# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-012785
**Filing Date:** 2025-7
**Character Count:** 208060
**Document Hash:** 46a4e8054104cbb07bc2add39eb9989e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012785.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012785

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251108562

**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

### PineBridge Dynamic Asset Allocation Fund (Series ID: S000052180)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000164186 | Investor Servicing Shares | PDAVX           |
| C000164187 | Institutional Shares      | PDAIX           |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**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: April 30, 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](i6db69747520438c6f21ac1fa.jpg)

## PineBridge Dynamic Asset Allocation Fund

## Institutional Shares - PDAIX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional. You can also request this information by contacting us at 877-225-4164.

## What were the Fund costs for the last six months?
(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> |
| PineBridge Dynamic Asset Allocation Fund, Institutional Shares | $37 | 0.75% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $116365306 | 857 | $183272 | 80% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i71855e2283edefc6bd328aa1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.1% |
| Forward Contracts | 0.5% |
| Other Countries | 4.3% |
| Netherlands | 0.7% |
| Taiwan | 1.0% |
| Germany | 1.1% |
| Switzerland | 1.1% |
| France | 1.8% |
| United Kingdom | 2.3% |
| China | 2.3% |
| India | 3.7% |
| Exchange-Traded Fund | 4.1% |
| Hong Kong | 4.3% |
| Japan | 8.7% |
| United States | 57.2% |

---

---

| | |
|:---|:---|
| 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>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Invesco DB Precious Metals Fund | 4.0% |
| U.S. Treasury Bills, 4.26%, 7/10/2025 | 3.8% |
| U.S. Treasury Bills, 4.23%, 5/15/2025 | 2.9% |
| U.S. Treasury Bills, 4.23%, 6/3/2025 | 2.9% |
| Microsoft | 1.6% |
| NVIDIA | 0.9% |
| Tencent Holdings | 0.8% |
| JPMorgan Chase | 0.7% |
| Crowdstrike Holdings, Cl A | 0.7% |
| Alibaba Group Holding | 0.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## 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:

* 877-225-4164 

* https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i3046c923f745cfc0585e5840.jpg)

## 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 877-225-4164 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.

![Image](i6db69747520438c6f21ac1fa.jpg)

## PDAIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i6db69747520438c6f21ac1fa.jpg)

## PineBridge Dynamic Asset Allocation Fund

## Investor Servicing Shares - PDAVX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Investor Servicing Shares of the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional. You can also request this information by contacting us at 877-225-4164.

## What were the Fund costs for the last six months?
(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> |
| PineBridge Dynamic Asset Allocation Fund, Investor Servicing Shares | $45 | 0.90% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $116365306 | 857 | $183272 | 80% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i79062fe60e6715e572812c5b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.1% |
| Forward Contracts | 0.5% |
| Other Countries | 4.3% |
| Netherlands | 0.7% |
| Taiwan | 1.0% |
| Germany | 1.1% |
| Switzerland | 1.1% |
| France | 1.8% |
| United Kingdom | 2.3% |
| China | 2.3% |
| India | 3.7% |
| Exchange-Traded Fund | 4.1% |
| Hong Kong | 4.3% |
| Japan | 8.7% |
| United States | 57.2% |

---

---

| | |
|:---|:---|
| 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>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Invesco DB Precious Metals Fund | 4.0% |
| U.S. Treasury Bills, 4.26%, 7/10/2025 | 3.8% |
| U.S. Treasury Bills, 4.23%, 5/15/2025 | 2.9% |
| U.S. Treasury Bills, 4.23%, 6/3/2025 | 2.9% |
| Microsoft | 1.6% |
| NVIDIA | 0.9% |
| Tencent Holdings | 0.8% |
| JPMorgan Chase | 0.7% |
| Crowdstrike Holdings, Cl A | 0.7% |
| Alibaba Group Holding | 0.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## 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:

* 877-225-4164 

* https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i3046c923f745cfc0585e5840.jpg)

## 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 877-225-4164 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.

![Image](i6db69747520438c6f21ac1fa.jpg)

## PDAVX-SAR-2025**

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](fp0093741-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Financial Statements (Form N-CSRS Item 7)** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **31** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **32** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **34** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **35** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** | **39** |
| **Other Information (Form N-CSRS Items 8-11)** | **64** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 73.6%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paladin Energy \* | 9565 | $35890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WiseTech Global | 2059 | 117080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xero \* | 1092 | 115002 |
|  |  | 267972 |
| **Belgium — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UCB | 609 | 111654 |
| **Brazil — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre \* | 39 | 90903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo | 11463 | 39024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIM | 41406 | 137822 |
|  |  | 267749 |
| **China — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 44800 | 33438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 55286 | 825422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl A | 5800 | 19219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 23500 | 22106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beijing Career International, Cl A | 5000 | 22959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD, Cl A | 100 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl A | 30200 | 16564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 39800 | 30199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Vanke, Cl A \* | 9500 | 8911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 1100 | 35171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujian Sunner Development, Cl A | 10500 | 23201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 4400 | 27609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangdong Haid Group, Cl A | 4200 | 32069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangxi Liugong Machinery, Cl A | 6600 | 9042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangxi LiuYao Group, Cl A | 4000 | 9319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Han's Laser Technology Industry Group, Cl A | 5100 | 16249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 5100 | 27259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 26200 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 12700 | 36524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 5700 | 23356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 2800 | 19677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 100 | 21305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 6700 | 13566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 5300 | 22560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nantong Jianghai Capacitor, Cl A | 4200 | 10554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1300 | 9049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 1700 | 11879 |

---

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

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 4200 | $9405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sailun Group, Cl A | 5300 | 8922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 2000 | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 2200 | 21823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 10963 | 91529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzhou Gold Mantis Construction Decoration, Cl A | 18000 | 8597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 1600 | 12004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weifu High-Technology Group, Cl A | 8100 | 21777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellhope Foods, Cl A \* | 10100 | 11616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yifeng Pharmacy Chain, Cl A | 2700 | 10528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YTO Express Group, Cl A | 12200 | 22006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus, Cl A | 10900 | 40281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology, Cl A | 6400 | 13884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 4200 | 15525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 1200 | 14032 |
|  |  | 1663429 |
| **Denmark — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSV | 111 | 23527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk, Cl B | 2733 | 182733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems | 640 | 8533 |
|  |  | 214793 |
| **Finland — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortum | 5144 | 86247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kone, Cl B | 203 | 12572 |
|  |  | 98819 |
| **France — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 1265 | 214658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bureau Veritas | 211 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 1646 | 178950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation | 108 | 38941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legrand | 2595 | 285190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal | 532 | 235072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 287 | 158977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safran | 875 | 232855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi | 2111 | 230926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 737 | 172197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics | 2574 | 58515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales | 488 | 136700 |

---

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

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | 983 | $138079 |
|  |  | 2087758 |
| **Germany — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding | 255 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post | 581 | 24825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies | 1841 | 60979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines | 289 | 100025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall | 233 | 396811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 1825 | 533974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | 426 | 98091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy \* | 345 | 26628 |
|  |  | 1251578 |
| **Greece — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUMBO | 2441 | 77068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 17113 | 96107 |
|  |  | 173175 |
| **Hong Kong — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 162000 | 104801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 27750 | 306000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 8720 | 153071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 180099 | 147938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank, Cl H | 69000 | 29961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Literature \* | 15200 | 52781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 35000 | 15059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl H | 53000 | 21314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Music \* | 1750 | 40927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Buy Holding \* | 18500 | 28802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 34343 | 72096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl H | 8928 | 12725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Health International \* | 37950 | 180081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Cl A | 13200 | 214915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsoft | 35000 | 174384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 35100 | 231670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | 81304 | 94034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 28534 | 472450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | 13700 | 294500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 10667 | 63843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | 15778 | 966418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 46800 | 122757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group | 6197 | 373312 |

