# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-022082
**Filing Date:** 2025-12
**Character Count:** 110034
**Document Hash:** 785c458f0787e0b7cc77d1c20131530d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022082.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-022082

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251553850

**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

### NICHOLAS PARTNERS SMALL CAP GROWTH FUND (Series ID: S000064409)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000208376 | Institutional Shares | NPSGX           |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: September 30, 2025**

**Date of reporting period: September 30, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of
 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# The Advisors' Inner Circle Fund III
![Image](if48e22bd735fcfb8f1fd2208.jpg)

## Nicholas Partners Small Cap Growth Fund

## Institutional Shares - NPSGX

## Annual Shareholder Report: September 30, 2025
This annual shareholder report contains important information about Institutional Shares of the Nicholas Partners Small Cap Growth Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.nicfunds.com/. You can also request this information by contacting us at 1-833-810-7345.

## 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> |
| Nicholas Partners Small Cap Growth Fund, Institutional Shares | $106 | 0.99% |

---

## How did the Fund perform in the last year?
Market Summary: : The twelve months ended September 30, 2025, reflected a constructive environment for small-cap equities. After a volatile start to the year—driven by renewed tariff concerns and mixed economic data—markets strengthened as inflation moderated and monetary policy turned more supportive. The Federal Reserve lowered rates by 50 basis points in 3Q24, followed by a 25-basis-point cut in December and another in 3Q25 after pausing earlier in the year. These moves, combined with steady employment and resilient consumer spending, created what many described as a "Goldilocks" backdrop—growth that was positive but not inflationary.The Russell 2000 Growth Index gained +13.6%, as participation broadened beyond large-cap technology into cyclical sectors such as Industrials and Financials. While sentiment improved, investors remained attentive to potential headwinds from rising input costs and tariff-related pressures that could weigh on margins in coming quarters.

Fund Performance: For the fiscal year, the Nicholas Partners Small Cap Growth Fund returned +14.0% (net) versus +13.6% for the benchmark.

Industrials contributed most, supported by holdings aligned with reindustrialization, automation, and defense modernization, while Healthcare benefited from biotechnology and MedTech companies with identifiable catalysts. Energy added through exposure to nuclear-related and alternative-power opportunities. Technology advanced in absolute terms but modestly trailed the benchmark as speculative software and early-stage AI names outperformed the Fund's emphasis on quality, profitable businesses. Overall, results were driven primarily by stock selection in Industrials and Healthcare, with incremental contribution from Technology exposure tied to AI infrastructure and data connectivity, while Consumer and Real Estate holdings modestly detracted.

Positioning and Outlook: Throughout the fiscal year, the Fund's positioning evolved to capture multi-year growth themes shaped by AI infrastructure buildout, grid modernization, and rising digital-era power demand—areas the team views as durable, secular opportunities.

Industrials increased to roughly 30%, emphasizing automation, defense, and power-grid modernization; Healthcare remained near 20%, focused on biotechnology and MedTech innovators; Technology held close to 20%, anchored in semiconductors, electrical components, and AI-infrastructure enablers; and Energy modestly increased through exposure to nuclear fuel and power-reliability investments. The Fund remained fully invested, maintaining meaningful off-benchmark exposure consistent with its benchmark-aware but not benchmark-constrained approach.

The team believes the environment for small-cap equities remains favorable as inflation pressures ease and monetary policy turns more supportive. Credit spreads near decade lows indicate market confidence in the economic outlook and corporate balance-sheet strength, while fundamentals are regaining influence amid accelerating small-cap earnings growth and valuations that remain near historical lows. Against this backdrop, the team continues to see opportunities in:

* Industrial and infrastructure reacceleration driven by reshoring, modernization, and AI-related power demand—including semiconductor, electrical-equipment, power grids, and connectivity providers supporting data-center expansion; 

* Healthcare innovation tied to differentiated therapies and technologies; and

* Select Financials benefiting from improving balance-sheet trends and market activity.

The Fund continues to apply Nicholas Partners' bottom-up, research-driven process, focusing on companies undergoing positive change, with attention to valuation, liquidity, and risk management.

