# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-010170
**Filing Date:** 2026-6
**Character Count:** 66925
**Document Hash:** a527ea00b4ca25b1844359c4a2cc18df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010170.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001398344-26-010170

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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:** 261054680

**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

### Democratic Large Cap Core ETF (Series ID: S000069948)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000222781 | Democratic Large Cap Core ETF | DEMZ            |

?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: 1-877-446-3863**

**Date of fiscal year end: September 30, 2026**

**Date of reporting period: March 31, 2026**

Item 1. Reports to Stockholders.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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](id691f8234bbac60514541675.jpg)

## Democratic Large Cap Core ETF

## Principal Listing Exchange: NASDAQ

#### Ticker: DEMZ

## Semi-Annual Shareholder Report: March 31, 2026
This semi-annual shareholder report contains important information about the Democratic Large Cap Core ETF (the "Fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://demz.fund/performance. You can also request this information by contacting us at (888)-750-DEMZ (3369).

## 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> |
| Democratic Large Cap Core ETF | $22 | 0.45% |

---

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $54309688 | 45 | $117695 | 19% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ifcf6f2c4cd7b8f18faacdf57.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 3.2% |
| Real Estate | 3.7% |
| Consumer Discretionary | 5.7% |
| Consumer Staples | 6.1% |
| Health Care | 6.2% |
| Financials | 9.1% |
| Industrials | 13.3% |
| Communication Services | 13.6% |
| Information Technology | 38.6% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Apple | 5.1% |
| NVIDIA | 4.9% |
| Microsoft | 4.8% |
| Costco Wholesale | 4.6% |
| Loews | 4.6% |
| Lam Research | 4.3% |
| KLA | 4.3% |
| Amphenol, Cl A | 4.3% |
| Nordson | 4.0% |
| Xylem | 3.5% |

---

## Material Fund Changes
There were no material changes 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:

* (888)-750-DEMZ (3369) 

* https://demz.fund/performance 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at (888)-750-DEMZ (3369) 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](id691f8234bbac60514541675.jpg)

# DEMZ-SAR-2026**

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

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

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

Financial Statements and Financial Highlights are filed herein.

**The Advisors' Inner Circle Fund III**

![](fp0098495-1_01.jpg)

**Democratic Large Cap Core ETF**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

**MARCH 31, 2026**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **MARCH 31, 2026**<br> **(UNAUDITED)** |

---

**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 | 4 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 5 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 6 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 7 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 8 |
| Other Information (Form N-CSRS Items 8-11) (Unaudited) | 20 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **MARCH 31, 2026**<br> **(UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK\*\* — 99.5%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 4465 | $1283955 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 4036 | 1157767 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 2739 | 558400 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 3124 | 1787334 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 7253 | 697376 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 9028 | 679899 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 12435 | 1198485 |
|  |  | 7363216 |
| **Consumer Discretionary — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 2413 | 830048 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 4640 | 1005163 |
| &nbsp;&nbsp;&nbsp;Tapestry | 4896 | 690875 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 1055 | 551459 |
|  |  | 3077545 |
| **Consumer Staples — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2523 | 2513993 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 8349 | 805428 |
|  |  | 3319421 |
| **Financials — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Everest Group | 3865 | 1263275 |
| &nbsp;&nbsp;&nbsp;Loews | 23292 | 2486188 |
| &nbsp;&nbsp;&nbsp;Moody's | 1879 | 819714 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 740 | 398867 |
|  |  | 4968044 |
| **Health Care — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 4928 | 561694 |
| &nbsp;&nbsp;&nbsp;Danaher | 5739 | 1088114 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 7515 | 553856 |
| &nbsp;&nbsp;&nbsp;Stryker | 3575 | 1174709 |
|  |  | 3378373 |
| **Industrials — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 5936 | 1206076 |
| &nbsp;&nbsp;&nbsp;Nordson | 8215 | 2185683 |
| &nbsp;&nbsp;&nbsp;Paychex | 9093 | 837647 |
| &nbsp;&nbsp;&nbsp;Veralto | 12212 | 1079785 |
| &nbsp;&nbsp;&nbsp;Xylem | 16077 | 1921202 |
|  |  | 7230393 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **MARCH 31, 2026**<br> **(UNAUDITED)** |