---

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

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 7387 | $47293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \* | 28400 | 41010 |
|  |  | 4262142 |
| **Hungary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1575 | 116342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 2892 | 87711 |
|  |  | 204053 |
| **India — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Engineering | 1016 | 38441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amara Raja Energy & Mobility | 7381 | 85029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance | 690 | 70405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Baroda | 90166 | 266807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of India | 76700 | 104698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics | 12300 | 45750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caplin Point Laboratories | 1700 | 37804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaman Lal Setia Exports | 2800 | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Info Systems | 5400 | 28143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dhanuka Agritech | 600 | 9259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dodla Dairy | 2270 | 27934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eClerx Services | 400 | 11868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elecon Engineering | 5200 | 33548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emami | 13100 | 96703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Insurance Corp of India | 7000 | 34572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHCL | 2000 | 13764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gland Pharma | 2450 | 40623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granules India | 1800 | 9717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 15378 | 349295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Unilever | 1684 | 46753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honasa Consumer \* | 6582 | 19274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank ADR | 3500 | 117460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 10156 | 170715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Bank | 27900 | 186472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Energy Exchange | 19000 | 42757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 13625 | 126775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 200 | 12462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSB | 2800 | 24313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Aluminium | 45400 | 84172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NHPC | 31500 | 31926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orchid Pharma \* | 550 | 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronet LNG | 21200 | 78707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Electroplast | 6800 | 68140 |

---

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

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycab India | 1100 | $71780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Punjab National Bank | 46400 | 55017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries | 5479 | 90975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shree Cement | 150 | 52734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stylam Industries \* | 500 | 9315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 1650 | 35786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | 3914 | 159769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Bank of India | 68500 | 102010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Updater Services \* | 2300 | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zydus Lifesciences | 4000 | 42113 |
|  |  | 2957047 |
| **Indonesia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 157649 | 83821 |
| **Ireland — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerry Group, Cl A | 2007 | 212464 |
| **Italy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo | 2180 | 113335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prysmian | 1222 | 67127 |
|  |  | 180462 |
| **Japan — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantest | 3700 | 154793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ajinomoto | 6800 | 139088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asics | 900 | 19345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chiba Bank | 16100 | 143153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chugai Pharmaceutical | 5236 | 301644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concordia Financial Group | 42300 | 273595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings | 53100 | 383406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Electric | 600 | 26680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Oil Holdings | 4200 | 92141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings | 6100 | 124943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujitsu | 3300 | 73311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group | 4400 | 116249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Yuasa | 6200 | 108902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi | 22922 | 566529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 700 | 82366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insource | 14600 | 93486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITOCHU | 5500 | 281286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Post Bank | 24100 | 247795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Post Insurance | 6500 | 130670 |

---

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

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JCR Pharmaceuticals | 11400 | $39737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JMDC \* | 2400 | 54148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence | 1029 | 430216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kobe Bussan | 3300 | 100848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A Capital Partners | 4800 | 92362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meiko Electronics | 2100 | 92248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micronics Japan | 4100 | 86865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MINEBEA MITSUMI | 5400 | 79143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical | 6200 | 94466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 42500 | 535463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan | 14800 | 146678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group | 9200 | 230024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morinaga Milk Industry | 4500 | 106932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEC | 10200 | 248297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone | 304400 | 318182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osaka Soda | 9300 | 96953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings | 4600 | 141622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raito Kogyo | 2900 | 53939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rengo | 6900 | 38519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings | 23600 | 189314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohto Pharmaceutical | 5200 | 86981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saizeriya | 2700 | 87037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sawai Group Holdings | 4400 | 63401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 5300 | 161287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shizuoka Financial Group | 13600 | 151131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Perfect JSAT Holdings | 11900 | 96201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group | 14400 | 379912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group | 18500 | 441359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Holdings | 7600 | 188014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor | 11100 | 133019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T&D Holdings | 8200 | 174485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takasago Thermal Engineering | 3600 | 159278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron | 600 | 89339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyu | 8200 | 99450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha | 1700 | 109898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor | 14900 | 284581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasure Factory | 6800 | 91647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trend Micro | 3500 | 251127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonex | 1000 | 16363 |
|  |  | 9599848 |

---

 

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

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca Continental | 6226 | $65570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentera | 52179 | 90971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico | 14720 | 76383 |
|  |  | 232924 |
| **Netherlands — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR \* | 272 | 175478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASM International | 416 | 203336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | 453 | 303257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries | 511 | 55343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InPost \* | 3053 | 51571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer | 131 | 23129 |
|  |  | 812114 |
| **Norway — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kongsberg Gruppen | 463 | 74593 |
| **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS | 4308 | 66747 |
| **South Africa — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 17079 | 66870 |
| **South Korea — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | 3654 | 142570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | 1881 | 234698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woori Financial Group | 7948 | 98973 |
|  |  | 476241 |
| **Spain — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SME | 39 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endesa | 1184 | 35559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial | 251 | 12244 |
|  |  | 57600 |
| **Sweden — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alfa Laval | 153 | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assa Abloy, Cl B | 584 | 17727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco, Cl A | 1532 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco, Cl B | 870 | 12081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc, Cl A | 333 | 7204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B | 1706 | 79439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvik | 605 | 12490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo, Cl B | 891 | 24220 |
|  |  | 183220 |

---

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

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB | 5996 | $316653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geberit | 19 | 13162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuehne + Nagel International | 29 | 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lonza Group | 194 | 139391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle | 2419 | 257472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis | 2197 | 250584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding | 756 | 247202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schindler Holding | 22 | 8046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGS | 83 | 8106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VAT Group | 173 | 62451 |
|  |  | 1309746 |
| **Taiwan — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | 6000 | 111758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | 1832 | 33502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 17605 | 78435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Largan Precision | 1083 | 77209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | 3906 | 165978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 20680 | 585958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wiwynn | 2000 | 120363 |
|  |  | 1173203 |
| **Turkey — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank | 14017 | 17812 |
| **United Kingdom — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings ADR \* | 754 | 85994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group | 249 | 13329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | 1648 | 236102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 14210 | 329424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunzl | 208 | 6536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coats Group | 33025 | 31982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | 498 | 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK | 13304 | 263188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals | 3652 | 96776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intertek Group | 101 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 6841 | 39769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX | 1040 | 56758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX ADR | 3693 | 201748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial | 1294 | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings | 28687 | 290382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Group | 6927 | 114840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirax Group | 2392 | 188527 |

---

 

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

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weir Group | 12824 | $386559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yellow Cake \* | 10892 | 62707 |
|  |  | 2441528 |
| **United States — 47.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Cl A | 3999 | 635041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 2525 | 69942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast, Cl A | 4957 | 169530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts | 365 | 52958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group | 1404 | 41643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 999 | 548451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times, Cl A | 321 | 16711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 97 | 14517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 119 | 19386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications | 2112 | 93055 |
|  |  | 1661234 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A \* | 114 | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 1262 | 153863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 4324 | 144551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv | 159 | 14824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | 31 | 158078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores \* | 122 | 27455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs | 161 | 14556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | 266 | 53370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 353 | 39123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 99 | 18587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 461 | 88922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DR Horton | 1023 | 129246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 55 | 21421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay | 842 | 57391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group | 1078 | 169171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 203 | 14502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop, Cl A \* | 684 | 19056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors | 3484 | 157616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex | 597 | 13003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 253 | 45128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block | 889 | 53669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 232 | 52311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | 778 | 280461 |

---

 