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

## Total Return Based on $100,000 Investment
![Growth Chart](i73dc53b20230d58768605f26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Nicholas Partners Small Cap Growth Fund, Institutional Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Jan/19 | $100000 | $100000 | $100000 |
| Sep/19 | $110700 | $114473 | $106863 |
| Sep/20 | $160069 | $131645 | $123656 |
| Sep/21 | $233586 | $173607 | $164790 |
| Sep/22 | $160727 | $143005 | $116553 |
| Sep/23 | $170694 | $172266 | $127732 |
| Sep/24 | $227315 | $232892 | $163061 |
| Sep/25 | $259043 | $273436 | $185168 |

---

Since its inception on January 16, 2019. 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 1-833-810-7345 or visit https://www.nicfunds.com/ for current month-end performance.

---

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

---

## Average Annual Total Returns as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Nicholas Partners Small Cap Growth Fund, Institutional Shares | 13.96% | 10.11% | 15.24% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.41% | 15.74% | 16.17% |
| Russell 2000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | 13.56% | 8.41% | 9.62% |

---

## Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $133159729 | 83 | $806366 | 147% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3c487a9a5c6aeb14d80d4056.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Utilities | 0.5% |
| Communication Services | 0.8% |
| Materials | 0.8% |
| Real Estate | 2.3% |
| Exchange-Traded Fund | 3.2% |
| Energy | 4.9% |
| Consumer Discretionary | 9.9% |
| Financials | 10.4% |
| Health Care | 17.9% |
| Information Technology | 18.8% |
| Industrials | 30.3% |

---

---

| | |
|:---|:---|
| 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> |
| BWX Technologies | 4.9% |
| Kratos Defense & Security Solutions | 3.9% |
| Rush Street Interactive | 3.4% |
| iShares Russell 2000 ETF | 3.2% |
| Embraer ADR | 2.5% |
| Piper Sandler | 2.5% |
| Insmed | 2.5% |
| REV Group | 2.4% |
| Construction Partners, Cl A | 2.4% |
| Tanger | 2.3% |

---

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

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

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

* 1-833-810-7345 

* https://www.nicfunds.com/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i916efb24989398c8ed04ce1a.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-833-810-7345 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

# The Advisors' Inner Circle Fund III

## Nicholas Partners Small Cap Growth Fund / Institutional Shares - NPSGX

## Annual Shareholder Report: September 30, 2025

## NPSGX-AR-2025
![Image](if48e22bd735fcfb8f1fd2208.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 September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2024** | **FYE September 30, 2024** | **FYE September 30, 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><br>| $228709 |  |  | $808066 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  | $25000<sup>(2)</sup> |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Ernst & Young LLP ("E&Y") relate to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2024** | **FYE September 30, 2024** | **FYE September 30, 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> | $144346 |  |  | $138792 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees | $32365<sup>(3)</sup> |  |  | $22476<sup>(3)</sup> |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

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 September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2025** | **FYE September 30, 2024** | **FYE September 30, 2024** | **FYE September 30, 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> | $101000 |  |  |  |  |  |
| (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 return preparation fees for affiliates of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax Fees for UK Reporting Fund Status.

(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 September 30, 2025** | **FYE September 30, 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 (E&Y):

---

| | | |
|:---|:---|:---|
| | **FYE September 30, 2025** | **FYE September 30, 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 September 30, 2025** | **FYE September 30, 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 September 30<sup>th</sup> were $0 and $25,000 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by E&Y 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 September 30<sup>th</sup> were $32,365 and $22,476 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 September 30<sup>th</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.

![](fp0096332_01.jpg)

**Nicholas Partners Small Cap Growth Fund**

The Advisors' Inner Circle Fund III

Investment Adviser:

