 116 | 146 |
| &nbsp;&nbsp;&nbsp;Outset Medical \* | 78 | 1025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics \* | 261 | $363 |
| &nbsp;&nbsp;&nbsp;Owens & Minor \* | 336 | 1334 |
| &nbsp;&nbsp;&nbsp;P3 Health Partners \* | 6 | 55 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California \* | 1320 | 3089 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences \* | 204 | 4362 |
| &nbsp;&nbsp;&nbsp;PACS Group \* | 178 | 2150 |
| &nbsp;&nbsp;&nbsp;PDL BioPharma \*(A) | 64 |  |
| &nbsp;&nbsp;&nbsp;PDS Biotechnology \* | 203 | 190 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 186 | 42291 |
| &nbsp;&nbsp;&nbsp;PepGen \* | 64 | 298 |
| &nbsp;&nbsp;&nbsp;Personalis \* | 237 | 2285 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics \* | 266 | 726 |
| &nbsp;&nbsp;&nbsp;Pharvaris \* | 247 | 5488 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals \* | 237 | 3211 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 92 | 3870 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 256 | 5796 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics \* | 271 | 455 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals \* | 226 | 319 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines \* | 92 | 18286 |
| &nbsp;&nbsp;&nbsp;Precigen \* | 677 | 2803 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics \* | 80 | 127 |
| &nbsp;&nbsp;&nbsp;Premier, Cl A | 369 | 10376 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare \* | 222 | 13453 |
| &nbsp;&nbsp;&nbsp;Prime Medicine \* | 273 | 1349 |
| &nbsp;&nbsp;&nbsp;Privia Health Group \* | 501 | 12174 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 238 | 8099 |
| &nbsp;&nbsp;&nbsp;Progyny \* | 357 | 6679 |
| &nbsp;&nbsp;&nbsp;ProKidney, Cl A \* | 522 | 1597 |
| &nbsp;&nbsp;&nbsp;ProQR Therapeutics \* | 349 | 960 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics \* | 300 | 23586 |
| &nbsp;&nbsp;&nbsp;Prothena PLC \* | 220 | 2365 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics \* | 382 | 26094 |
| &nbsp;&nbsp;&nbsp;Pulmonx \* | 170 | 340 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences \* | 80 | 1354 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology \* | 189 | 964 |
| &nbsp;&nbsp;&nbsp;Q32 Bio \* | 33 | 93 |
| &nbsp;&nbsp;&nbsp;Quanterix \* | 195 | 1041 |
| &nbsp;&nbsp;&nbsp;Quantum-Si \* | 623 | 1339 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 546 | 96069 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 338 | 25685 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics \* | 71 | 2054 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics \* | 76 | 2285 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Cl A \* | 1810 | 9991 |
| &nbsp;&nbsp;&nbsp;Renovaro \* | 79 | 69 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Cl Rights \* | 256 | 2491 |
| &nbsp;&nbsp;&nbsp;ResMed | 716 | 176766 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines \* | 804 | 47307 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals \* | 319 | 36289 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals \* | 80 | 2526 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Cl A \* | 2167 | 43318 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A | 1808 | 67872 |
| &nbsp;&nbsp;&nbsp;RxSight \* | 162 | 1424 |
| &nbsp;&nbsp;&nbsp;Sagimet Biosciences, Cl A \* | 115 | 980 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech \* | 16 | 469 |
| &nbsp;&nbsp;&nbsp;Savara \* | 738 | 3063 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding \* | 369 | 10930 |

---

*The accompanying notes are an integral part of the financial statements.*

**37**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Schrodinger \* | 285 | $5996 |
| &nbsp;&nbsp;&nbsp;Seer, Cl A \* | 182 | 402 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 499 | 6901 |
| &nbsp;&nbsp;&nbsp;Semler Scientific \* | 57 | 1508 |
| &nbsp;&nbsp;&nbsp;Senseonics Holdings \* | 168 | 1183 |
| &nbsp;&nbsp;&nbsp;Septerna \* | 135 | 2781 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Cl A \* | 127 | 417 |
| &nbsp;&nbsp;&nbsp;Seres Therapeutics \* | 29 | 473 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 185 | 2744 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 184 | 1524 |
| &nbsp;&nbsp;&nbsp;Sight Sciences \* | 151 | 764 |
| &nbsp;&nbsp;&nbsp;Simulations Plus \* | 76 | 1306 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics \* | 213 | 14305 |
| &nbsp;&nbsp;&nbsp;Solventum \* | 682 | 47085 |
| &nbsp;&nbsp;&nbsp;Sotera Health \* | 699 | 11603 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics \* | 233 | 5699 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical \* | 162 | 4191 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 482 | 113607 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics \* | 237 | 7119 |
| &nbsp;&nbsp;&nbsp;Stryker | 1723 | 613802 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics \* | 536 | 10136 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals \* | 245 | 13507 |
| &nbsp;&nbsp;&nbsp;Surmodics \* | 63 | 1728 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma \* | 371 | 416 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals \* | 387 | 5302 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology \* | 102 | 1537 |
| &nbsp;&nbsp;&nbsp;Talkspace \* | 537 | 1735 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care \* | 302 | 4228 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics \* | 381 | 3090 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals \* | 182 | 12523 |
| &nbsp;&nbsp;&nbsp;Tela Bio \* | 164 | 202 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 797 | 6878 |
| &nbsp;&nbsp;&nbsp;Teleflex | 216 | 26886 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* | 499 | 44835 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals \* | 350 | 2891 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics \* | 704 | 24485 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma \* | 171 | 2507 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding \* | 40 | 745 |
| &nbsp;&nbsp;&nbsp;TransMedics Group \* | 160 | 21046 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics \* | 407 | 14310 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts \* | 205 | 1310 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics \* | 397 | 4629 |
| &nbsp;&nbsp;&nbsp;TruBridge \* | 65 | 1249 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics \* | 225 | 437 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences \* | 128 | 2028 |
| &nbsp;&nbsp;&nbsp;UFP Technologies \* | 34 | 6550 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \* | 220 | 97995 |
| &nbsp;&nbsp;&nbsp;Upstream Bio \* | 237 | 6126 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma \* | 190 | 3889 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 68 | 5866 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals \* | 250 | 1088 |
| &nbsp;&nbsp;&nbsp;Varex Imaging \* | 187 | 2186 |
| &nbsp;&nbsp;&nbsp;Vaxcyte \* | 603 | 27304 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 729 | 212285 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences \* | 285 | 2431 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Cl A \* | 232 | 6603 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 350 | $12628 |
| &nbsp;&nbsp;&nbsp;Verastem \* | 247 | 2334 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 234 | 8204 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals \* | 24 | 85 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare \* | 134 | 866 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics \* | 492 | 18735 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology \* | 496 | 2956 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 344 | 8129 |
| &nbsp;&nbsp;&nbsp;Vor BioPharma \* | 7 | 170 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences \* | 542 | 4900 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 432 | 15487 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 351 | 99007 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals \* | 27 | 107 |
| &nbsp;&nbsp;&nbsp;Xencor \* | 320 | 4707 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings \* | 674 | 6538 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty \* | 54 | 1781 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma \* | 109 | 3406 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals \* | 242 | 363 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics \* | 233 | 2372 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 970 | 97543 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 2016 | 290485 |
| &nbsp;&nbsp;&nbsp;Zymeworks \* | 237 | 4523 |
| &nbsp;&nbsp;&nbsp;Zynex \* | 78 | 90 |
|  |  | 10758405 |
| **INDUSTRIALS — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;374Water \* | 347 | 133 |
| &nbsp;&nbsp;&nbsp;3M | 2614 | 435231 |
| &nbsp;&nbsp;&nbsp;AAON | 332 | 32616 |
| &nbsp;&nbsp;&nbsp;AAR \* | 154 | 12968 |
| &nbsp;&nbsp;&nbsp;ABM Industries | 281 | 12083 |
| &nbsp;&nbsp;&nbsp;ACCO Brands | 395 | 1485 |
| &nbsp;&nbsp;&nbsp;Acuity Brands | 150 | 54758 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 756 | 6857 |
| &nbsp;&nbsp;&nbsp;Ads-Tec Energy PLC \* | 47 | 537 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 376 | 52659 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings | 867 | 112918 |
| &nbsp;&nbsp;&nbsp;AeroVironment \* | 182 | 67324 |
| &nbsp;&nbsp;&nbsp;AerSale \* | 143 | 1061 |
| &nbsp;&nbsp;&nbsp;AGCO | 303 | 31257 |
| &nbsp;&nbsp;&nbsp;Air Lease, Cl A | 493 | 31483 |
| &nbsp;&nbsp;&nbsp;Alamo Group | 47 | 8400 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group \* | 132 | 5508 |
| &nbsp;&nbsp;&nbsp;Albany International, Cl A | 137 | 7751 |
| &nbsp;&nbsp;&nbsp;Alight, Cl A | 1916 | 5518 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel, Cl A \* | 21 | 1306 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 420 | 69623 |
| &nbsp;&nbsp;&nbsp;Allient | 68 | 3718 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 412 | 34011 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 121 | 741 |
| &nbsp;&nbsp;&nbsp;Ameresco, Cl A \* | 145 | 5730 |
| &nbsp;&nbsp;&nbsp;American Airlines Group \* | 756 | 9926 |
| &nbsp;&nbsp;&nbsp;American Superconductor \* | 190 | 11254 |
| &nbsp;&nbsp;&nbsp;American Woodmark \* | 64 | 4079 |
| &nbsp;&nbsp;&nbsp;AMETEK | 1129 | 228182 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies \* | 416 | 5861 |

---

*The accompanying notes are an integral part of the financial statements.*

**38**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;AO Smith | 558 | $36822 |
| &nbsp;&nbsp;&nbsp;API Group \* | 1810 | 66644 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 96 | 3515 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 185 | 47562 |
| &nbsp;&nbsp;&nbsp;ArcBest | 102 | 7581 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Cl A \* | 2578 | 28925 |
| &nbsp;&nbsp;&nbsp;Arcosa | 235 | 23970 |
| &nbsp;&nbsp;&nbsp;Argan | 59 | 18066 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 210 | 39990 |
| &nbsp;&nbsp;&nbsp;Array Technologies \* | 695 | 6019 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 102 | 4746 |
| &nbsp;&nbsp;&nbsp;Astronics \* | 136 | 6688 |
| &nbsp;&nbsp;&nbsp;Asure Software \* | 110 | 974 |
| &nbsp;&nbsp;&nbsp;ATI \* | 685 | 67794 |
| &nbsp;&nbsp;&nbsp;Atkore | 152 | 10526 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 376 | 17100 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1987 | 517216 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group \* | 74 | 10069 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 362 | 265067 |
| &nbsp;&nbsp;&nbsp;AZZ | 134 | 13380 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises \* | 421 | 1520 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 113 | 4573 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Cl A \* | 136 | 2872 |
| &nbsp;&nbsp;&nbsp;Blink Charging \* | 427 | 726 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 1039 | 137314 |
| &nbsp;&nbsp;&nbsp;Blue Bird \* | 141 | 7044 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings \* | 35 | 2290 |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 169 | 11913 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 594 | 51773 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Cl A \* | 63 | 2727 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 193 | 14651 |
| &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings \* | 120 | 206 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings \* | 323 | 3979 |
| &nbsp;&nbsp;&nbsp;Brink's | 200 | 22232 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 573 | 126289 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 527 | 61222 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies \* | 81 | 1640 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings | 114 | 4840 |
| &nbsp;&nbsp;&nbsp;Caesarstone \* | 94 | 106 |
| &nbsp;&nbsp;&nbsp;Carlisle | 210 | 68261 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 237 | 74868 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 3925 | 233498 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Cl A \* | 305 | 27014 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 2306 | 1331162 |
| &nbsp;&nbsp;&nbsp;CBIZ \* | 234 | 12870 |
| &nbsp;&nbsp;&nbsp;CECO Environmental \* | 137 | 6698 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings \* | 193 | 3897 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 567 | 87312 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings \* | 93 | 1009 |
| &nbsp;&nbsp;&nbsp;Chart Industries \* | 219 | 43717 |
| &nbsp;&nbsp;&nbsp;China Yuchai International | 53 | 1965 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 79 | 5468 |
| &nbsp;&nbsp;&nbsp;Cintas | 1683 | 308443 |
| &nbsp;&nbsp;&nbsp;Civeo | 54 | 1122 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC \* | 1760 | $5984 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 238 | 50101 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 3917 | 41089 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 127 | 2061 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 171 | 165114 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group \* | 139 | 211 |
| &nbsp;&nbsp;&nbsp;CompX International | 7 | 157 |
| &nbsp;&nbsp;&nbsp;Concentrix | 240 | 9674 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 102 | 652 |
| &nbsp;&nbsp;&nbsp;Conduent \* | 685 | 1630 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 228 | 26072 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 34 | 4257 |
| &nbsp;&nbsp;&nbsp;Copart \* | 4343 | 186792 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 932 | 48632 |
| &nbsp;&nbsp;&nbsp;CoreCivic \* | 475 | 8802 |
| &nbsp;&nbsp;&nbsp;Costamare | 185 | 2261 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Cl A | 72 | 1452 |
| &nbsp;&nbsp;&nbsp;CRA International | 29 | 5524 |
| &nbsp;&nbsp;&nbsp;Crane | 238 | 45220 |
| &nbsp;&nbsp;&nbsp;CSG Systems International | 126 | 9862 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 81 | 20284 |
| &nbsp;&nbsp;&nbsp;CSX | 9144 | 329367 |
| &nbsp;&nbsp;&nbsp;Cummins | 674 | 294996 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 184 | 109614 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source \* | 272 | 1602 |
| &nbsp;&nbsp;&nbsp;Dayforce \* | 765 | 52586 |
| &nbsp;&nbsp;&nbsp;Deere | 1231 | 568267 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 802 | 46019 |
| &nbsp;&nbsp;&nbsp;Deluxe | 200 | 3622 |
| &nbsp;&nbsp;&nbsp;Desktop Metal, Cl A \* | 108 | 536 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group \* | 42 | 1148 |
| &nbsp;&nbsp;&nbsp;DLH Holdings \* | 37 | 230 |
| &nbsp;&nbsp;&nbsp;DNOW \* | 472 | 6938 |
| &nbsp;&nbsp;&nbsp;Donaldson | 568 | 47854 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 103 | 3114 |
| &nbsp;&nbsp;&nbsp;Dover | 670 | 121578 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises \* | 58 | 6940 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 137 | 39427 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 1919 | 732214 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 217 | 146644 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 2753 | 384236 |
| &nbsp;&nbsp;&nbsp;Energy Recovery \* | 240 | 4106 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings \* | 477 | 1689 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 243 | 9973 |
| &nbsp;&nbsp;&nbsp;EnerSys | 186 | 23466 |
| &nbsp;&nbsp;&nbsp;Ennis | 113 | 1853 |
| &nbsp;&nbsp;&nbsp;Enovix \* | 863 | 10347 |
| &nbsp;&nbsp;&nbsp;Enpro | 102 | 23665 |
| &nbsp;&nbsp;&nbsp;Enviri \* | 331 | 4042 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises \* | 1094 | 17537 |
| &nbsp;&nbsp;&nbsp;Equifax | 605 | 127716 |
| &nbsp;&nbsp;&nbsp;Esab | 278 | 32476 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 124 | 27214 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 35 | 145 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 1 | 4 |
| &nbsp;&nbsp;&nbsp;Eve Holding \* | 202 | 881 |

---

*The accompanying notes are an integral part of the financial statements.*

**39**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Everus Construction Group \* | 250 | $22723 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 27 | 727 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings \* | 761 | 29755 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 668 | 81429 |
| &nbsp;&nbsp;&nbsp;Exponent | 229 | 16215 |
| &nbsp;&nbsp;&nbsp;Fastenal | 5629 | 231633 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 292 | 34465 |
| &nbsp;&nbsp;&nbsp;FedEx | 1060 | 269049 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 959 | 238312 |
| &nbsp;&nbsp;&nbsp;First Advantage \* | 358 | 4522 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings \* | 41 | 170 |
| &nbsp;&nbsp;&nbsp;Fiverr International \* | 134 | 3034 |
| &nbsp;&nbsp;&nbsp;Flowserve | 638 | 43544 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A \* | 292 | 6132 |
| &nbsp;&nbsp;&nbsp;Forrester Research \* | 52 | 371 |
| &nbsp;&nbsp;&nbsp;Fortive | 1655 | 83313 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations | 588 | 29870 |
| &nbsp;&nbsp;&nbsp;Forward Air \* | 129 | 2426 |
| &nbsp;&nbsp;&nbsp;Franklin Covey \* | 48 | 815 |
| &nbsp;&nbsp;&nbsp;Franklin Electric | 179 | 16964 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings \* | 260 | 1004 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 495 | 85586 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure | 473 | 2526 |
| &nbsp;&nbsp;&nbsp;FTI Consulting \* | 156 | 25742 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy \* | 103 | 922 |
| &nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 1242 | 27423 |
| &nbsp;&nbsp;&nbsp;GATX | 172 | 26978 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1333 | 779992 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 178 | 3033 |
| &nbsp;&nbsp;&nbsp;Gencor Industries \* | 46 | 625 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 286 | 48054 |
| &nbsp;&nbsp;&nbsp;General Electric | 5028 | 1553401 |
| &nbsp;&nbsp;&nbsp;Genpact | 848 | 32351 |
| &nbsp;&nbsp;&nbsp;GEO Group \* | 610 | 10352 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries \* | 132 | 8235 |
| &nbsp;&nbsp;&nbsp;Global Industrial | 61 | 1734 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 99 | 4452 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Cl A \* | 16185 | 97272 |
| &nbsp;&nbsp;&nbsp;Graco | 804 | 65743 |
| &nbsp;&nbsp;&nbsp;GrafTech International \* | 100 | 1347 |
| &nbsp;&nbsp;&nbsp;Graham \* | 47 | 2928 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 213 | 21920 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock \* | 298 | 3382 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 136 | 5681 |
| &nbsp;&nbsp;&nbsp;Griffon | 198 | 14654 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 550 | 30916 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings \* | 960 | 16291 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 328 | 5861 |
| &nbsp;&nbsp;&nbsp;Heartland Express | 198 | 1544 |
| &nbsp;&nbsp;&nbsp;HEICO | 209 | 66414 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 367 | 90917 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International | 90 | 5253 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 151 | 8359 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 159 | 22586 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings \* | 533 | $2734 |
| &nbsp;&nbsp;&nbsp;Hexcel | 386 | 27560 |
| &nbsp;&nbsp;&nbsp;Hillenbrand | 318 | 10049 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions \* | 886 | 8169 |
| &nbsp;&nbsp;&nbsp;HireQuest | 25 | 213 |
| &nbsp;&nbsp;&nbsp;HNI | 196 | 8020 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 1963 | 404280 |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 266 | 9797 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 260 | 122200 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies \* | 171 | 1552 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group \* | 77 | 12662 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings \* | 537 | 1273 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 44 | 1581 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings \* | 46 | 1719 |
| &nbsp;&nbsp;&nbsp;ICF International | 83 | 6663 |
| &nbsp;&nbsp;&nbsp;IDEX | 371 | 63612 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 39 | 15283 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1375 | 335390 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 1977 | 150904 |
| &nbsp;&nbsp;&nbsp;Innodata \* | 140 | 10445 |
| &nbsp;&nbsp;&nbsp;Innovative Solutions and Support \* | 62 | 583 |
| &nbsp;&nbsp;&nbsp;Insperity | 158 | 6971 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 83 | 2593 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 251 | 6250 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines \* | 458 | 5464 |
| &nbsp;&nbsp;&nbsp;ITT | 383 | 70882 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 583 | 90837 |
| &nbsp;&nbsp;&nbsp;Janus International Group \* | 608 | 5837 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 369 | 62309 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding \* | 378 | 1641 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways \* | 416 | 1747 |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 2125 | 36848 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies | 204 | 25724 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 3222 | 368565 |
| &nbsp;&nbsp;&nbsp;Kadant | 53 | 14663 |
| &nbsp;&nbsp;&nbsp;Karat Packaging | 40 | 961 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Cl A | 138 | 1547 |
| &nbsp;&nbsp;&nbsp;Kennametal | 344 | 7551 |
| &nbsp;&nbsp;&nbsp;Kforce | 80 | 2024 |
| &nbsp;&nbsp;&nbsp;Kirby \* | 274 | 28354 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 771 | 34788 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 233 | 15075 |
| &nbsp;&nbsp;&nbsp;L B Foster, Cl A \* | 38 | 1041 |
| &nbsp;&nbsp;&nbsp;Landstar System | 167 | 21448 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global \* | 8 | 178 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com \* | 770 | 7677 |
| &nbsp;&nbsp;&nbsp;Lennox International | 155 | 78275 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 344 | 12577 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 47 | 4441 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 272 | 63770 |
| &nbsp;&nbsp;&nbsp;Lindsay | 49 | 5451 |
| &nbsp;&nbsp;&nbsp;Liquidity Services \* | 94 | 2250 |
| &nbsp;&nbsp;&nbsp;Loar Holdings \* | 205 | 16222 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 127 | 2907 |