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 38.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 1675 | $407159 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 5510 | 1120899 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 18272 | 2308667 |
| &nbsp;&nbsp;&nbsp;Apple | 10992 | 2789660 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 8076 | 991571 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1106 | 264776 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 1423 | 395409 |
| &nbsp;&nbsp;&nbsp;CDW | 3505 | 424175 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 3276 | 794070 |
| &nbsp;&nbsp;&nbsp;KLA | 1575 | 2319046 |
| &nbsp;&nbsp;&nbsp;Lam Research | 11004 | 2351115 |
| &nbsp;&nbsp;&nbsp;Microsoft | 7012 | 2595632 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 15230 | 2656112 |
| &nbsp;&nbsp;&nbsp;Salesforce | 3534 | 659692 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 3624 | 378889 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 1282 | 508287 |
|  |  | 20965159 |
| **Materials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 10011 | 1728700 |
| **Real Estate — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower, Cl A ‡ | 4562 | 787310 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 54107 | 1215784 |
|  |  | 2003094 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,281,075) |  | 54033945 |
| **Total Investments - 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,281,075) |  | $54033945 |

---

Percentages are based on Net Assets of $54,309,688.

\* Non-income producing security.

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

‡ Real Estate Investment Trust.

Cl — Class

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **MARCH 31, 2026**<br> **(UNAUDITED)** |

---

As of March 31, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **MARCH 31, 2026**<br> **(UNAUDITED)** |

---

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $45,281,075) | $54033945 |
| &nbsp;&nbsp;&nbsp;Cash | 248297 |
| &nbsp;&nbsp;&nbsp;Dividend Receivable | 44505 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 506 |
| **Total Assets** | 54327253 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 17565 |
| **Total Liabilities** | 17565 |
| **Net Assets** | $54309688 |
| **Net Assets Consist of:** |  |
| Paid-in Capital | $45865838 |
| Total Distributable Earnings | 8443850 |
| **Net Assets** | $54309688 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 1350000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $40.23 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF**<br> **FOR THE SIX MONTHS ENDED**<br> **MARCH 31, 2026 (UNAUDITED)** |

---

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS** | |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $245824 |
| **Total Investment Income** | 245824 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 117695 |
| **Total Expenses** | 117695 |
| **Net Investment Income** | 128129 |
| **Net Realized Gain on:** |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | (144977) |
| **Net Realized Loss** | (144977) |
| **Net Change in Unrealized Appreciation on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (1797061) |
| **Net Change in Unrealized (Depreciation)** | (1797061) |
| **Net Realized and Unrealized Loss** | (1942038) |
| **Net Decrease in Net Assets Resulting from Operations** | $(1813909) |

---

*(1)* *Includes realized gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.)* 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended** <br> **March 31, 2026** <br> **(Unaudited)** | **Year** <br> **Ended** <br> **September 30,** <br> **2025**  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $128129 | $236686 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (144977) | 3948049 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1797061) | 2729991 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (1813909) | 6914726 |
| **Distributions:** | (499440) | (215663) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 8552577 | 13781155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | – | (11098910) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 8552577 | 2682245 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 6239228 | 9381308 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 48070460 | 38689152 |
| &nbsp;&nbsp;&nbsp;End of Period | $54309688 | $48070460 |
| **Shares Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 200000 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | – | (300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding From Share Transactions** | 200000 | 75000 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC**<br> **LARGE CAP CORE ETF** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding**

**Throughout the Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026 (Unaudited)** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024** | **Year Ended September 30, 2023** | **Year Ended September 30, 2022** | **Period Ended September 30, 2021\*** | **Period Ended September 30, 2021\*** |
| Net Asset Value, Beginning of Year/Period | $41.80 | $35.99 | $26.38 | $21.90 | $27.72 | $| 20.25 |
| Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: |
| &nbsp;&nbsp;&nbsp;Net Investment Income† | 0.10 | 0.21 | 0.24 | 0.26 | 0.25 |  | 0.23 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (1.26 | 5.79 | 9.64 | 4.45 | (5.33) |  | 7.30 |
| Total from Investment Operations | (1.16 | 6.00 | 9.88 | 4.71 | (5.08) |  | 7.53 |
| Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.20) | (0.19) | (0.27) | (0.23) | (0.09) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Capital Gains | (0.21 | – | – | – | (0.65) |  | – |
| Total Dividends and Distributions | (0.41 | (0.19) | (0.27) | (0.23) | (0.74) |  | (0.06 |
| Net Asset Value, End of Year/Period | $40.23 | $41.80 | $35.99 | $26.38 | $21.90 | $| 27.72 |
| **Total Return‡** | (2.82 | 16.76% | 37.66% | 21.65% | (19.06)% |  | 37.26 |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net Assets, End of Year/Period (Thousands) | $54310 | $48070 | $38689 | $23741 | $18617 | $| 4851 |
| Ratio of Expenses to Average Net Assets | 0.45 | 0.45% | 0.45% | 0.45% | 0.45% |  | 0.45 |
| Ratio of Net Investment Income to Average Net Assets | 0.49 | 0.57% | 0.75% | 1.02% | 0.99% |  | 0.98 |
| Portfolio Turnover Rate | 19 | 29% | 28% | 82% | 40% |  | 72%§ |