**NICHOLAS INVESTMENT PARTNERS, L.P.**

**Annual Financials and Other Information**

**September 30, 2025**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 5 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 6 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 7 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 8 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 9 |
| Report of Independent Registered Public Accounting Firm | 21 |
| Notice to Shareholders (Unaudited) | 22 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 23 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK\*\* — 96.6%** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Communication Services — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 16151 | $| 1003300 |
| **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 11613 |  | 1924506 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 13832 |  | 755780 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 11891 |  | 1690425 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 84700 |  | 2086161 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive \* | 221442 |  | 4535132 |
| &nbsp;&nbsp;&nbsp;StubHub Holdings, Cl A \* | 21169 |  | 356486 |
| &nbsp;&nbsp;&nbsp;Wingstop | 2529 |  | 636499 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 45509 |  | 1248767 |
|  |  |  | 13233756 |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 5638 |  | 1748175 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 45791 |  | 1093031 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* | 71093 |  | 2518114 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 85117 |  | 1135461 |
|  |  |  | 6494781 |
| **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 57475 |  | 873045 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 20977 |  | 1496080 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group | 6122 |  | 1290457 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 5593 |  | 652983 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 9577 |  | 3323123 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 38335 |  | 1166534 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 24899 |  | 2159241 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 21616 |  | 2862823 |
|  |  |  | 13824286 |
| **Health Care — 17.9%** | **Health Care — 17.9%** | **Health Care — 17.9%** | **Health Care — 17.9%** |
| &nbsp;&nbsp;&nbsp;Abivax ADR \* | 3873 |  | 328818 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 23180 |  | 339819 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics \* | 12028 |  | 571089 |
| &nbsp;&nbsp;&nbsp;Arcellx \* | 11627 |  | 954577 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 7664 |  | 930793 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma \* | 41483 |  | 2154627 |
| &nbsp;&nbsp;&nbsp;Cytokinetics \* | 12555 |  | 690023 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 17043 |  | 1126201 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 16447 |  | 1027609 |
| &nbsp;&nbsp;&nbsp;Harrow \* | 19136 |  | 921972 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 22711 |  | 3270611 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 10275 |  | 581565 |
| &nbsp;&nbsp;&nbsp;Merus \* | 20855 |  | 1963498 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

**COMMON STOCK\*\* — continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **Health Care — continued** | **Health Care — continued** | **Health Care — continued** | **Health Care — continued** |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 29249 | $| 2144244 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 35987 |  | 1023470 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* | 15418 |  | 1333349 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals \* | 35417 |  | 425004 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines \* | 52751 |  | 2463472 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences \* | 48897 |  | 739812 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals \* | 21475 |  | 862221 |
|  |  |  | 23852774 |
| **Industrials — 30.3%** | **Industrials — 30.3%** | **Industrials — 30.3%** | **Industrials — 30.3%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 22033 |  | 1863331 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 35501 |  | 6545319 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 8056 |  | 1978070 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 5064 |  | 1175962 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 24759 |  | 3144393 |
| &nbsp;&nbsp;&nbsp;Crane | 5830 |  | 1073536 |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 55376 |  | 3347479 |
| &nbsp;&nbsp;&nbsp;Flowserve | 15896 |  | 844713 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 11684 |  | 1949592 |
| &nbsp;&nbsp;&nbsp;Gates Industrial \* | 49072 |  | 1217967 |
| &nbsp;&nbsp;&nbsp;GATX | 5597 |  | 978356 |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 63328 |  | 1022114 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 56288 |  | 5143035 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 77568 |  | 1006833 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 3446 |  | 1050375 |
| &nbsp;&nbsp;&nbsp;REV Group | 56976 |  | 3228830 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA \* | 32163 |  | 1540929 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 25116 |  | 2527172 |
| &nbsp;&nbsp;&nbsp;TFI International | 7427 |  | 654022 |
|  |  |  | 40292028 |
| **Information Technology — 18.8%** | **Information Technology — 18.8%** | **Information Technology — 18.8%** | **Information Technology — 18.8%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 7209 |  | 1987233 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 40899 |  | 938223 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 9224 |  | 1806059 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* | 12477 |  | 660907 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 7667 |  | 1447376 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 38195 |  | 685218 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 13136 |  | 1912733 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group \* | 7481 |  | 704935 |
| &nbsp;&nbsp;&nbsp;Fabrinet \* | 5226 |  | 1905504 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Cl A \* | 19786 |  | 547874 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 26588 |  | 1949432 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 8759 |  | 1090408 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — continued** | **Information Technology — continued** | **Information Technology — continued** |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 107435 | $2498938 |
| &nbsp;&nbsp;&nbsp;Nova \* | 3810 | 1217905 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 8925 | 2224467 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 3315 | 345423 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 21309 | 1224628 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 5757 | 1022616 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 43233 | 859040 |
|  |  | 25028919 |
| **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl A | 32905 | 1092117 |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 89686 | 3034974 |
| **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 6137 | 685073 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
| &nbsp;&nbsp;&nbsp;(Cost $87,863,238) |  | 128542008 |
| **EXCHANGE-TRADED FUND — 3.2%** | **EXCHANGE-TRADED FUND — 3.2%** | **EXCHANGE-TRADED FUND — 3.2%** |
| **Domestic Equity — 3.2%** | **Domestic Equity — 3.2%** | **Domestic Equity — 3.2%** |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 17762 | 4297694 |
| **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** |
| &nbsp;&nbsp;&nbsp;(Cost $4,289,553) |  | 4297694 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** | **Total Investments - 99.8%** |
| &nbsp;&nbsp;&nbsp;(Cost $92,152,791) |  | $132839702 |

