# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-009667
**Filing Date:** 2026-5
**Character Count:** 266279
**Document Hash:** cbf0cecf5e0e80f0f1b9e3ece6c23a69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-009667.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001398344-26-009667

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 261013465

**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-CSR/A**

**________**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

________

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

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

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

**Explanatory Note:**

Subsequent to the Form N-CSR filing (on January 8, 2026) for The Advisors' Inner Circle Fund III (the "Trust"), a misstatement of certain amounts related to PricewaterhouseCoopers LLP ("PwC") fees in Item 4 (Principal Accountant Fees and Services) for the fiscal year ended October 31, 2025 was identified. This filing intends to correct the fees for services provided to the Trust by PwC. The amounts provided for the fiscal year ended October 31, 2024 were appropriately stated and have not changed. There are no other changes included in this supplemental filing.

**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](i957ff86cadec2d1c23c4f82a.jpg)

## PineBridge Dynamic Asset Allocation Fund

## Institutional Shares - PDAIX

## Annual Shareholder Report: October 31, 2025
This 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 October 31, 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.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| PineBridge Dynamic Asset Allocation Fund, Institutional Shares | $81 | 0.75% |

---

## How did the Fund perform in the last year?
As of October 2025, on a rolling one-year basis, the Fund delivered a gross return of 16.86%, exceeding its return objective of CPI + 5%. The Fund seeks to achieve CPI + 5% over rolling five-year periods while dynamically managing risk to the 60% MSCI ACWI / 40% Bloomberg Global Treasury risk budget across full market cycles. Our aim is to provide investors with a diversifying return stream that offers growth-like returns with lower volatility, helping to balance risk and return in their portfolios.

At the start of the period, we maintained a constructive risk posture, supported by expectations of global economic easing, U.S. exceptionalism, and widening global growth gaps, alongside AI leadership and a pro-growth agenda. Toward the end of Q1, we reduced risk in our portfolio to a neutral level, acknowledging the heightened uncertainty around U.S. economic policy, where business-unfriendly trade and immigration measures may outweigh the delayed benefits of deregulation. With tariffs and labor market shifts threatening confidence and raising recession risk, we fine-tuned our asset allocation mix to reduce exposure to asset classes are more vulnerable in recessionary conditions in favor of those that are more resilient. With signs of financial easing, positive developments in fiscal stimulus and secular acceleration from AI investment emerging later in the period, we raised our preference for risk taking and shifted our asset class mix toward pockets of the market that stand to benefit from a cyclical reacceleration.

This period's strongest contributors were allocations aligned with enduring secular trends, particularly companies in the AI supply chain and those positioned to benefit from increased fiscal spending in Europe. Our U.S. Quality, Productivity Basket, China Internet Basket, and Energy Evolution Basket allocations target pockets of the market that are poised to benefit from accelerated AI investment and adoption, a theme reinforced by supportive earnings as businesses prioritize AI infrastructure to drive productivity. The German Fiscal Beneficiaries basket was another standout. This basket captures companies at the heart of Germany's spending initiatives—industrial leaders driving infrastructure modernization, defense firms benefiting from elevated security budgets, and select sectors positioned for long-term competitiveness.

Gold, a portfolio allocation since November 2023, continued to perform well amid concerns over U.S. central bank independence, a weaker dollar, and persistent geopolitical tensions. These drivers remained intact, while additional tailwinds—including a dovish Fed, signs of labor market softening, and government shutdown risks—further enhanced gold's appeal as a defensive asset with growth-like characteristics.

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

## Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i324f7ee4953eb59bc5f2b980.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | PineBridge Dynamic Asset Allocation Fund, Institutional Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | Bloomberg Global Treasury Index (USD) | 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury<sup>Footnote Reference\*</sup> | U.S. Consumer Price Index Less Food & Energy +5.00%<sup>Footnote Reference‡</sup> |
| Mar/16 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| Oct/16 | $1051000 | $1092513 | $1039138 | $1071540 | $1047878 |
| Oct/17 | $1185455 | $1346008 | $1032859 | $1212545 | $1119706 |
| Oct/18 | $1142825 | $1339040 | $1015064 | $1202096 | $1200735 |
| Oct/19 | $1207541 | $1507645 | $1112479 | $1343555 | $1289832 |
| Oct/20 | $1249371 | $1581335 | $1173393 | $1420281 | $1376048 |
| Oct/21 | $1548480 | $2170815 | $1135512 | $1699606 | $1510503 |
| Oct/22 | $1196173 | $1737579 | $883119 | $1347967 | $1685286 |
| Oct/23 | $1248054 | $1920058 | $887179 | $1435540 | $1840584 |
| Oct/24 | $1434729 | $2549660 | $957356 | $1756159 | $1996760 |
| Oct/25 | $1664130 | $3126975 | $999031 | $2022141 | $2146555 |

---

Since its inception on March 2, 2016. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 877-225-4164 or visit https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote‡ | &nbsp;&nbsp;CPI returns for October 2025 were not calculated and therefore unavailable due to the government shutdown. Returns reflect the use of September 2025 CPI returns as a substitute for the unavailable returns. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| PineBridge Dynamic Asset Allocation Fund, Institutional Shares | 15.99% | 5.90% | 5.41% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 12.51% |
| Bloomberg Global Treasury Index (USD) | 4.35% | -3.17% | -0.01% |
| 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury<sup>Footnote Reference\*</sup> | 15.15% | 7.32% | 7.55% |
| U.S. Consumer Price Index Less Food & Energy +5.00%<sup>Footnote Reference‡</sup> | 7.94% | 9.39% | 8.26% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $129728048 | 725 | $320830 | 133% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i7fa76f2f407e347acff892c5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Forward Contracts | -0.6% |
| Futures Contracts | -0.4% |
| Other Countries | 7.0% |
| South Korea | 1.3% |
| France | 1.6% |
| Taiwan | 1.7% |
| United Kingdom | 2.2% |
| China | 2.6% |
| U.S. Treasury Obligation | 3.0% |
| Germany | 3.5% |
| India | 4.0% |
| Hong Kong | 4.7% |
| Exchange-Traded Fund | 5.2% |
| Japan | 8.3% |
| United States | 48.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 5.6% |
| Invesco DB Precious Metals Fund | 5.1% |
| Microsoft | 4.0% |
| Apple | 3.1% |
| U.S. Treasury Bill, 3.98%, 11/12/2025 | 3.0% |
| Alphabet, Cl A | 2.3% |
| Amazon.com | 1.8% |
| JPMorgan Chase | 1.3% |
| Bank of America | 1.3% |
| Palo Alto Networks | 1.2% |

---

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

## Changes in and Disagreements with Accountants
Ernst & Young LLC was dismissed as the Fund's auditors, effective September 10, 2025. Cohen & Company, Ltd. was approved as the Fund's new auditors on September 10, 2025.

## 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 

## 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.

## PineBridge Dynamic Asset Allocation Fund

## The Advisors' Inner Circle Fund III/Institutional Shares - PDAIX

## Annual Shareholder Report: October 31, 2025

## PDAIX-AR-2025
![Image](i957ff86cadec2d1c23c4f82a.jpg)

# The Advisors' Inner Circle Fund III
![Image](i957ff86cadec2d1c23c4f82a.jpg)

## PineBridge Dynamic Asset Allocation Fund

## Investor Servicing Shares - PDAVX

## Annual Shareholder Report: October 31, 2025
This 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 October 31, 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.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| PineBridge Dynamic Asset Allocation Fund, Investor Servicing Shares | $97 | 0.90% |

---

## How did the Fund perform in the last year?
As of October 2025, on a rolling one-year basis, the Fund delivered a gross return of 16.86%, exceeding its return objective of CPI + 5%. The Fund seeks to achieve CPI + 5% over rolling five-year periods while dynamically managing risk to the 60% MSCI ACWI / 40% Bloomberg Global Treasury risk budget across full market cycles. Our aim is to provide investors with a diversifying return stream that offers growth-like returns with lower volatility, helping to balance risk and return in their portfolios.

At the start of the period, we maintained a constructive risk posture, supported by expectations of global economic easing, U.S. exceptionalism, and widening global growth gaps, alongside AI leadership and a pro-growth agenda. Toward the end of Q1, we reduced risk in our portfolio to a neutral level, acknowledging the heightened uncertainty around U.S. economic policy, where business-unfriendly trade and immigration measures may outweigh the delayed benefits of deregulation. With tariffs and labor market shifts threatening confidence and raising recession risk, we fine-tuned our asset allocation mix to reduce exposure to asset classes are more vulnerable in recessionary conditions in favor of those that are more resilient. With signs of financial easing, positive developments in fiscal stimulus and secular acceleration from AI investment emerging later in the period, we raised our preference for risk taking and shifted our asset class mix toward pockets of the market that stand to benefit from a cyclical reacceleration.