---

*The accompanying notes are an integral part of the financial statements.*

**40**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A \* | 1896 | $38792 |
| &nbsp;&nbsp;&nbsp;Manitowoc \* | 154 | 1566 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup | 208 | 6377 |
| &nbsp;&nbsp;&nbsp;Marten Transport | 263 | 2696 |
| &nbsp;&nbsp;&nbsp;Masco | 1032 | 66832 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 302 | 61656 |
| &nbsp;&nbsp;&nbsp;Masterbrand \* | 567 | 7161 |
| &nbsp;&nbsp;&nbsp;Matrix Service \* | 119 | 1787 |
| &nbsp;&nbsp;&nbsp;Matson | 146 | 14739 |
| &nbsp;&nbsp;&nbsp;Maximus | 273 | 22692 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering \* | 64 | 1140 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 111 | 11926 |
| &nbsp;&nbsp;&nbsp;Mercury Systems \* | 255 | 19740 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings \* | 809 | 4409 |
| &nbsp;&nbsp;&nbsp;Middleby \* | 242 | 30064 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 51 | 2047 |
| &nbsp;&nbsp;&nbsp;MillerKnoll | 300 | 4686 |
| &nbsp;&nbsp;&nbsp;Mistras Group \* | 92 | 878 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group \* | 145 | 3753 |
| &nbsp;&nbsp;&nbsp;MRC Global \* | 381 | 5315 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 183 | 28736 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 213 | 18086 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 531 | 56217 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 758 | 19450 |
| &nbsp;&nbsp;&nbsp;MYR Group \* | 69 | 15021 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy \* | 130 | 6180 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 25 | 2674 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 84 | 321 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 73 | 279 |
| &nbsp;&nbsp;&nbsp;Newpark Resources \* | 345 | 4244 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Cl A \* | 707 | 71563 |
| &nbsp;&nbsp;&nbsp;NL Industries | 38 | 230 |
| &nbsp;&nbsp;&nbsp;NN \* | 206 | 352 |
| &nbsp;&nbsp;&nbsp;Nordson | 248 | 57524 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 1104 | 312852 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe \* | 44 | 2647 |
| &nbsp;&nbsp;&nbsp;NuScale Power \* | 581 | 26069 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 800 | 91480 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 938 | 131714 |
| &nbsp;&nbsp;&nbsp;Omega Flex | 16 | 442 |
| &nbsp;&nbsp;&nbsp;Openlane \* | 481 | 12708 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings \* | 168 | 1809 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 313 | 38590 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 1926 | 178656 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 414 | 52706 |
| &nbsp;&nbsp;&nbsp;PACCAR | 2530 | 248952 |
| &nbsp;&nbsp;&nbsp;Palladyne AI \* | 90 | 753 |
| &nbsp;&nbsp;&nbsp;PAM Transportation Services \* | 25 | 252 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions | 132 | 653 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 82 | 1571 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 625 | 483019 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings | 45 | 928 |
| &nbsp;&nbsp;&nbsp;Parsons \* | 259 | 21533 |
| &nbsp;&nbsp;&nbsp;Paychex | 1581 | 185024 |
| &nbsp;&nbsp;&nbsp;Paycom Software | 253 | 47334 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding \* | 214 | 30232 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 800 | $85080 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes | 737 | 7282 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 1041 | 14001 |
| &nbsp;&nbsp;&nbsp;Plug Power \* | 5434 | 14617 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 43 | 16486 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 11 | 2333 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 251 | 35522 |
| &nbsp;&nbsp;&nbsp;Proto Labs \* | 107 | 5324 |
| &nbsp;&nbsp;&nbsp;Quad | 127 | 700 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 208 | 2956 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 714 | 320679 |
| &nbsp;&nbsp;&nbsp;QXO \* | 2629 | 46454 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics \* | 165 | 998 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 151 | 64708 |
| &nbsp;&nbsp;&nbsp;Redwire \* | 247 | 1944 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 324 | 45648 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 992 | 206574 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies \* | 662 | 28334 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management \* | 20 | 1473 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 134 | 590 |
| &nbsp;&nbsp;&nbsp;REV Group | 214 | 10972 |
| &nbsp;&nbsp;&nbsp;Robert Half | 452 | 11838 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 553 | 203703 |
| &nbsp;&nbsp;&nbsp;Rollins | 1448 | 83419 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl A | 276 | 13637 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl B | 32 | 1679 |
| &nbsp;&nbsp;&nbsp;RXO \* | 735 | 13032 |
| &nbsp;&nbsp;&nbsp;Ryder System | 185 | 31308 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers | 247 | 1158 |
| &nbsp;&nbsp;&nbsp;Saia \* | 130 | 38025 |
| &nbsp;&nbsp;&nbsp;Schneider National, Cl B | 191 | 4082 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 707 | 22504 |
| &nbsp;&nbsp;&nbsp;SES AI \* | 875 | 2065 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 750 | 7883 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 204 | 36006 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 216 | 28030 |
| &nbsp;&nbsp;&nbsp;Skillsoft \* | 19 | 249 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group, Cl A \* | 95 | 939 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 46 | 4622 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms \* | 310 | 546 |
| &nbsp;&nbsp;&nbsp;Snap-on | 251 | 84223 |
| &nbsp;&nbsp;&nbsp;Southland Holdings \* | 34 | 152 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 647 | 19604 |
| &nbsp;&nbsp;&nbsp;Spire Global \* | 105 | 1142 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Cl A \* | 570 | 20913 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 222 | 49704 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 1051 | 89251 |
| &nbsp;&nbsp;&nbsp;Standardaero \* | 521 | 15052 |
| &nbsp;&nbsp;&nbsp;Standex International | 54 | 12594 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker | 758 | 51332 |
| &nbsp;&nbsp;&nbsp;Steelcase, Cl A | 400 | 6384 |
| &nbsp;&nbsp;&nbsp;Stem \* | 36 | 712 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure \* | 145 | 54796 |
| &nbsp;&nbsp;&nbsp;Stratasys \* | 273 | 2899 |

---

*The accompanying notes are an integral part of the financial statements.*

**41**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings \* | 61 | $749 |
| &nbsp;&nbsp;&nbsp;Sunrun \* | 1055 | 21902 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A \* | 245 | 19833 |
| &nbsp;&nbsp;&nbsp;TAT Technologies \* | 57 | 2394 |
| &nbsp;&nbsp;&nbsp;Tecnoglass | 116 | 6917 |
| &nbsp;&nbsp;&nbsp;Tennant | 84 | 6720 |
| &nbsp;&nbsp;&nbsp;Terex | 287 | 13208 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1289 | 41222 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings \* | 148 | 4252 |
| &nbsp;&nbsp;&nbsp;Timken | 313 | 24574 |
| &nbsp;&nbsp;&nbsp;Titan International \* | 221 | 1669 |
| &nbsp;&nbsp;&nbsp;Titan Machinery \* | 94 | 1542 |
| &nbsp;&nbsp;&nbsp;Toro | 480 | 35870 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1098 | 492618 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 41 | 2979 |
| &nbsp;&nbsp;&nbsp;TransDigm Group | 273 | 357223 |
| &nbsp;&nbsp;&nbsp;TransUnion | 951 | 77202 |
| &nbsp;&nbsp;&nbsp;Trex \* | 523 | 25271 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 135 | 8100 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 368 | 10072 |
| &nbsp;&nbsp;&nbsp;TrueBlue \* | 129 | 611 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings \* | 119 | 415 |
| &nbsp;&nbsp;&nbsp;Tutor Perini \* | 202 | 13607 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 10232 | 987388 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 288 | 26533 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding \* | 41 | 2180 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 491 | 23809 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Cl A | 302 | 23517 |
| &nbsp;&nbsp;&nbsp;UniFirst | 68 | 10496 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 2875 | 633564 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 403 | 37898 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3605 | 347594 |
| &nbsp;&nbsp;&nbsp;United Rentals | 314 | 273551 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings | 31 | 502 |
| &nbsp;&nbsp;&nbsp;Upwork \* | 562 | 8958 |
| &nbsp;&nbsp;&nbsp;V2X \* | 91 | 5195 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 97 | 40103 |
| &nbsp;&nbsp;&nbsp;Veralto | 1171 | 115554 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 684 | 149632 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 695 | 16131 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 1828 | 352548 |
| &nbsp;&nbsp;&nbsp;Vestis | 508 | 2667 |
| &nbsp;&nbsp;&nbsp;Vicor \* | 106 | 9617 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings \* | 177 | 697 |
| &nbsp;&nbsp;&nbsp;VSE | 87 | 15719 |
| &nbsp;&nbsp;&nbsp;Wabash National | 179 | 1436 |
| &nbsp;&nbsp;&nbsp;Waste Management | 1981 | 395744 |
| &nbsp;&nbsp;&nbsp;Watsco | 171 | 62930 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 134 | 36528 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 268 | 7022 |
| &nbsp;&nbsp;&nbsp;WESCO International | 233 | 60470 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 830 | 169685 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience \* | 360 | 493 |
| &nbsp;&nbsp;&nbsp;Willdan Group \* | 62 | 5860 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 15 | 1926 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings, Cl A | 871 | $18944 |
| &nbsp;&nbsp;&nbsp;Woodward | 289 | 75750 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 141 | 7909 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 221 | 216359 |
| &nbsp;&nbsp;&nbsp;Xometry, Cl A \* | 195 | 9495 |
| &nbsp;&nbsp;&nbsp;XPO \* | 552 | 79416 |
| &nbsp;&nbsp;&nbsp;Xylem | 1192 | 179813 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 798 | 37594 |
|  |  | 25226626 |
| **INFORMATION TECHNOLOGY — 37.5%** |  |  |
| &nbsp;&nbsp;&nbsp;8x8 \* | 584 | 1075 |
| &nbsp;&nbsp;&nbsp;A10 Networks | 320 | 5709 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 3075 | 769058 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 507 | 24148 |
| &nbsp;&nbsp;&nbsp;ACM Research, Cl A \* | 233 | 9660 |
| &nbsp;&nbsp;&nbsp;Adeia | 482 | 8213 |
| &nbsp;&nbsp;&nbsp;Adobe \* | 2079 | 707504 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings \* | 357 | 3720 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 183 | 37100 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 7927 | 2030148 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems \* | 126 | 3275 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies \* | 81 | 1324 |
| &nbsp;&nbsp;&nbsp;Agilysys \* | 116 | 14553 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 704 | 52870 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings \* | 215 | 10582 |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 298 | 6046 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor \* | 110 | 3087 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 182 | 15512 |
| &nbsp;&nbsp;&nbsp;Amdocs | 546 | 46006 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 529 | 17076 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 5971 | 831999 |
| &nbsp;&nbsp;&nbsp;Amplitude, Cl A \* | 364 | 3658 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 2427 | 568234 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 103 | 26206 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 186 | 5567 |
| &nbsp;&nbsp;&nbsp;Apple | 71786 | 19408781 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 1053 | 36497 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 3941 | 918647 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics \* | 239 | 8499 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1229 | 783279 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 4833 | 762116 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 453 | 8761 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics \* | 254 | 28334 |
| &nbsp;&nbsp;&nbsp;Arteris \* | 128 | 1742 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 396 | 5564 |
| &nbsp;&nbsp;&nbsp;ASGN \* | 193 | 8639 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 641 | 119662 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 799 | 135367 |
| &nbsp;&nbsp;&nbsp;Atomera \* | 131 | 414 |
| &nbsp;&nbsp;&nbsp;AudioEye \* | 35 | 538 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Cl A \* | 6587 | 34516 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1050 | 316407 |
| &nbsp;&nbsp;&nbsp;AvePoint \* | 686 | 9652 |
| &nbsp;&nbsp;&nbsp;Aviat Networks \* | 47 | 1173 |
| &nbsp;&nbsp;&nbsp;Avnet | 408 | 19768 |

---

*The accompanying notes are an integral part of the financial statements.*

**42**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies \* | 144 | $11457 |
| &nbsp;&nbsp;&nbsp;Backblaze, Cl A \* | 184 | 1897 |
| &nbsp;&nbsp;&nbsp;Badger Meter | 144 | 25985 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl A | 7 | 957 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl B | 47 | 7238 |
| &nbsp;&nbsp;&nbsp;Belden | 191 | 23273 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 159 | 6967 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 724 | 36801 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings \* | 1293 | 8948 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings \* | 304 | 1408 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* | 459 | 22794 |
| &nbsp;&nbsp;&nbsp;Bit Digital \* | 1400 | 5124 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group, Cl A \* | 436 | 9679 |
| &nbsp;&nbsp;&nbsp;Blackbaud \* | 217 | 13897 |
| &nbsp;&nbsp;&nbsp;BlackLine \* | 259 | 14828 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 1053 | 3485 |
| &nbsp;&nbsp;&nbsp;Box, Cl A \* | 681 | 21853 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* | 356 | 10203 |
| &nbsp;&nbsp;&nbsp;Broadcom | 22659 | 8375446 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* | 550 | 9669 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 1334 | 451812 |
| &nbsp;&nbsp;&nbsp;Calix \* | 269 | 18405 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 2769 | 24146 |
| &nbsp;&nbsp;&nbsp;CDW | 644 | 102634 |
| &nbsp;&nbsp;&nbsp;Cerence \* | 178 | 1910 |
| &nbsp;&nbsp;&nbsp;CEVA \* | 105 | 2857 |
| &nbsp;&nbsp;&nbsp;Ciena \* | 688 | 130665 |
| &nbsp;&nbsp;&nbsp;Cipher Mining \* | 1315 | 24525 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic \* | 251 | 33295 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 17629 | 1288856 |
| &nbsp;&nbsp;&nbsp;Cleanspark \* | 1341 | 23870 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Cl A | 415 | 12645 |
| &nbsp;&nbsp;&nbsp;Clearfield \* | 52 | 1836 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A \* | 1369 | 25203 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions | 19 | 2111 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 1425 | 360952 |
| &nbsp;&nbsp;&nbsp;Cognex | 822 | 34023 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 2410 | 175641 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 751 | 99102 |
| &nbsp;&nbsp;&nbsp;Cohu \* | 203 | 4829 |
| &nbsp;&nbsp;&nbsp;CommScope Holding \* | 915 | 15829 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 214 | 29793 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Cl A \* | 175 | 3475 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications \* | 124 | 352 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 1235 | 28862 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions \* | 86 | 2522 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 1340 | 28864 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming \* | 208 | 1695 |
| &nbsp;&nbsp;&nbsp;CPI Card Group \* | 28 | 438 |
| &nbsp;&nbsp;&nbsp;Crane NXT | 222 | 14042 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 729 | 136775 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1183 | $642381 |
| &nbsp;&nbsp;&nbsp;CS Disco \* | 102 | 645 |
| &nbsp;&nbsp;&nbsp;CTS | 132 | 5479 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 244 | 127070 |
| &nbsp;&nbsp;&nbsp;Daily Journal \* | 6 | 2430 |
| &nbsp;&nbsp;&nbsp;Daktronics \* | 186 | 3495 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 1537 | 250239 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 1506 | 243987 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf \* | 111 | 6566 |
| &nbsp;&nbsp;&nbsp;Digi International \* | 164 | 6016 |
| &nbsp;&nbsp;&nbsp;Digimarc \* | 84 | 817 |
| &nbsp;&nbsp;&nbsp;Digital Turbine \* | 466 | 2908 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 302 | 12279 |
| &nbsp;&nbsp;&nbsp;Diodes \* | 205 | 10939 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A \* | 980 | 71677 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 297 | 19697 |
| &nbsp;&nbsp;&nbsp;Domo, Cl B \* | 142 | 1945 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 943 | 27347 |
| &nbsp;&nbsp;&nbsp;DXC Technology \* | 815 | 11573 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 1474 | 74540 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak \* | 316 | 2003 |
| &nbsp;&nbsp;&nbsp;eGain \* | 79 | 1139 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 448 | 39971 |
| &nbsp;&nbsp;&nbsp;Enphase Energy \* | 621 | 18947 |
| &nbsp;&nbsp;&nbsp;Entegris | 742 | 67945 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 268 | 43829 |
| &nbsp;&nbsp;&nbsp;ePlus | 119 | 8706 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings \* | 627 | 4853 |
| &nbsp;&nbsp;&nbsp;Expensify, Cl A \* | 256 | 417 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 591 | 11241 |
| &nbsp;&nbsp;&nbsp;F5 \* | 280 | 70854 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 116 | 192505 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 600 | 4974 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 498 | 132936 |
| &nbsp;&nbsp;&nbsp;Five9 \* | 337 | 8182 |
| &nbsp;&nbsp;&nbsp;Flex \* | 1828 | 114287 |
| &nbsp;&nbsp;&nbsp;FormFactor \* | 349 | 19178 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 3125 | 270094 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics \* | 30 | 1102 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 1025 | 11378 |
| &nbsp;&nbsp;&nbsp;Gartner \* | 368 | 91389 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 2651 | 69880 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 638 | 31103 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries \* | 482 | 17159 |
| &nbsp;&nbsp;&nbsp;Globant \* | 197 | 12131 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 695 | 92525 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings \* | 298 | 2783 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 410 | 95792 |
| &nbsp;&nbsp;&nbsp;Hackett Group | 113 | 2046 |
| &nbsp;&nbsp;&nbsp;Harmonic \* | 504 | 5393 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 6399 | 156264 |
| &nbsp;&nbsp;&nbsp;HP | 4604 | 127393 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 250 | 122980 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Cl A \* | 106 | 3260 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings \* | 150 | 3402 |
| &nbsp;&nbsp;&nbsp;Identiv \* | 92 | 368 |