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

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A | 111 | $12507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear | 178 | 15263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar, Cl A | 1516 | 164653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder, Cl A \* | 158 | 13490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 51 | 14931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | 1122 | 250834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 192 | 51988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Cl A | 312 | 74437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel \* | 808 | 12839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's | 555 | 177406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA | 28 | 13960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Cl B | 1303 | 73489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR \* | 20 | 142515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 115 | 12203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 70 | 99064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 163 | 15418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | 126 | 36936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup | 1056 | 108324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH | 198 | 13658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 181 | 40716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores | 449 | 62411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service International | 267 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Cl A \* | 276 | 13254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks | 1171 | 93739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | 926 | 65422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 221 | 12674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International | 299 | 18257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Cl A | 110 | 18256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries | 132 | 9559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX | 1081 | 139103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | 1155 | 116505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild \* | 59 | 17450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | 115 | 16008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool | 117 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma | 509 | 78625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop | 63 | 16625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 145 | 12368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands | 395 | 59424 |
|  |  | 3858787 |

---

 

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

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group | 1740 | $102921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands \* | 223 | 17202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 214 | 25158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | 59 | 27293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight | 525 | 52153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox | 293 | 41694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 9 | 12202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive | 953 | 87857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | 343 | 341114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients \* | 380 | 12232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty \* | 125 | 7734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion | 479 | 63621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark | 491 | 64704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear \* | 281 | 11209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage \* | 1184 | 71182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group \* | 277 | 22343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International | 663 | 113612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | 1600 | 260112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 140 | 23940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding \* | 399 | 26198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart | 3732 | 362937 |
|  |  | 1747418 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources \* | 497 | 17311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy | 345 | 35845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron | 1123 | 152795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | 171 | 15429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources | 311 | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 1001 | 89209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy | 2419 | 59411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | 589 | 64984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 3110 | 328509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | 467 | 14043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources | 297 | 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV | 1603 | 18611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv | 540 | 18133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 1236 | 14585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources | 474 | 16083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy \* | 12235 | 64234 |
|  |  | 929400 |

---

 

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

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac | 737 | $80097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | 252 | 49994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 524 | 17114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial | 141 | 66414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management ‡ | 1114 | 21834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon, Cl A | 221 | 78409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management | 877 | 119693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group | 596 | 54045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management, Cl A | 485 | 73977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher | 280 | 89793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 10420 | 415550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 297 | 12652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 789 | 420734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Funding | 120 | 109711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | 1846 | 243137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 2335 | 43268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield | 2483 | 133263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | 495 | 54747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 426 | 12465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group | 911 | 35201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets | 207 | 45913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb | 337 | 96409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 2579 | 176352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Cl A | 625 | 173175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | 467 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica | 275 | 14781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares | 248 | 15064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen | 108 | 12579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | 234 | 20019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings | 508 | 25121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | 274 | 15599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Cl A | 63 | 12933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems | 98 | 42358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial | 1104 | 70711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | 2088 | 164701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | 284 | 17270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon | 962 | 17393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNB | 1058 | 13849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS KKR Capital | 421 | 8374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group | 631 | 345504 |

---

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

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 85 | $13132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney | 242 | 12606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 383 | 46983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home BancShares | 486 | 13486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 91 | 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 161 | 27668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 472 | 79282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group | 285 | 13318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 3487 | 852990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | 42 | 18281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR | 1345 | 153693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital | 134 | 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan | 492 | 110931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Cl A | 616 | 337605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment | 601 | 14971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's | 188 | 85187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 2214 | 255540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar | 49 | 13951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 642 | 13219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International | 439 | 16506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 150 | 15036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica | 66 | 17297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | 355 | 100018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares | 179 | 12154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | 111 | 20791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 96 | 23225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | 221 | 110511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* | 141 | 11534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState | 195 | 16922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust ‡ | 932 | 17885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street | 2914 | 256723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | 183 | 15681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial | 296 | 12823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Cl A | 567 | 26337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers | 303 | 80031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bankshares | 448 | 15362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 264 | 20502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 1344 | 11558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Cl A | 1125 | 388687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Financial | 217 | 12846 |

---

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

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W R Berkley | 836 | $59933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | 360 | 17028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo | 4460 | 316705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 212 | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX \* | 92 | 11994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial | 132 | 14674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | 304 | 13671 |
|  |  | 7166655 |
| &nbsp;&nbsp;&nbsp;**Health Care — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 1472 | 192464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | 1351 | 263580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies | 436 | 46914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | 2057 | 200784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology \* | 311 | 53896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen | 539 | 156806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor \* | 1394 | 18108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical \* | 361 | 22992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Cl A \* | 50 | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 5636 | 282927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker | 267 | 10696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | 578 | 81666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed | 108 | 62803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 572 | 194503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | 1014 | 202121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 279 | 39492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Cl A \* | 217 | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 174 | 20356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group | 116 | 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis \* | 500 | 19575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | 1140 | 121456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 206 | 14785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics \* | 234 | 14372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity \* | 160 | 13715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic \* | 635 | 36957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana | 399 | 104634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 403 | 174358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina \* | 283 | 21961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 873 | 54702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals \* | 130 | 15205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 1794 | 280420 |

---

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

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo \* | 81 | $13038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson | 150 | 106919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings \* | 174 | 53660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck | 4428 | 377266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 43 | 46034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare \* | 213 | 69653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 186 | 20030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra \* | 226 | 66182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 95 | 56882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen \* | 111 | 15317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed | 267 | 63169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 5286 | 173486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics \* | 194 | 12106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare \* | 885 | 126511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 386 | 165594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics \* | 416 | 126085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 564 | 131801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Cl A | 547 | 85551 |
|  |  | 4471042 |
| &nbsp;&nbsp;&nbsp;**Industrials — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON | 125 | 11409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands | 205 | 49940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 152 | 17251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 241 | 23775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings | 64 | 6784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO | 154 | 13064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 413 | 38095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group \* | 1252 | 12457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK | 675 | 114467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 66 | 16057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing | 1069 | 321341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 534 | 64091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 335 | 81204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | 903 | 98535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Cl A \* | 47 | 21520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | 388 | 147238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 2048 | 128082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar | 667 | 206283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries \* | 72 | 9719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas | 412 | 87212 |

---

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

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors \* | 302 | $64610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial | 1733 | 20051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA | 241 | 95810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart \* | 1216 | 74212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 345 | 18175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane | 94 | 15132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 4390 | 123227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | 358 | 105195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright | 69 | 23797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines | 2601 | 108280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson | 257 | 16893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | 1388 | 408585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group | 412 | 165088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric | 1192 | 125291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings \* | 301 | 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington | 334 | 36710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 1639 | 132710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | 287 | 12981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 384 | 13398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations | 285 | 15339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting \* | 74 | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova | 323 | 119775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact | 328 | 16485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | 790 | 64472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel | 233 | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International | 2358 | 496359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Cl B | 122 | 44308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works | 309 | 74132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 1283 | 96777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT | 147 | 20142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | 277 | 14628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby \* | 120 | 11564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 366 | 14336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings | 462 | 67997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 337 | 59379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | 204 | 97461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec \* | 1160 | 147691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby \* | 108 | 14402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety | 94 | 14797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries | 186 | 13682 |

---

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

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern | 550 | $123228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuScale Power \* | 7484 | 124010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | 957 | 52549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 652 | 99939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh | 145 | 12145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 670 | 97425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR | 1272 | 114747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | 246 | 148845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | 1369 | 201407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software | 214 | 48447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding \* | 85 | 16329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | 871 | 254933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global | 262 | 26383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings \* | 56 | 18400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | 122 | 12912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Cl A | 308 | 77231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation | 1061 | 262788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | 848 | 48446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX | 1876 | 236620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System | 81 | 11151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia \* | 47 | 11468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing | 91 | 13986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | 522 | 16281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken | 176 | 11308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro | 218 | 14885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies | 424 | 162523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex \* | 234 | 13530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Industries | 128 | 12653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific | 2349 | 506585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 1341 | 92288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals | 168 | 106084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 221 | 65511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 600 | 51228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 1221 | 284933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | 148 | 68056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | 81 | 13200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 875 | 161648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward | 113 | 21195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger | 185 | 189497 |