This period's strongest contributors were allocations aligned with enduring secular trends, particularly companies in the AI supply chain and those positioned to benefit from increased fiscal spending in Europe. Our U.S. Quality, Productivity Basket, China Internet Basket, and Energy Evolution Basket allocations target pockets of the market that are poised to benefit from accelerated AI investment and adoption, a theme reinforced by supportive earnings as businesses prioritize AI infrastructure to drive productivity. The German Fiscal Beneficiaries basket was another standout. This basket captures companies at the heart of Germany's spending initiatives—industrial leaders driving infrastructure modernization, defense firms benefiting from elevated security budgets, and select sectors positioned for long-term competitiveness.

Gold, a portfolio allocation since November 2023, continued to perform well amid concerns over U.S. central bank independence, a weaker dollar, and persistent geopolitical tensions. These drivers remained intact, while additional tailwinds—including a dovish Fed, signs of labor market softening, and government shutdown risks—further enhanced gold's appeal as a defensive asset with growth-like characteristics.

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

## Total Return Based on $100,000 Investment
![Growth of 10K Chart](i34d294713dc96b7e696ed51b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | PineBridge Dynamic Asset Allocation Fund, Investor Servicing Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | Bloomberg Global Treasury Index (USD) | 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury<sup>Footnote Reference\*</sup> | U.S. Consumer Price Index Less Food & Energy +5.00%<sup>Footnote Reference‡</sup> |
| Mar/16 | $100000 | $100000 | $100000 | $100000 | $100000 |
| Oct/16 | $105300 | $109251 | $103914 | $107154 | $104788 |
| Oct/17 | $118645 | $134601 | $103286 | $121255 | $111971 |
| Oct/18 | $114120 | $133904 | $101506 | $120210 | $120073 |
| Oct/19 | $120487 | $150764 | $111248 | $134356 | $128983 |
| Oct/20 | $124513 | $158133 | $117339 | $142028 | $137605 |
| Oct/21 | $154215 | $217082 | $113551 | $169961 | $151050 |
| Oct/22 | $119011 | $173758 | $88312 | $134797 | $168529 |
| Oct/23 | $123925 | $192006 | $88718 | $143554 | $184058 |
| Oct/24 | $142343 | $254966 | $95736 | $175616 | $199676 |
| Oct/25 | $164841 | $312698 | $99903 | $202214 | $214655 |

---

Since its inception on March 2, 2016. The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 877-225-4164 or visit https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote‡ | &nbsp;&nbsp;CPI returns for October 2025 were not calculated and therefore unavailable due to the government shutdown. Returns reflect the use of September 2025 CPI returns as a substitute for the unavailable returns. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| PineBridge Dynamic Asset Allocation Fund, Investor Servicing Shares | 15.81% | 5.77% | 5.30% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 12.51% |
| Bloomberg Global Treasury Index (USD) | 4.35% | -3.17% | -0.01% |
| 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury<sup>Footnote Reference\*</sup> | 15.15% | 7.32% | 7.55% |
| U.S. Consumer Price Index Less Food & Energy +5.00%<sup>Footnote Reference‡</sup> | 7.94% | 9.39% | 8.26% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $129728048 | 725 | $320830 | 133% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i7fa76f2f407e347acff892c5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Forward Contracts | -0.6% |
| Futures Contracts | -0.4% |
| Other Countries | 7.0% |
| South Korea | 1.3% |
| France | 1.6% |
| Taiwan | 1.7% |
| United Kingdom | 2.2% |
| China | 2.6% |
| U.S. Treasury Obligation | 3.0% |
| Germany | 3.5% |
| India | 4.0% |
| Hong Kong | 4.7% |
| Exchange-Traded Fund | 5.2% |
| Japan | 8.3% |
| United States | 48.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 5.6% |
| Invesco DB Precious Metals Fund | 5.1% |
| Microsoft | 4.0% |
| Apple | 3.1% |
| U.S. Treasury Bill, 3.98%, 11/12/2025 | 3.0% |
| Alphabet, Cl A | 2.3% |
| Amazon.com | 1.8% |
| JPMorgan Chase | 1.3% |
| Bank of America | 1.3% |
| Palo Alto Networks | 1.2% |

---

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

## Changes in and Disagreements with Accountants
Ernst & Young LLC was dismissed as the Fund's auditors, effective September 10, 2025. Cohen & Company, Ltd. was approved as the Fund's new auditors on September 10, 2025.

## 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 

## 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.

## PineBridge Dynamic Asset Allocation Fund

## The Advisors' Inner Circle Fund III/Investor Servicing Shares - PDAVX

## Annual Shareholder Report: October 31, 2025

## PDAVX-AR-2025
![Image](i957ff86cadec2d1c23c4f82a.jpg)**

(b) Not applicable.

**Item 2.** **Code of Ethics.**

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

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $785015 |  |  | $734463 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  | $250000<sup>(2)</sup> |  |  | $559700<sup>(4)</sup> |
| (d) | All Other Fees |  |  | $200000<sup>(3)</sup> |  |  | $10530<sup>(5)</sup> |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $52000 |  |  |  |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax compliance services provided to service affiliates of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-audit assurance engagements for service affiliates of the funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-audit fees consist of SSAE No. 18 report over investment management activities and non-statutory audit reports of Legal & General Investment Management America, Inc.

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

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

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

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

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

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

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

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

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

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

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

---

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

---

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

---

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

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $450,000 and $570,230 for 2025 and 2024, respectively.

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

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

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

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

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

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0096599_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Financial Statements (Form N-CSR Item 7)** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **33** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **34** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **35** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **36** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** | **38** |
| **Report of Independent Registered Public Accounting Firm** | **64** |
| **Notice to Shareholders (Unaudited)** | **66** |
| **Other Information (Form N-CSR Items 8-11) (Unaudited)** | **67** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 79.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boss Energy \* | 14990 | $19454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paladin Energy \* | 8437 | 52927 |
|  |  | 72381 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WiseTech Global | 369 | 16643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xero \* | 165 | 15610 |
|  |  | 32253 |
| Total Australia |  | 104634 |
| **Belgium — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UCB | 506 | 130113 |
| **Brazil — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIM | 61375 | 276761 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lojas Renner | 12985 | 35721 |
| Total Brazil |  | 312482 |
| **Canada — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco | 598 | 61115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denison Mines \* | 24312 | 77484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Fuels \* | 7912 | 162465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexGen Energy \* | 6448 | 63029 |
|  |  | 364093 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 1145 | 199070 |
| Total Canada |  | 563163 |
| **China — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 56593 | 1204228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD, Cl A | 300 | 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 4400 | 24603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 4200 | 9827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sailun Group, Cl A | 5300 | 11433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weifu High-Technology Group, Cl A | 8100 | 24441 |
|  |  | 1278786 |

---

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

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujian Sunner Development, Cl A | 10500 | $25010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangdong Haid Group, Cl A | 4200 | 34476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 5700 | 21975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 100 | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellhope Foods, Cl A | 10100 | 10891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yifeng Pharmacy Chain, Cl A | 14100 | 48413 |
|  |  | 160880 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 44800 | 50166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl A | 30200 | 16599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 26200 | 28670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 12700 | 36135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 1700 | 13825 |
|  |  | 145395 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangxi LiuYao Group, Cl A | 4000 | 10485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 5100 | 29783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 2800 | 25225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 500 | 6984 |
|  |  | 72477 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beijing Career International, Cl A | 5000 | 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 39800 | 30381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 1100 | 60143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangxi Liugong Machinery, Cl A | 9800 | 16038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Han's Laser Technology Industry Group, Cl A | 17100 | 99014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nantong Jianghai Capacitor, Cl A | 4200 | 16859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1300 | 11454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 2200 | 40614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 13963 | 372540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunwoda Electronic, Cl A | 4800 | 24196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzhou Gold Mantis Construction Decoration, Cl A | 18000 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YTO Express Group, Cl A | 12200 | 29335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus, Cl A | 10900 | 49528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 4200 | 29493 |
|  |  | 808886 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huaqin Technology, Cl A | 1200 | 17129 |