---

*The accompanying notes are an integral part of the financial statements.*

**43**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Immersion | 131 | $876 |
| &nbsp;&nbsp;&nbsp;Impinj \* | 128 | 25876 |
| &nbsp;&nbsp;&nbsp;Informatica, Cl A \* | 493 | 12261 |
| &nbsp;&nbsp;&nbsp;Information Services Group | 176 | 970 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises \* | 144 | 14400 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 255 | 9787 |
| &nbsp;&nbsp;&nbsp;Intel \* | 19648 | 785724 |
| &nbsp;&nbsp;&nbsp;InterDigital | 124 | 44883 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 4550 | 1398715 |
| &nbsp;&nbsp;&nbsp;inTEST \* | 53 | 449 |
| &nbsp;&nbsp;&nbsp;Intuit | 1337 | 892514 |
| &nbsp;&nbsp;&nbsp;IonQ \* | 1210 | 75480 |
| &nbsp;&nbsp;&nbsp;IPG Photonics \* | 110 | 9363 |
| &nbsp;&nbsp;&nbsp;Itron \* | 221 | 22173 |
| &nbsp;&nbsp;&nbsp;Jabil | 503 | 111108 |
| &nbsp;&nbsp;&nbsp;Jamf Holding \* | 372 | 4780 |
| &nbsp;&nbsp;&nbsp;JFrog \* | 461 | 21888 |
| &nbsp;&nbsp;&nbsp;Kaltura \* | 380 | 589 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 839 | 153503 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics \* | 107 | 3111 |
| &nbsp;&nbsp;&nbsp;KLA | 648 | 783264 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Cl A \* | 449 | 11674 |
| &nbsp;&nbsp;&nbsp;Knowles \* | 382 | 9019 |
| &nbsp;&nbsp;&nbsp;Kopin \* | 690 | 2387 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 233 | 9304 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 1115 | 32246 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6303 | 992470 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 664 | 48445 |
| &nbsp;&nbsp;&nbsp;Life360 \* | 375 | 37016 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic \* | 564 | 2656 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 119 | 28954 |
| &nbsp;&nbsp;&nbsp;LivePerson \* | 24 | 149 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 290 | 7929 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 329 | 66313 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 314 | 46513 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates \* | 294 | 53529 |
| &nbsp;&nbsp;&nbsp;MARA Holdings \* | 1756 | 32082 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 4222 | 395770 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Cl A \* | 362 | 5484 |
| &nbsp;&nbsp;&nbsp;Methode Electronics | 155 | 1043 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 2605 | 162604 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 5485 | 1227378 |
| &nbsp;&nbsp;&nbsp;Microsoft | 36550 | 18925956 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Cl A \* | 1272 | 342817 |
| &nbsp;&nbsp;&nbsp;MicroVision \* | 1124 | 1315 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 982 | 28841 |
| &nbsp;&nbsp;&nbsp;Mitek Systems \* | 195 | 1796 |
| &nbsp;&nbsp;&nbsp;MKS Instruments | 328 | 47137 |
| &nbsp;&nbsp;&nbsp;Monday.com \* | 203 | 41664 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 389 | 139970 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 227 | 228135 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 817 | 332282 |
| &nbsp;&nbsp;&nbsp;N-Able \* | 331 | 2592 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies | 154 | 6799 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor, Cl A \* | 679 | 9139 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;nCino \* | 478 | $12753 |
| &nbsp;&nbsp;&nbsp;NCR Voyix \* | 613 | 6994 |
| &nbsp;&nbsp;&nbsp;NetApp | 980 | 115424 |
| &nbsp;&nbsp;&nbsp;NETGEAR \* | 122 | 4236 |
| &nbsp;&nbsp;&nbsp;NetScout Systems \* | 319 | 8868 |
| &nbsp;&nbsp;&nbsp;NextNav \* | 347 | 4632 |
| &nbsp;&nbsp;&nbsp;nLight \* | 215 | 7097 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 168 | 21338 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1285 | 91543 |
| &nbsp;&nbsp;&nbsp;NVE | 22 | 1519 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 115210 | 23328873 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 1238 | 258891 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 813 | 74414 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 2042 | 102263 |
| &nbsp;&nbsp;&nbsp;ON24 \* | 123 | 679 |
| &nbsp;&nbsp;&nbsp;OneSpan | 162 | 1847 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 304 | 5743 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 238 | 32120 |
| &nbsp;&nbsp;&nbsp;Ooma \* | 111 | 1247 |
| &nbsp;&nbsp;&nbsp;Oracle | 8099 | 2126878 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 75 | 20885 |
| &nbsp;&nbsp;&nbsp;Ouster \* | 215 | 7172 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A \* | 221 | 5943 |
| &nbsp;&nbsp;&nbsp;PagerDuty \* | 391 | 6279 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 10699 | 2144829 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 3247 | 715119 |
| &nbsp;&nbsp;&nbsp;PAR Technology \* | 181 | 6397 |
| &nbsp;&nbsp;&nbsp;PC Connection | 50 | 3049 |
| &nbsp;&nbsp;&nbsp;PDF Solutions \* | 143 | 4166 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 451 | 28706 |
| &nbsp;&nbsp;&nbsp;Photronics \* | 262 | 6262 |
| &nbsp;&nbsp;&nbsp;Plexus \* | 131 | 18327 |
| &nbsp;&nbsp;&nbsp;Porch Group \* | 451 | 6788 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 252 | 10556 |
| &nbsp;&nbsp;&nbsp;Powerfleet NJ \* | 513 | 2616 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 555 | 40970 |
| &nbsp;&nbsp;&nbsp;Progress Software \* | 193 | 8230 |
| &nbsp;&nbsp;&nbsp;PROS Holdings \* | 198 | 4564 |
| &nbsp;&nbsp;&nbsp;PTC \* | 583 | 115749 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1518 | 149827 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings \* | 291 | 17972 |
| &nbsp;&nbsp;&nbsp;Qorvo \* | 451 | 42809 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 5380 | 973242 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 177 | 21817 |
| &nbsp;&nbsp;&nbsp;Quantum Computing \* | 618 | 10327 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology \* | 346 | 554 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 522 | 53682 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 286 | 5294 |
| &nbsp;&nbsp;&nbsp;Red Violet | 50 | 2682 |
| &nbsp;&nbsp;&nbsp;Rekor Systems \* | 515 | 1303 |
| &nbsp;&nbsp;&nbsp;ReposiTrak | 55 | 826 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications \* | 419 | 1408 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 54 | 582 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing \* | 1496 | 66228 |
| &nbsp;&nbsp;&nbsp;Rimini Street \* | 244 | 971 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 352 | 10602 |

---

*The accompanying notes are an integral part of the financial statements.*

**44**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* | 1620 | $32044 |
| &nbsp;&nbsp;&nbsp;Riskified, Cl A \* | 336 | 1589 |
| &nbsp;&nbsp;&nbsp;Roadzen \* | 193 | 330 |
| &nbsp;&nbsp;&nbsp;Rogers \* | 84 | 7353 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 526 | 234675 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 580 | 43657 |
| &nbsp;&nbsp;&nbsp;Salesforce | 4553 | 1185647 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 1323 | 53145 |
| &nbsp;&nbsp;&nbsp;SanDisk \* | 694 | 138335 |
| &nbsp;&nbsp;&nbsp;Sanmina \* | 252 | 34537 |
| &nbsp;&nbsp;&nbsp;ScanSource \* | 94 | 4033 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 1038 | 265603 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Cl A \* | 244 | 1771 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 420 | 28501 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1541 | 27507 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 1021 | 938585 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Cl A \* | 253 | 23873 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories \* | 156 | 20448 |
| &nbsp;&nbsp;&nbsp;SiTime \* | 102 | 29543 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology \* | 136 | 2378 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 734 | 57046 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings \* | 233 | 5189 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A \* | 676 | 940 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 1440 | 395827 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 260 | 9123 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 1767 | 31135 |
| &nbsp;&nbsp;&nbsp;SoundThinking \* | 41 | 383 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A \* | 529 | 4084 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 225 | 2311 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 184 | 15132 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment \* | 59 | 620 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | 2516 | 130731 |
| &nbsp;&nbsp;&nbsp;Synaptics \* | 171 | 12131 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 902 | 409346 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 362 | 56649 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1448 | 357670 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies \* | 228 | 120115 |
| &nbsp;&nbsp;&nbsp;Telos \* | 249 | 1708 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 548 | 15903 |
| &nbsp;&nbsp;&nbsp;Teradata \* | 424 | 8840 |
| &nbsp;&nbsp;&nbsp;Teradyne | 788 | 143227 |
| &nbsp;&nbsp;&nbsp;Terawulf \* | 1525 | 23638 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 4460 | 720112 |
| &nbsp;&nbsp;&nbsp;Trimble \* | 1167 | 93068 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 482 | 32390 |
| &nbsp;&nbsp;&nbsp;Tucows, Cl A \* | 31 | 594 |
| &nbsp;&nbsp;&nbsp;Turtle Beach \* | 61 | 1031 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 680 | 91718 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies \* | 211 | 100491 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 1963 | 31133 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings \* | 201 | 5509 |
| &nbsp;&nbsp;&nbsp;Unisys \* | 297 | 1060 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 1507 | 57115 |
| &nbsp;&nbsp;&nbsp;Universal Display | 216 | 31812 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 529 | 18637 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments \* | 260 | 7475 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Verint Systems \* | 270 | $5476 |
| &nbsp;&nbsp;&nbsp;VeriSign | 389 | 93282 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 299 | 6847 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Cl A \* | 66 | 586 |
| &nbsp;&nbsp;&nbsp;ViaSat \* | 591 | 23534 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 1004 | 17771 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 556 | 9441 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group \* | 53 | 1985 |
| &nbsp;&nbsp;&nbsp;Vontier | 721 | 27759 |
| &nbsp;&nbsp;&nbsp;Vuzix \* | 293 | 982 |
| &nbsp;&nbsp;&nbsp;Weave Communications \* | 283 | 2097 |
| &nbsp;&nbsp;&nbsp;Western Digital | 1690 | 253855 |
| &nbsp;&nbsp;&nbsp;WM Technology \* | 359 | 377 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 1046 | 250956 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 242 | 20572 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings | 517 | 1716 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 198 | 1331 |
| &nbsp;&nbsp;&nbsp;Yext \* | 448 | 3795 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A \* | 249 | 67043 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 864 | 15543 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 1166 | 101710 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 482 | 159609 |
|  |  | 108395926 |
| **MATERIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix | 117 | 2175 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1069 | 259329 |
| &nbsp;&nbsp;&nbsp;Albemarle | 577 | 56679 |
| &nbsp;&nbsp;&nbsp;Alcoa | 1269 | 46687 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources \* | 47 | 8143 |
| &nbsp;&nbsp;&nbsp;Alto Ingredients \* | 334 | 337 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 11388 | 89965 |
| &nbsp;&nbsp;&nbsp;American Vanguard \* | 143 | 639 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 323 | 37471 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging | 655 | 2338 |
| &nbsp;&nbsp;&nbsp;Arq \* | 146 | 969 |
| &nbsp;&nbsp;&nbsp;Ashland | 207 | 10122 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes \* | 334 | 3383 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels \* | 370 | 3012 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 380 | 66458 |
| &nbsp;&nbsp;&nbsp;Avient | 410 | 13149 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 1059 | 30150 |
| &nbsp;&nbsp;&nbsp;Balchem | 159 | 24389 |
| &nbsp;&nbsp;&nbsp;Ball | 1355 | 63685 |
| &nbsp;&nbsp;&nbsp;Cabot | 260 | 17545 |
| &nbsp;&nbsp;&nbsp;Celanese, Cl A | 541 | 20796 |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 235 | 6961 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 790 | 65799 |
| &nbsp;&nbsp;&nbsp;Chemours | 676 | 9052 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper \* | 70 | 1235 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs \* | 2383 | 29621 |
| &nbsp;&nbsp;&nbsp;Coeur Mining \* | 2916 | 50068 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 543 | 32232 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International \* | 188 | 3260 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 639 | 10051 |

---

*The accompanying notes are an integral part of the financial statements.*

**45**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS— continued** | **MATERIALS— continued** |  |
| &nbsp;&nbsp;&nbsp;Contango ORE \* | 36 | $773 |
| &nbsp;&nbsp;&nbsp;Corteva | 3337 | 205025 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 3303 | 393387 |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 566 | 55004 |
| &nbsp;&nbsp;&nbsp;Dakota Gold \* | 409 | 1669 |
| &nbsp;&nbsp;&nbsp;Dow | 3457 | 82449 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 1821 | 148685 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 158 | 33547 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 563 | 33510 |
| &nbsp;&nbsp;&nbsp;Ecolab | 1247 | 319731 |
| &nbsp;&nbsp;&nbsp;Ecovyst \* | 517 | 4234 |
| &nbsp;&nbsp;&nbsp;Element Solutions | 1115 | 29793 |
| &nbsp;&nbsp;&nbsp;Ferroglobe PLC | 540 | 2619 |
| &nbsp;&nbsp;&nbsp;Flotek Industries \* | 51 | 883 |
| &nbsp;&nbsp;&nbsp;FMC | 596 | 9041 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 7015 | 292526 |
| &nbsp;&nbsp;&nbsp;Glatfelter \* | 161 | 1463 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding | 1434 | 22930 |
| &nbsp;&nbsp;&nbsp;Greif, Cl A | 115 | 6542 |
| &nbsp;&nbsp;&nbsp;Greif, Cl B | 12 | 707 |
| &nbsp;&nbsp;&nbsp;Hawkins | 87 | 12341 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 245 | 14056 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 2921 | 37593 |
| &nbsp;&nbsp;&nbsp;Huntsman | 749 | 6202 |
| &nbsp;&nbsp;&nbsp;Ingevity \* | 164 | 8810 |
| &nbsp;&nbsp;&nbsp;Innospec | 113 | 8315 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 1254 | 78964 |
| &nbsp;&nbsp;&nbsp;International Paper | 2583 | 99807 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash \* | 54 | 1438 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric \* | 391 | 5783 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC ADR \* | 2821 | 59044 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 72 | 6518 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 276 | 16687 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings | 87 | 2455 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide | 98 | 482 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals \* | 101 | 502 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 2309 | 965855 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 308 | 26830 |
| &nbsp;&nbsp;&nbsp;LSB Industries \* | 232 | 1956 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 1253 | 58164 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 295 | 180865 |
| &nbsp;&nbsp;&nbsp;Materion | 92 | 10546 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings | 241 | 2574 |
| &nbsp;&nbsp;&nbsp;Metallus \* | 164 | 2885 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 142 | 8059 |
| &nbsp;&nbsp;&nbsp;Mosaic | 1549 | 42520 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 714 | 45046 |
| &nbsp;&nbsp;&nbsp;Myers Industries | 167 | 2894 |
| &nbsp;&nbsp;&nbsp;NewMarket | 40 | 30716 |
| &nbsp;&nbsp;&nbsp;Newmont | 5386 | 436104 |
| &nbsp;&nbsp;&nbsp;Nucor | 1126 | 168956 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 691 | 7801 |
| &nbsp;&nbsp;&nbsp;Olin | 522 | 10805 |
| &nbsp;&nbsp;&nbsp;Olympic Steel | 45 | 1665 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS— continued** | **MATERIALS— continued** |  |
| &nbsp;&nbsp;&nbsp;Origin Materials \* | 623 | $381 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 435 | 85156 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions \* | 636 | 14952 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 1111 | 108600 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies \* | 734 | 8500 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical | 63 | 8750 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl A \* | 130 | 3947 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl B | 31 | 454 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings, Cl A \* | 208 | 1102 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials \* | 285 | 1981 |
| &nbsp;&nbsp;&nbsp;Reliance | 257 | 72585 |
| &nbsp;&nbsp;&nbsp;Royal Gold | 323 | 56457 |
| &nbsp;&nbsp;&nbsp;RPM International | 624 | 68191 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 123 | 2713 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro, Cl A | 194 | 10383 |
| &nbsp;&nbsp;&nbsp;Sealed Air | 717 | 24027 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 205 | 19329 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 1129 | 389437 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 403 | 15564 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 2551 | 94183 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 479 | 19433 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 682 | 106938 |
| &nbsp;&nbsp;&nbsp;Stepan | 99 | 4292 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy | 382 | 3060 |
| &nbsp;&nbsp;&nbsp;Sylvamo | 154 | 6252 |
| &nbsp;&nbsp;&nbsp;Tredegar \* | 121 | 836 |
| &nbsp;&nbsp;&nbsp;TriMas | 163 | 5791 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC | 149 | 218 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 534 | 1869 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 49 | 5744 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 649 | 187886 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal | 235 | 15942 |
| &nbsp;&nbsp;&nbsp;Westlake | 160 | 11010 |
| &nbsp;&nbsp;&nbsp;Worthington Steel | 169 | 5406 |
|  |  | 6334825 |
| **REAL ESTATE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust ‡ | 596 | 11366 |
| &nbsp;&nbsp;&nbsp;Agree Realty ‡ | 531 | 38768 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin ‡ | 326 | 5206 |
| &nbsp;&nbsp;&nbsp;Alexander's ‡ | 9 | 1988 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust ‡ | 59 | 866 |
| &nbsp;&nbsp;&nbsp;American Assets Trust ‡ | 211 | 4032 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 776 | 35168 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 1562 | 49359 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 2294 | 410580 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust ‡ | 1280 | 16499 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate \* | 429 | 4312 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management, Cl A ‡ | 604 | 3213 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality ‡ | 963 | 10776 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties ‡ | 360 | 2354 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 697 | 121222 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts ‡ | 282 | 719 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust ‡ | 766 | 2627 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 1493 | 39057 |

---

*The accompanying notes are an integral part of the financial statements.*

**46**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** | **REAL ESTATE— continued** |  |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Cl A ‡ | 843 | $15107 |
| &nbsp;&nbsp;&nbsp;BRT Apartments ‡ | 48 | 706 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 774 | 55101 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 518 | 51531 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 937 | 32467 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties ‡ | 85 | 2514 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 1430 | 217975 |
| &nbsp;&nbsp;&nbsp;Centerspace ‡ | 76 | 4503 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust ‡ | 218 | 1395 |
| &nbsp;&nbsp;&nbsp;City Office REIT ‡ | 177 | 1221 |
| &nbsp;&nbsp;&nbsp;Clipper Realty ‡ | 53 | 206 |
| &nbsp;&nbsp;&nbsp;Compass, Cl A \* | 2521 | 19437 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties ‡ | 514 | 14479 |
| &nbsp;&nbsp;&nbsp;CoStar Group \* | 2055 | 141382 |
| &nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 818 | 21211 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 2137 | 192800 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth ‡ | 143 | 2385 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 1111 | 41851 |
| &nbsp;&nbsp;&nbsp;Curbline Properties ‡ | 437 | 10077 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 1042 | 16359 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality ‡ | 921 | 7202 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 1651 | 281347 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman \* | 325 | 803 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett ‡ | 742 | 9602 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Cl A ‡ | 193 | 4177 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 260 | 45378 |
| &nbsp;&nbsp;&nbsp;Elme Communities ‡ | 398 | 6547 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Cl A ‡ | 629 | 4648 |
| &nbsp;&nbsp;&nbsp;EPR Properties ‡ | 366 | 17941 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 479 | 405239 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 862 | 52625 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 1810 | 107586 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust ‡ | 968 | 28924 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 313 | 78804 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings | 375 | 3840 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 1031 | 137680 |
| &nbsp;&nbsp;&nbsp;Farmland Partners ‡ | 179 | 1795 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 420 | 40400 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust ‡ | 648 | 35821 |
| &nbsp;&nbsp;&nbsp;Forestar Group \* | 87 | 2263 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust ‡ | 453 | 10709 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties ‡ | 374 | 449 |
| &nbsp;&nbsp;&nbsp;FrontView REIT ‡ | 81 | 1077 |
| &nbsp;&nbsp;&nbsp;FRP Holdings \* | 50 | 1185 |
| &nbsp;&nbsp;&nbsp;Getty Realty ‡ | 256 | 7022 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial ‡ | 210 | 2400 |
| &nbsp;&nbsp;&nbsp;Gladstone Land ‡ | 154 | 1395 |
| &nbsp;&nbsp;&nbsp;Global Net Lease ‡ | 1008 | 7681 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Cl A ‡ | 1708 | 30266 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 485 | 13886 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 3358 | 53795 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings \* | 141 | 11179 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties \*‡ | 1716 | 4187 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 1139 | 18144 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust ‡ | 242 | $1278 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties ‡ | 352 | 9645 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 2814 | 79214 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 1438 | 148042 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties ‡ | 282 | 5496 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle \* | 228 | 69561 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 486 | 3674 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 574 | 24252 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 3264 | 67434 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust ‡ | 1072 | 23734 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 428 | 50757 |
| &nbsp;&nbsp;&nbsp;Lineage ‡ | 323 | 12726 |
| &nbsp;&nbsp;&nbsp;LTC Properties ‡ | 205 | 7191 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust, Cl B ‡ | 1313 | 12460 |
| &nbsp;&nbsp;&nbsp;Macerich ‡ | 1233 | 21146 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 111 | 3242 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple \* | 32 | 512 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 571 | 73219 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Cl A ‡ | 589 | 18972 |
| &nbsp;&nbsp;&nbsp;National Health Investors ‡ | 203 | 15126 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust ‡ | 322 | 9367 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties ‡ | 67 | 1966 |
| &nbsp;&nbsp;&nbsp;NETSTREIT ‡ | 429 | 7988 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 673 | 12000 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust ‡ | 148 | 471 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust ‡ | 95 | 2914 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 919 | 37183 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions \* | 71 | 166 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust ‡ | 335 | 12 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 1420 | 59683 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties ‡ | 69 | 1386 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 3055 | 23737 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT ‡ | 248 | 613 |
| &nbsp;&nbsp;&nbsp;Outfront Media ‡ | 667 | 11797 |
| &nbsp;&nbsp;&nbsp;Paramount Group \*‡ | 876 | 5729 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts ‡ | 841 | 8654 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust ‡ | 163 | 2202 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust ‡ | 530 | 5544 |
| &nbsp;&nbsp;&nbsp;Phillips Edison ‡ | 613 | 20744 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Cl A ‡ | 559 | 4506 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial ‡ | 188 | 4136 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Cl A ‡ | 86 | 1274 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 351 | 14040 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 4540 | 563369 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 775 | 215884 |
| &nbsp;&nbsp;&nbsp;Rayonier ‡ | 757 | 16707 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Cl A \* | 77 | 611 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 4414 | 255924 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 885 | 61021 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 1157 | 47807 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust ‡ | 671 | 4563 |
| &nbsp;&nbsp;&nbsp;RMR Group, Cl A | 70 | 1083 |