---

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

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO \* | 203 | $21542 |
|  |  | 8296922 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture, Cl A | 1406 | 420605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe \* | 916 | 343482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 936 | 91120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies \* | 3698 | 297985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs | 459 | 40658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol, Cl A | 5015 | 385904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | 906 | 176598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appian, Cl A \* | 3213 | 99764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 1586 | 337025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | 2020 | 304434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 629 | 169396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APTIV \* | 1046 | 59685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks \* | 2324 | 191195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics \* | 133 | 14811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asana, Cl A \* | 7422 | 119791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 965 | 220319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk \* | 581 | 159339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint \* | 6918 | 113109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet | 260 | 12217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 862 | 37057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BILL Holdings \* | 199 | 9068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box, Cl A \* | 3182 | 99342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 1628 | 313341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 931 | 277196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 14148 | 131010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 1454 | 319240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena \* | 255 | 17126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems | 3249 | 187565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 3419 | 412947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex | 460 | 12558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 802 | 59003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent \* | 272 | 17495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommVault Systems \* | 85 | 14206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 3883 | 92454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 1292 | 55621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1937 | 830721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software \* | 819 | 288419 |

---

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

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 4244 | $433567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 2701 | 83461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Cl A \* | 3030 | 247702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 185 | 14206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 2164 | 61782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace \* | 7014 | 329448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elastic \* | 1098 | 94648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5 \* | 380 | 100601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet \* | 64 | 13124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex \* | 668 | 22939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet \* | 6838 | 709511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 6732 | 99432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner \* | 132 | 55583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital | 12042 | 311527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 2028 | 94647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES \* | 1668 | 58497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 981 | 184752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software \* | 791 | 161973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot \* | 267 | 163270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Cl A \* | 5601 | 105467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines | 1070 | 258747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | 677 | 424797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil | 889 | 130292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies \* | 313 | 45510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | 259 | 181997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 403 | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | 2371 | 169930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 258 | 12624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse | 60 | 10939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 149 | 8797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 113 | 11724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates \* | 741 | 131446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology | 1888 | 110203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | 1206 | 55572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | 820 | 63099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 4664 | 1843493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments | 156 | 10942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com \* | 389 | 109305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 516 | 88840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | 86 | 51007 |

---

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

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | 632 | $278326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | 994 | 89211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta \* | 94 | 11173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 2183 | 149972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 9647 | 1050751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Cl A \* | 2619 | 293747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor \* | 3431 | 136211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation \* | 97 | 11831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle | 1028 | 144660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 2834 | 335659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 3851 | 719867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems | 1989 | 183147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software | 1760 | 105530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC \* | 319 | 49435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 3622 | 164294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM | 2763 | 410195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus \* | 217 | 10587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies | 667 | 373573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 1675 | 450089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 1642 | 65122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 11517 | 213064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow \* | 548 | 523345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions | 640 | 41139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 1236 | 197130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys \* | 869 | 398880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX | 148 | 16398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | 1497 | 219131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments | 545 | 87227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 1578 | 152608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies \* | 95 | 51614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 9741 | 116308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Display | 109 | 13694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 5288 | 226538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign \* | 220 | 62066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier | 343 | 10911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wix.com \* | 588 | 99719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Cl A \* | 723 | 177135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 3437 | 266505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler \* | 1804 | 408011 |
|  |  | 22125075 |

---

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

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | 499 | $12240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | 140 | 20993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 542 | 17615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | 73 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 475 | 37226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals | 274 | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | 1480 | 141222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | 247 | 23793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials | 70 | 15847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan | 3518 | 126754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding | 590 | 14933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | 1037 | 470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | 123 | 10616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | 207 | 108464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | 1833 | 96562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor | 901 | 107552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | 97 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold | 423 | 77286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | 234 | 24979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Steel | 467 | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | 423 | 110966 |
|  |  | 1491903 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty ‡ | 212 | 16453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 584 | 21836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower ‡ | 1527 | 344201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 624 | 15544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 472 | 12999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle ‡ | 2218 | 234576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CubeSmart ‡ | 488 | 19847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 1525 | 244824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 103 | 16832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix ‡ | 308 | 265111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 394 | 25523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust ‡ | 323 | 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties ‡ | 507 | 24265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Cl A ‡ | 960 | 14909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 2554 | 36062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 2054 | 184182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle \* | 85 | 19330 |

---

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

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **United States — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 540 | $| 61457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 277 |  | 44223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT ‡ | 492 |  | 20226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 458 |  | 17885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis ‡ | 3848 |  | 393266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage ‡ | 212 |  | 63691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier ‡ | 552 |  | 13494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 4303 |  | 142429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 820 |  | 199588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 342 |  | 53824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 467 |  | 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 350 |  | 12348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 1659 |  | 42985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Carey ‡ | 433 |  | 27037 |
|  |  |  | 2619740 |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison | 438 |  | 49385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy | 425 |  | 94962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities | 680 |  | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas | 801 |  | 61501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources | 349 |  | 17080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy | 1409 |  | 154398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OGE Energy | 1298 |  | 58903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 1562 |  | 116010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI | 1867 |  | 61219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group | 585 |  | 64069 |
|  |  |  | 705495 |
|  |  |  | 55073671 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,003,741) |  |  | 85623033 |
| **CORPORATE OBLIGATIONS — 4.5%** | **CORPORATE OBLIGATIONS — 4.5%** | **CORPORATE OBLIGATIONS — 4.5%** | **CORPORATE OBLIGATIONS — 4.5%** |
|  | **Face Amount(1)** |  |  |
| **China — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/26/2035 | $200000 |  | 199034 |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 300000 |  | 282001 |

---

 

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

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** | **Value** |
| **China — continued** |  |  |
| &nbsp;&nbsp;&nbsp;GLP China Holdings MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | $200000 | $184609 |
| &nbsp;&nbsp;&nbsp;Yanlord Land HK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/20/2026 | 365000 | 353141 |
|  |  | 1018785 |
| **Hong Kong — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.825%, H15T5Y + 5.527%, (A) (B) | 250000 | 245943 |
| &nbsp;&nbsp;&nbsp;Elect Global Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, (B) | 200000 | 126047 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/21/2028 | 270000 | 254648 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, H15T5Y + 7.889%, (A) (B) | 200000 | 100068 |
|  |  | 726706 |
| **India — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Renewable Power Mauritius Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/25/2027 | 161000 | 154767 |
| &nbsp;&nbsp;&nbsp;Greenko Dutch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/29/2026 | 220000 | 212960 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 197500 | 191347 |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | 200000 | 195536 |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 300000 | 278047 |
| &nbsp;&nbsp;&nbsp;SAEL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 07/31/2031(C) | 194250 | 184180 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 200000 | 194089 |
|  |  | 1410926 |
| **Indonesia — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bukit Makmur Mandiri Utama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/10/2026 | 200000 | 197914 |
| &nbsp;&nbsp;&nbsp;Indika Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 05/07/2029(C) | 250000 | 232900 |
| &nbsp;&nbsp;&nbsp;Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/10/2037 | 200000 | 186242 |
|  |  | 617056 |

---

 