---

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

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A \* | 6700 | $19876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 5300 | 46955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 200 | 11443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology, Cl A | 6400 | 18405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 1200 | 79244 |
|  |  | 193052 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl A | 5800 | 18910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 23500 | 24357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 1600 | 14083 |
|  |  | 57350 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Vanke, Cl A \* | 9500 | 8376 |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 2000 | 4035 |
| Total China |  | 2729237 |
| **Denmark — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSV | 179 | 38200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems | 2209 | 45179 |
|  |  | 83379 |
| Total Denmark |  | 83379 |
| **Finland — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp | 6085 | 104094 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kone, Cl B | 306 | 20445 |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortum | 2385 | 53185 |
| Total Finland |  | 177724 |
| **France — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA | 3581 | 155373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 1962 | 151972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale | 1254 | 79529 |
|  |  | 386874 |

---

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

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 1186 | $292432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alstom \* | 1062 | 26558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 1931 | 187426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation | 57 | 18368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eiffage | 192 | 23625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legrand | 860 | 148511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexans | 324 | 45620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel | 595 | 20631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safran | 737 | 261869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 723 | 206003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales | 312 | 88967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | 1057 | 141337 |
|  |  | 1461347 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capgemini | 130 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics | 336 | 8251 |
|  |  | 28251 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide | 726 | 140509 |
| Total France |  | 2016981 |
| **Germany — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim & KGaA | 411 | 36822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | 3650 | 113059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freenet | 1686 | 52431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scout24 | 624 | 72163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Internet | 815 | 25160 |
|  |  | 299635 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zalando \* | 2051 | 57474 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redcare Pharmacy \* | 299 | 24545 |
| &nbsp;&nbsp;&nbsp;**Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz | 1041 | 418315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerzbank | 6767 | 246743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank | 8978 | 321413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse | 413 | 104588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Group GmbH & KGaA | 297 | 19014 |

---

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

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO | 1570 | $59553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 443 | 274080 |
|  |  | 1443706 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec | 603 | 30585 |
| &nbsp;&nbsp;&nbsp;**Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brenntag | 802 | 44542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding | 1163 | 46616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Lufthansa | 11821 | 103633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post | 3114 | 143076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fraport Frankfurt Airport Services Worldwide \* | 850 | 72857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEA Group | 310 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hensoldt | 664 | 70781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines | 160 | 69924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordex \* | 961 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rational | 29 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RENK Group | 417 | 31749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall | 198 | 389224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | 811 | 229834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy \* | 853 | 106271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKMS AG& CO \* | 416 | 39218 |
|  |  | 1419552 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bechtle | 1044 | 44129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies | 640 | 25403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 1433 | 372682 |
|  |  | 442214 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASF | 554 | 27335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials | 225 | 52786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thyssenkrupp | 8324 | 87230 |
|  |  | 167351 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aroundtown \* | 8052 | 28773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien | 1437 | 109519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAG Immobilien | 2679 | 44474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vonovia | 4444 | 133567 |
|  |  | 316333 |

---

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

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.ON | 8574 | $159530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | 3572 | 175851 |
|  |  | 335381 |
| Total Germany |  | 4536776 |
| **Greece — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUMBO | 2336 | 74154 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 25408 | 198441 |
| Total Greece |  | 272595 |
| **Hong Kong — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 21550 | 326186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 3000 | 90609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Literature \* | 8000 | 43098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Music \* | 1650 | 51234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsoft | 9600 | 41848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 29600 | 274816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | 22500 | 631367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | 16435 | 1334978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weibo, Cl A | 1840 | 20119 |
|  |  | 2814255 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 50497 | 119794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Cl A | 20700 | 341757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 43000 | 565998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 17600 | 48432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group | 6161 | 433558 |
|  |  | 1509539 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 122000 | 90998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Health International \* | 23350 | 182269 |
|  |  | 273267 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 266532 | 263878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank, Cl H | 69000 | 28307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl H | 5000 | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 15363 | 110987 |

---

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

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \* | 12400 | $26699 |
|  |  | 439452 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 21000 | 10653 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl H | 53000 | 23255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | 118980 | 173574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 27444 | 152257 |
|  |  | 349086 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KE Holdings, Cl A | 26700 | 151434 |
| Total Hong Kong |  | 5547686 |
| **Hungary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 2337 | 223079 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 4293 | 132242 |
| Total Hungary |  | 355321 |
| **India — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 20228 | 168904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 3015 | 118393 |
|  |  | 287297 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaman Lal Setia Exports | 2800 | 8669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dodla Dairy | 2270 | 33018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emami | 13100 | 78803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Unilever | 2500 | 69431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honasa Consumer \* | 6582 | 21052 |
|  |  | 210973 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries | 8133 | 136088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waaree Energies | 2400 | 92576 |
|  |  | 228664 |
| &nbsp;&nbsp;&nbsp;**Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance | 6900 | 81038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Baroda | 100332 | 314426 |

---

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

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of India | 76700 | $120806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Insurance Corp of India | 7000 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 37227 | 413921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank ADR | 3500 | 106050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 15078 | 228471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Bank | 22900 | 221316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Energy Exchange | 8000 | 12521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Punjab National Bank | 46400 | 64191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Bank of India | 68500 | 114691 |
|  |  | 1706885 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caplin Point Laboratories | 1700 | 38889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gland Pharma | 2450 | 53224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granules India | 1800 | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orchid Pharma \* | 550 | 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 1650 | 31454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zydus Lifesciences | 4000 | 43943 |
|  |  | 183487 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Engineering | 1016 | 37175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics | 12300 | 58981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Info Systems | 13900 | 58106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eClerx Services | 400 | 21284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elecon Engineering | 5200 | 32877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterGlobe Aviation | 200 | 12672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSB | 2800 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycab India | 1100 | 95412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shakti Pumps India | 5000 | 46066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transformers & Rectifiers India | 6500 | 32579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transport Corp of India | 484 | 6532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Updater Services \* | 5223 | 13904 |
|  |  | 440523 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Electroplast | 6800 | 43703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | 1900 | 65392 |
|  |  | 109095 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dhanuka Agritech | 2000 | 30919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHCL | 2000 | 14400 |

---

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

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Aluminium | 45400 | $119540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shree Cement | 150 | 47799 |
|  |  | 212658 |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NHPC | 31500 | 30072 |
| Total India |  | 3409654 |
| **Indonesia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 187053 | 95770 |
| **Ireland — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerry Group, Cl A | 2227 | 203152 |
| **Italy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo | 28324 | 182557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit | 2428 | 179785 |
|  |  | 362342 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iveco Group | 1328 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo | 1401 | 82427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prysmian | 841 | 87685 |
|  |  | 198336 |
| Total Italy |  | 560678 |
| **Japan — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone | 317500 | 326788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Perfect JSAT Holdings | 12100 | 119064 |
|  |  | 445852 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Yuasa | 7300 | 203849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings | 25000 | 148715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saizeriya | 1700 | 55587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group | 16200 | 451163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor | 12200 | 182132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor | 19400 | 395510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasure Factory | 4400 | 47694 |

---

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

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonex | 1800 | $46297 |
|  |  | 1530947 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ajinomoto | 7400 | 209881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Oil Holdings | 5400 | 111694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kobe Bussan | 4000 | 92817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morinaga Milk Industry | 4900 | 105772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohto Pharmaceutical | 3800 | 58938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha | 1900 | 137721 |
|  |  | 716823 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concordia Financial Group | 22100 | 160540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings | 20600 | 144591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A Capital Partners | 3100 | 59194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 24200 | 365548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group | 9400 | 254494 |
|  |  | 984367 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chugai Pharmaceutical | 7416 | 339414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 200 | 32486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JCR Pharmaceuticals | 7200 | 27911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JMDC | 3100 | 98245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sawai Group Holdings | 4900 | 58517 |
|  |  | 556573 |
| &nbsp;&nbsp;&nbsp;**Industrials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Electric | 2200 | 157127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujikura | 700 | 95322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi | 22076 | 754094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insource | 8900 | 50317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITOCHU | 6600 | 382294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kanematsu | 3300 | 66811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MINEBEA MITSUMI | 6900 | 136370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries | 1700 | 51322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raito Kogyo | 2600 | 54412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takasago Thermal Engineering | 7900 | 234426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyu | 9100 | 101265 |
|  |  | 2083760 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantest | 1500 | 224619 |