---

*The accompanying notes are an integral part of the financial statements.*

**47**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 296 | $25725 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care ‡ | 1144 | 20386 |
| &nbsp;&nbsp;&nbsp;Safehold ‡ | 253 | 3651 |
| &nbsp;&nbsp;&nbsp;Saul Centers ‡ | 58 | 1717 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 523 | 100144 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group \* | 34 | 818 |
| &nbsp;&nbsp;&nbsp;Seritage Growth Properties \* | 162 | 658 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust ‡ | 710 | 1519 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust ‡ | 249 | 5901 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 1534 | 269616 |
| &nbsp;&nbsp;&nbsp;SITE Centers ‡ | 225 | 1649 |
| &nbsp;&nbsp;&nbsp;SL Green Realty ‡ | 349 | 17921 |
| &nbsp;&nbsp;&nbsp;St. Joe | 169 | 9596 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 916 | 35055 |
| &nbsp;&nbsp;&nbsp;Star Holdings \* | 59 | 432 |
| &nbsp;&nbsp;&nbsp;Stratus Properties \* | 33 | 620 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT ‡ | 33 | 384 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties ‡ | 490 | 2519 |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 616 | 77986 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors ‡ | 898 | 7947 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 505 | 16443 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch \* | 100 | 1582 |
| &nbsp;&nbsp;&nbsp;Terreno Realty ‡ | 498 | 28451 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors \* | 5 | 224 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 1620 | 54578 |
| &nbsp;&nbsp;&nbsp;UMH Properties ‡ | 341 | 4958 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties ‡ | 575 | 11057 |
| &nbsp;&nbsp;&nbsp;Veris Residential ‡ | 317 | 4552 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 860 | 32628 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 3285 | 594716 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 3532 | 81236 |
| &nbsp;&nbsp;&nbsp;Whitestone, Cl B ‡ | 225 | 2822 |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 1060 | 69960 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts ‡ | 447 | 5498 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl A \* | 250 | 17883 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl C \* | 804 | 60284 |
|  |  | 6658694 |
| **UTILITIES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AES | 3456 | 47935 |
| &nbsp;&nbsp;&nbsp;Allete | 264 | 17775 |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 1258 | 84060 |
| &nbsp;&nbsp;&nbsp;Ameren | 1352 | 137931 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2603 | 313037 |
| &nbsp;&nbsp;&nbsp;American States Water | 174 | 12408 |
| &nbsp;&nbsp;&nbsp;American Water Works | 954 | 122522 |
| &nbsp;&nbsp;&nbsp;Artesian Resources, Cl A | 41 | 1321 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 778 | 133598 |
| &nbsp;&nbsp;&nbsp;Avista | 365 | 13888 |
| &nbsp;&nbsp;&nbsp;Black Hills | 353 | 22391 |
| &nbsp;&nbsp;&nbsp;Cadiz \* | 248 | 1314 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 270 | 11983 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 3192 | 122062 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities | 104 | 13237 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl A | 137 | 4109 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UTILITIES— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl C | 373 | $11910 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 1450 | 106647 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 1767 | 172123 |
| &nbsp;&nbsp;&nbsp;Consolidated Water | 68 | 2313 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 1532 | 577564 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 4184 | 245559 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 894 | 121173 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 3806 | 473086 |
| &nbsp;&nbsp;&nbsp;Edison International | 1887 | 104502 |
| &nbsp;&nbsp;&nbsp;Entergy | 2111 | 202846 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 1375 | 53666 |
| &nbsp;&nbsp;&nbsp;Evergy | 1100 | 84491 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1792 | 132267 |
| &nbsp;&nbsp;&nbsp;Exelon | 4955 | 228525 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 2690 | 123283 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Cl B | 92 | 1385 |
| &nbsp;&nbsp;&nbsp;Global Water Resources | 60 | 595 |
| &nbsp;&nbsp;&nbsp;Hallador Energy \* | 139 | 3007 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries \* | 787 | 9145 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 264 | 34061 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 919 | 17626 |
| &nbsp;&nbsp;&nbsp;MGE Energy | 167 | 13839 |
| &nbsp;&nbsp;&nbsp;Middlesex Water | 81 | 4655 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables \* | 285 | 578 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 438 | 34563 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 490 | 21707 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 10092 | 821489 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Partners | 428 | 4220 |
| &nbsp;&nbsp;&nbsp;NiSource | 2305 | 97063 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 181 | 8241 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 277 | 16529 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 945 | 162408 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 984 | 43434 |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 572 | 75944 |
| &nbsp;&nbsp;&nbsp;ONE Gas | 303 | 24298 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies | 286 | 30422 |
| &nbsp;&nbsp;&nbsp;Otter Tail | 187 | 14440 |
| &nbsp;&nbsp;&nbsp;PG&E | 10776 | 171985 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 583 | 51607 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 535 | 24439 |
| &nbsp;&nbsp;&nbsp;PPL | 3492 | 127528 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2446 | 197050 |
| &nbsp;&nbsp;&nbsp;Pure Cycle \* | 93 | 1024 |
| &nbsp;&nbsp;&nbsp;Sempra | 3204 | 294576 |
| &nbsp;&nbsp;&nbsp;SJW Group | 147 | 6799 |
| &nbsp;&nbsp;&nbsp;Southern | 5371 | 505089 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 312 | 24804 |
| &nbsp;&nbsp;&nbsp;Spire | 276 | 23846 |
| &nbsp;&nbsp;&nbsp;Star Group | 127 | 1469 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 224 | 89551 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 473 | 26866 |
| &nbsp;&nbsp;&nbsp;UGI | 1047 | 35001 |
| &nbsp;&nbsp;&nbsp;Unitil | 73 | 3559 |
| &nbsp;&nbsp;&nbsp;Vistra | 1653 | 311260 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1565 | 174857 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 2829 | 229630 |

---

*The accompanying notes are an integral part of the financial statements.*

**48**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **OCTOBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UTILITIES— continued** | **UTILITIES— continued** | **UTILITIES— continued** |
| &nbsp;&nbsp;&nbsp;York Water | 65 | $2019 |
|  |  | 7442134 |
| &nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;Total Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $196,271,968) |  | 278952098 |
| **RIGHTS — 0.0%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number Of Rights** |  |
| &nbsp;&nbsp;&nbsp;AbioMed‡‡ | 101 |  |
| &nbsp;&nbsp;&nbsp;Alibero Pharma‡‡ | 36 |  |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines\*‡‡ | 286 | 132 |
| &nbsp;&nbsp;&nbsp;Concentra Biosciences‡‡ | 66 | 1 |
| &nbsp;&nbsp;&nbsp;Concentra Biosciences‡‡ | 164 | 15 |
| &nbsp;&nbsp;&nbsp;Concert Pharmaceuticals‡‡ | 89 |  |
| &nbsp;&nbsp;&nbsp;Flexion Therapeutics‡‡(A) | 42 |  |
| &nbsp;&nbsp;&nbsp;Icosavax‡‡ | 105 |  |
| &nbsp;&nbsp;&nbsp;Inhibrx‡‡ | 132 |  |
| &nbsp;&nbsp;&nbsp;MannKind‡‡ | 171 | 55 |
| &nbsp;&nbsp;&nbsp;Novartis‡‡ | 104 |  |
| &nbsp;&nbsp;&nbsp;Poseida Therapeutics‡‡ | 286 | 143 |
| &nbsp;&nbsp;&nbsp;Prevail Therapeutics‡‡(A) | 16 |  |
| &nbsp;&nbsp;&nbsp;Roche Holding‡‡ | 658 | 9541 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics‡‡ | 248 | 45 |
| &nbsp;&nbsp;&nbsp;Sanofi‡‡ | 138 | 7 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics‡‡ | 321 | 202 |
| &nbsp;&nbsp;&nbsp;Xoma Royalty‡‡ | 138 | 19 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings‡‡ | 206 | 18 |
| &nbsp;&nbsp;&nbsp;Total Rights | &nbsp;&nbsp;&nbsp;Total Rights | &nbsp;&nbsp;&nbsp;Total Rights |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 10178 |
| **WARRANTS — 0.0%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number Of Warrants** | |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Strike Price $15.50,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 10/10/2026 | 24 | 28 |
| &nbsp;&nbsp;&nbsp;Enovix, Strike Price $8.75,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 10/4/2026 | 102 |  |
| &nbsp;&nbsp;&nbsp;GameStop, Strike Price $32.00,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 11/2/2026 | 192 | 576 |
|  |  | 604 |
| &nbsp;&nbsp;&nbsp;Total Warrants | &nbsp;&nbsp;&nbsp;Total Warrants | &nbsp;&nbsp;&nbsp;Total Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 604 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 96.5% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 96.5% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 96.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $196,271,968) |  | $278962880 |

---

Percentages are based on Net Assets of $289,107,313.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

‡ Real Estate Investment Trust.

‡‡ Expiration Date or Rate unavailable.

(A) Level 3 security in accordance with fair value hierarchy.

See "Glossary for abbreviations".

*The accompanying notes are an integral part of the financial statements.*

**49**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

A list of the open OTC swap agreements held by the Fund at October 31, 2025, is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| Counterparty | Reference Entity/ Obligation | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount | Value | Upfront Payments/ Receipts | Net Unrealized Appreciation (Depreciation) |
| Wells Fargo | WFCBL215 Custom Basket\* | FEDL01+ 0.75% | Asset Return | Annually | 10/12/2026 | USD | 9582276 | $146362 | $– | $146362 |
|  |  |  |  |  |  |  |  | $146362 | $– | $146362 |

---

\* The following table represents the individual common stock exposures comprising the WFCBL215 Custom Basket Total Return Swaps as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional<br> Amount ($) | Unrealized<br> Appreciation ($) | Percentage<br> of Basket (%) |
| 347 | Advanced Micro Devices Inc | 81056 | 1238 | 0.8 |
| 1002 | Alphabet Inc, Class A | 257464 | 3933 | 2.7 |
| 1249 | Alphabet Inc, Class C | 320049 | 4889 | 3.3 |
| 107 | American Express Co | 35204 | 538 | 0.4 |
| 262 | Amphenol Corp | 33219 | 507 | 0.3 |
| 3149 | Apple Inc | 776095 | 11854 | 8.1 |
| 172 | Applied Materials Inc | 36584 | 559 | 0.4 |
| 54 | Applovin Corp | 31307 | 478 | 0.3 |
| 1538 | AT&T Inc | 34710 | 530 | 0.4 |
| 1461 | Bank Of America Corp | 71171 | 1087 | 0.7 |
| 284 | Berkshire Hathaway Inc | 123413 | 1885 | 1.3 |
| 7 | Booking Holdings Inc | 32166 | 491 | 0.3 |
| 993 | Broadcom Inc | 334741 | 5113 | 3.5 |
| 101 | Caterpillar Inc | 53190 | 812 | 0.6 |
| 367 | Charles Schwab Corp/The | 31644 | 483 | 0.3 |
| 415 | Chevron Corp | 59713 | 912 | 0.6 |
| 773 | Cisco Systems Inc | 51539 | 787 | 0.5 |
| 398 | Citigroup Inc | 36699 | 561 | 0.4 |
| 757 | Coca-Cola Co/The | 47552 | 726 | 0.5 |
| 95 | Costco Wholesale Corp | 79176 | 1209 | 0.8 |
| 925 | Exxon Mobil Corp | 96435 | 1473 | 1 |
| 220 | General Electric Co | 61928 | 946 | 0.6 |
| 66 | Goldman Sachs Group Inc/The | 47323 | 723 | 0.5 |
| 214 | Home Depot Inc/The | 74108 | 1132 | 0.8 |
| 199 | International Business Machines Corp | 55692 | 851 | 0.6 |
| 59 | Intuit Inc | 35659 | 545 | 0.4 |
| 77 | Intuitive Surgical Inc | 37302 | 570 | 0.4 |
| 592 | JPMorgan Chase & Co | 167987 | 2566 | 1.8 |
| 28 | KLA Corp | 31326 | 478 | 0.3 |
| 275 | Lam Research Corp | 39414 | 602 | 0.4 |
| 101 | Linde PLC | 38569 | 589 | 0.4 |
| 154 | Mcdonald's Corp | 41883 | 640 | 0.4 |
| 467 | Meta Platforms Inc | 276128 | 4218 | 2.9 |
| 240 | Micron Technology Inc | 49038 | 749 | 0.5 |
| 1600 | Microsoft Corp | 755392 | 11538 | 7.9 |
| 261 | Morgan Stanley | 39037 | 596 | 0.4 |
| 91 | Netflix Inc | 92701 | 1416 | 1 |
| 443 | Nextera Energy Inc | 32883 | 502 | 0.3 |
| 5050 | Nvidia Corp | 932124 | 14238 | 9.7 |
| 354 | Oracle Corp | 84761 | 1295 | 0.9 |
| 469 | Palantir Technologies Inc | 85627 | 1308 | 0.9 |
| 294 | Pepsico Inc | 39191 | 599 | 0.4 |
| 505 | Procter & Gamble Co/The | 69164 | 1056 | 0.7 |
| 235 | Qualcomm Inc | 38782 | 592 | 0.4 |
| 200 | Salesforce Inc | 47421 | 724 | 0.5 |
| 45 | Servicenow Inc | 37479 | 572 | 0.4 |
| 605 | Tesla Inc | 251975 | 3849 | 2.6 |
| 448 | Uber Technologies Inc | 39448 | 603 | 0.4 |

---

*The accompanying notes are an integral part of the financial statements.*

**50**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional Amount ($) | Unrealized Appreciation ($) | Percentage of Basket (%) |
| 928 | Walmart Inc | 85575 | 1307 | 0.9 |
| 387 | Walt Disney Co/The | 39739 | 607 | 0.4 |
| 33486 | Other | 3331493 | 50886 | 35.0 |
|  |  | $9582276 | $146362 | 100.0% |

---

The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at market value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3<sup>(1)</sup> |  | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $278951642 | $456 | $— | <sup>†</sup> | $278952098 |
| &nbsp;&nbsp;&nbsp;Rights | 10178 |  |  | <sup>†</sup> | 10178 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 604 |  |  | 604 |
| Total Investments in Securities | $278961820 | $1060 | $— |  | $278962880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;OTC Swaps | &nbsp;&nbsp;&nbsp;OTC Swaps | &nbsp;&nbsp;&nbsp;OTC Swaps | &nbsp;&nbsp;&nbsp;OTC Swaps | &nbsp;&nbsp;&nbsp;OTC Swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | – | 146362 | – | 146362 |
| Total Other Financial Instruments | $– | $146362 | $– | $146362 |

---

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

† Includes securities valued at zero.

\* Swap contracts are valued at the unrealized appreciation on the instrument.

Amounts designated as "—" are $0 or have been rounded to $0.

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

*The accompanying notes are an integral part of the financial statements.* 

**51**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **REAL ESTATE FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 98.7%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE — 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin ‡ | 37249 | $594867 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 66087 | 2995063 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 36843 | 1164239 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 53360 | 9550373 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 15831 | 2753328 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 60217 | 1575277 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Cl A ‡ | 81153 | 1454262 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 34223 | 2436335 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 17678 | 1758607 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 8707 | 1327208 |
| &nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 64211 | 1664991 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 47741 | 4307193 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 32308 | 1217042 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 35589 | 558747 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 35476 | 6045465 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 9695 | 1692068 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 11903 | 10070057 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 7704 | 470329 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 40961 | 2434722 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 7237 | 1822059 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 24880 | 3322475 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 9592 | 922654 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 33465 | 958103 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 126021 | 2018856 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 65834 | 1853227 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 33976 | 3497829 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 20666 | 873139 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 70662 | 1459877 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment |  |  |
| &nbsp;&nbsp;&nbsp;Communities ‡ | 12954 | 1661091 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 20652 | 835580 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 33919 | 1425616 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 16273 | 650920 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 117309 | 14556874 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 17823 | 4964775 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 119217 | 6912202 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 27689 | 1909157 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 45696 | 1888159 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 8943 | 777236 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 10063 | 1926863 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 41964 | 7375593 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 31931 | 1221999 |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 21210 | 2685186 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 50145 | 1632721 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 37327 | 1257547 |
| &nbsp;&nbsp;&nbsp;Veris Residential ‡ | 46744 | 671244 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 87605 | 15860009 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 78016 | 1794368 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 40040 | $2642640 |
|  |  | 143448172 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $142,239,924) |  | 143448172 |
| Total Investments in Securities— 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $142,239,924) |  | $143448172 |

---

Percentages are based on Net Assets of $145,370,342.

*#* *More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.*

*\** *Non-income producing security.*

*‡* *Real Estate Investment Trust.* 

See "Glossary" for abbreviations.

As of October 31, 2025, all of the Fund's investments in securities 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.

*The accompanying notes are an integral part of the financial statements.*

**52**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 96.4%#**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **AUSTRALIA — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group | 106000 | $| 1375306 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group | 112936 |  | 3219607 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodman Group ‡ | 119700 |  | 2581713 |
| Total Australia |  |  | 7176626 |
| **AUSTRIA — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 25600 |  | 1935500 |
| **BRAZIL — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 480 |  | 1117085 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding | 458490 |  | 3368825 |
| Total Brazil |  |  | 4485910 |
| **CANADA — 8.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dollarama | 17620 |  | 2290330 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 67500 |  | 3147481 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Manulife Financial | 114660 |  | 3710682 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 36300 |  | 5317857 |
|  |  |  | 9028539 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 22900 |  | 3981601 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines | 17900 |  | 2878958 |
| Total Canada |  |  | 21326909 |
| **CHINA — 11.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.5%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.5%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.5%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.5%** |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 1340000 |  | 1935828 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 81100 |  | 6587571 |
|  |  |  | 8523399 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 233000 |  | 4957949 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 130000 |  | 1356957 |
|  |  |  | 6314906 |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **CHINA — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 2423000 | $| 1372009 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 3180000 |  | 2855989 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1299916 |  | 2101691 |
|  |  |  | 6329689 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 541928 |  | 1846533 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl H | 944000 |  | 1950587 |
|  |  |  | 3797120 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.5%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.5%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.5%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.5%** |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 3600 |  | 695788 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 20500 |  | 661059 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 9175 |  | 524943 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 319600 |  | 1773113 |
|  |  |  | 3654903 |
| Total China |  |  | 28620017 |
| **DENMARK — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.6%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.6%** |
| &nbsp;&nbsp;&nbsp;GN Store Nord \* | 81000 |  | 1418358 |
| **FINLAND — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wartsila Abp | 79500 |  | 2600998 |
| **FRANCE — 7.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Danone | 40400 |  | 3567976 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 27950 |  | 2164942 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 14000 |  | 3989001 |
| &nbsp;&nbsp;&nbsp;Vinci | 23240 |  | 3107553 |
|  |  |  | 7096554 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 17000 |  | 3290146 |
| &nbsp;&nbsp;&nbsp;**UTILITIES — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Engie | 142810 |  | 3343590 |
| Total France |  |  | 19463208 |
| **GERMANY — 5.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.8%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.8%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.8%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.8%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 61000 |  | 1889478 |

---

*The accompanying notes are an integral part of the financial statements.*

**53**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **GERMANY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;adidas | 15150 | $2864585 |
| &nbsp;&nbsp;&nbsp;Aumovio \* | 18000 | 773886 |
| &nbsp;&nbsp;&nbsp;Continental | 36000 | 2750816 |
|  |  | 6389287 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens | 11050 | 3131526 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 9264 | 2409301 |
| Total Germany |  | 13819592 |
| **HONG KONG — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 251000 | 2330368 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;WH Group | 2485000 | 2390364 |
| Total Hong Kong |  | 4720732 |
| **INDIA — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 91600 | 2121107 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 172440 | 2612920 |
| &nbsp;&nbsp;&nbsp;**UTILITIES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 590266 | 1915109 |
| Total India |  | 6649136 |
| **ITALY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**ENERGY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Tenaris | 72000 | 1430985 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;UniCredit | 39000 | 2887808 |
| Total Italy |  | 4318793 |
| **JAPAN — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Honda Motor | 245000 | 2476275 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 298400 | 4507416 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 67300 | 2509832 |
|  |  | 7017248 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Hoya | 23160 | 3761928 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **JAPAN — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ITOCHU | 61000 | $3533322 |
| &nbsp;&nbsp;&nbsp;Komatsu | 102200 | 3418690 |
|  |  | 6952012 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 94300 | 2033195 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Nitto Denko | 138000 | 3436870 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan | 265300 | 2762410 |
| Total Japan |  | 28439938 |
| **LUXEMBOURG — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 75450 | 2880372 |
| **MEXICO — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;La Comer \* | 495037 | 1072224 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte | 278000 | 2609790 |
| Total Mexico |  | 3682014 |
| **NETHERLANDS — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 85300 | 3490449 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Argenx \* | 2680 | 2193483 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 5250 | 5550850 |
| Total Netherlands |  | 11234782 |
| **NORWAY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Telenor | 154000 | 2290217 |
| **SINGAPORE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank | 79640 | 2118223 |
| **SOUTH AFRICA — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Investec PLC | 234500 | 1772935 |

---

*The accompanying notes are an integral part of the financial statements.*

**54**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SOUTH KOREA — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia | 32470 | $2723539 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 34581 | 2822971 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 82520 | 6211793 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 9100 | 3540751 |
|  |  | 9752544 |
| Total South Korea |  | 15299054 |
| **SPAIN — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group | 30040 | 2296268 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CaixaBank | 383800 | 4056651 |
| &nbsp;&nbsp;&nbsp;Mapfre | 637700 | 2816287 |
|  |  | 6872938 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aena SME | 61000 | 1656825 |
| Total Spain |  | 10826031 |
| **SWITZERLAND — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut | 1000 | 1300041 |
| &nbsp;&nbsp;&nbsp;Nestle PLC | 22600 | 2159395 |
|  |  | 3459436 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Re | 15500 | 2830331 |
| &nbsp;&nbsp;&nbsp;UBS Group | 83609 | 3199326 |
|  |  | 6029657 |
| Total Switzerland |  | 9489093 |
| **TAIWAN — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 2355000 | 3198285 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 215660 | 10429250 |
| Total Taiwan |  | 13627535 |
| **UNITED KINGDOM — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 21430 | 1285892 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell PLC | 135400 | 5076060 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 60860 | $3522000 |
| &nbsp;&nbsp;&nbsp;Barclays | 745000 | 3995893 |
|  |  | 7517893 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 24620 | 2908616 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;British Land ‡ | 165000 | 824085 |
| Total United Kingdom |  | 17612546 |
| **UNITED STATES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 16400 | 2053444 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $180,362,276) |  | 237861963 |
| Total Investments in Securities— 96.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $180,362,276) |  | $237861963 |