---

*Percentages are based on Net Assets of $133,159,729.*

\* Non-income producing security.

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

‡ Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principals.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **SEPTEMBER 30, 2025** |

---

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $92,152,791) | $132839702 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $1,909) | 1913 |
| &nbsp;&nbsp;&nbsp;Cash | 4947019 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 263437 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 195395 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 26261 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 5894 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 9631 |
| **Total Assets** | 138289252 |
| **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 4968904 |
| &nbsp;&nbsp;&nbsp;Payable due to Adviser | 52025 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | 27354 |
| &nbsp;&nbsp;&nbsp;Payable due to Administrator | 9531 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 2827 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 2486 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees Payable | 62 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses | 66334 |
| **Total Liabilities** | 5129523 |
| **Commitments and Contingencies†** | **Commitments and Contingencies†** |
| **Net Assets** | $133159729 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $88030938 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 45128791 |
| **Net Assets** | $133159729 |
| **Net Asset Value and Offering Price Per Share (unlimited authorization — no par value) Institutional Shares ($133,159,729 ÷ 7,385,607)\*** | $18.03 |

---

† See Note 5 in Notes to Financial
 Statements.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND**<br> **FOR THE YEAR ENDED SEPTEMBER 30, 2025** |

---

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;Dividend Income | $592378 |
| &nbsp;&nbsp;&nbsp;Interest Income | 88359 |
| **Total Investment Income** | 680737 |
| **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 882191 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 108219 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | 23523 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 17321 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 10105 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 55140 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 37959 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 31256 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 29658 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 16488 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 4112 |
| &nbsp;&nbsp;&nbsp;Insurance and Other Expenses | 28459 |
| **Total Expenses** | 1244431 |
| **Less:** | **Less:** |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees | (75825) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly | (26) |
| **Net Expenses** | 1168580 |
| **Net Investment Loss** | (487843) |
| **Net Realized Gain/(Loss) on:** | **Net Realized Gain/(Loss) on:** |
| &nbsp;&nbsp;&nbsp;Investments | 6413718 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 128 |
| **Net Realized Gain/(Loss)** | 6413846 |
| **Net Change in Unrealized Appreciation/(Depreciation) on:** | **Net Change in Unrealized Appreciation/(Depreciation) on:** |
| &nbsp;&nbsp;&nbsp;Investments | 8802703 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (77) |
| **Net Change in Unrealized Appreciation/(Depreciation)** | 8802626 |
| **Net Realized and Unrealized Gain on Investments** | 15216472 |
| **Net Increase in Net Assets Resulting from Operations** | $14728629 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(487843) | $(242495) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 6413846 | 15827125 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 8802626 | 14498765 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 14728629 | 30083395 |
| **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;**Net Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (4564464) |  |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Institutional Shares: | &nbsp;&nbsp;&nbsp;Institutional Shares: | &nbsp;&nbsp;&nbsp;Institutional Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 12001963 | 8674627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 4564464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees - Note 2 | 25225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19312917) | (3359810) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions** | (2721265) | 5314817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 7442900 | 35398212 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 125716829 | 90318617 |
| &nbsp;&nbsp;&nbsp;End of Year | $133159729 | $125716829 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Institutional Shares: | &nbsp;&nbsp;&nbsp;Institutional Shares: | &nbsp;&nbsp;&nbsp;Institutional Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 714278 | 573193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 285360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1271171) | (241047) |
| **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (271533) | 332146 |