---

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

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings | 7100 | $164555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujitsu | 1000 | 26061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence | 1152 | 427547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meiko Electronics | 2500 | 164421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micronics Japan | 3200 | 188743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEC | 8500 | 308720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Research Institute | 3500 | 135146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obic | 500 | 15511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Japan | 200 | 18438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron | 200 | 44094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trend Micro | 1700 | 86755 |
|  |  | 1804610 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical | 7600 | 140609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oji Holdings | 21000 | 105953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osaka Soda | 10500 | 112031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 6700 | 201395 |
|  |  | 559988 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan | 19900 | 207207 |
| Total Japan |  | 8890127 |
| **Mexico — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca Continental | 9172 | 88755 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentera | 58357 | 138429 |
| Total Mexico |  | 227184 |
| **Netherlands — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen \* | 48 | 82247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 5871 | 146596 |
|  |  | 228843 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR \* | 169 | 138327 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer | 210 | 25743 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASM International | 291 | 188813 |

---

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

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | 137 | $144851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries | 39 | 6649 |
|  |  | 340313 |
| Total Netherlands |  | 733226 |
| **Norway — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kongsberg Gruppen | 2517 | 64167 |
| **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS | 6395 | 128482 |
| **South Africa — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 54981 | 260934 |
| **South Korea — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woori Financial Group | 9216 | 164060 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doosan Enerbility \* | 959 | 59353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric | 165 | 100245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KEPCO Engineering & Construction | 603 | 43017 |
|  |  | 202615 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | 7482 | 563217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | 1797 | 699201 |
|  |  | 1262418 |
| Total South Korea |  | 1629093 |
| **Spain — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 10030 | 202064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander | 27911 | 284417 |
|  |  | 486481 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SME | 652 | 17709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial | 421 | 25834 |
|  |  | 43543 |

---

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

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endesa | 1383 | $49581 |
| Total Spain |  | 579605 |
| **Sweden — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor, Cl B | 3460 | 113927 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assa Abloy, Cl B | 901 | 33954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco, Cl A | 3788 | 63472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco, Cl B | 1392 | 20823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab, Cl B | 1646 | 90573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvik | 1868 | 56487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKF, Cl B | 987 | 25299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trelleborg, Cl B | 415 | 17319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo, Cl B | 1453 | 39805 |
|  |  | 347732 |
| Total Sweden |  | 461659 |
| **Switzerland — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Re | 592 | 108100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group | 5763 | 220523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group | 298 | 207250 |
|  |  | 535873 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lonza Group | 163 | 112557 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB | 4793 | 356348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geberit | 61 | 44592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VAT Group | 9 | 3933 |
|  |  | 404873 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize \* | 217 | 11229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim | 217 | 19292 |
|  |  | 30521 |
| Total Switzerland |  | 1083824 |
| **Taiwan — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | 1000 | 34777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | 2588 | 58467 |

---

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

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 31152 | $259103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Largan Precision | 1454 | 104360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | 3679 | 156024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 905 | 271889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 24897 | 1204011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wiwynn | 1000 | 141020 |
|  |  | 2229651 |
| Total Taiwan |  | 2229651 |
| **United Kingdom — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coats Group | 30362 | 32629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | 3391 | 112241 |
|  |  | 144870 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yellow Cake \* | 6148 | 47629 |
| &nbsp;&nbsp;&nbsp;**Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group | 1989 | 115104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 27279 | 146314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings | 34854 | 487936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group | 121401 | 142341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group | 1126 | 140329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group | 16213 | 124816 |
|  |  | 1156840 |
| &nbsp;&nbsp;&nbsp;**Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals | 3505 | 84784 |
| &nbsp;&nbsp;&nbsp;**Industrials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group | 397 | 26518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 8892 | 219041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | 805 | 37549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 3998 | 32936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX ADR | 1688 | 74677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX | 1635 | 72261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings | 18754 | 288601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirax Group | 1403 | 130862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weir Group | 12029 | 468263 |
|  |  | 1350708 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings ADR \* | 451 | 76589 |

---

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

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Group | 925 | $13982 |
|  |  | 90571 |
| Total United Kingdom |  | 2875402 |
| **United States — 48.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Cl A | 10670 | 3000297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 828 | 20493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast, Cl A | 5182 | 144241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts | 142 | 28408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox, Cl A | 1196 | 77321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group | 262 | 8473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 2217 | 1437392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group | 703 | 52739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Cl A \* | 997 | 33001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology \* | 34 | 22281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications | 540 | 21460 |
|  |  | 4846106 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 499 | 63143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com \* | 9463 | 2311054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 3341 | 126557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | 9 | 45700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | 39 | 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 370 | 30155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 164 | 41717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DR Horton | 361 | 53818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay | 293 | 23824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 127 | 7874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group | 532 | 117040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 56 | 10545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block | 144 | 7163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 84 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | 313 | 118812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands | 1437 | 85286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | 898 | 213841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 101 | 17224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Cl A | 86 | 22410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's | 235 | 70131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Cl B | 504 | 32553 |

---

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

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR \* | 10 | $72108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 255 | 24082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | 26 | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup | 581 | 69644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 27 | 8631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores | 170 | 27016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks | 406 | 32833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | 374 | 41073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla \* | 1497 | 683470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX | 305 | 42743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma | 47 | 9134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands | 155 | 21422 |
|  |  | 4466558 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group | 379 | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight | 68 | 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox | 64 | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive | 257 | 19802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | 138 | 125780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion | 50 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark | 186 | 22266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage \* | 391 | 26131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International | 228 | 32907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | 631 | 94883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart | 1652 | 167149 |
|  |  | 529217 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 262 | 96275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron | 364 | 57410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 249 | 22126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy | 325 | 7689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | 200 | 21168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 1202 | 137461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy \* | 6735 | 101901 |
|  |  | 444030 |
| &nbsp;&nbsp;&nbsp;**Financials — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac | 224 | 24011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | 46 | 8810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial | 44 | 19922 |

---

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

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon, Cl A | 68 | $23166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management | 1241 | 154269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group | 87 | 7509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management, Cl A | 686 | 102015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher | 71 | 17714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 30456 | 1627873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 301 | 143740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Funding | 49 | 53058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | 2610 | 382730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 3300 | 52041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield | 5265 | 242453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | 214 | 17064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group | 767 | 40896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets | 37 | 9089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb | 139 | 38495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 6203 | 627930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Cl A | 648 | 172037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares | 104 | 5474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems | 16 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | 3003 | 187748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS KKR Capital | 594 | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group | 1057 | 834364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 62 | 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 127 | 18579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | 5609 | 1745072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR | 1901 | 224945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital | 189 | 10758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan | 183 | 32601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Cl A | 233 | 128614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's | 80 | 38424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 5325 | 873300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NU Holdings, Cl A \* | 8334 | 134261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | 96 | 19776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | 76 | 37028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street | 2467 | 285333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Cl A | 802 | 44142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers | 89 | 23907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Cl A | 453 | 154355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W R Berkley | 112 | 7990 |

---

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

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo | 10729 | $933101 |
|  |  | 9525525 |
| &nbsp;&nbsp;&nbsp;**Health Care — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 566 | 69969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | 533 | 116215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies | 68 | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | 2308 | 170538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology \* | 116 | 15994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen | 229 | 68340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 474 | 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | 708 | 135065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene \* | 799 | 28261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 274 | 66968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita \* | 49 | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health | 140 | 44408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | 491 | 58817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic \* | 115 | 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana | 169 | 47014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 154 | 96945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte \* | 569 | 53190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 688 | 129943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings \* | 15 | 8774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck | 1981 | 170326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 7 | 9914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare \* | 122 | 18673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra \* | 32 | 7276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 15 | 9777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed | 88 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 2446 | 91823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare \* | 141 | 29115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 407 | 230928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics \* | 181 | 80623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | 289 | 98711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 151 | 43971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Cl A | 158 | 22766 |
|  |  | 1992191 |
| &nbsp;&nbsp;&nbsp;**Industrials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands | 25 | 9126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings | 171 | 22271 |

---

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

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 89 | $7347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK | 593 | 119851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing | 639 | 166332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 59 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 142 | 31297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | 315 | 67287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | 52 | 16903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 1752 | 104227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar | 474 | 273621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 1358 | 209118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas | 105 | 19243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors \* | 32 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart \* | 499 | 21462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 3381 | 121784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | 291 | 127365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines | 957 | 54913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | 950 | 362482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group | 159 | 107449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric | 971 | 135523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington | 68 | 8289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 2365 | 97320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova | 222 | 129901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | 94 | 7686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International | 1882 | 378903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Cl B | 379 | 178130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works | 92 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 1295 | 98847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions | 643 | 100186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 40 | 9378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | 56 | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec \* | 610 | 124538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NANO Nuclear Energy \* | 1360 | 64654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern | 426 | 120720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuScale Power \* | 1224 | 54921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | 857 | 97998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 669 | 93941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR | 1156 | 113750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | 188 | 145292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | 992 | 116094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software | 35 | 6548 |