---

Percentages are based on Net Assets of $246,740,795.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

*The accompanying notes are an integral part of the financial statements.*

**55**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at market value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $7176626 | $— | $7176626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 1935500 |  | 1935500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4485910 |  |  | 4485910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 21326909 |  |  | 21326909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 28620017 |  | 28620017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 1418358 |  | 1418358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 2600998 |  | 2600998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 19463208 |  | 19463208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 773886 | 13045706 |  | 13819592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 4720732 |  | 4720732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 6649136 |  | 6649136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 4318793 |  | 4318793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 28439938 |  | 28439938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 2880372 |  | 2880372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3682014 |  |  | 3682014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 11234782 |  | 11234782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 2290217 |  | 2290217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 2118223 |  | 2118223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1772935 |  |  | 1772935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 15299054 |  | 15299054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 10826031 |  | 10826031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 9489093 |  | 9489093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 13627535 |  | 13627535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 17612546 |  | 17612546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2053444 |  |  | 2053444 |
| Total Common Stock | 34095098 | 203766865 |  | 237861963 |
| Total Investments in Securities | $34095098 | $203766865 | $— | $237861963 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

*The accompanying notes are an integral part of the financial statements.* 

**56**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**OCTOBER 31, 2025**

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

---

| | |
|:---|:---|
| **Fund Abbreviations** | **Currency Abbreviation** |
| BDC — Business Development Company | USD — United States Dollar |

---

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

ETF — Exchange Traded Fund

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

H15T1Y — 1 Year U.S. Treasury Yield Curve Constant Maturity

H15T5Y — 5 Year U.S. Treasury Yield Curve Constant Maturity

MTN — Medium Term Note

NASDAQ — National Association of Securities Dealers Automated Quotations

PLC — Public Limited Company

RB — Revenue Bond

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

Ser — Series

SOFR30A — 30-Day Average Secured Overnight Financing Rate Index

SOFR90A — 90-Day Average Secured Overnight Financing Rate Index

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

TSFR1M — 1-Month Term Secured Overnight Financing Rate

TSFR3M — 3-Month Term Secured Overnight Financing Rate

USSW5 — USD 5-Year Interest Rate Swap Bond

*The accompanying notes are an integral part of the financial statements.* 

**57**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Limited Duration Fund** | **Core Bond Fund** | **Long/Short Equity Fund** | **Large Cap Value Fund** | **Large Cap Growth Fund** |
| **Assets:** | | | | | |
| Investments in securities, at value† | $232768526 | $330601920 | $124994458 | $287303443 | $281843711 |
| Foreign currency, at value†† |  |  | 1 | 23618 |  |
| Cash | 1855581 | 4248199 | 128253182 | 6241648 | 2901425 |
| Dividends and interest receivable | 1998417 | 2569879 | 364056 | 319337 | 100542 |
| Receivable for capital shares sold | 788381 | 368672 | 132090 | 277412 | 236747 |
| Tax reclaim receivable |  |  | 17683 | 12772 | 2549 |
| Prepaid expenses | 6887 | 7583 | 3728 | 8073 | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 237417792 | 337796253 | 253765198 | 294186303 | 285091435 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Securities sold short, at value††† |  |  | 74465463 |  |  |
| Payable for investment securities purchased | 1149437 |  |  |  |  |
| Payable for capital shares redeemed | 18404 | 101778 | 40590 | 80654 | 135449 |
| Audit fees payable | 33501 | 33501 | 27652 | 27652 | 27652 |
| Pricing fees payable | 9461 | 8294 | 341 | 470 | 470 |
| Filing fees payable | 7500 | 20656 | 12249 | 14702 | 7500 |
| Transfer Agent fees payable | 7130 | 8367 | 4700 | 7941 | 7482 |
| Legal fees payable | 5210 | 7502 | 3886 | 6605 | 6374 |
| Printing fees payable | 4430 | 6379 | 3305 | 5617 | 5420 |
| Custodian fees payable | 1232 | 2072 | 1663 | 1280 | 1331 |
| Investment Adviser fees payable | 49730 | 78324 | 184521 | 147703 | 142052 |
| Administrator fees payable | 10686 | 15395 | 8018 | 13371 | 12860 |
| Chief Compliance Officer fees payable | 1744 | 2511 | 1301 | 2211 | 2134 |
| Trustees' fees payable | 238 | 343 | 178 | 302 | 291 |
| Shareholder servicing fees payable (Class S Shares) |  |  |  | 15 | 426 |
| Accrued expenses | 12408 | 10750 | 137 | 8872 | 8127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1311111 | 295872 | 74754004 | 317395 | 357568 |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies‡ |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $236106681 | $337500381 | $179011194 | $293868908 | $284733867 |
| † Cost of securities | $231271529 | $334487489 | $102139825 | $231202505 | $157539151 |
| †† Cost of foreign currency |  |  |  | 23919 |  |
| ††† Proceeds from securities sold short | – | – | (73627319) | – | – |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Paid-in Capital | $237465525 | $353178691 | $159763803 | $216698557 | $145443632 |
| Total Distributable Earnings (Accumulated Losses) | (1358844) | (15678310) | 19247391 | 77170351 | 139290235 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $236106681 | $337500381 | $179011194 | $293868908 | $284733867 |
| **I Shares:** | **I Shares:** | **I Shares:** | **I Shares:** | **I Shares:** | **I Shares:** |
| Net Assets | $236025797 | $336528123 | $179011194 | $293387660 | $281868210 |
| Outstanding Shares of Beneficial Interest <br> (unlimited authorization - no par value) | 24138035 | 37788212 | 14657006 | 15616305 | 11072260 |
| Net Asset Value, Offering and Redemption Price Per Share\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $9.78 | $8.91 | $12.21 | $18.79 | $25.46 |
| **Class S Shares:** | **Class S Shares:** | **Class S Shares:** | **Class S Shares:** | **Class S Shares:** | **Class S Shares:** |
| Net Assets | $80884 | $972258 | N/A | $481248 | $2865657 |
| Outstanding Shares of Beneficial Interest <br> (unlimited authorization - no par value) | 8277 | 109310 | N/A | 25621 | 113310 |
| Net Asset Value, Offering and Redemption Price Per Share\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $9.77 | $8.89 | N/A | $18.78 | $25.29 |

---

\* Redemption price per share may vary depending on the length of time shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;‡ See Note 7 in the Notes to Financial
 Statements.

N/A Not Applicable.

Amounts designated as "—" are $0 or round to $0.

*The accompanying notes are an integral part of the financial statements.*

**58**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **U.S. All Cap Index Fund** | **Real Estate Fund** | **International Equity Fund** |
| **Assets:** |  |  |  |  |
| Investments in securities, at value† | $164056574 | $278962880 | $143448172 | $237861963 |
| Foreign currency, at value†† | 1995 |  |  | 354080 |
| OTC Swap Contracts, at value††† |  | 146362 |  |  |
| Cash | 4148548 | 9362212 | 1908846 | 6336415 |
| Receivable for capital shares sold | 93555 | 669788 | 92292 | 114143 |
| Dividends and interest receivable | 41848 | 129901 | 67552 | 332594 |
| Receivable for investment securities sold |  | 9541 |  | 1638155 |
| Receivable due from Investment Adviser |  | 4198 |  |  |
| Tax reclaim receivable |  | 1718 | 13173 | 776161 |
| Prepaid expenses | 6782 | 6363 | 13699 | 12580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 168349302 | 289292963 | 145543734 | 247426091 |
| **Liabilities:** |  |  |  |  |
| Unrealized loss on foreign currency spot contracts |  |  |  | 564 |
| Payable for capital shares redeemed | 86048 | 75731 | 17385 | 60222 |
| Audit fees payable | 27652 | 34932 | 27652 | 27652 |
| Filing fees payable | 9572 | 15952 | 8002 | 9001 |
| Transfer Agent fees payable | 6083 | 5610 | 4588 | 7380 |
| Legal fees payable | 3773 | 6438 | 3260 | 5597 |
| Printing fees payable | 3208 | 5474 | 2772 | 4760 |
| Custodian fees payable | 1252 | 7526 | 607 | 7489 |
| Pricing fees payable | 561 | 10255 | 491 | 1232 |
| Investment Adviser fees payable | 102491 |  | 99994 | 172932 |
| Administrator fees payable | 7679 | 12966 | 6731 | 11331 |
| Chief Compliance Officer fees payable | 1263 | 2155 | 1091 | 1873 |
| Shareholder servicing fees payable (Class S Shares) | 634 |  |  | 217 |
| Trustees' fees payable | 172 | 294 | 149 | 256 |
| Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 368415 |
| Accrued expenses | 1972 | 8317 | 670 | 6375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 252360 | 185650 | 173392 | 685296 |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies‡ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $168096942 | $289107313 | $145370342 | $246740795 |
| † Cost of securities | $139211269 | $196271968 | $142239924 | $180362276 |
| †† Cost of foreign currency | 2020 |  |  | 350513 |
| †††Premiums received from OTC swap contracts | – | – | – | – |
| **Net Assets:** |  |  |  |  |
| Paid-in Capital | $126646299 | $202121877 | $171340726 | $188755857 |
| Total Distributable Earnings (Accumulated Losses) | 41450643 | 86985436 | (25970384) | 57984938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $168096942 | $289107313 | $145370342 | $246740795 |
| **I Shares:** |  |  |  |  |
| Net Assets | $167978049 | $289107313 | $145370342 | $246366400 |
| Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 11960289 | 13774411 | 18286370 | 16234350 |
| Net Asset Value, Offering and Redemption Price Per Share\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $14.04 | $20.99 | $7.95 | $15.18 |
| **Class S Shares:** |  |  |  |  |
| Net Assets | $118893 | N/A | N/A | $374395 |
| Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 8513 | N/A | N/A | 24758 |
| Net Asset Value, Offering and Redemption Price Per Share\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $13.97 | N/A | N/A | $15.12 |

---

\* Redemption price per share may vary depending on the length of time shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;‡ See Note 7 in the Notes to Financial
 Statements.

N/A Not Applicable.

Amounts designated as "—" are $0 or round to $0.

*The accompanying notes are an integral part of the financial statements.* 

**59**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **OCTOBER 31, 2025** |

---

**TATEMENTS OF OPERATIONS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Limited Duration Fund** | **Core Bond Fund** | **Long/Short Equity Fund** | **Large Cap Value Fund** | **Large Cap Growth Fund** |
| **Investment Income** | | | | | |
| Interest | $9759151 | $13340470 | $4255998 | $321705 | $219594 |
| Dividends |  |  | 1526028 | 5783504 | 1618799 |
| Less: Foreign Taxes Withheld | – | – | (17345) | (30608) | – |
| **Total Investment Income** | 9759151 | 13340470 | 5764681 | 6074601 | 1838393 |
| **Expenses** |  |  |  |  |  |
| Investment Advisory Fees | 808924 | 1114772 | 1942213 | 1572292 | 1478681 |
| Administration Fees | 112421 | 154896 | 86391 | 145714 | 137035 |
| Trustees' Fees | 16967 | 23045 | 12911 | 21868 | 20451 |
| Chief Compliance Officer Fees | 5201 | 7284 | 3997 | 6815 | 6520 |
| Shareholder Servicing Fees (Class S Shares) | 74 | 928 |  | 454 | 2494 |
| Pricing Fees | 53191 | 47615 | 6153 | 3691 | 3657 |
| Transfer Agent Fees | 42103 | 49256 | 28094 | 47945 | 46152 |
| Audit Fees | 37425 | 39962 | 30585 | 29818 | 29775 |
| Registration & Filing Fees | 35387 | 42247 | 30273 | 37962 | 29392 |
| Printing Fees | 28871 | 37627 | 28327 | 32601 | 28967 |
| Legal Fees | 27026 | 37103 | 20531 | 34777 | 32696 |
| Custodian Fees | 4714 | 9124 | 7636 | 3980 | 4568 |
| Dividend Expense |  |  | 705353 |  |  |
| Other Expenses | 28621 | 40380 | 24465 | 38018 | 36845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1200925 | 1604239 | 2926929 | 1975935 | 1857233 |
| &nbsp;&nbsp;&nbsp;Recovery of Investment Advisory fees previously waived |  |  | 78106 |  |  |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver | (191347) | (211248) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1009578 | 1392991 | 3005035 | 1975935 | 1857233 |
| **Net Investment Income(Loss)** | 8749573 | 11947479 | 2759646 | 4098666 | (18840) |
| **Net Realized Gain (Loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 689491 | (4098166) | 24056851 | 20935531 | 15719216 |
| &nbsp;&nbsp;&nbsp;Securities Sold Short |  |  | (21126941) |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Option Contracts |  |  | (108484) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | – | – | – | (40) | (4) |
| **Net Realized Gain (Loss)** | 689491 | (4098166) | 2821426 | 20935491 | 15719212 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 714189 | 9812580 | 1773464 | 5510036 | 47292598 |
| &nbsp;&nbsp;&nbsp;Securities Sold Short |  |  | 2012792 |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Option Contracts |  |  | (132843) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation | – | – | – | (267) | – |
| **Ne tChange in Unrealized Appreciation (Depreciation)** | 714189 | 9812580 | 3653413 | 5509769 | 47292598 |
| **Net Realized and Unrealized Gain** | 1403680 | 5714414 | 6474839 | 26445260 | 63011810 |
| **Net Increase in Net Assets from Operations** | $10153253 | $17661893 | $9234485 | $30543926 | $62992970 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

**60**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap** <br> **Fund**  | **U.S. All Cap** <br> **Index Fund**  | **Real Estate** <br> **Fund**  | **International** <br> **Equity Fund** |
| **Investment Income** | | | | |
| Dividends | $1741817 | $2613645 | $4138457 | $6966802 |
| Interest | 163663 | 263317 | 110007 | 236908 |
| Less: Foreign Taxes Withheld | (37518) | (1924) | – | (724977) |
| **Total Investment Income** | 1867962 | 2875038 | 4248464 | 6478733 |
| **Expenses** |  |  |  |  |
| Investment Advisory Fees | 1117106 | 441634 | 1184804 | 1966883 |
| Administration Fees | 85713 | 122683 | 82416 | 121494 |
| Trustees' Fees | 12974 | 17737 | 12721 | 18160 |
| Chief Compliance Officer Fees | 4034 | 5949 | 3665 | 5576 |
| Shareholder Servicing Fees (Class S Shares) | 106 |  |  | 205 |
| Transfer Agent Fees | 37210 | 33698 | 27682 | 43747 |
| Audit Fees | 30952 | 72994 | 21612 | 30124 |
| Registration & Filing Fees | 29821 | 33959 | 27404 | 40914 |
| Legal Fees | 20918 | 28934 | 20028 | 28836 |
| Printing Fees | 19733 | 30878 | 19664 | 35715 |
| Custodian Fees | 7378 | 131790 | 4603 | 30273 |
| Pricing Fees | 4151 | 57281 | 3225 | 5756 |
| Other Expenses | 22977 | 36756 | 20950 | 46116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1393073 | 1014293 | 1428774 | 2373799 |
| &nbsp;&nbsp;&nbsp;Recovery of Investment Advisory fees previously waived |  |  | 52047 | 30741 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver |  | (441634) |  |  |
| &nbsp;&nbsp;&nbsp;Reimbursement from Adviser | – | (20612) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1393073 | 552047 | 1480821 | 2404540 |
| **Net Investment Income** | 474889 | 2322991 | 2767643 | 4074193 |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 17564733 | 3058949 | 30217 | 16949511 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax |  |  |  | (211045) |
| &nbsp;&nbsp;&nbsp;Swap Contracts |  | 1066081 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 89 | – | – | (20645) |
| **Net Realized Gain** | 17564822 | 4125030 | 30217 | 16717821 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4551806) | 41490123 | (11385045) | 23438460 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 255451 |
| &nbsp;&nbsp;&nbsp;Swap Contracts |  | 115876 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation | (25) | – | 742 | (26957) |
| **Net Change in Unrealized Appreciation (Depreciation)** | (4551831) | 41605999 | (11384303) | 23666954 |
| **Net Realized and Unrealized Gain (Loss)** | 13012991 | 45731029 | (11354086) | 40384775 |
| **Net Increase (Decrease) in Net Assets from Operations** | $13487880 | $48054020 | $(8586443) | $44458968 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

**61**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $8749573 | $7619020 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 689491 | (1334036) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 714189 | 5088469 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 10153253 | 11373453 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (8601177) | (7272118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (3039) | (4235) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (8604216) | (7276353) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 91263091 | 74763380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 8545185 | 6181755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 12029 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (47168251) | (86905309) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from I Shares Transactions | 52652054 | (5958507) |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 12181 | 26836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 3039 | 4235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2825) | (196950) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Class S Shares Transactions | 12395 | (165879) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | 52664449 | (6124386) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 54213486 | (2027286) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 181893195 | 183920481 |
| &nbsp;&nbsp;&nbsp; End of Year | $236106681 | $181893195 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 9367008 | 7738521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 880341 | 640334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (4845494) | (8973070) |
| Total Increase (Decrease) in I Shares | 5401855 | (594215) |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1249 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 313 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (290) | (20424) |
| Total Increase (Decrease) in Class S Shares | 1272 | (17205) |
| **Net Increase (Decrease) in Shares Outstanding** | 5403127 | (611420) |

---

*The accompanying notes are an integral part of the financial statements.*

**62**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $11947479 | $8256695 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (4098166) | (2356547) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 9812580 | 13408582 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 17661893 | 19308730 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (11084312) | (7804457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (35516) | (31557) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (11119828) | (7836014) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 130154730 | 88041422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 10943065 | 6149111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 18985 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (47493710) | (51966833) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from I Shares Transactions | 93623070 | 42224585 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 54150 | 98901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 35516 | 31557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (87138) | (71881) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from Class S Shares Transactions | 2528 | 58577 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 93625598 | 42283162 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 100167663 | 53755878 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 237332718 | 183576840 |
| &nbsp;&nbsp;&nbsp; End of Year | $337500381 | $237332718 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 14862959 | 10101395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1251759 | 700066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5419279) | (5938658) |
| Total Increase in I Shares | 10695439 | 4862803 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 6192 | 11218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 4071 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (10046) | (8263) |
| Total Increase in Class S Shares | 217 | 6558 |
| **Net Increase in Shares Outstanding** | 10695656 | 4869361 |

---

*The accompanying notes are an integral part of the financial statements.*

**63**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2759646 | $2889259 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 2821426 | (4193967) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 3653413 | 15468708 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 9234485 | 14164000 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (2857167) | (2889430) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (2857167) | (2889430) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 52380427 | 50919625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 2854641 | 2001896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 11340 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (18617658) | (16819759) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from I Shares Transactions | 36628750 | 36106665 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 36628750 | 36106665 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 43006068 | 47381235 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 136005126 | 88623891 |
| &nbsp;&nbsp;&nbsp; End of Year | $179011194 | $136005126 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4325256 | 4544779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 236174 | 176646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1538757) | (1496819) |
| Total Increase in I Shares | 3022673 | 3224606 |
| **Net Increase in Shares Outstanding** | 3022673 | 3224606 |

---

*The accompanying notes are an integral part of the financial statements.* 

**64**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4098666 | $2898174 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 20935491 | 19399888 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 5509769 | 32997405 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 30543926 | 55295467 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (21652742) | (2731654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (43064) | (6794) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (21695806) | (2738448) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 88250151 | 61844743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 21610915 | 2174203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 14104 | 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (59490751) | (37764149) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from I Shares Transactions | 50384419 | 26262301 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 44282 | 246701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 43064 | 6794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (105129) | (331115) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Class S Shares Transactions | (17783) | (77620) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 50366636 | 26184681 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 59214756 | 78741700 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 234654152 | 155912452 |
| &nbsp;&nbsp;&nbsp; End of Year | $293868908 | $234654152 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4970713 | 3639772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1260444 | 125073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3331808) | (2212348) |
| Total Increase in I Shares | 2899349 | 1552497 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2508 | 14152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 2517 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5992) | (18701) |
| Total Decrease in Class S Shares | (967) | (4154) |
| **Net Increase in Shares Outstanding** | 2898382 | 1548343 |