---

*\** *Commenced operations on November 2, 2020.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Per share data calculated using average shares method.* 

*††* *Annualized.*

*‡* *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.* 

*§* *Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities received or delivered from processing in-kind creations or redemptions.*

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(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 44 funds. The financial statements herein are those of the Democratic Large Cap Core ETF (the "Fund"). The investment objective of the Fund is to seek to track the total return performance, before fees and expenses, of the Democratic Large Cap Core Index (the "Index"). The Fund operates as an exchange traded fund ("ETF"). Reflection Asset Management, LLC (the "Adviser") serves as the investment adviser to the Fund. Exchange Traded Concepts, LLC (the "Sub-Adviser") serves as the sub-adviser to the Fund. The Fund commenced operations on November 2, 2020. 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.

Shares of the Fund are listed and traded on The NASDAQ Stock Market (the "Exchange"). Market prices for shares of the Fund may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis to certain institutional investors (typically market makers or other broker-dealers) at NAV only in large blocks of shares, called "Creation Units". Transactions for the Fund are generally conducted in exchange for the deposit or delivery of cash. Once created, shares trade in a secondary market at market prices that change throughout the day in share amounts less than a Creation Unit.

**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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

*Security Valuation* — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

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

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been 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.

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:

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

● 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 pricing procedures approved by the Board, etc.); and

● Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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

For details of investment classifications, reference the Schedule of Investments.

*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 provision for Federal income taxes has 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 period. 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., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

As of and during the six months ended March 31, 2026, 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 the six months ended, the Fund did not incur any interest or penalties.

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

*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.

*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.

*Cash* — 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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

Amounts invested are available on the same business day.

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

*Creation Units* — The Fund issues and redeems Shares at NAV and only in large blocks of Shares (each block of Shares for a Fund is a Creation Unit of 25,000 Shares, or multiples thereof).

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (''DTC'') participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged.

*Segment Reporting* — The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of this standard impacted financial statement disclosures only and did not affect 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 Fund's Principal Executive Officer and Principal Financial Officer act 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 manager. 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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**3. 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.

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.

**4. Administration, Distribution, 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 March 31, 2026, the admin fees incurred by the fund were paid by the Adviser in accordance with the advisory agreement.

The Trust has adopted a Distribution Plan (the "Plan") applicable to the Fund in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Fund as compensation for distribution and shareholder services. For the six months ended March 31, 2026, the Fund did not incur any fees 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.

Brown Brothers Harriman & Co. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

**5. Investment Advisory Agreement & Investment Subadvisory Agreement:**

The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, non-routine expenses, and distribution and service fees and expenses paid by the Fund under any plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Adviser, in turn, compensates the Sub-Adviser from the management fee it receives from the Fund.

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 0.45% of the Fund's average daily net assets.

The Adviser has entered into an investment sub-advisory agreement with Exchange Traded Concepts, LLC (the "Subadviser") with respect to the Fund (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Subadviser is responsible for trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of the Fund's Index, subject to the supervision of the Adviser and the Board.

For its services, the Sub-Adviser is entitled to a fee by the Adviser, which fee is calculated at an annual rate of 0.04% based on the average daily net assets of the Fund, and subject to a minimum annual fee of $20,000.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

**6. Investment Transactions:**

For the six months ended March 31, 2026, the Fund made purchases of $18,268,741 and sales of $10,220,064 in investment securities other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect of securities received or delivered from processing in-kind creations of $8,491,298 and redemptions of $0 respectively, and have been properly excluded from the calculation of portfolio turnover within the Fund's financial highlights. Realized gains on in-kind redemptions were $0.

**7. 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 the period. The book/tax differences may be temporary or permanent. The permanent differences are primarily attributed to different treatment for gains and losses on REIT adjustments, non-deductible excise tax paid and redemptions in-kind.

The tax character of dividends and distributions paid during the year ended September 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Return of Capital** | **Total** |
| 2025.0 | $215663 | $– $| 215663 |
| 2024.0 | 251845 | – | 251845 |

---

As of September 30, 2025, the components of Distributable Earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $180356 |
| Undistributed Long-Term Capital Gains | 255454 |
| Unrealized Appreciation | 10321391 |
| Other Temporary Differences | (2) |
| Total Distributable Earnings (Accumulated Losses) | $10757199 |

---

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. There were no capital loss carryforwards for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

During the year ended September 30, 2025, the Fund utilized $412,736 of prior year capital loss carryforwards to offset capital gains.