---

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

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | 588 | $264088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Cl A | 92 | 19158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation | 720 | 265219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | 161 | 9275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX | 1332 | 237762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies \* | 482 | 107915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies | 330 | 148055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific | 2289 | 504427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 417 | 39215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals | 130 | 113253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 76 | 16626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 695 | 134038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 707 | 141237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | 14 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | 327 | 84866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 778 | 159054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger | 135 | 132165 |
|  |  | 6368067 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture, Cl A | 790 | 197579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe \* | 432 | 147014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 1138 | 291465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies \* | 2151 | 161540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs | 90 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol, Cl A | 2510 | 349743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | 361 | 84521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 14705 | 3975791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | 573 | 133566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 167 | 106434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APTIV \* | 535 | 43388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks \* | 1056 | 166521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 352 | 59636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk \* | 173 | 52132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 118 | 5998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 2890 | 1068231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 319 | 108042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 15073 | 131437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 1166 | 228163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic \* | 75 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems | 1255 | 91753 |

---

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

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 3681 | $932397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex | 2052 | 84932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 698 | 50870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Cl A \* | 149 | 19923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 53 | 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 2664 | 1446579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software \* | 520 | 270806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 4021 | 654659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Cl A \* | 787 | 57561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 289 | 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace \* | 3727 | 188474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5 \* | 30 | 7591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet \* | 11 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet \* | 8611 | 744249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner \* | 56 | 13907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital | 8108 | 213727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES \* | 234 | 8330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 155 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software \* | 65 | 15187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot \* | 73 | 35910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines | 434 | 133416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | 354 | 236313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil | 314 | 69359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies \* | 666 | 121851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | 92 | 111204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | 830 | 130692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates \* | 93 | 16933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology | 824 | 77242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | 235 | 14669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | 392 | 87718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 10139 | 5250076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 37 | 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | 33 | 33165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | 508 | 206609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | 499 | 58772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 339 | 24150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 35654 | 7219578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Cl A \* | 2035 | 186264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor \* | 1018 | 50981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle | 1009 | 264974 |

---

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

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 1530 | $306719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 7212 | 1588371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems | 158 | 10057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC \* | 116 | 23031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 344 | 33953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM | 1446 | 261581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 287 | 8644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies | 339 | 151245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 186 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint \* | 5870 | 127262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 917 | 238796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 201 | 8074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 140 | 35823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 3677 | 65634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow \* | 323 | 296927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions | 111 | 8627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 305 | 83838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOLSTICE ADV MATERIALS \* | 471 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys \* | 702 | 318582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | 651 | 160804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradata \* | 307 | 6401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments | 430 | 69428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 201 | 27111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies \* | 16 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign | 30 | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital | 214 | 32145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Cl A \* | 204 | 48944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 1161 | 101274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler \* | 1770 | 586118 |
|  |  | 31166081 |
| &nbsp;&nbsp;&nbsp;**Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor | 4027 | 31813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 75 | 6247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals | 1542 | 91533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | 1135 | 135179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan | 2908 | 121264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | 591 | 247215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | 174 | 106679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor | 716 | 107436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper | 81 | 11307 |

---

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

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
| **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;**Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | 753 | $118070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | 367 | 106247 |
|  |  | 1082990 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower ‡ | 2254 | 403421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle ‡ | 2046 | 184590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 1464 | 249480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 539 | 94072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix ‡ | 419 | 354478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 405 | 6488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 1149 | 118290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 54 | 6404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 45 | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis ‡ | 5318 | 659911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage ‡ | 79 | 22006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 961 | 39708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 516 | 98804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 142 | 24958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 2456 | 93991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 307 | 7061 |
|  |  | 2369432 |
| &nbsp;&nbsp;&nbsp;**Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison | 75 | 7306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy | 144 | 54288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas | 89 | 7023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy | 358 | 61526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 853 | 113253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 533 | 42938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 1396 | 128348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI | 177 | 5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group | 213 | 23799 |
|  |  | 444398 |
| Total United States |  | 63234595 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,472,112) |  | 103497294 |

---

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

**23**

---

| | | |
|:---|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** |  | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** | **ASSET ALLOCATION FUND** |
|  |  | **OCTOBER 31, 2025** |

---

**EXCHANGE-TRADED FUNDS — 5.2%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commodity — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco DB Precious Metals Fund | 71290 | $6551501 |
| &nbsp;&nbsp;&nbsp;**International Equity — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Saudi Arabia ETF | 4039 | 162691 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,721,804) |  | 6714192 |

---

**CORPORATE OBLIGATIONS — 4.6%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** |  |
| **Australia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mineral Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 10/01/2028 | $65000 | 68153 |
| **China — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 05/19/2028 | 275000 | 287367 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | 200000 | 197238 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 200000 | 186827 |
|  |  | 671432 |
| **Hong Kong — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Champion MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 06/15/2030 | 200000 | 172636 |
| &nbsp;&nbsp;&nbsp;Elect Global Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, (A) | 200000 | 149955 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, H15T5Y + 7.889%, (A)(C) | 200000 | 88251 |
| &nbsp;&nbsp;&nbsp;NWD MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/18/2029 | 200000 | 147015 |
|  |  | 557857 |
| **India — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Renewable Power Mauritius |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/25/2027 | 154000 | 150245 |
| &nbsp;&nbsp;&nbsp;Continuum Green Energy India |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 06/26/2033 | 192900 | 203257 |
| &nbsp;&nbsp;&nbsp;Greenko Power II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 12/13/2028 | 239250 | 228448 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 189750 | 187859 |

---

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

**24**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** | **Value** |
| **India — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | $200000 | $198713 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/02/2030(B) | 200000 | 203212 |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 300000 | 289926 |
| &nbsp;&nbsp;&nbsp;SAEL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 07/31/2031(B) | 188480 | 190824 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 200000 | 209335 |
|  |  | 1861819 |
| **Indonesia — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bukit Makmur Mandiri Utama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/10/2026 | 200000 | 199975 |
| &nbsp;&nbsp;&nbsp;Indika Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 05/07/2029 | 250000 | 251125 |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 02/04/2039 | 140460 | 147179 |
|  |  | 598279 |
| **Japan — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084%, (A),(C) | 200000 | 207077 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.578%, (A),(C) | 350000 | 347432 |
| &nbsp;&nbsp;&nbsp;SoftBank Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, USISOA05 + 4.854%, (A),(C) | 200000 | 200250 |
|  |  | 754759 |
| **Macau — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 230000 | 230000 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2034 | 200000 | 201543 |
|  |  | 431543 |
| **Mongolia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 07/03/2028 | 200000 | 204500 |
| **Nigeria — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IHS Netherlands Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/18/2027 | 137495 | 137539 |

---

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

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount(1)** | **Value** |
| **Singapore — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/20/2028 | $200000 | $209900 |
| &nbsp;&nbsp;&nbsp;GLP Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, H15T5Y + 3.725%, (A),(C) | 200000 | 132996 |
|  |  | 342896 |
| **Thailand — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;GC Treasury Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 3.162%, (A),(B),(C) | 350000 | 362063 |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,929,217) |  | 5990840 |
| **SOVEREIGN DEBT — 1.2%** |  |  |
| **Japan — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 03/20/2055 | 177550000 | 1001025 |
| **Mongolia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Ulaanbaatar Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/21/2027 | $200000 | 204994 |
| **Sri Lanka — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/15/2038(B) (D) | 200000 | 184499 |
| **Pakistan — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/08/2026 | 200000 | 199264 |
| TOTAL SOVEREIGN DEBT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,691,020) |  | 1589782 |

---

**PREFERRED STOCK — 0.0%**

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Germany — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Jungheinrich \*\* | 414 | 14796 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,893) |  | 14796 |

---

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

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**U.S. TREASURY OBLIGATIONS — 3.0%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.981%, 11/12/2025(E) | $3853000 | $3849303 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,848,341) |  | 3849303 |
| TOTAL INVESTMENTS — 93.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,679,387) |  | $121656207 |