---

*The accompanying notes are an integral part of the financial statements.*

**65**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(18840) | $267091 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 15719212 | 14897612 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 47292598 | 48980186 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 62992970 | 64144889 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (1429085) | (283620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (13956) | (1082) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1443041) | (284702) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 54254695 | 54888494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1427413 | 215704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 9973 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (63105997) | (45284717) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from I Shares Transactions | (7413916) | 9822815 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 187821 | 320413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 13956 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (274129) | (135337) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Class S Shares Transactions | (72352) | 186158 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | (7486268) | 10008973 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 54063661 | 73869160 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 230670206 | 156801046 |
| &nbsp;&nbsp;&nbsp; End of Year | $284733867 | $230670206 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2500258 | 3004415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 67225 | 11425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2889362) | (2475410) |
| Total Increase (Decrease)in I Shares | (321879) | 540430 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 8774 | 17389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 659 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (12634) | (7313) |
| Total Increase (Decrease) in Class S Shares | (3201) | 10134 |
| **Net Increase (Decrease) in Shares Outstanding** | (325080) | 550564 |

---

*The accompanying notes are an integral part of the financial statements.* 

**66**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $474889 | $610998 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 17564822 | 11739469 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (4551831) | 28623128 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 13487880 | 40973595 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (12343892) | (2741725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (8182) | (1321) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (12352074) | (2743046) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 29604549 | 27481811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 12335534 | 2574263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 3890 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (27347908) | (39147812) |
| Net Increase (Decrease) in Net Assets from I Shares Transactions | 14596065 | (9089370) |
| Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 12946 | 20882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 8183 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3188) | (2228) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from Class S Shares Transactions | 17941 | 19975 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | 14614006 | (9069395) |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 15749812 | 29161154 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 152347130 | 123185976 |
| &nbsp;&nbsp;&nbsp; End of Year | $168096942 | $152347130 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2249069 | 2127066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 929369 | 203917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2058358) | (2874133) |
| Total Increase (Decrease) in I Shares | 1120080 | (543150) |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1006 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 619 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (252) | (168) |
| Total Increase in Class S Shares | 1373 | 1551 |
| **Net Increase (Decrease) in Shares Outstanding** | 1121453 | (541599) |

---

*The accompanying notes are an integral part of the financial statements.* 

**67**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2322991 | $1841253 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 4125030 | 2800801 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 41605999 | 41759430 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 48054020 | 46401484 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (5198856) | (2562667) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (5198856) | (2562667) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 116147720 | 69027416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 5168866 | 2282541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 2368 | 23929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (63122825) | (31166173) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from I Shares Transactions | 58196129 | 40167713 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 58196129 | 40167713 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 101051293 | 84006530 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 188056020 | 104049490 |
| &nbsp;&nbsp;&nbsp; End of Year | $289107313 | $188056020 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 6137127 | 4356395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 281062 | 144374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3328868) | (1941413) |
| Total Increase in I Shares | 3089321 | 2559356 |
| **Net Increase in Shares Outstanding** | 3089321 | 2559356 |

---

*The accompanying notes are an integral part of the financial statements.*

**68**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **REAL ESTATE FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2767643 | $3083038 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 30217 | (11202418) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (11384303) | 46527832 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (8586443) | 38408452 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (4321082) | (2624538) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (4321082) | (2624538) |
| **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares |  | (420094) |
| &nbsp;&nbsp;&nbsp;**Total Return of Capital** |  | (420094) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 22835192 | 24314588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 4320099 | 2686146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 2316 | 4617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (21062097) | (28937266) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from I Shares Transactions | 6095510 | (1931915) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | 6095510 | (1931915) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (6812015) | 33431905 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 152182357 | 118750452 |
| &nbsp;&nbsp;&nbsp;End of Year | $145370342 | $152182357 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2799651 | 3074778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 535519 | 327434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2597267) | (3372453) |
| Total Increase in I Shares | 737903 | 29759 |
| **Net Increase in Shares Outstanding** | 737903 | 29759 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

**69**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year** <br> **Ended** <br> **October 31,** <br> **2025**  | **Year** <br> **Ended** <br> **October 31,** <br> **2024**  |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4074193 | $3598467 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 16717821 | 1178624 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 23666954 | 32110161 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 44458968 | 36887252 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (5362746) | (3886052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | (4507) | (2661) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (5367253) | (3888713) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 45395658 | 55605128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 5343299 | 3374654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 3939 | 4732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (39487000) | (45037046) |
| Net Increase in Net Assets from I Shares Transactions | 11255896 | 13947468 |
| Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 210542 | 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 4507 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5874) | (84485) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Class S Shares Transactions | 209175 | (68323) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 11465071 | 13879145 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 50556786 | 46877684 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 196184009 | 149306325 |
| &nbsp;&nbsp;&nbsp;End of Year | $246740795 | $196184009 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3333040 | 4457410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 392696 | 270095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2853774) | (3571781) |
| Total Increase in I Shares | 871962 | 1155724 |
| &nbsp;&nbsp;&nbsp;Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 14786 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 327 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (442) | (6820) |
| Total Increase (Decrease) in Class S Shares | 14671 | (5507) |
| **Net Increase in Shares Outstanding** | 886633 | 1150217 |

---

*The accompanying notes are an integral part of the financial statements.*

**70**

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income (Loss)\* | Net Realized and Unrealized Gain (Loss) on Investments | Total from Operations | Distributions from Net Investment Income | Distributions from Net Realized Capital Gains | Return of Capital | Total Distributions | Redemption Fees\*\* | | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (000) | Ratio of Expenses to Average Net Assets (including waivers and reimbursements) | Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate† |
| **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** | **Limited Duration Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $9.70 | $0.42 | $0.07 | $0.49 | $(0.41) | $– | $– | $(0.41) | $– | # | $9.78 | 5.18% | $236026 | 0.50% | 0.59% | 4.30% | 60% |
| 2024 | $9.50 | $0.39 | $0.18 | $0.57 | $(0.37) | $– | $– | $(0.37) | $– | # | $9.70 | 6.11% | $181825 | 0.50% | 0.58% | 3.99% | 82% |
| 2023 | $9.41 | $0.26 | $0.06 | $0.32 | $(0.23) | $– | $– | $(0.23) | $– | # | $9.50 | 3.46% | $183690 | 0.50% | 0.62% | 2.69% | 50% |
| 2022 | $10.02 | $0.12 | $(0.61) | $(0.49) | $(0.11) | $(0.01) | $– | $(0.12) | $– | # | $9.41 | (4.94)% | $142559 | 0.50% | 0.66% | 1.22% | 46% |
| 2021 | $10.09 | $0.11 | $(0.07) | $0.04 | $(0.11) | $– | $– | $(0.11) | $– | # | $10.02 | 0.43% | $139004 | 0.50% | 0.71% | 1.05% | 59% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $9.70 | $0.41 | $0.06 | $0.47 | $(0.40) | $– | $– | $(0.40) | $– |  | $9.77 | 4.97% | $81 | 0.60% | 0.69% | 4.20% | 60% |
| 2024 | $9.50 | $0.36 | $0.20 | $0.56 | $(0.36) | $– | $– | $(0.36) | $– |  | $9.70 | 5.98% | $68 | 0.60% | 0.68% | 3.73% | 82% |
| 2023 | $9.41 | $0.24 | $0.07 | $0.31 | $(0.22) | $– | $– | $(0.22) | $– |  | $9.50 | 3.36% | $230 | 0.60% | 0.72% | 2.55% | 50% |
| 2022 | $10.02 | $0.11 | $(0.61) | $(0.50) | $(0.10) | $(0.01) | $– | $(0.11) | $– |  | $9.41 | (5.03)% | $213 | 0.60% | 0.76% | 1.13% | 46% |
| 2021 | $10.09 | $0.10 | $(0.07) | $0.03 | $(0.10) | $– | $– | $(0.10) | $– |  | $10.02 | 0.33% | $79 | 0.60% | 0.81% | 0.97% | 59% |
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $8.72 | $0.37 | $0.16 | $0.53 | $(0.34) | $– | $– | $(0.34) | $– | # | $8.91 | 6.27% | $336528 | 0.50% | 0.57% | 4.26% | 36% |
| 2024 | $8.22 | $0.33 | $0.48 | $0.81 | $(0.31) | $– | $– | $(0.31) | $– | # | $8.72 | 9.92% | $236382 | 0.50% | 0.58% | 3.80% | 48% |
| 2023 | $8.48 | $0.28 | $(0.27) | $0.01 | $(0.27) | $– | $– | $(0.27) | $– | # | $8.22 | 0.04% | $182735 | 0.50% | 0.62% | 3.27% | 19% |
| 2022 | $10.43 | $0.23 | $(1.95) | $(1.72) | $(0.23) | $– | $– | $(0.23) | $– | # | $8.48 | (16.68)% | $145334 | 0.50% | 0.66% | 2.48% | 50% |
| 2021 | $10.61 | $0.23 | $(0.11) | $0.12 | $(0.24) | $(0.06) | $– | $(0.30) | $– | # | $10.43 | 1.12% | $136400 | 0.50% | 0.71% | 2.17% | 24% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $8.71 | $0.36 | $0.16 | $0.52 | $(0.34) | $– | $– | $(0.34) | $– |  | $8.89 | 6.05% | $972 | 0.60% | 0.67% | 4.15% | 36% |
| 2024 | $8.21 | $0.32 | $0.48 | $0.80 | $(0.30) | $– | $– | $(0.30) | $– |  | $8.71 | 9.83% | $951 | 0.60% | 0.68% | 3.69% | 48% |
| 2023 | $8.48 | $0.27 | $(0.28) | $(0.01) | $(0.26) | $– | $– | $(0.26) | $– |  | $8.21 | (0.18)% | $842 | 0.60% | 0.72% | 3.15% | 19% |
| 2022 | $10.41 | $0.22 | $(1.93) | $(1.71) | $(0.22) | $– | $– | $(0.22) | $– |  | $8.48 | (16.60)% | $883 | 0.60% | 0.76% | 2.35% | 50% |
| 2021 | $10.60 | $0.22 | $(0.12) | $0.10 | $(0.23) | $(0.06) | $– | $(0.29) | $– |  | $10.41 | 0.92% | $1155 | 0.60% | 0.82% | 2.07% | 24% |
| **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** |
| **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2025 | $11.69 | $0.21 | $0.53 | $0.74 | $(0.22) | $– | $– | $(0.22) | $– | # | $12.21 | 6.38% | $179011 | 1.93%<sup>(2)(3)(4)</sup> | 1.88%<sup>(3)(4)</sup> | 1.77%<sup>(3)(5)</sup> | 110% |
| 2024 | $10.54 | $0.29 | $1.14 | $1.43 | $(0.28) | $– | $– | $(0.28) | $– | # | $11.69 | 13.72% | $136005 | 1.85%<sup>(2)(4)(6)</sup> | 1.81%<sup>(4)(6)</sup> | 2.55%<sup>(5)(6)</sup> | 51% |
| 2023 | $11.33 | $0.25 | $(0.09) | $0.16 | $(0.23) | $(0.72) | $– | $(0.95) | $– | # | $10.54 | 1.52% | $88624 | 2.03%<sup>(2)(4)(7)</sup> | 2.05%<sup>(4)</sup> | 2.38%<sup>(5)</sup> | 119% |
| 2022 | $9.66 | $0.05 | $1.64 | $1.69 | $(0.02) | $– | $– | $(0.02) | $– | # | $11.33 | 17.55% | $66502 | 2.06%<sup>(4)(7)</sup> | 2.15%<sup>(4)</sup> | 0.45%<sup>(5)</sup> | 128% |
| 2021 | $8.61 | $(0.10) | $1.15 | $1.05 | $– | $– | $– | $– | $– | # | $9.66 | 12.20% | $33305 | 2.28%<sup>(4)(8)</sup> | 2.65%<sup>(4)(8)</sup> | (1.06)%<sup>(5)(8)</sup> | 97% |
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $18.41 | $0.28 | $1.74 | $2.02 | $(0.28) | $(1.36) | $– | $(1.64) | $– | # | $18.79 | 12.00% | $293388 | 0.75% | 0.75% | 1.56% | 53% |
| 2024 | $13.93 | $0.24 | $4.47 | $4.71 | $(0.23) | $– | $– | $(0.23) | $– | # | $18.41 | 33.92% | $234165 | 0.76% | 0.76% | 1.43% | 36% |
| 2023 | $14.29 | $0.19 | $0.26 | $0.45 | $(0.19) | $(0.62) | $– | $(0.81) | $– | # | $13.93 | 3.30% | $155484 | 0.90%<sup>(2)</sup> | 0.81% | 1.34% | 37% |
| 2022 | $16.26 | $0.17 | $(1.21) | $(1.04) | $(0.16) | $(0.77) | $– | $(0.93) | $– | # | $14.29 | (6.73)% | $137408 | 0.90%<sup>(2)</sup> | 0.84% | 1.15% | 36% |
| 2021 | $11.22 | $0.11 | $5.06 | $5.17 | $(0.13) | $– | $– | $(0.13) | $– | # | $16.26 | 46.23% | $125076 | 0.90% | 0.90% | 0.75% | 24% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $18.41 | $0.26 | $1.73 | $1.99 | $(0.26) | $(1.36) | $– | $(1.62) | $– |  | $18.78 | 11.84% | $481 | 0.85% | 0.85% | 1.48% | 53% |
| 2024 | $13.93 | $0.23 | $4.46 | $4.69 | $(0.21) | $– | $– | $(0.21) | $– |  | $18.41 | 33.79% | $489 | 0.86% | 0.86% | 1.34% | 36% |
| 2023 | $14.29 | $0.18 | $0.25 | $0.43 | $(0.17) | $(0.62) | $– | $(0.79) | $– |  | $13.93 | 3.20% | $428 | 1.00%<sup>(2)</sup> | 0.91% | 1.25% | 37% |
| 2022 | $16.26 | $0.16 | $(1.22) | $(1.06) | $(0.14) | $(0.77) | $– | $(0.91) | $– |  | $14.29 | (6.83)% | $419 | 1.00%<sup>(2)</sup> | 0.94% | 1.05% | 36% |
| 2021 | $11.22 | $0.10 | $5.06 | $5.16 | $(0.12) | $– | $– | $(0.12) | $– |  | $16.26 | 46.09% | $478 | 1.00% | 1.00% | 0.67% | 24% |
| **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $20.04 | $– | $5.55 | $5.55 | $(0.01) | $(0.12) | $– | $(0.13) | $– | # | $25.46 | 27.79% | $281868 | 0.75% | 0.75% | (0.01)% | 43% |
| 2024 | $14.31 | $0.02 | $5.74 | $5.76 | $(0.03) | $– | $– | $(0.03) | $– | # | $20.04 | 40.23% | $228349 | 0.76% | 0.76% | 0.13% | 44% |
| 2023 | $12.29 | $0.03 | $2.01 | $2.04 | $(0.01) | $– | $(0.01) | $(0.02) | $– | # | $14.31 | 16.63% | $155288 | 0.90%<sup>(2)</sup> | 0.81% | 0.19% | 44% |
| 2022 | $19.58 | $(0.02) | $(4.85) | $(4.87) | $– | $(2.42) | $– | $(2.42) | $– | # | $12.29 | (28.36)% | $116416 | 0.90%<sup>(2)</sup> | 0.87% | (0.15)% | 38% |
| 2021 | $15.42 | $(0.05) | $5.14 | $5.09 | $– | $(0.93) | $– | $(0.93) | $– | # | $19.58 | 34.10% | $138704 | 0.90% | 0.89% | (0.28)% | 78% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $19.92 | $(0.02) | $5.51 | $5.49 | $– | $(0.12) | $– | $(0.12) | $– |  | $25.29 | 27.66% | $2866 | 0.85% | 0.85% | (0.11)% | 43% |
| 2024 | $14.23 | $0.01 | $5.69 | $5.70 | $(0.01) | $– | $– | $(0.01) | $– |  | $19.92 | 40.06% | $2321 | 0.86% | 0.86% | 0.03% | 44% |
| 2023 | $12.23 | $0.01 | $2.01 | $2.02 | $(0.02) | $– | $– | $(0.02) | $– |  | $14.23 | 16.49% | $1513 | 1.00%<sup>(2)</sup> | 0.91% | 0.09% | 44% |
| 2022 | $19.50 | $(0.04) | $(4.81) | $(4.85) | $– | $(2.42) | $– | $(2.42) | $– |  | $12.23 | (28.39)% | $1163 | 1.00%<sup>(2)</sup> | 0.97% | (0.26)% | 38% |
| 2021 | $15.38 | $(0.07) | $5.12 | $5.05 | $– | $(0.93) | $– | $(0.93) | $– |  | $19.50 | 33.93% | $1625 | 1.00% | 0.99% | (0.37)% | 78% |

---

*The accompanying notes are an integral part of the financial statements.*

**72**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income (Loss)\* | Net Realized and Unrealized Gain (Loss) on Investments | Total from Operations | Distributions from Net Investment Income | Distributions from Net Realized Capital Gains | Return of Capital | Total Distributions | Redemption Fees\*\* | | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (000) | Ratio of Expenses to Average Net Assets (including waivers and reimbursements) | Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate† |
| **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $14.04 | $0.04 | $1.10 | $1.14 | $(0.07) | $(1.07) | $– | $(1.14) | $– | # | $14.04 | 8.64% | $167978 | 0.90% | 0.90% | 0.31% | 66% |
| 2024 | $10.82 | $0.05 | $3.40 | $3.45 | $(0.08) | $(0.15) | $– | $(0.23) | $– | # | $14.04 | 32.20% | $152247 | 0.90% | 0.90% | 0.40% | 71% |
| 2023 | $11.30 | $0.07 | $(0.36) | $(0.29) | $(0.10) | $(0.09) | $– | $(0.19) | $– | # | $10.82 | (2.58)% | $123126 | 0.98%<sup>(2)</sup> | 0.94% | 0.64% | 49% |
| 2022 | $15.54 | $0.03 | $(2.65) | $(2.62) | $(0.03) | $(1.59) | $– | $(1.62) | $– | # | $11.30 | (18.59)% | $122389 | 1.05%<sup>(2)</sup> | 0.97% | 0.23% | 38% |
| 2021 | $10.04 | $(0.05) | $5.55 | $5.50 | $– | $– | $– | $– | $– | # | $15.54 | 54.78% | $129178 | 1.05% | 1.02% | (0.32)% | 61% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $13.97 | $0.03 | $1.10 | $1.13 | $(0.06) | $(1.07) | $– | $(1.13) | $– |  | $13.97 | 8.59% | $119 | 1.00% | 1.00% | 0.21% | 66% |
| 2024 | $10.77 | $0.04 | $3.38 | $3.42 | $(0.07) | $(0.15) | $– | $(0.22) | $– |  | $13.97 | 32.07% | $100 | 1.00% | 1.00% | 0.27% | 71% |
| 2023 | $11.25 | $0.06 | $(0.36) | $(0.30) | $(0.09) | $(0.09) | $– | $(0.18) | $– |  | $10.77 | (2.69)% | $60 | 1.08%<sup>(2)</sup> | 1.04% | 0.54% | 49% |
| 2022 | $15.47 | $0.01 | $(2.62) | $(2.61) | $(0.02) | $(1.59) | $– | $(1.61) | $– | # | $11.25 | (18.61)% | $61 | 1.13%<sup>(2)</sup> | 1.05% | 0.06% | 38% |
| 2021 | $10.01 | $(0.06) | $5.52 | $5.46 | $– | $– | $– | $– | $– |  | $15.47 | 54.55% | $740 | 1.15% | 1.12% | (0.43)% | 61% |
| **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** |
| **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2025 | $17.60 | $0.19 | $3.67 | $3.86 | $(0.20) | $(0.27) | $– | $(0.47) | $– | # | $20.99 | 22.35% | $289107 | 0.25% | 0.46% | 1.04% | 13% |
| 2024 | $12.80 | $0.19 | $4.89 | $5.08 | $(0.19) | $(0.09) | $– | $(0.28) | $– | # | $17.60 | 39.93% | $188056 | 0.25% | 0.43% | 1.20% | 3% |
| 2023 | $11.84 | $0.18 | $0.97 | $1.15 | $(0.18) | $(0.01) | $– | $(0.19) | $– | # | $12.80 | 9.68% | $104049 | 0.25% | 0.60% | 1.42% | 8% |
| 2022 | $14.76 | $0.16 | $(2.85) | $(2.69) | $(0.15) | $(0.08) | $– | $(0.23) | $– | # | $11.84 | (18.39)% | $64355 | 0.25% | 0.60% | 1.24% | 4% |
| 2021 | $10.18 | $0.15 | $4.57 | $4.72 | $(0.14) | $– | $– | $(0.14) | $– |  | $14.76 | 46.61% | $40493 | 0.25% | 0.96% | 1.12% | 5% |
| **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** |
| **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2025 | $8.67 | $0.15 | $(0.63) | $(0.48) | $(0.24) | $– | $– | $(0.24) | $– | # | $7.95 | (5.52)% | $145370 | 1.00%<sup>(2)</sup> | 0.97% | 1.87% | 70% |
| 2024 | $6.78 | $0.17 | $1.89 | $2.06 | $(0.15) | $– | $(0.02) | $(0.17) | $– |  | $8.67 | 30.53% | $152182 | 1.00% | 1.03% | 2.10% | 114% |
| 2023 | $8.29 | $0.14 | $(0.80) | $(0.66) | $(0.18) | $(0.65) | $(0.02) | $(0.85) | $– |  | $6.78 | (8.90)% | $118750 | 1.00% | 1.05% | 1.75% | 88% |
| 2022 | $11.97 | $0.09 | $(1.49) | $(1.40) | $(0.15) | $(2.13) | $– | $(2.28) | $– | # | $8.29 | (15.77)% | $120537 | 1.00% | 1.07% | 0.94% | 132% |
| 2021 | $8.88 | $0.10 | $3.35 | $3.45 | $(0.17) | $(0.19) | $– | $(0.36) | $– |  | $11.97 | 39.65% | $119877 | 1.00% | 1.16% | 0.94% | 231% |
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
| **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** | **I Shares<sup>(1)</sup>** |
| 2025 | $12.76 | $0.25 | $2.51 | $2.76 | $(0.34) | $– | $– | $(0.34) | $– | # | $15.18 | 21.92% | $246367 | 1.10%<sup>(2)</sup> | 1.08% | 1.86% | 50% |
| 2024 | $10.50 | $0.24 | $2.28 | $2.52 | $(0.26) | $– | $– | $(0.26) | $– | # | $12.76 | 24.06% | $196056 | 1.10%<sup>(2)</sup> | 1.08% | 1.95% | 39% |
| 2023 | $9.58 | $0.22 | $0.89 | $1.11 | $(0.19) | $– | $– | $(0.19) | $– | # | $10.50 | 11.49% | $149143 | 1.10% | 1.13% | 1.95% | 47% |
| 2022 | $14.58 | $0.27 | $(3.85) | $(3.58) | $(0.27) | $(1.15) | $– | $(1.42) | $– |  | $9.58 | (26.80)% | $122313 | 1.10% | 1.16% | 2.34% | 50% |
| 2021 | $11.05 | $0.17 | $3.50 | $3.67 | $(0.14) | $– | $– | $(0.14) | $– | # | $14.58 | 33.26% | $150545 | 1.10% | 1.21% | 1.21% | 55% |
| **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| 2025 | $12.72 | $0.22 | $2.50 | $2.72 | $(0.32) | $– | $– | $(0.32) | $– |  | $15.12 | 21.72% | $374 | 1.20%<sup>(2)</sup> | 1.19% | 1.61% | 50% |
| 2024 | $10.46 | $0.19 | $2.31 | $2.50 | $(0.24) | $– | $– | $(0.24) | $– |  | $12.72 | 24.02% | $128 | 1.20%<sup>(2)</sup> | 1.18% | 1.58% | 39% |
| 2023 | $9.55 | $0.20 | $0.89 | $1.09 | $(0.18) | $– | $– | $(0.18) | $– |  | $10.46 | 11.32% | $163 | 1.20% | 1.23% | 1.84% | 47% |
| 2022 | $14.54 | $0.27 | $(3.85) | $(3.58) | $(0.26) | $(1.15) | $– | $(1.41) | $– |  | $9.55 | (26.88)% | $143 | 1.20% | 1.26% | 2.32% | 50% |
| 2021 | $11.02 | $0.16 | $3.49 | $3.65 | $(0.13) | $– | $– | $(0.13) | $– |  | $14.54 | 33.16% | $108 | 1.20% | 1.31% | 1.14% | 55% |