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

**23**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** | **Value** |
| **Japan — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, H15T5Y + 2.515%, (A) (B),(C) | $200000 | $198374 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.578%, (A) (B) | 350000 | 330886 |
|  |  | 529260 |
| **Macau — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Champion Path Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/27/2028 | 200000 | 187164 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 230000 | 221038 |
|  |  | 408202 |
| **Nigeria — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IHS Netherlands Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/18/2027 | 137495 | 137456 |
| **Singapore — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/04/2025 | 250000 | 247499 |
| **United Kingdom — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976%, (A) (B) | 200000 | 203476 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,450,368) |  | 5299366 |
| **EXCHANGE-TRADED FUNDS — 4.1%** |  |  |
|  | **Shares** |  |
| **United States — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco DB Precious Metals Fund | 63860 | 4697542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Saudi Arabia ETF | 2005 | 81062 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,876,359) |  | 4778604 |
| **SOVEREIGN DEBT — 0.3%** |  |  |
|  | **Face Amount(1)** |  |
| **Pakistan — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/08/2026 | $200000 | 188600 |

---

 

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

**24**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

**SOVEREIGN DEBT — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** | **Value** |
| **Sri Lanka — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/15/2038(C) (D) | $200000 | $138500 |
| &nbsp;&nbsp;&nbsp;TOTAL SOVEREIGN DEBT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $356,076) |  | 327100 |
| **CONVERTIBLE BOND — 0.2%** |  |  |
| **Macau — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/07/2029(C) | 200000 | 194600 |
| &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $211,315) |  | 194600 |
| **U.S. TREASURY OBLIGATIONS — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.260%, 07/10/2025(E)(F) | 4500000 | 4463292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.236%, 05/20/2025(E)(F) | 100000 | 99776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.233%, 05/15/2025(E)(F) | 3400000 | 3394427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.228%, 06/03/2025(E)(F) | 3400000 | 3386852 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2044 | 35000 | 34650 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2035 | 100000 | 103750 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,483,231) |  | 11482747 |
| TOTAL INVESTMENTS — 92.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $92,381,090) |  | $107705450 |

---

*Percentages are based on Net Assets of $116,365,306.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Real Estate Investment Trust.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *In U.S. dollars unless otherwise indicated.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *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.* 

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

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC<br> ASSET ALLOCATION FUND<br> APRIL 30, 2025 (Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Perpetual security with no stated maturity date.* 

*(C)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of April 30, 2025 was $948,554 and represents 0.82% of Net Assets.* 

*(D)* *Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on April 30, 2025. The coupon on a step bond changes on a specified date.* 

*(E)* *Security, or a portion thereof, has been pledged as collateral on open futures contracts.* 

*(F)* *Interest rate represents the security's effective yield at the time of purchase.* 

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

CHF — Swiss Franc

CNH — Chinese Yuan Offshore

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

EUR — Euro

FTSE— Financial Times Stock Exchange

GBP — British Pound Sterling

H15T5Y — Harmonized Index of Consumer Prices 5 Year

INR — Indian Rupee

JPY — Japanese Yen

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

REIT — Real Estate investment Trust

S&P— Standard & Poor's

TOPIX- Tokyo Price Index

USD — U.S. Dollar

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

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2025, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency to<br> Deliver** | **Currency to<br> Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Morgan Stanley | 06/18/25 | USD | 1079222 | CHF | 888000 | $3383 |
| Morgan Stanley | 06/18/25 | USD | 530663 | EUR | 466000 | (1084) |
| Morgan Stanley | 06/18/25 | USD | 3928895 | GBP | 3039000 | 121935 |
| Morgan Stanley | 06/18/25 | USD | 1114789 | INR | 95507355 | 9774 |
| Morgan Stanley | 06/18/25 | USD | 2534051 | CAD | 3579000 | 68732 |
| Morgan Stanley | 06/18/25 | USD | 767891 | CHF | 616000 | (16895) |
| Morgan Stanley | 06/18/25 | USD | 3298178 | JPY | 460905000 | (56445) |
| Morgan Stanley | 06/18/25 | USD | 12827854 | EUR | 11666000 | 429785 |
| Morgan Stanley | 06/18/25 | JPY | 9643000 | USD | 65432 | (2392) |
| Morgan Stanley | 06/18/25 | USD | 1602679 | AUD | 2540000 | 25218 |
| Morgan Stanley | 06/18/25 | USD | 2215235 | JPY | 323180000 | 57821 |
| Morgan Stanley | 06/18/25 | CNH | 5664000 | USD | 788715 | 6479 |
| Morgan Stanley | 06/18/25 | INR | 95507355 | USD | 1083464 | (41099) |
|  |  |  |  |  |  | $605212 |

---

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

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The open futures contracts held by the Fund at April 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount <sup>†</sup>** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | 15 | 6/6/25 | $1883744 | $2032841 | $52867 |
| Euro-Bund 10-Year Bond | 59 | 6/6/25 | 8547513 | 8807925 | 101776 |
| Euro-Buxl | 15 | 6/6/25 | 2000850 | 2108799 | (23748) |
| Long Gilt 10-Year Bond | 62 | 6/26/25 | 7342537 | 7727278 | 154937 |
| U.S. Ultra Long Treasury Bond | 20 | 6/18/25 | 2391782 | 2420625 | 28843 |
|  |  |  | $22166426 | $23097468 | $314675 |
| **Short Contracts** |  |  |  |  |  |
| Euro STOXX 50 | (4) | 6/20/25 | $(222071) | $(231418) | $(10206) |
| FTSE 100 Index | (1) | 6/20/25 | (109984) | (112799) | (2310) |
| FTSE China A50 | (66) | 5/29/25 | (869292) | (861168) | 8124 |
| IFSC Nifty50 Index | (3) | 5/29/25 | (145816) | (146367) | (551) |
| MSCI EAFE Index | (15) | 6/20/25 | (1847692) | (1871025) | (23333) |
| MSCI Emerging Markets | (100) | 6/20/25 | (5639714) | (5550000) | 89714 |
| S&P 500 Index E-MINI | (22) | 6/20/25 | (5864050) | (6145700) | (281650) |
| S&P TSX 60 Index | (1) | 6/19/25 | (209580) | (216887) | (6479) |
| TOPIX Index | (35) | 6/12/25 | (6337059) | (6522416) | (3323) |
|  |  |  | $(21245258) | $(21657780) | $(230014) |
|  |  |  | $921168 | $1439688 | $84661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *The foreign exchange rate for the contract notional amounts are based on prevailing exchange rates on the date the respective contracts were opened.* 

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

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The following is a summary of the level inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $267972 | $— | $— | $267972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 111654 |  |  | 111654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 267749 |  |  | 267749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 1663429 |  |  | 1663429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 214793 |  |  | 214793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 98819 |  |  | 98819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 2087758 |  |  | 2087758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 1251578 |  |  | 1251578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 173175 |  |  | 173175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 4262142 |  |  | 4262142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 204053 |  |  | 204053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 2957047 |  |  | 2957047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 83821 |  |  | 83821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 212464 |  |  | 212464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 180462 |  |  | 180462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 9599848 |  |  | 9599848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 232924 |  |  | 232924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 812114 |  |  | 812114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 74593 |  |  | 74593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal | 66747 |  |  | 66747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 66870 |  |  | 66870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 476241 |  |  | 476241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | 57600 |  |  | 57600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 183220 |  |  | 183220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1309746 |  |  | 1309746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 1173203 |  |  | 1173203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 17812 |  |  | 17812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2441528 |  |  | 2441528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 55073671 |  |  | 55073671 |
| &nbsp;&nbsp;&nbsp;Total Common Stock | 85623033 |  |  | 85623033 |
| Corporate Obligations |  | 5299366 |  | 5299366 |
| Exchange-Traded Funds | 4778604 |  |  | 4778604 |
| Sovereign Debt |  | 327100 |  | 327100 |
| Convertible Bond |  | 194600 |  | 194600 |
| U.S. Treasury Obligations |  | 11482747 |  | 11482747 |
| Total Investments in Securities | $90401637 | $17303813 | $— | $107705450 |