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relate to wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for investments held by the Fund at March 31, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax**<br> **Cost**  | **Aggregate Gross Unrealized** <br> **Appreciation**  | **Aggregate Gross Unrealized** <br> **Depreciation**  | **Net Unrealized** <br> **Appreciation**  |
| $37608879 | $11224212 | $(902821) | $10321391 |

---

**8. Concentration of Risks:**

As with all exchange traded funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth below.

EQUITY MARKET RISK — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund's investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Moreover, in the event of a company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

COMMON STOCK RISK — The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

LARGE CAPITALIZATION RISK — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

SECTOR RISK – The Fund is subject to the following Sector Risk:

INFORMATION TECHNOLOGY SECTOR RISK — The Fund's investments are exposed to issuers conducting business in the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments and semiconductors. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. The prices of the securities of companies operating in the Information Technology Sector are closely tied to market competition, increased sensitivity to short product cycles and aggressive pricing, and problems with bringing products to market.

ISSUER-SPECIFIC RISK — Fund performance depends on the performance of individual securities to which the Fund has exposure. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.

ETF RISKS — The Fund is an exchange-traded fund ("ETF") and, as a result of this structure, it is exposed to the following risks:

INDEX TRACKING RISK — The Fund's return may not match or achieve a high degree of correlation with the return of the Index.

PASSIVE INVESTMENT RISK — The Fund is not actively managed and therefore the Fund would not sell a security due to current or projected underperformance of the security, industry or sector, unless that security is removed from the Index or selling the security is otherwise required upon a rebalancing of the Index.

TRADING RISK — Shares of the Fund may trade on The NASDAQ Stock Market (the "Exchange") above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund's holdings. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

METHODOLOGY RISK — The Fund seeks to track the performance of the Index, which is based on a construction methodology that utilizes financial modeling. No assurance can be given that stocks of companies chosen for the Index will outperform stocks of other companies. Moreover, there is no guarantee or assurance that the methodology used to create the Index will result in the Fund achieving positive investment returns or outperforming other investment products.

The Federal Election Commission (FEC) imposes strict standards regarding the reporting of political contribution data, and violations of such standards may constitute a federal crime. Nevertheless, to the extent that a company fraudulently reports contribution data, such data may cause a company to be included in the Index when such company otherwise would be excluded absent such fraud. Further, FEC contribution data does not include Excluded Contributions and thus may not reflect all political contributions made by a company, including its senior management. Therefore, the Index's sole reliance on the FEC for political contributions data may cause a company to be included in the Index that would not qualify for inclusion if the Index took into account Excluded Contributions. The inclusion of such companies in the Index could negatively affect the value of an investment in the Fund.

LIMITED AUTHORIZED PARTICIPANTS, MARKET MAKERS AND LIQUIDITY PROVIDERS RISK — Because the Fund is an ETF, only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund shares may trade at a material discount to net asset value ("NAV") and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(UNAUDITED)** |

---

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)**

**9. Other:**

At March 31, 2026, all shares issued by the Fund were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Fund). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Fund's Distributor.

**10. 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 estimated; however, based on experience, the risk of loss from such claims is considered remote.

**11. Recent Accounting Pronouncement:**

The Fund adopted FASB Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of ASU 2023-09 impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

**12. 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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRATIC** |
|  | **LARGE CAP CORE ETF** |
|  | **MARCH 31, 2026** |
|  | **(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.**

Not applicable.

**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 Trustees on the company's Board of Trustees. The Adviser pays the Trustee fees under a unitary management fee structure. More information about Trustee compensation can be found in the fund's Statement of Additional Information (the "SAI") under "Trustees and Officers of the Trust".

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

Not applicable.

**Democratic Large Cap Core ETF**

c/o SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

1-888-750-3369

**Investment Adviser:**

Reflection Asset Management, LLC

1000 Palm Boulevard, Suite 571

Isle of Palms, South Carolina 29451

**Investment Sub-Adviser:**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

**Independent Registered Public Accounting Firm:**

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, Pennsylvania 19103

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

RAM-SA-001-0600

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

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

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

**Item 16.** **Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

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

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

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

**Item 19.** **Exhibits.**

(a)(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0098495-1_ex99cert.htm)

(a)(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](fp0098495-1_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: June 2, 2026

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

---

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

---

Date: June 2, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---

Date: June 2, 2026

## 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: June 2, 2026

---

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

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

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: June 2, 2026

---

| |
|:---|
| /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 March 31, 2026, 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: June 2, 2026

---

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

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended March 31, 2026, 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: June 2, 2026

---

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

---