---

*Percentages are based on Net Assets of $129,728,048.*

\* *Non-income producing security.* 

\*\* *There is currently no rate available.* 

&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)* *Perpetual security with no stated maturity date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *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 October 31, 2025 was $940,598 and represents 0.73% of Net Assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on October 31, 2025. The coupon on a step bond changes on a specified date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *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 — 5 Year US Treasury Yield Curve Constant Maturity Rate

HKD — Hong Kong Dollar

HUF — Hungarian Forint

INR — Indian Rupee

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

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

JPY — Japanese Yen

KRW — Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

PLN — Polish Zloty

S&P — Standard & Poor's

TOPIX — Tokyo Price Index

USISOA05 — 5Y SOFR Swap Rate

USD — U.S. Dollar

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

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

A list of the outstanding forward foreign currency contracts held by the Fund at October 31, 2025, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized Appreciation/ (Depreciation)** |
| Morgan Stanley | 12/17/25 | CNH | 7868000 | USD | 1111961 | $3779 |
| Morgan Stanley | 12/17/25 | GBP | 223000 | USD | 297216 | 4247 |
| Morgan Stanley | 12/17/25 | KRW | 4500230000 | USD | 3143605 | (11884) |
| Morgan Stanley | 12/17/25 | EUR | 2932000 | USD | 3452702 | 63884 |
| Morgan Stanley | 12/17/25 | KRW | 361543000 | USD | 253877 | 368 |
| Morgan Stanley | 12/17/25 | HUF | 85888000 | USD | 252239 | (2272) |
| Morgan Stanley | 12/17/25 | PLN | 933000 | USD | 253039 | 511 |
| Morgan Stanley | 12/17/25 | MXN | 4698000 | USD | 253051 | 1449 |
| Morgan Stanley | 12/17/25 | USD | 6234797 | JPY | 907095000 | (319945) |
| Morgan Stanley | 12/17/25 | JPY | 461808000 | USD | 3153319 | 142029 |
| Morgan Stanley | 12/17/25 | AUD | 167000 | USD | 109728 | 403 |
| Morgan Stanley | 12/17/25 | USD | 3535903 | KRW | 4861773000 | (126905) |
| Morgan Stanley | 12/17/25 | USD | 366864 | MXN | 6796000 | (2904) |
| Morgan Stanley | 12/17/25 | INR | 214978000 | USD | 2435597 | 20343 |
| Morgan Stanley | 12/17/25 | USD | 13326471 | EUR | 11302000 | (263569) |
| Morgan Stanley | 12/17/25 | USD | 3635782 | GBP | 2681000 | (113579) |
| Morgan Stanley | 12/17/25 | USD | 1000256 | AUD | 1507000 | (13720) |
| Morgan Stanley | 12/17/25 | USD | 2597222 | CAD | 3579000 | (39037) |
| Morgan Stanley | 12/17/25 | USD | 1844300 | CHF | 1454000 | (27226) |
| Morgan Stanley | 12/17/25 | USD | 3412187 | MXN | 64043000 | 17641 |
| Morgan Stanley | 12/17/25 | USD | 3097717 | HUF | 1044034000 | (3947) |
| Morgan Stanley | 12/17/25 | USD | 3096993 | PLN | 11241000 | (54480) |
| Morgan Stanley | 12/17/25 | HKD | 29646000 | USD | 3818062 | 268 |
|  |  |  |  |  |  | $(724546) |

---

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

**29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

The open futures contracts held by the Fund at October 31, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of Contracts** | **Expiration Date** | **Notional Amount <sup>†</sup>** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| **Long Contracts** | |  | | | |
| Euro-Bobl | 33 | 12/8/25 | $4538086 | $4498288 | $8690 |
| Euro-Bund 10-Year Bond | 33 | 12/8/25 | 4941405 | 4921643 | 33336 |
| Euro-Buxl | 7 | 12/8/25 | 925027 | 936916 | 22047 |
| Long Gilt 10-Year Bond | 24 | 12/29/25 | 2996181 | 2951722 | 420 |
| U.S. 5-Year Treasury Note | 11 | 12/31/25 | 1201943 | 1201320 | (623) |
| U.S. Ultra Long Treasury Bond | 16 | 12/19/25 | 1877034 | 1940500 | 63466 |
|  |  |  | $16479676 | $16450389 | $127336 |
| **Short Contracts** |  |  |  |  |  |
| Euro STOXX 50 | (3) | 12/19/25 | $(192496) | $(196030) | $(7402) |
| FTSE China A50 | (78) | 11/27/25 | (1219450) | (1189578) | 29872 |
| IFSC Nifty50 Index | (48) | 11/25/25 | (2506611) | (2486112) | 20499 |
| MSCI EAFE Index | (14) | 12/19/25 | (1956209) | (1964970) | (8761) |
| MSCI Emerging Markets | (71) | 12/19/25 | (4826920) | (4996980) | (170060) |
| S&P 500 Index E-MINI | (18) | 12/19/25 | (5981191) | (6186600) | (205409) |
| TOPIX Index | (30) | 12/11/25 | (6362964) | (6490169) | (364289) |
|  |  |  | $(23045841) | $(23510439) | $(705550) |
|  |  |  | $(6566165) | $(7060050) | $(578214) |

---

&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.*

**30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

The following is a summary of the level inputs used as of October 31, 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;&nbsp;Australia | $— | $104634 | $— | $104634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 130113 |  | 130113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 312482 |  |  | 312482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 563163 |  |  | 563163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 34476 | 2694761 |  | 2729237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 83379 |  | 83379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 177724 |  | 177724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 2016981 |  | 2016981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 39218 | 4497558 |  | 4536776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 74154 | 198441 |  | 272595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 5547686 |  | 5547686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 355321 |  | 355321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 106050 | 3303604 |  | 3409654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 95770 |  | 95770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 203152 |  | 203152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 560678 |  | 560678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 8890127 |  | 8890127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 227184 |  |  | 227184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 138327 | 594899 |  | 733226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 64167 |  | 64167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 128482 |  | 128482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 260934 |  | 260934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 1629093 |  | 1629093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 579605 |  | 579605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 461659 |  | 461659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1083824 |  | 1083824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 271889 | 1957762 |  | 2229651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 151266 | 2724136 |  | 2875402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 63234595 |  |  | 63234595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 65152804 | 38344490 |  | 103497294 |
| Exchange-Traded Funds | 6714192 |  |  | 6714192 |
| Corporate Obligations |  | 5990840 |  | 5990840 |
| Sovereign Debt |  | 1589782 |  | 1589782 |
| Preferred Stock |  | 14796 |  | 14796 |
| U.S. Treasury Obligation |  | 3849303 |  | 3849303 |
| Total Investments in Securities | $71866996 | $49789211 | $— | $121656207 |

---

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

**31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $178330 | $– | $– | $178330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (756544) |  |  | (756544) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation |  | 254922 |  | 254922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | – | (979468) | – | (979468) |
| Total Other Financial Instruments | $(578214) | $(724546) | $– | $(1302760) |

---

*\** *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.*

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $90,679,387) | $121656207 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $195,298) | 198751 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 5353758 |
| &nbsp;&nbsp;&nbsp;Cash Pledged as Collateral for Futures Contracts | 2847785 |
| &nbsp;&nbsp;&nbsp;Cash Pledged as Collateral for Forward Foreign Currency Contracts | 610000 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 378149 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Forward Foreign Currency Contracts | 254922 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 184624 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 98864 |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable | 57773 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 10377 |
| **Total Assets** | 131651210 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Forward Foreign Currency Contracts | 979468 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 588505 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 117987 |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable | 78880 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 16727 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable | 14588 |
| &nbsp;&nbsp;&nbsp;Payable due to Administrator | 13039 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 3345 |
| &nbsp;&nbsp;&nbsp;Payable due to Trustees | 247 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 194 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 110182 |
| **Total Liabilities** | 1923162 |
| **Commitments and Contingencies †** |  |
| **Net Assets** | $129728048 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital | $142860071 |
| Total Accumulated Losses | (13132023) |
| **Net Assets** | $129728048 |
| **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $126858810 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization - no par value) | 9688983 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $13.09 |
| **Investor Servicing Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2869238 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization - no par value) | 219366 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $13.08 |