---

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

**29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $436261 | $– | $– | $436261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (351600) |  |  | (351600) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation |  | 723127 |  | 723127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | – | (117915) | – | (117915) |
| Total Other Financial Instruments | $84661 | $605212 | $– | $689873 |

---

\* *Forward foreign currency contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.* 

Amounts designated as "—" are $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.*

**30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $92,381,090) | $107705450 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $450,596) | 455007 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 5700527 |
| &nbsp;&nbsp;&nbsp;Cash Pledged as Collateral for Futures Contracts | 925612 |
| &nbsp;&nbsp;&nbsp;Cash Pledged as Collateral for Forward Foreign Currency Contracts | 846000 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Forward Foreign Currency Contracts | 723127 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 250015 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 115237 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 48559 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Foreign Spot Currency Contracts | 2 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 27291 |
| **Total Assets** | 116796827 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Forward Foreign Currency Contracts | 117915 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 99777 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 97553 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 26369 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable | 13706 |
| &nbsp;&nbsp;&nbsp;Payable due to Administrator | 11475 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 3102 |
| &nbsp;&nbsp;&nbsp;Payable due to Trustees | 1263 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 157 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 60204 |
| **Total Liabilities** | 431521 |
| **Commitments and Contingencies †** |  |
| **Net Assets** | $116365306 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital | $145719124 |
| Total Accumulated Losses | (29353818) |
| **Net Assets** | $116365306 |
| **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $113256203 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization - no par value) | 9875166 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $11.47 |
| **Investor Servicing Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3109103 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization - no par value) | 271162 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $11.47 |

---

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

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

**31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the Six<br> Months<br> Ended<br> April 30, 2025<br> (Unaudited)** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $800452 |
| &nbsp;&nbsp;&nbsp;Interest | 1418730 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (19245) |
| **Total Investment Income** | 2199937 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 443656 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 71290 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 9157 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 5106 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees, Investor Servicing Shares | 2342 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 43332 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 29212 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 18768 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 16657 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 14494 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 10456 |
| &nbsp;&nbsp;&nbsp;Pricing Fees | 9666 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 32246 |
| **Total Expenses** | 706382 |
| **Less:** |  |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees | (260384) |
| **Net Expenses** | 445998 |
| **Net Investment Income** | 1753939 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments (net of Foreign Capital Gains Tax on Appreciated Securities of $(157223)) | 5417548 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (852870) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | (917778) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 27211 |
| **Net Realized Gain** | 3674111 |

---

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

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the Six<br> Months<br> Ended<br> April 30, 2025<br> (Unaudited)** |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (6285848) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 1195126 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | 109744 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | 1570641 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 3407 |
| **Net Change in Unrealized Appreciation (Depreciation)** | (3406930) |
| **Net Realized and Unrealized Gain** | 267181 |
| **Net Increase in Net Assets Resulting from Operations** | $2021120 |

---

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

**33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended April<br> 30, 2025<br> (Unaudited)** | **Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1753939 | $2463007 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 3674111 | 8896406 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3406930) | 10255690 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 2021120 | 21615103 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2897324) | (3011417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Servicing Shares | (71744) | (104226) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (2969068) | (3115643) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 302120 | 85316512 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 2897324 | 2886577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5607749) | (95262856) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | (2408305) | (7059767) |
| &nbsp;&nbsp;&nbsp;Investor Servicing Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 71744 | 98539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (27656) | (984798) |
| &nbsp;&nbsp;&nbsp;**Net Investor Servicing Shares Transactions** | 44088 | (864247) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Capital Share Transactions** | (2364217) | (7924014) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (3312165) | 10575446 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 119677471 | 109102025 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $116365306 | $119677471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 9 in the Notes to Financial
 Statements.

\* Includes issuances as a result of in-kind transactions. (see Note 13).

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

**34**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding**

**Throughout Each Period/Year**

**<u>Institutional Shares</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> April 30, 2025 <br> (Unaudited)** | **Year Ended <br> October 31,<br> 2024** | **Year Ended <br> October 31,<br> 2023** | **Year Ended <br> October 31,<br> 2022** | **Year Ended <br> October 31,<br> 2021** | **Year Ended <br> October 31,<br> 2020** |
| Net Asset Value, Beginning of Period/Year | $11.57 | $10.36 | $9.93 | $13.56 | $11.08 | $10.87 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |  |
| Net Investment Income\* | 0.17 | 0.20 | 0.26 | 0.14 | 0.12 | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 0.02 | 1.34 | 0.17 | (3.07) | 2.52 | 0.25 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.19 | 1.54 | 0.43 | (2.93) | 2.64 | 0.38 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.29) | (0.33) | (0.00) | (0.04) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | – | – | (0.66) | – | – |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.29 | (0.33) | (0.00 | (0.70) | (0.16) | (0.17) |
| Net Asset Value, End of Period/Year | $11.47 | $11.57 | $10.36 | $9.93 | $13.56 | $11.08 |
| **Total Return†** | 1.63 | 14.96% | 4.34% | (22.75)% | 23.94% | 3.46% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $113256 | $116588 | $105556 | $388514 | $225285 | $195263 |
| Ratio of Expenses to Average Net Assets<sup>(1)</sup> | 0.75 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup> | 1.19 | 1.14% | 0.98% | 0.99% | 1.05% | 1.13% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> | 2.97 | 1.74% | 2.45% | 1.26% | 0.95% | 1.24% |
| Portfolio Turnover Rate | 80 | 132% | 105% | 145% | 130% | 144% |

---

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

**35**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**FINANCIAL HIGHLIGHTS (continued)**

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

*\** *Per share data calculated using average shares method.*

---

| | |
|:---|:---|
| *^* | *Value is less than $0.005 per share.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*††* *Annualized*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *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;*(2)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.* 

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

**36**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**FINANCIAL HIGHLIGHTS (continued)**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Period/Year**

**<u>Investor Servicing Shares</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> April 30, 2025 <br> (Unaudited)** | **Year Ended <br> October 31, <br> 2024** | **Year Ended <br> October 31, <br> 2023** | **Year Ended <br> October 31, <br> 2022** | **Year Ended <br> October 31, <br> 2021** | **Year Ended <br> October 31, <br> 2020** |
| Net Asset Value, Beginning of Period/Year | $11.56 | $10.34 | $9.93 | $13.55 | $11.07 | $10.86 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |  |
| Net Investment Income\* | 0.16 | 0.18 | 0.25 | 0.12 | 0.12 | 0.12 |
| Net Realized and Unrealized Gain (Loss) | 0.02 | 1.34 | 0.16 | (3.06) | 2.51 | 0.25 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.18 | 1.52 | 0.41 | (2.94) | 2.63 | 0.37 |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (0.30) |  | (0.02) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | – | – | (0.66) | – | – |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.27 | (0.30) | – | (0.68) | (0.15) | (0.16) |
| Net Asset Value, End of Period/Year | $11.47 | $11.56 | $10.34 | $9.93 | $13.55 | $11.07 |
| **Total Return†** | 1.55 | 14.86% | 4.13% | (22.83)% | 23.85% | 3.34% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $3109 | $3089 | $3546 | $4983 | $6742 | $17529 |
| Ratio of Expenses to Average Net Assets<sup>(1)</sup> | 0.90 | 0.90% | 0.90% | 0.90% | 0.81% | 0.87% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup> | 1.34 | 1.31% | 1.13% | 1.14% | 1.11% | 1.25% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> | 2.82 | 1.58% | 2.30% | 1.04% | 0.94% | 1.11% |
| Portfolio Turnover Rate | 80 | 132% | 105% | 145% | 130% | 144% |

---

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

**37**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND** |

---

**FINANCIAL HIGHLIGHTS (continued)**

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

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;† *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*††* *Annualized*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *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;*(2)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.* 

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

**38**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 46 funds. The financial statements herein are those of the PineBridge Dynamic Asset Allocation Fund (the "Fund"). The investment objective of the Fund is to seek total return. The Fund is classified as a diversified investment company. PineBridge Investments LLC serves as the Fund's investment adviser (the "Adviser"). The Fund currently offers Institutional Shares and Investor Servicing Shares. The Fund commenced operations on March 2, 2016. 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.