---

\* Per share data calculated using average shares method.

\*\* See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Total return and portfolio turnover
 rate are for the period indicated and have not been annualized. Total return would have been lower had the Adviser not waived a portion
 of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of
 Fund shares.

# Amount is less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective February 25, 2021, Investor
 Shares Class were converted to I Shares Class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Ratios include previously waived
 investment advisory fees recovered.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes dividend
 expense. Had this expense been excluded the ratios would have been 1.47%, 1.42%, and 2.22%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The fund will also indirectly bear
 their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this
 ratio.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Net investment income ratios do
 not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The expense ratio includes dividend
 expense. Had this expense been excluded the ratios would have been 1.50%, 1.46%, and 2.90%.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The expense ratio includes dividend
 expense. Had this expense been excluded the ratios would have been 1.50%.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The expense ratio includes dividend
 and interest expense. Had this expense been excluded the ratios would have been 1.50%, 1.86%, and (1.85)%.

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

**73**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization:** 

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under an Agreement and 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 47 funds. The financial statements herein are those of the Knights of Columbus Limited Duration Fund (the "Limited Duration Fund"), the Knights of Columbus Core Bond Fund (the "Core Bond Fund"), the Knights of Columbus Long/Short Equity Fund (the "Long/Short Equity Fund"), the Knights of Columbus Large Cap Value Fund (the "Large Cap Value Fund"), the Knights of Columbus Large Cap Growth Fund (the "Large Cap Growth Fund"), the Knights of Columbus Small Cap Fund (the "Small Cap Fund"), the Knights of Columbus U.S. All Cap Index Fund (the "U.S. All Cap Index Fund"), the Knights of Columbus Real Estate Fund (the "Real Estate Fund") and the Knights of Columbus International Equity Fund (the "International Equity Fund") (collectively the "Funds," individually a "Fund"), each of which is a diversified Fund, except the Large Cap Growth Fund and the Real Estate Fund, which are non-diversified Funds. The investment objective of the Limited Duration Fund and Core Bond Fund is to seek current income and capital preservation. The investment objective of the Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund is to seek long-term capital appreciation. The investment objective of the Real Estate Fund is to seek current income and capital appreciation. The U.S. All Cap Index Fund seeks investment results to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"). 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.

Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Funds. After the Conversion Date, Investor Shares will no longer be offered by the Funds, and were terminated as a separately designated class of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies:** 

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 applies 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 amount of assets and liabilities, disclosure of contingent assets and liabilities at 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 the NASDAQ Stock Market (the "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 on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), 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. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts' Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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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 de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value DS procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2025, the total market value of securities in the Core Bond Fund valued in accordance with fair value procedures was $233,588 or 0.07% of the Fund's net assets. As of October 31, 2025, the total market value of securities in the U.S. All Cap Index Fund valued in accordance with fair value procedures was $0 or 0.00% of the Fund's net assets.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC ("ICE") as a third party fair valuation vendor when the fair value trigger is met. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value theirs non-U.S. securities that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the "Administrator") and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their 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 under ASC 820 are described below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing procedures, etc.); and

Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For details of investment classifications, reference the Schedule of Investments.

*Federal Income Taxes* — It is each Fund's intention to continue 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, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

**75**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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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 deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. 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., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 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 period the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*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 October 31, 2025, the International Equity Fund accrued foreign tax in the amount of $368,415 as shown on the Statements of Assets and Liabilities.

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 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 gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements 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.

*Options Written/Purchased* — The Long/Short Equity Fund invested in financial options contracts to add return or to hedge their existing portfolio securities. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. The Long/Short Equity Fund did not hold option contracts as of October 31, 2025.

For the year ended October 31, 2025, the quarterly average balances of options held by the Long/Short Equity Fund was as follows:

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| | |
|:---|:---|
| Average Quarterly Market Value Balance Long | $306651 |
| Average Quarterly Market Value Balance Short | $— |

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**76**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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*Securities Sold Short* — Consistent with Long/Short Equity Fund's investment objectives, the Fund may engage in short sales. Short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until the Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund's short positions. As of October 31, 2025, the Long/Short Equity Fund had open short positions as disclosed in the Fund's Schedule of Investments.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. For the year ended October 31, 2025, the Fund earned rebate income of $2,517,567, which is included in interest income on the Statements of Operations. In addition, the Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short and recognized as "dividend expense" on the Statements of Operations.

Short sales are collateralized by cash deposits with the prime broker, Wells Fargo Bank, N.A., and pledged securities held at the custodian, Brown Brothers Harriman & Co. The collateral required is determined daily by reference to the market value on short positions.

The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the benchmark rate as defined in the prime brokerage agreement plus 150 basis points on the amount of any shortfall in the required cash margin. During the period, the benchmark rate consisted of a blended rate of the U.S. Overnight Bank Funding Rate and a predetermined spread rate. For the year ended October 31, 2025, the Fund did not incur any interest expense. In the event the Fund has excess cash collateral, the Fund receives interest income as defined in the prime brokerage agreement. During the period, the Fund had positive effective balance and earned daily income based on the benchmark rate. The blended rate included the U.S. Overnight Bank Funding Rate minus 45 basis points. For the year ended October 31, 2025, the Fund earned interest income of $152,173, which is included in interest income on the Statements of Operations.

*Swap Contracts* — The Long/Short Equity Fund and the U.S. All Cap Index Fund are authorized to enter into swap contracts, including total return swaps and equity swaps contracts. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument — which may be a single asset, a pool of assets or an index of assets — during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedule of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Fund's custodian.

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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There is the risk that the counterparty refuses to continue to enter into swap agreements with the Fund in the future, or requires increased fees, which could impair the Fund's ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund's ability to use leverage and reduce investment returns. In addition, if the Fund cannot locate a counterparty willing to enter into transactions with the Fund, it will not be able to implement its investment strategy. During the year ended October 31, 2025, the Funds' swap agreements were with one counterparty, Wells Fargo Bank, N.A.

For the year ended October 31, 2025, only the U.S. All Cap Index Fund employed total returns swaps. The quarterly average balances of swap contracts held by the Fund was as follows:

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| | |
|:---|:---|
| Average Quarterly Market Value Balance Long | $7283319 |
| Average Quarterly Market Value Balance Short | $7173063 |

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*Cash* — Idle cash may be swept into various time deposit accounts and money market sweep 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* — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

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

*Dividends and Distributions to Shareholders* — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

*Investments in REITs* — Dividend income from Real Estate Investment Trusts ("REIT") is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

*Redemption Fees* — The Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the year ended October 31, 2025, the Funds retained fees of $12,029, $14,496, $11,340, $9,973, $14,104, $3,890, $2,980, $2,316 and $3,939, respectively. For the year ended October 31, 2024, the Funds retained fees of $1,667, $885, $4,903, $7,504, $3,334, $2,368, $23,929, $4,617 and $4,732, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

*Segment Reporting* — In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new 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 Funds' Adviser 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 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 Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**78**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Derivative Transactions:** 

The following table shows the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments as of October 31, 2025 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Asset Derivatives | | | Liability Derivatives | | |
| | Statements of Assets and Liabilities | Fair Value | | Statements of Assets and Liabilities | Fair Value | |
| Knights of Columbus U.S. All Cap Index Fund | Knights of Columbus U.S. All Cap Index Fund |  |  |  |  |  |
| Equity contracts | Unrealized appreciation on swap contracts | $146362 | † | Unrealized depreciation on swap contracts | $– | † |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $146362 |  |  | $– |  |

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&nbsp;&nbsp;&nbsp;&nbsp;† Includes cumulative appreciation
 (depreciation) of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets
 and Liabilities for swap contracts that have paid premiums..

The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2025.

Amount of realized gain or (loss) on derivatives recognized in income:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased <br>Options and <br>Swaptions | Written <br>Options and <br>Swaptions | Futures | Forward <br>Currency <br>Contracts | Swaps | Total |
| Long/Short Equity Fund |  |  |  |  |  |  |
| Equity contracts | $(108484) | $— | $— | $— | $— | $(108484) |
| Total | $(108484) | $— | $— | $— | $— | $(108484) |
| U.S. All Cap Index Fund  |  |  |  |  |  |  |
| Equity contracts | $— | $— | $— | $— | $1066081 | $1066081 |
| Total | $— | $— | $— | $— | $1066081 | $1066081 |

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Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased <br>Options and <br>Swaptions | Written <br>Options and <br>Swaptions | Futures | Forward <br>Currency <br>Contracts | Swaps | Total |
| Long/Short Equity Fund |  |  |  |  |  |  |
| Equity contracts | $(132843) | $— | $— | $— | $— | $(132843) |
| Total | $(132843) | $— | $— | $— | $– | $(132843) |
| U.S. All Cap Index Fund |  |  |  |  |  |  |
| Equity contracts | $— | $— | $— | $— | $115876 | $115876 |
| Total | $— | $— | $— | $— | $115876 | $115876 |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Offsetting Assets and Liabilities:** 

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund's right of setoff is enforceable at law.

The International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to Over-the-Counter ("OTC") transactions, the Long/Short Equity Fund and the U.S. All Cap Index Fund have entered into master netting arrangements, established within the Funds' ISDA Master Agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

**79**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting marked-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the U.S. All Cap Index Fund as of October 31, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |  |  |
| Counterparty | Forward<br> Foreign<br> Currency<br> Contracts | Purchased<br> Options<br> and<br> Swaptions | Swap<br> Agreements | Total<br> Over<br> the<br> Counter | Forward<br> Foreign<br> Currency<br> Contracts | Written<br> Options<br> and<br> Swaptions | Swap<br> Agreements | Reverse<br> Repurchase<br> Agreements | Total<br> Over<br> the<br> Counter | Net Market<br> Value of<br> OTC<br> Derivatives | Collateral<br> (Received)<br> Pledged | Net<br> Exposures<sup>(1)</sup> |
| Wells Fargo | $— | $— | $146362 | $146362 | $— | $— | $— | $— | $— | $146362 | $— | $146362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net Exposures represents the net
 receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments
 can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions with Affiliates:** 

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.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, 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.

For the year ended October 31, 2025, the Funds were charged the following for these services, as shown on the Statements of Operations:

---

| | |
|:---|:---|
|  | CCO Fees |
| Limited Duration Fund | $5201 |
| Core Bond Fund | 7284 |
| Long/Short Equity Fund | 3997 |
| Large Cap Value Fund | 6815 |
| Large Cap Growth Fund | 6520 |
| Small Cap Fund | 4034 |
| U.S. All Cap Index Fund | 5949 |
| Real Estate Fund | 3665 |
| International Equity Fund | 5576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:** 

The Funds and SEI Investments Global Fund Services (the "Administrator") are parties to an Administration Agreement under which the Administrator provides management and administrative 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 October 31, 2025, the Funds were charged the following for these services, as shown on the Statements of Operations:

---

| | |
|:---|:---|
|  | Administration Fees |
| Limited Duration Fund | $112421 |

---

**80**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

---

| | |
|:---|:---|
|  | Administration Fees |
| Core Bond Fund | $154896 |
| Long/Short Equity Fund | 86391 |
| Large Cap Value Fund | 145714 |
| Large Cap Growth Fund | 137035 |
| Small Cap Fund | 85713 |
| U.S. All Cap Index Fund | 122683 |
| Real Estate Fund | 82416 |
| International Equity Fund | 121494 |

---

The Trust and the Distribution are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds' Class S Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds' shareholders.

For the year ended October 31, 2025, the Funds were charged the following for these services, as shown on the Statements of Operations:

---

| | |
|:---|:---|
|  | Shareholder Servicing<br> Fees |
| Limited Duration Fund | $74 |
| Core Bond Fund | 928 |
| Large Cap Value Fund | 454 |
| Large Cap Growth Fund | 2494 |
| Small Cap Fund | 106 |
| International Equity Fund | 205 |

---

For the year ended October 31, 2025, the Funds were charged the following rates for these services:

---

| | |
|:---|:---|
|  | Class S Shares |
| Limited Duration Fund | 0.10% |
| Core Bond Fund | 0.10% |
| Long/Short Equity Fund | N/A |
| Large Cap Fund | 0.10% |
| Large Cap Growth Fund | 0.10% |
| Small Cap Fund | 0.10% |
| U.S. All Cap Index Fund | N/A |
| Real Estate Fund | N/A |
| International Equity Fund | 0.10% |

---

SS&C Global Investor & Distribution Solutions, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

For the year ended October 31, 2025, the Funds were charged the following for these services, as shown on the Statements of Operations:

---

| | |
|:---|:---|
|  | Transfer Agent Fees |
| Limited Duration Fund | $42103 |
| Core Bond Fund | 49256 |
| Long/Short Equity Fund | 28094 |
| Large Cap Value Fund | 47945 |
| Large Cap Growth Fund | 46152 |
| Small Cap Fund | 37210 |
| U.S. All Cap Index Fund | 33698 |
| Real Estate Fund | 27682 |
| International Equity Fund | 43747 |

---

Brown Brothers Harriman & Co. serves 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 and sold by the Funds.

For the year ended October 31, 2025, the Funds were charged the following for these services, as shown on the Statements of Operations:

---

| | |
|:---|:---|
|  | Custodian Fees |
| Limited Duration Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $4714 |
| Core Bond Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 9124 |
| Long/Short Equity Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 7636 |

---

**81**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

---

| | |
|:---|:---|
|  | Custodian Fees |
| Large Cap Value Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $3980 |
| Large Cap Growth Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 4568 |
| Small Cap Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 7378 |
| U.S. All Cap Index Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 131790 |
| Real Estate Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 4603 |
| International Equity Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 30273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Investment Advisory Agreements and Sub-advisory Agreements:** 

Under the terms of the Advisory Agreement, the Adviser provides investment advisory services to the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund at 0.40%, 0.40%, 1.25%, 0.60%, 0.60%, 0.73%, 0.20%, 0.80%, and 0.90%, respectively, of each Fund's average daily net assets. As of October 31, 2025 the fees for these services were $808,924, $1,114,772, $1,942,213, $1,572,292, $1,478,681, $1,117,106, $441,634, $1,184,804 and $1,966,883 for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund, respectively.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, "excluded expenses")) for I Shares and Class S Shares from exceeding certain levels as set forth below until February 28, 2026 (each, a "contractual expense limit"). Refer to Note 1 for details regarding the termination of the Investor Shares during the 2021 period. 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 February 28, 2026. Accordingly, the contractual expense limitations for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund, and International Equity Fund are 0.50%, 0.50%, 1.50%, 0.90%, 0.90%, 1.05%, 0.25%, 1.00%, and 1.10%, respectively. As of October 31, 2025 the fees waived were $191,347, $211,248, and $462,246 for the Limited Duration Fund, Core Bond Fund, and U.S. All Cap Index Fund, respectively.

In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. For the year ended October 31, 2025, the Adviser recaptured previously waived fees in Long/Short Equity Fund, Real Estate Fund and International Equity Fund of $78,106, $52,047 and $30,741, respectively, as shown on the Statements of Operations.

As of October 31, 2025, fees previously waived and reimbursed by the Adviser which may be subject to possible future recapture are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Year** | **Subject to<br> Repayment<br> until October 31:** | Limited<br> Duration<br> Fund | Core Bond<br> Fund | Long/Short<br> Equity Fund | U.S. All Cap<br> Index Fund | Real Estate<br> Fund | International<br> Equity Fund |
| 2023 | 2026 | $192731 | $201983 | $25917 | $303121 | $68350 | $49478 |
| 2024 | 2027 | 151484 | 163221 | 1929 | 273935 | 40614 | 9868 |
| 2025 | 2028 | 191347 | 211248 | – | 462246 | – | – |
|  | Total | $535562 | $576452 | $27846 | $1039302 | $108964 | $59346 |

---

The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the "Advisory Agreement"), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the supervision of, and policies established by, the Board.

L2 Asset Management, LLC ("L2") and the Adviser have entered into an investment subadvisory agreement, dated September 10, 2019 (the "L2 Subadvisory Agreement"). Under the terms of the L2 Subadvisory Agreement, L2 serves as the investment subadviser for the Long/Short Equity Fund and U.S. All Cap Index Fund (the "L2 Subadvised Funds"), makes investment decisions for the L2 Subadvised Funds, and administers the investment program of the L2 Subadvised Funds, subject to the supervision of, and policies established by, the Adviser and the Board.

Ranger Global Real Estate Advisors, LLC ("Ranger") and the Adviser entered into an investment subadvisory agreement, dated July 24, 2019. As a result of a change-in-control of Ranger, an interim subadvisory agreement was signed on October 26, 2021. On February 15, 2022, a shareholder meeting was held whereby the shareholders of the Real Estate Fund voted to approve a new investment subadvisory agreement (the "Ranger Subadvisory Agreement"), which was entered into on that date. Under the terms of the Ranger Subadvisory Agreement, Ranger serves as the investment subadviser for the Real Estate Fund (the "Ranger Subadvised Fund), makes investment decisions for the Ranger Subadvised Fund, and administers the investment program of the Ranger Subadvised Fund, subject to the supervision of, and policies established by, the Adviser and the Board. The Ranger Subadvisory Agreement was terminated effective as of May 7, 2024.

**82**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

For the services provided pursuant to the L2 Subadvisory Agreement and the Ranger Subadvisory Agreement, each of L2 and Ranger, respectively, received an annual fee from the Adviser at the following annual rates based on the average daily net assets of each L2 Subadvised Fund and the Ranger Subadvised Fund, respectively.