---

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

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

**33**

---

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

---

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the Year Ended October 31, 2025** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1455750 |
| &nbsp;&nbsp;&nbsp;Interest | 1774534 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (44670) |
| **Total Investment Income** | 3185614 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 908889 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 145527 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 17475 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 10206 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees, Investor Servicing Shares | 4772 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 99716 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 62546 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 54348 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 40251 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 29736 |
| &nbsp;&nbsp;&nbsp;Pricing Fees | 28665 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 24807 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 74782 |
| **Total Expenses** | 1501720 |
| **Less:** |  |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees | (588059) |
| **Net Expenses** | 913661 |
| **Net Investment Income** | 2271953 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments (net of Foreign Capital Gains Tax on Appreciated Securities of $(162081)) | 11164166 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (5608341) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | 209908 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (21095) |
| **Net Realized Gain** | 5744638 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 9366612 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 532251 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | 89310 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | 240883 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translation of Other Assets and Liabilities Denominated in Foreign Currencies | (2732) |
| **Net Change in Unrealized Appreciation (Depreciation)** | 10226324 |
| **Net Realized and Unrealized Gain** | 15970962 |
| **Net Increase in Net Assets Resulting from Operations** | $18242915 |

---

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

**34**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2271953 | $2463007 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 5744638 | 8896406 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 10226324 | 10255690 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 18242915 | 21615103 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2897324) | (3011417) |
| &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;Issued | 886782 | 85316512 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 2897324 | 2886577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (8388661) | (95262856) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Transactions** | (4604555) | (7059767) |
| &nbsp;&nbsp;&nbsp;Investor Servicing Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 71744 | 98539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (690459) | (984798) |
| &nbsp;&nbsp;&nbsp;**Net Investor Servicing Shares Transactions** | (618715) | (864247) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Capital Share Transactions** | (5223270) | (7924014) |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 10050577 | 10575446 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 119677471 | 109102025 |
| &nbsp;&nbsp;&nbsp;End of Year | $129728048 | $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).

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.*

**35**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding**

**Throughout Each Year**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2024** | **Year Ended October 31, 2023** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** |
| Net Asset Value, Beginning of Year | $11.57 | $10.36 | $9.93 | $13.56 | $11.08 |
| Income (Loss) from Investment |  |  |  |  |  |
| Operations: |  |  |  |  |  |
| Net Investment Income\* | 0.23 | 0.20 | 0.26 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 1.58 | 1.34 | 0.17 | (3.07) | 2.52 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.81 | 1.54 | 0.43 | (2.93) | 2.64 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.29) | (0.33) | (0.00)^ | (0.04) | (0.16) |
| &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) |
| Net Asset Value, End of Year | $13.09 | $11.57 | $10.36 | $9.93 | $13.56 |
| **Total Return†** | 15.99% | 14.96% | 4.34% | (22.75)% | 23.94% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $126859 | $116589 | $105556 | $388514 | $225285 |
| Ratio of Expenses to Average Net Assets <sup>(1)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup> | 1.23% | 1.14% | 0.98% | 0.99% | 1.05% |
| Ratio of Net Investment Income to Average Net Assets <sup>(2)</sup> | 1.88% | 1.74% | 2.45% | 1.26% | 0.95% |
| Portfolio Turnover Rate | 133% | 132% | 105% | 145% | 130% |

---

 *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.* 

&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** |
|  | **ASSET ALLOCATION FUND** |

---

**FINANCIAL HIGHLIGHTS (continued)**

**Selected Per Share Data & Ratios**

**For a Share Outstanding**

**Throughout Each Year**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2024** | **Year Ended October 31, 2023** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** |
| Net Asset Value, Beginning of Year | $11.56 | $10.34 | $9.93 | $13.55 | $11.07 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income\* | 0.21 | 0.18 | 0.25 | 0.12 | 0.12 |
| Net Realized and Unrealized Gain (Loss) | 1.58 | 1.34 | 0.16 | (3.06) | 2.51 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.79 | 1.52 | 0.41 | (2.94) | 2.63 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.27) | (0.30) |  | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | – | – | (0.66) | – |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.27) | (0.30) | – | (0.68) | (0.15) |
| Net Asset Value, End of Year | $13.08 | $11.56 | $10.34 | $9.93 | $13.55 |
| **Total Return†** | 15.81% | 14.86% | 4.13% | (22.83)% | 23.85% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $2869 | $3089 | $3546 | $4983 | $6742 |
| Ratio of Expenses to Average Net Assets <sup>(1)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.81% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup> | 1.38% | 1.31% | 1.13% | 1.14% | 1.11% |
| Ratio of Net Investment Income to Average Net Assets <sup>(2)</sup> | 1.73% | 1.58% | 2.30% | 1.04% | 0.94% |
| Portfolio Turnover Rate | 133% | 132% | 105% | 145% | 130% |

---

*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.* 

&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.*

**37**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**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 47 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.

**38**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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.

**39**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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. 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:

**40**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

● 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 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 the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2025, the Fund did not incur any significant interest or penalties.

**41**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

*Foreign Taxes* — The 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 year ended October 31, 2025, the Fund has accrued foreign tax in the amount of $117,987, 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.

**42**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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 October 31, 2025.

For the year ended October 31, 2025, the average quarterly balances of forward foreign currency contracts were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Contracts Purchased | $33080716 |
| Average Quarterly Notional Contracts Sold | $(9272070) |

---

*Futures Contracts* — The Fund utilized futures contracts during the year ended October 31, 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.

**43**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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 October 31, 2025.

For the year ended October 31, 2025, the average quarterly notional amount of futures contracts held were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Balance Long | $21611785 |
| Average Quarterly Notional Balance Short | $(23836775) |

---

*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 Fund intends 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.

**44**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*Segment Reporting* — 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 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..

**45**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**3. Derivative Transactions:**

The following tables include the Fund's exposure by type of risk on derivatives held as of year end and throughout the year.

The fair value of derivative instruments as of October 31, 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;50371 \* | Unrealized depreciation on futures contracts | $755921 \* |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | Unrealized appreciation on futures contracts | 127959 \* | Unrealized depreciation on futures contracts | 623 \* |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 254922 | Unrealized depreciation on forward foreign currency contracts | 979468 |
| Total |  | $433252 |  | $1736012 |

---

*\** *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.*

**46**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2025, was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Futures Contracts** | **Forward Foreign** Currency** Contracts** | **Total** |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | $— | $209908 | $209908 |
| &nbsp;&nbsp;&nbsp;Equity contracts | (4376946) |  | (4376946) |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | (1231395) |  | (1231395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(5608341) | $209908 | $(5398433) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Futures Contracts** | **Forward Foreign** Currency** Contracts** | **Total** |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | $— | $240883 | $240883 |
| &nbsp;&nbsp;&nbsp;Equity contracts | (195551) |  | (195551) |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | 727802 |  | 727802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $532251 | $240883 | $773134 |

---

**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.

**47**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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 October 31, 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 | $254922 | $(979468) | $(724546) | $610000 | $(114546) |
| Total | $254922 | $(979468) | $(724546) | $610000 | $(114546) |

---

&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.

**48**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**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.

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 year ended October 31, 2025, the Fund paid $145,527 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 year ended October 31, 2025, the Investor Servicing Shares incurred $4,772 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 has 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 year ended October 31, 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 October 31, 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 $793,607, $553,744 and $588,059 expiring in 2026, 2027 and 2028, respectively. During the year ended October 31, 2025, the Fund did not recapture any previously waived fees and/or reimbursed expenses.

**49**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**8. Investment Transactions:**

The cost of security purchases and the proceeds from security sales other than short-term securities, for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Purchases** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $808502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 136254852 |
| **Sales** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $802211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 143181928 |

---

**50**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**9. Share Transactions:**

Share Transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2024** |
| Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 73481 | 7858700 \* |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 253484 | 260521 |
| &nbsp;&nbsp;&nbsp;Redeemed | (715355) | (8232083) |
| Total Institutional Shares Transactions | (388390) | (112862) |
| Investor Servicing Shares |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 2016 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 6277 | 8893 |
| &nbsp;&nbsp;&nbsp;Redeemed | (54215) | (86497) |
| Total Investor Servicing Shares Transactions | (47938) | (75588) |
| **Net Decrease in Shares Outstanding From Share Transactions** | (436328) | (188450) |

---

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

**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, 2025.

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** |
| 2025.0 | $2969068 | $– $|  | $2969068 |
| 2024.0 | 3115643 | – |  | 3115643 |

---

**51**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

As October 31, 2025 of the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $2406612 |
| Capital Loss Carryforwards | (39471705) |
| Unrealized Appreciation | 28998781 |
| Other Temporary Differences | (5065711) |
| Total Accumulated Losses | $(13132023) |

---

As of October 31, 2025, The Fund has short-term capital losses carried forward of $39,471,705. The Fund utilized $10,975,732 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 wash sale, mark-to-market on passive foreign investment companies, GAAP amortization adjustment and perpetual bonds, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 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\*** |
| $92229524 | $32337740 | $(3220972) | $29116768 |

---

\* The difference in unrealized appreciation is attributable to foreign capital gains tax payable.