**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 Fund. The Fund is an investment company 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 fair value of assets and liabilities and 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 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 the valuation date (or at approximately 4:00 pm Eastern Standard Time 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.

**39** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

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

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been 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; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

**40** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

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 the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its 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 the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund 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 the Fund calculates its net asset value, it may request that a Committee meeting be called.

The Fund uses 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 Fund 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 Fund values its 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 Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

**41** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has 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 exotic 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.

For the six months ended April 30, 2025, there have been no significant changes to the Fund's fair valuation methodology.

*Federal Income Taxes* — It is the 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. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund 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 last 3 year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During six months ended April 30, 2025, the Fund did not incur any significant interest or penalties.

**42** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund 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 Statement 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.

*Foreign Taxes* — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund 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 six months ended April 30, 2025, the Fund has accrued foreign tax in the amount of $97,553, presented on the Statement of Assets and Liabilities.

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities 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 Currency Translation* — The books and records of the Fund 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 Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

**43** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Forward Foreign Currency Contracts* — The Fund enters into forward foreign currency contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward foreign currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund recognizes realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year is presented on the Statement of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. Refer to the Fund's Schedule of Investments for details regarding open forward foreign currency contracts as of April 30, 2025.

For the six months ended April 30, 2025, the average quarterly balances of forward foreign currency contracts were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Contracts Purchased | $28099716 |
| Average Quarterly Notional Contracts Sold | $(3413819) |

---

 

*Futures Contracts* — The Fund utilized futures contracts during the six months ended April 30, 2025. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the Board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

**44** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund's Schedule of Investments for details regarding open futures contracts as of April 30, 2025.

For the six months ended April 30, 2025, the average quarterly notional amount of futures contracts held were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Balance Long | $23703286 |
| Average Quarterly Notional Balance Short | $(21312641) |

---

*Investments in Real Estate Investment Trusts ("REITs")* — Dividend income from REITs 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.

*Master Limited Partnerships* — Entities commonly referred to as "MLPs" are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the "Code"), and whose interests or "units" are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

**45** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

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

*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.

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

*Dividends and Distributions to Shareholders* — The Fund distributes substantially all of its net investment income annually. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

**3. Derivative Transactions:**

The following tables include the Fund's exposure by type of risk on derivatives held throughout the period.

**46** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The fair value of derivative instruments as of April 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| | **Statement of Assets<br> and Liabilities<br> Location**  | **Fair Value**  | **Statement of Assets<br> and Liabilities<br> Location**  | **Fair Value** |
| **Derivatives not accounted for as hedging instruments:** | **Derivatives not accounted for as hedging instruments:** | **Derivatives not accounted for as hedging instruments:** | **Derivatives not accounted for as hedging instruments:** | **Derivatives not accounted for as hedging instruments:** |
| &nbsp;&nbsp;&nbsp;Equity contracts | Unrealized appreciation on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;97838 \* | Unrealized depreciation on futures contracts | $327852 \* |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | Unrealized appreciation on futures contracts | 338423 \* | Unrealized depreciation on futures contracts | 23748 \* |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 723127 | Unrealized depreciation on forward foreign currency contracts | 117915 |
| Total |  | $1159388 |  | $469515 |

---

*\** *Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin, if any, is reported within the Statement of Assets and Liabilities.*

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2025, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Futures<br> Contracts** | **Forward<br> Foreign<br> Currency<br> Contracts** | **Total** |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | $— | $(917778) | $(917778) |
| &nbsp;&nbsp;&nbsp;Equity contracts | 45799 |  | 45799 |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | (898669) |  | (898669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(852870) | $(917778) | $(1770648) |

---

**47** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Futures<br> Contracts** | **Forward<br> Foreign<br> Currency<br> Contracts** | **Total** |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | $— | $1570641 | $1570641 |
| &nbsp;&nbsp;&nbsp;Equity contracts | 279985 |  | 279985 |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | 915141 |  | 915141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1195126 | $1570641 | $2765767 |

---

**4. Offsetting Assets and Liabilities:**

The Fund is subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

**48** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The following is a summary of derivatives subject to master netting agreements and the collateral (received)/pledged by counterparty in connection with the master netting agreements as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross<br> Assets<br> Recognized<br> in the<br> Statement<br> of Assets<br> and<br> Liabilities | Gross<br> Liabilities<br> Recognized<br> in the<br> Statement<br> of Assets<br> and<br> Liabilities | Net Amount<br> Available<br> to be<br> Offset | Collateral<br> Pledged or<br> (Received) † | Net<br> Amount ‡ |
|  | Forward Foreign<br> Currency Contracts | Forward Foreign<br> Currency Contracts |  |  |  |
| Morgan Stanley | $723127 | $(117915) | $605212 | $840000 | $1451212 |
| Total | $723127 | $(117915) | $605212 | $840000 | $1451212 |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Collateral pledged is limited to the net outstanding amount due to/from the counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.* 

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Represents receivable from/payable to counterparty in the event of default.* 

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

**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.

**49** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

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

**6. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:**

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Fund. 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 Fund. For the six months ended April 30, 2025, the Fund paid $71,290 for these services.

The Fund has adopted a shareholder servicing plan (the "Service Plan") under which a shareholder servicing fee of up to 0.15% of average daily net assets of Investor Servicing Shares of the Fund will be paid to other service providers. Under the Service Plan, other service providers may perform, or may compensate other service providers for performing certain shareholder and administrative services. For the six months ended April 30, 2025, the Investor Servicing Shares incurred $2,342 for these services.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

Apex Fund Services serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

**7. Investment Advisory Agreement:**

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.75% of the Fund's average daily net assets. The Adviser had contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses after fee reductions and/or expense reimbursements (excluding any class specific expenses, dividend and interest expenses on securities sold short, interest, taxes, acquired fund fee expenses and non-routine expenses (collectively, "excluded expenses")) from exceeding 0.75% of the average daily net assets of the Fund's Investor Servicing Shares and Institutional Shares until April 30, 2026 (the "Expense Limitation"). Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the six months ended April 30, 2025. The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Fund's total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2026. As of April 30, 2025, the fees which were previously waived and/ or reimbursed to the Fund by the Adviser, which may be subject to possible future recapture, up to the expense cap in place at the time the expenses were waived and reimbursed to the Adviser were $984,954, $606,007 and $1,095,092 expiring in 2026, 2027 and 2028, respectively. During the six months ended April 30, 2025, the Fund did not recapture any previously waived fees and/or reimbursed expenses.

**50** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

**8. Investment Transactions:**

The cost of security purchases and the proceeds from security sales other than short-term securities, for the six months ended April 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Purchases** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $808502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 77380205 |
| **Sales** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $666581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 85557177 |

---

**9. Share Transactions:**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended April<br> 30, 2025<br> (Unaudited)** | **Year Ended<br> October 31,<br> 2024** |
| Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 26506 | 7858700 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 253484 | 260521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (482197) | (8232083) |
| Total Institutional Shares Transactions | (202207) | (112862) |
| Investor Servicing Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued |  | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 6277 | 8893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2419) | (86497) |
| Total Investor Servicing Shares Transactions | 3858 | (75588) |
| **Net Decrease in Shares Outstanding From Share Transactions** | (198349) | (188450) |

---

\* Includes issuances as a result of in-kind transactions (see Note 13).

**51** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

**10. Federal Tax Information:**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. The permanent differences are primarily related to investments in foreign currency, paydown adjustments, REIT adjustments, passive foreign investment companies, perpetual bond adjustments, GAAP amortized adjustment and India capital gains adjustments.

There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings (Accumulated Losses) as of October 31, 2024.