---

| | |
|:---|:---|
|  | Sub-Adviser Fee Rate |
| Long/Short Equity Fund | 0.25% |
| U.S. All Cap Index Fund | 0.10% on the first $50 million of Fund assets |
|  | 0.05% on the next $50 million of Fund assets |
|  | 0.03% on the next $200 million of Fund assets |
|  | 0.02% on Fund assets over $300 million\* |
| Real Estate Fund | 0.60% |

---

\* Prior to December 1, 2024, the sub-advisory fee for the U.S. All Cap Index Fund was 0.10% of the average daily net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Investment Transactions:** 

For the year ended October 31, 2025, the Funds made purchases and sales of investment securities other than short-term securities and in-kind transactions as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales and<br> Maturities** |
| Limited Duration Fund | $114252973 | $46087917 | $43164803 | $67139079 |
| Core Bond Fund | 97734135 | 24599332 | 88379140 | 74782385 |
| Long/Short Equity Fund | 125200030 | 122101976 |  |  |
| Large Cap Value Fund | 169562232 | 136704874 |  |  |
| Large Cap Growth Fund | 103583912 | 106677351 |  |  |
| Small Cap Fund | 103755874 | 98555225 |  |  |
| U.S. All Cap Index Fund | 83154726 | 28609578 |  |  |
| Real Estate Fund | 106845606 | 102031827 |  |  |
| International Equity Fund | 108957664 | 105319271 |  |  |

---

The Long/Short Equity Fund included cost of purchases to cover securities sold short and the proceeds from securities sold short in the amounts of $248,391,326 and $251,811,191, respectively, for the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Federal Tax Information:** 

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal 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 such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily related to partnership adjustments, short sale dividends, passive foreign investment companies, swaps, REITS income reclassification to capital gain, India Capital Cain Tax Reclass, distribution reclassification, foreign currency gain/loss and paydown gain/loss reclassification. Certain permanent differences are charged or credited to distributable earnings (accumulated losses) or paid-in-capital as appropriate, in the period that the differences arise.

The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2025, except for the permanent reclassification and components of distributable earnings (accumulated losses), which are as of December 31, 2024. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2025.

**83**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

The tax character of dividends and distributions declared during the last two fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Total** |
| Limited Duration Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $8604216 | $— | $— | $8604216 |
| &nbsp;&nbsp;&nbsp;2024 | 7276353 |  |  | 7276353 |
| Core Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 11119828 |  |  | 11119828 |
| &nbsp;&nbsp;&nbsp;2024 | 7836014 |  |  | 7836014 |
| Long/Short Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2857167 |  |  | 2857167 |
| &nbsp;&nbsp;&nbsp;2024 | 2889430 |  |  | 2889430 |
| Large Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5269931 | 16425875 |  | 21695806 |
| &nbsp;&nbsp;&nbsp;2024 | 2738448 |  |  | 2738448 |
| Large Cap Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 94470 | 1348571 |  | 1443041 |
| &nbsp;&nbsp;&nbsp;2024 | 277694 | 7008 |  | 284702 |
| Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 824282 | 11527792 |  | 12352074 |
| &nbsp;&nbsp;&nbsp;2024 | 637970 | 2105076 |  | 2743046 |
| U.S. All Cap Index Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3872595 | 1326261 |  | 5198856 |
| &nbsp;&nbsp;&nbsp;2024 | 2097385 | 465282 |  | 2562667 |
| Real Estate Fund<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4321082 |  |  | 4321082 |
| &nbsp;&nbsp;&nbsp;2024 | 3044632 |  |  | 3044632 |
| International Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5367253 |  |  | 5367253 |
| &nbsp;&nbsp;&nbsp;2024 | 3888713 |  |  | 3888713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Real Estate Fund has a tax year
 end of December 31.

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gain** | **Capital<br> Loss<br> Carryforwards** | **Late Year<br> Loss<br> Deferral** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Other<br> Temporary<br> Differences** | **Total<br> Distributable<br> Earnings<br> (Accumulated<br> Losses)** |
| Limited Duration Fund | $801463 | $— | $(3657300) | $— | $1496997 | $(4) | $(1358844) |
| Core Bond Fund | 1151565 |  | (12561549) |  | (4268324) | (2) | (15678310) |
| Long/Short Equity Fund | 307414 |  | (1886758) |  | 20826754 | (19) | 19247391 |
| Large Cap Value Fund | 256420 | 21142315 |  |  | 55771616 |  | 77170351 |
| Large Cap Growth Fund |  | 15791224 |  | (104360) | 123603368 | 3 | 139290235 |
| Small Cap Fund | 1819737 | 15413410 |  |  | 24217496 |  | 41450643 |
| U.S. All Cap Index Fund | 1521349 | 4089393 |  |  | 81376691 | (1997) | 86985436 |
| Real Estate Fund<sup>(1)</sup> |  |  | (25795793) |  | 4605157 |  | (21190636) |
| International Equity Fund | 1393887 | 1790394 |  |  | 54800657 |  | 57984938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Real Estate Fund has a tax year
 end of December 31.

The Funds have capital losses carried forward as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br> Loss** | **Long-Term<br> Loss** | **Total** |
| Limited Duration Fund | $736641 | $2920659 | $3657300 |
| Core Bond Fund | 1853012 | 10708537 | 12561549 |
| Long/Short Equity Fund | 1886758 |  | 1886758 |

---

**84**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br> Loss** | **Long-Term<br> Loss** | **Total** |
| Real Estate Fund | $– $| 25795793 | $25795793 |

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During the year ended October 31, 2025, the Limited Duration Fund, Long/Short Equity Fund and the International Equity Fund utilized $798,266, 3,345,588 and $14,341,752, respectively, in net of short-term and long-term capital loss carryforwards to offset capital gains.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies, short positions, and deferred losses from wash sale transactions. For International Equity Fund, the difference in unrealized appreciation(depreciation) is attributable to Accrued Foreign Capital Gains Tax on Appreciated Securities. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held (including Foreign Currency) by the Fund at October 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate Gross<br> Unrealized<br> Appreciation** | **Aggregate Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Limited Duration Fund | $231271529 | $1711857 | $(214860) | $1496997 |
| Core Bond Fund | 334870244 | 4155504 | (8423828) | (4268324) |
| Long/Short Equity Fund | 103329560 | 24626612 | (3799858) | 20826754 |
| Large Cap Value Fund | 231531525 | 60439753 | (4668137) | 55771616 |
| Large Cap Growth Fund | 158240343 | 127392216 | (3788848) | 123603368 |
| Small Cap Fund | 139839053 | 31958699 | (7741203) | 24217496 |
| U.S. All Cap Index Fund | 197732551 | 90578175 | (9201484) | 81376691 |
| Real Estate Fund<sup>(1)</sup> | 142450291 | 8652462 | (7654863) | 997599 |
| International Equity Fund | 182705071 | 60031809 | (5231152) | 54800657 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Real Estate Fund has a tax year
 end of December 31.

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

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Concentration of Risks:** 

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders' investments in the Funds are set forth below.

*Market Risk* (All Funds) — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, social, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any public health emergencies (such as the spread of infectious diseases, epidemics, and pandemics), natural disasters and other similar events, 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 a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

*Catholic Values Investing Risk* (All Funds) — Each Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that a Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by any Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause a Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause a Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although each Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in a Fund may fail to achieve such objective.

**85**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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*Large Purchase and Redemption Risk* (All Funds) – Large purchases or redemptions of a Fund's shares may affect such Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund management or performance to the extent a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. The investment managers are committed to minimizing the impact of such transactions on a Fund, and may seek to effect the transactions in-kind, to the extent consistent with pursuing the investment objective of such Fund.

*Active Management Risk* (Core Bond Fund, Limited Duration Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, Real Estate Fund) – The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, causing a Fund to lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called "high turnover," may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of a Fund. Active and frequent trading may also result in adverse tax consequences.

*Equity Ris*k (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund) – Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, depositary receipts and shares of real estate investment trusts ("REITs"). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time, sometimes rapidly or unpredictability. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations. Depositary receipts and REITs are discussed elsewhere in this section.

*Large-Capitalization Company Risk* (Large Cap Growth Fund, Large Cap Value Fund, Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund) – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

*Quantitative Investing Risk* (Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund) — There is no guarantee that the use of quantitative models, algorithms, methods or other similar techniques, and the investments selected based on such techniques, will perform as expected, produce the desired results or enable a Fund to achieve its investment objective. A Fund may be adversely affected by imperfections, errors or limitations in construction and implementation (for example, limitations in a model, proprietary or third-party data imprecision or unavailability, software or other technology malfunctions, or programming inaccuracies) and the Adviser's ability to monitor and timely adjust the metrics or update the data or features underlying the model, algorithm or other similar analytical tools ("quantitative tools"). A Fund may also be adversely affected by the Adviser's ability to make accurate qualitative judgments regarding the quantitative tool's output or operational complications relating to any quantitative tool. Thus, a Fund is subject to the risk that any quantitative tools used by the Adviser will not be successful as to, for example, selecting or weighting investment positions, and that these tools may not perform as expected.

*Investment Style Risk* (Large Cap Growth Fund, Large Cap Value Fund and Long/Short Equity Fund) – The Adviser's growth investment style may increase the risks of investing in the Fund. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly when it appears that those expectations will not be met. In addition, a growth investing style may go in and out of favor over time, causing the Fund to sometimes underperform other equity funds that use differing investing styles.

**86**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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*Portfolio Turnover Risk* (Large Cap Growth Fund, Long/Short Equity Fund and Real Estate Fund) — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Fixed Income Risk* (Limited Duration Fund and Core Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and a Fund's investments. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities at reduced prices or under unfavorable conditions, therefore reducing the value of the Fund. Very low or negative interest rates may prevent a Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund's performance will be negatively impacted.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

*Interest Rate Risk* (Limited Duration Fund and Core Bond Fund) – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund's share price to fall. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

*Small- and Mid- Capitalization Company Risk* (U.S. Small Cap Index Fund and Real Estate Fund) — The small- and mid-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

*Real Estate Investment Trusts Risk* (U.S. All Cap Index Fund and Real Estate Fund) — 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, as discussed elsewhere in this section. 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.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the 1940 Act.

*Sector Emphasis Risk* (Long/Short Equity Fund and Real Estate Fund) — The securities of companies in the same business sector, if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.

*Credit Risk* (Limited Duration Fund and Core Bond Fund) — The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

*Non-Diversified Risk* (Large Cap Growth Fund and Real Estate Fund) — Each Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, each Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

**87**

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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*Liquidity Risk* (Limited Duration Fund and Core Bond Fund) — 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.

*Mortgage-Backed and Asset-Backed Securities Risk* (Limited Duration Fund and Core Bond Fund) — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

*Municipal Bonds Risk* (Limited Duration Fund and Core Bond Fund) — Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal bonds, to pay interest and principal on municipal bonds. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of a Fund's securities.

*Prepayment and Extension Risk* (Limited Duration Fund and Core Bond Fund) — When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations.

*High Yield Bond Risk* (Limited Duration Fund and Core Bond Fund) – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

*Derivatives Risk* (Long/Short Equity Fund and U.S. All Cap Index Fund) — The Funds' use of options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Moreover, regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

**88**

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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Options. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.

Swaps. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

*Foreign/Emerging Markets Securities Risk* (International Equity Fund) – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the Fund's portfolio. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

The Fund may invest in unsponsored American Depositary Receipts ("ADRs"), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

*Small-Capitalization Company Risk* (Small Cap Fund) — The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

*Real Estate Sector Risk* (Real Estate Fund) — Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies ("REOCs") have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund's investments in REITs or REOCs.

**89**

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

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*Foreign Currency Risk (International Fund)* – As a result of the Fund's investments in securities 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, in which case, the dollar value of an investment in the Fund would be adversely affected.

*Short Sales Risk* (Long/Short Equity Fund) — The Fund is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. The risk of such price increases is the principal risk of engaging in short sales. Reinvesting proceeds received from short selling may create leverage. These transactions may expose the Fund to greater risk and increase its costs. As an open-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act and the rules thereunder. Rule 18f-4 under the 1940 Act requires, among other things, that the Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage can amplify the effects of market volatility on the Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

In addition, the Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed at the commencement of the short sale and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when the Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. However, a dividend paid on a security sold short generally reduces the market value of the shorted security and thus, increases the Fund's unrealized gain or reduces the Fund's unrealized loss on its short sale transaction. To the extent that the dividend that the Fund is obligated to pay is greater than the return earned by the Fund on investments, the performance of the Fund will be negatively impacted. Furthermore, the Fund may be required to pay a premium or interest to the lender of the security. The foregoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.

*Information Technology Sector Risk* (Large Cap Growth Fund) — Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

*Indexing Strategy/Index Tracking Risk* (U.S. All Cap Index Fund) – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities. The Fund will seek to replicate the Knights of Columbus U.S. All Cap Index® (the "Index") returns, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. The Fund generally will buy and will not sell a security included in the Index as long as the security is part of the Index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Sub-Adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the Index and regulatory requirements also may impact the Fund's ability to match the return of the Index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

**90**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

*Industry Concentration Risk (U.S. All Cap Index Fund)* – The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Concentrating Fund investments in companies conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.

*Covered Call Risk* (Real Estate Fund) — The Fund may write (i.e., sell) covered call options, a type of derivative instrument. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder's decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.

*Preferred Stock Risk* (Real Estate Fund) — Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate of return. Preferred stocks are subject to issuer-specific risks (such as credit risk) and market risks applicable generally to equity securities. The market value of preferred stocks generally decreases when interest rates rise. Preferred stocks generally are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than the company's bonds and other debt instruments.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Funds. A more complete description of risks associated with the Funds is included in the prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Concentrations of Shareholders:** 

At October 31, 2025, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of<br> Shareholders<br> I Shares | % Ownership | No. of<br> Shareholders<br> Class S Shares | % Ownership |
| Limited Duration Fund | 2 | 58% | 3 | 100% |
| Core Bond Fund | 2 | 57% | 2 | 99% |
| Long/Short Equity Fund | 1 | 62% |  |  |
| Large Cap Value Fund | 2 | 48% | 3 | 92% |
| Large Cap Growth Fund | 2 | 52% | 1 | 89% |
| Small Cap Fund | 2 | 62% | 3 | 100% |
| U.S. All Cap Index Fund | 2 | 46% |  |  |
| Real Estate Fund | 2 | 84% |  |  |
| International Equity Fund | 2 | 49% | 1 | 84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Indemnifications:** 

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 claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Recent Accounting Pronouncement:** 

In December 2023, the 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. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Subsequent Events:** 

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

**91**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Advisors' Inner Circle Fund III and Shareholders of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund (nine of the funds constituting The Advisors' Inner Circle Fund III, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' 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 Funds 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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 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. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 29, 2025

We have served as the auditor of one or more investment companies in Knights of Columbus Asset Advisors LLC since 2015.

**92**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

**NOTICE TO SHAREHOLDERS (Unaudited)**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Return<br> of<br> Capital | Long Term<br> Capital Gain<br> Distribution | Ordinary<br> Income<br> Distributions | Total<br> Distributions | Dividends<br> Qualifying for<br> Corporate<br> Dividend<br> Receivable<br> Deduction<sup>(1)</sup> | Qualifying<br> Dividend<br> Income<sup>(2)</sup> | U.S.<br> Government<br> Interest<sup>(3)</sup> | Qualified<br> Interest<br> Income<sup>(4)</sup> | Qualified<br> Short<br> Term Capital<br> Gain<sup>(5)</sup> | Foreign<br> Tax<br> Credit<sup>(6)</sup> | Qualifying<br> Business<br> Income<sup>(7)</sup> |
| Limited Duration Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 29.54% | 35.40% | 0.00% | 0.00% | 0.00% |
| Core Bond Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 24.65% | 53.05% | 0.00% | 0.00% | 0.00% |
| Long/Short Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 1.19% | 25.35% | 0.00% | 71.91% | 0.00% | 0.00% | 0.00% |
| Large Cap Value Fund | 0.00% | 75.71% | 24.29% | 100.00% | 95.78% | 98.47% | 0.00% | 3.85% | 100.00% | 0.00% | 6.41% |
| Large Cap Growth Fund | 0.00% | 93.45% | 6.55% | 100.00% | 100.00% | 100.00% | 0.00% | 11.25% | 0.00% | 0.00% | 0.00% |
| Small Cap Fund | 0.00% | 93.33% | 6.67% | 100.00% | 33.91% | 46.04% | 0.00% | 4.02% | 100.00% | 0.00% | 22.44% |
| U.S. All Cap Index Fund | 0.00% | 25.51% | 74.49% | 100.00% | 54.66% | 62.71% | 0.00% | 6.08% | 100.00% | 0.00% | 3.68% |
| Real Estate Fund | 9.26% | 0.00% | 90.74% | 100.00% | 0.00% | 0.00% | 0.00% | 7.66% | 0.00% | 0.00% | 84.00% |
| International Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.05% | 91.02% | 0.00% | 3.06% | 0.00% | 13.46% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions during the fiscal year ended October 31, 2025. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2025. The total amount of foreign source income for the International Equity Fund is $4,931,927. The total amount of foreign tax paid for the International Equity Fund is $834,453. Your allocation share of the foreign tax credit will be reported on form 1099-DIV.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *The percentage of this column represents that amount of ordinary dividend income that qualifed for 20% Business Income Deduction.* 

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

**93**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (UNAUDITED)**

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

Not applicable.

***Item 9. Proxy Disclosures for Open-End Management Investment Companies.***

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of the Advisors' Inner Circle III Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his other favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

---

| | | | |
|:---|:---|:---|:---|
|  | **Votes For** | **Votes Withheld** | **Proposal Passing** |
| **John G. Alshefski** | 1662873478 | 5330326 | Yes |
| **Jon C. Hunt** | 1574558027 | 93645777 | Yes |
| **Thomas P. Lemke** | 1627701282 | 40502522 | Yes |
| **Nichelle Maynard-Elliott** | 1642537284 | 25666520 | Yes |
| **Jay C. Nadel** | 1647431408 | 20772396 | Yes |
| **Randall S. Yanker** | 1627734666 | 40469138 | Yes |

---

***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.***

Not applicable.

**94**

**Knights of Columbus Funds**

P.O. Box 219009

Kansas City, MO 64121

1-844-KC-FUNDS (1-844-523-8637)

**Investment Adviser**

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, CT 06510

**Investments Subadviser**

L2 Asset Management, LLC

66 Glezen Lane,

Wayland, MA 01778

**Distributor**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel**

Morgan, Lewis & Bockius, LLP

2222 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a

current prospectus for the Funds described.

KOC-AR-001-1100

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

Included under Item 7.

 **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; [Code of Ethics attached hereto.](fp0096593-1_ex99code.htm)

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0096593-1_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp; [Change in Registrant's Independent Public Accountant attached hereto.](fp0096593-1_ex9919a5.htm)

(a)(5)(ii) [Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.](fp0096593-1_ex9919a5ii.htm)

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0096593-1_ex99906cert.htm)

**SIGNATURES**

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.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: January 8, 2026 |  |

---

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.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: January 8, 2026 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: January 8, 2026 |  |

---

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to
provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund III (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund III (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.19

Effective March 26, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Deloitte & Touche LLP ("D&T") as the independent registered public accounting firm for the MetLife Core Plus Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

D&T's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Fund's two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of D&T, would have caused D&T to make reference to the subject matter of the disagreement in connection with D&T's reports on the financial statements. In addition, there have been no reportable events of the kind described in item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Fund.

The Fund has provided D&T with a copy of the foregoing disclosures and have requested that D&T furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether D&T agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which D&T does not agree. A copy of the letter from D&T to the SEC is filed as an exhibit to this Form N-CSR.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based on the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co.") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co. on items which: (1) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co. concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(v) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Effective September 10, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Ernst & Young LLP ("E&Y") as the independent registered public accounting firm for the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

E&Y's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During each of the Fund's two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the disagreement in connection with E&Y's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended, with respect to the Fund.

The Fund has provided E&Y with a copy of the foregoing disclosures and has requested that E&Y furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether E&Y agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which E&Y does not agree. A copy of the letter from E&Y to the SEC is filed as an exhibit to this Form N-CSR.

On September 10, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

## Exhibit 99.19

March 28, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for MetLife Core Plus Fund, one of the funds constituting The Advisors' Inner Circle Fund III (Investment Company Act file number 811-22920) (the "Fund") and, under the date of December 20, 2024, we reported on the statement of assets and liabilities, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively, the financial statements). On March 26, 2025, based upon the approval of the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust"), we resigned our appointment as independent public accountant.

We have read the statements made by the Fund which we understand will be filed with the Commission pursuant to Item 13(a)(4) of Form N-CSR dated on or about December 30, 2025, and we agree with such statements, except that we are not in a position to agree or disagree with the Fund's statements that the Audit Committee of the Board of Trustees of the Trust (1) approved and recommended the decision to change independent accountants; and (2) approved and recommended the decision to appoint Cohen & Company, Ltd. as the Fund's independent accountant.

Very truly yours,

/s/ Deloitte & Touche LLP

---

| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> One Commerce Square<br> Suite 700<br> 2005 Market Street<br> Philadelphia, PA 19103 | Tel: +1 215 448 5000<br> Fax: +1 215 448 5500<br> ey.com |

---

January 5, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Item 8 to Form N-CSR dated October 31, 2025 of The Advisors' Inner Circle Fund III and are in agreement with the statements contained in paragraphs 2 and 3 therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

*/s/* Ernst & Young LLP

Philadelphia, Pennsylvania

A member firm of Ernst & Young Global Limited

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---