**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.

**52**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**53**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**54**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**55**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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.

*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.

**56**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**57**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

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.

*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.

**58**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**59**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

*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.

**60**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

*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.

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.

**61**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**12. Concentration of Shareholders:**

At October 31, 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 Shareholder | % Ownership |
| Institutional Shares | 3 | 93% |
| Investor Servicing Shares | 1 | 94% |

---

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transaction Date** | **Shares Issued** | **Securities at Value** | **Interest 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 December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**62**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**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**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of PineBridge Dynamic Asset Allocation Fund and Board of Trustees of Advisors' Inner Circle Fund III

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PineBridge Dynamic Asset Allocation Fund (the "Fund"), a series of Advisors' Inner Circle Fund III as of October 31, 2025, the related statements of operations, and changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial statements and financial highlights for the years ended October 31, 2024, and prior, were audited by other auditors whose report dated December 23, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

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

**64**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025** |

---

![](fp0096599_02.jpg)

We have served as the Fund's auditor since 2025.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 23, 2025

**65**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

**NOTICE TO SHAREHOLDERS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Return of Capital | Ordinary Income Distributions | Long-Term Capital Gain Distributions | Total Distributions | Qualifying for Corporate Dividends Received Deduction*<sup>(1)</sup>* | Qualifying Dividend Income*<sup>(2)</sup>* |
| 0.00% | 100.00% | 0.00% | 100.00% | 36.34% | 77.89% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Government Interest*<sup>(3)</sup>* | Interest Related Dividends*<sup>(4)</sup>* | Short-Term Capital Gain Dividends*<sup>(5)</sup>* | Foreign Tax Credit*<sup>(6)</sup>* | Qualified Business Income*<sup>(7)</sup>* |
| 8.04% | 30.60% | 0.00% | 0.00% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Qualifying dividends
 represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions
 (the total of short term capital gain and net investment income distributions).

&nbsp;&nbsp;&nbsp;&nbsp;2. The percentage in

 Act of 2003 and is reflected as a percentage of ordinary income distributions
 (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds
 to designate the maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;3. "U.S. Government
 Interest" represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the
 fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations
 is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold
 requirements were not satisfied to permit exemption of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;4. The percentage in
 this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution.
 Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;5. The percentage of
 this column represents the amount of "Short Term Capital Gain Dividends" and is reflected as a percentage of short term capital
 gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;6. The percentage in
 this column represents the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions during the fiscal
 year ended October 31, 2025. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;7. The percentage of
 this column represents that amount of ordinary dividend income that qualified for 20% Business
 Income Deduction.

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

**66**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

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

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

Effective September 10, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Ernst & Young LLP ("E&Y") as the independent registered public accounting firm for the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

E&Y's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During each of the Fund's two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the disagreement in connection with E&Y's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended, with respect to the Fund.

The Fund has provided E&Y with a copy of the foregoing disclosures and has requested that E&Y furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether E&Y agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which E&Y does not agree. A copy of the letter from E&Y to the SEC is filed as an exhibit to this Form N-CSR.

On September 10, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**67**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

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

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of the Advisors' Inner Circle III Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his other favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

---

| | | | |
|:---|:---|:---|:---|
| **Director** | **Votes For** | **Votes Withheld** | **Proposal Passing** |
| (a.) John G. Alshefski | 1662873478 | 5330326 | Yes |
| (b.) Jon C. Hunt | 1574558027 | 93645777 | Yes |
| (c.) Thomas P. Lemke | 1627701282 | 40502522 | Yes |
| (d.) Nichelle Maynard-Elliott | 1642537284 | 25666520 | Yes |
| (e.) Jay C. Nadel | 1647431408 | 20772396 | Yes |
| (f.) Randall S. Yanker | 1627734666 | 40469138 | Yes |

---

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

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

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

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Fund's advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund III (the "Trust") or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

**68**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

A Board meeting was held on September 10–11, 2025 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund's advisory fee paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Fund's performance compared with a peer group of mutual funds and the Fund's benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**69**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

**Nature, Extent and Quality of Services Provided by the Adviser**

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Fund, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Fund. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance of the Fund and the Adviser**

The Board was provided with regular reports regarding the Fund's performance over various time periods. The Trustees also reviewed reports prepared by the Fund's administrator comparing the Fund's performance to its benchmark indices and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund's performance was satisfactory, or, where the Fund's performance was materially below its benchmarks and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale**

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Adviser. The Trustees also reviewed reports prepared by the Fund's administrator comparing the Fund's net and gross expense ratios and advisory fee to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services rendered by the Adviser.

**70**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PINEBRIDGE DYNAMIC** |
|  | **ASSET ALLOCATION FUND** |
|  | **OCTOBER 31, 2025 (Unaudited)** |

---

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Fund were not unreasonable. The Board also considered the Adviser's commitment to managing the Fund and its willingness to continue its expense limitation and fee waiver arrangement with the Fund.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund's shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information..

**71**

**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:**

**Cohen & Company, Ltd.**

**1835 Market Street, Suite 310**

**Philadelphia, PA 19103**

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

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

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

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

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](fp0098997-1_ex99code.htm)

(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.](fp0098997-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) [Change in Registrant's Independent Public Accountant attached hereto.](fp0098997-1_ex9919a5.htm)

(a)(5)(ii) [Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.](fp0098997-1_ex9919a5ii.htm)

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0098997-1_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: May 22, 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: May 22, 2026

---

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

---

Date: May 22, 2026

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to
provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

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

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

I, Michael Beattie, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: May 22, 2026

---

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

---

**CERTIFICATION**

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

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

I, Andrew Metzger, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: May 22, 2026

---

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

---

## Exhibit 99.19

Effective March 26, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Deloitte & Touche LLP ("D&T") as the independent registered public accounting firm for the MetLife Core Plus Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

D&T's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Fund's two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of D&T, would have caused D&T to make reference to the subject matter of the disagreement in connection with D&T's reports on the financial statements. In addition, there have been no reportable events of the kind described in item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Fund.

The Fund has provided D&T with a copy of the foregoing disclosures and have requested that D&T furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether D&T agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which D&T does not agree. A copy of the letter from D&T to the SEC is filed as an exhibit to this Form N-CSR.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based on the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co.") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co. on items which: (1) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co. concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(v) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Effective September 10, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Ernst & Young LLP ("E&Y") as the independent registered public accounting firm for the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

E&Y's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During each of the Fund's two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the disagreement in connection with E&Y's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended, with respect to the Fund.

The Fund has provided E&Y with a copy of the foregoing disclosures and has requested that E&Y furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether E&Y agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which E&Y does not agree. A copy of the letter from E&Y to the SEC is filed as an exhibit to this Form N-CSR.

On September 10, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

## Exhibit 99.19

March 28, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for MetLife Core Plus Fund, one of the funds constituting The Advisors' Inner Circle Fund III (Investment Company Act file number 811-22920) (the "Fund") and, under the date of December 20, 2024, we reported on the statement of assets and liabilities, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively, the financial statements). On March 26, 2025, based upon the approval of the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust"), we resigned our appointment as independent public accountant.

We have read the statements made by the Fund which we understand will be filed with the Commission pursuant to Item 13(a)(4) of Form N-CSR dated on or about December 30, 2025, and we agree with such statements, except that we are not in a position to agree or disagree with the Fund's statements that the Audit Committee of the Board of Trustees of the Trust (1) approved and recommended the decision to change independent accountants; and (2) approved and recommended the decision to appoint Cohen & Company, Ltd. as the Fund's independent accountant.

Very truly yours,

/s/ Deloitte & Touche LLP

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| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> One Commerce Square<br> Suite 700<br> 2005 Market Street<br> Philadelphia, PA 19103 | Tel: +1 215 448 5000<br> Fax: +1 215 448 5500<br> ey.com |

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January 5, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Item 8 to Form N-CSR dated October 31, 2025 of The Advisors' Inner Circle Fund III and are in agreement with the statements contained in paragraphs 2 and 3 therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

*/s/* Ernst & Young LLP

Philadelphia, Pennsylvania

A member firm of Ernst & Young Global Limited

## Exhibit 99.906

**CERTIFICATION**

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

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

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: May 22, 2026

---

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

---

**CERTIFICATION**

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

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

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: May 22, 2026

---

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

---