The tax character of dividends or distributions declared during the years ended October 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term**<br> **Capital Gain**  | **Return of Capital** | **Total** |
| 2024.0 | $3115643 | $– $|  | $3115643 |
| 2023.0 | 27150 | – |  | 27150 |

---

As October 31, 2024 of the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $2968941 |
| Capital Loss Carryforwards | (50447436) |
| Unrealized Appreciation | 19149691 |
| Other Temporary Differences | (77066) |
| Total Accumulated Losses | $(28405870) |

---

As of October 31, 2024, The Fund has short-term capital losses carried forward of $50,447,436. The Fund utilized $5,410,264 of capital loss carryforwards to offset capital gains.

For Federal income tax purposes, the difference between Federal tax cost and book cost are primarily due to mark-to-market on PFIC securities, GAAP amortization adjustment, perpetual bonds and wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

**52** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax<br> Cost** | **Aggregate<br> Gross<br> Unrealized<br> Appreciation** | **Aggregate<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| $92381090 | $17897048 | $(2572688) | $15324360 |

---

**11. Concentration of Risks:**

As with all management investment companies, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV") and ability to meet its investment objective.

*Market Risk* – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The 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, 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 epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. 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.

*Asset Allocation Risk* – The Fund is subject to asset allocation risk, which is the risk that the Adviser's allocation of the Fund's assets among various asset classes will cause the Fund to underperform other funds with a similar investment objective and/ or underperform the markets in which the Fund invests.

*Equity Risk* – Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund's securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**53** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Interest Rate Risk* – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. 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.

*Derivatives Risk* – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market Risk is described elsewhere in this section. Leverage risk is the risk that 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 for the Fund, and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that a security may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

*Small- and Mid-Capitalization Company Risk* – Small- and mid-capitalization companies 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-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

*Foreign Company Risk* – Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**54** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Emerging Markets Securities Risk* – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

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

*Bond Connect Investing Risk* – Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based custodian (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. Therefore, the Fund's ability to enforce rights as a bondholder may depend on CMU's ability or willingness as record-holder of Bond Connect securities to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

**55** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Risks of Investing in Other Investment Companies* – To the extent the Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect Fund performance.

**56** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Foreign Currency Risk* – 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.

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

*Short Sales Risk* – A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

*Fixed Income Market Risk* – The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Convertible Securities Risk* – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**57** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Rights and Warrants Risk* – Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

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

*Credit Risk* – 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.

*Bank Loans Risk* – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*High Yield Bond Risk* – High yield, or "junk," bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**58** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Collateralized Debt Obligations Risk* – The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized debt obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.

*Collateralized Loan Obligation Risk*. The risks of an investment in a collateralized loan obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn.

Collateralized loan obligations carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

*Collateralized Bond Obligation Risk*. The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

*Corporate Fixed Income Securities Risk* – Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Foreign Sovereign Debt Securities Risk* – The Fund's investments in foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

**59** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Mortgage-Backed Securities Risk* – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

*Asset-Backed Securities Risk* – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

*Bank Obligations Risk* – The Fund's investments in bank obligations are subject to risks generally applicable to debt securities, as well as to the risk of negative events affecting the banking industry. Obligations of foreign banks and foreign branches of U.S. banks are subject to additional risks, including negative political and economic developments in the country in which the bank or branch is located and actions by a foreign government that might adversely affect the payment of principal and interest on such obligations, such as the seizure or nationalization of foreign deposits. Additionally, U.S. and state banking laws and regulations may not apply to foreign branches of U.S. banks, and generally do not apply to foreign banks.

*Prepayment and Extension Risk* – 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.

*Portfolio Turnover Risk* – The Fund is subject to portfolio turnover risk since it may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

*Active Trading Risk* – The Fund may actively trade which may result in higher transaction costs to the Fund. Active trading tends to be more pronounced during periods of increased market volatility.

*Affiliated Fund Risk* – Due to its own financial interest or other business considerations, the Adviser may have an incentive to invest a portion of the Fund's assets in pooled investment vehicles sponsored or managed by the Adviser or its affiliates in lieu of investments directly in portfolio securities, or in lieu of investments in pooled investment vehicles sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in pooled investment vehicles sponsored or managed by the Adviser or its affiliates.

**60** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

*Unregistered Funds Risk* – Investments in unregistered funds are subject to additional risks beyond those associated with investments in registered investment companies, because investments in unregistered funds do not have the benefit of the protections afforded by the 1940 Act to investors in registered investment companies. In addition, investments in unregistered funds are often illiquid and difficult to value, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly, in particular because they may have restrictions that allow redemptions only at specific infrequent dates with considerable notice periods and apply lock-ups and/or redemption fees.

*U.S. Government Securities Risk* – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

*Repurchase Agreements Risk* – Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

*Reverse Repurchase Agreements Risk* – Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon time and price. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities.

*Securities Lending Risk* – Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

*Money Market Instruments Risk* – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value ("NAV") while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**61** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Fund. A more complete description of risks associated with the Fund is included in the prospectus and statement of additional information.

**12. Concentration of Shareholders:**

At April 30, 2025, the percentage of total shares outstanding held by shareholders for the Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, each owning 10% or greater of the individual class shares outstanding, was as follows:

---

| | | |
|:---|:---|:---|
|  | No. of<br> Shareholder | %<br> Ownership |
| Institutional Shares | 3 | 91% |
| Investor Servicing Shares | 1 | 95% |

---

**13. In-Kind Transactions:**

During the year ended October 31, 2024, the Institutional Class Shares issued shares of beneficial interest in exchange for cash, securities, and interest receivable. The securities were exchanged at their current fair value on the date of the transaction.

**62** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transaction Date** | **Shares Issued** | **Securities<br> at Value** | **Interest<br> Receivable** | **Cash** |
| 04/30/2024 | 7396598 | $51740816 | $69873 | $28442400 |

---

**14. Indemnifications:**

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

**15. Recent Accounting Pronouncement:**

In this reporting period, the Fund 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 the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the 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 the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations. .

**16. Subsequent Events:**

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

**63** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC**<br> **ASSET ALLOCATION FUND**<br> **APRIL 30, 2025 (Unaudited)** |

---

**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)**

**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.**

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

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

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

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

Not applicable.

**64** 

NOTES

**65** 

**PineBridge Investments**

**Park Avenue Tower**

**65 East 55th Street**

**New York, NY 10022**

**1-877-225-4164**

**Investment Adviser:**

**PineBridge Investments LLC**

**Park Avenue Tower**

**65 East 55th Street**

**New York, NY 10022**

**Administrator:**

**SEI Investments Global Funds Services**

**One Freedom Valley Drive**

**Oaks, PA 19456**

**Distributor:**

**SEI Investments Distribution Co.**

**One Freedom Valley Drive**

**Oaks, PA 19456**

**Legal Counsel:**

**Morgan, Lewis & Bockius LLP**

**2222 Market Street**

**Philadelphia, PA 19103**

**Independent Registered Public Accounting Firm:**

**Ernst & Young LLP**

**One Commerce Square**

**2005 Market Street, Suite 700**

**Philadelphia, PA 19103**

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

**PBI-SA-001-1000** 

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

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

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

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) 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.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.

**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: July 7, 2025 |  |

---

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: July 7, 2025 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: July 7, 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:

1. I have reviewed this report on Form N-CSRS of The Advisors' Inner Circle Fund III (the
 "Registrant");

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;

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;

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

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: July 7, 2025

---

| |
|:---|
| /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:

1. I have reviewed this report on Form N-CSRS of The Advisors' Inner Circle Fund III (the
 "Registrant");

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;

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;

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

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: July 7, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## 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-CSRS for the period ended April 30, 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;1. such Form N-CSRS 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;2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: July 7, 2025

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| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

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**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-CSRS for the period ended April 30, 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;1. such Form N-CSRS 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;2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: July 7, 2025

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| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

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