---

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS**<br> **SMALL CAP GROWTH FUND** |

---

**FINANCIAL HIGHLIGHTS**

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout the Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024** | **Year Ended September 30, 2023** | **Year Ended September 30, 2022** | **Year Ended September 30, 2021** |
| Net Asset Value, Beginning of Year | $16.42 | $12.33 | $11.61 | $20.61 | $15.50 |
| Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: |
| &nbsp;&nbsp;&nbsp;Net Investment Loss<sup>(1)</sup> | (0.07) | (0.03) | (0.06) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 2.28 | 4.12 | 0.78 | (5.38) | 7.02 |
| Total from Operations | 2.21 | 4.09 | 0.72 | (5.40) | 6.89 |
| Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: | Dividends and Distributions: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.13) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | (0.47) |  |  | (3.60) | (1.78) |
| Total Dividends and Distributions | (0.60) |  |  | (3.60) | (1.78) |
| Redemption Fees | —<sup>(2)</sup> |  |  |  |  |
| Net Asset Value, End of Year | $18.03 | $16.42 | $12.33 | $11.61 | $20.61 |
| **Total Return\*** | 13.96% | 33.17% | 6.20% | (31.19)% | 45.93% |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net Assets, End of Year (Thousands) | $133160 | $125717 | $90319 | $86788 | $116957 |
| Ratio of Expenses to Average Net Assets | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.06% | 1.08% | 1.15% | 1.07% | 1.03% |
| Ratio of Net Investment Loss to Average Net Assets | (0.41)% | (0.23)% | (0.49)% | (0.11)% | (0.66)% |
| Portfolio Turnover Rate | 147% | 138% | 106% | 134% | 104% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share calculations were performed
 using average shares for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption fee. Amount represents
 less than $0.01 per share. See Note 2.

\* Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 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 Nicholas Partners Small Cap Growth Fund (the "Fund"). The investment objective of the Fund is to seek long-term capital appreciation. The Fund is classified as a diversified investment company and invests 80% of its net assets in securities of small capitalization companies. Nicholas Investment Partners, L.P. serves as the Fund's investment adviser (the "Adviser"). The Fund currently offers Institutional Class Shares. The Fund commenced operations on January 16, 2019. 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 revenues and expenses 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 or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seek to obtain a bid price from at least one independent broker.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 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.

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.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 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 pricing procedures approved by the Board, etc.); and

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

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

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

*Federal Income Taxes —* It is the Fund's intention to 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 (the "Code"), 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 period. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

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

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

*Foreign Taxes —* The Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

*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.

*Investments in Real Estate Investment Trusts ("REITs") —* With respect to the Fund, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of any 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 estimated amounts.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 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.

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

*Dividends and Distributions to Shareholders —* The Fund distributes its net investment income and any net realized capital gains at least annually. All distributions are recorded on ex-dividend date.

*Redemption Fees* — The Fund retains a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. Fees collected are retained by the Fund for the benefit of the remaining shareholders and are included in capital shares transactions in the Statements of Changes in Net Assets. For the year ended September 30, 2025, the Fund had redemption fees of $25,225.

**3. Transactions with Affiliates:**

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board. For the year ended September 30, 2025, the fund paid fees totaling $10,105.

**4. Administration, Distribution, Transfer Agent, Shareholder Servicing and Custodian 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 September 30, 2025, the Fund paid $108,219 for these services.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

SS&C Global Investor & Distribution Solutions Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. The Fund may earn cash management credits which can be used to offset transfer agent expenses. During the year ended September 30, 2025, the fund earned credits of $26 which were used to offset transfer agent expenses. This amounts is labeled as "Fees Paid Indirectly" on the Statement of Operations. For the year ended September 30, 2025, the fund paid fees totaling $55,140.

The Fund has adopted a shareholder servicing plan (the "Service Plan") under which a shareholder servicing fee of up to 0.10% of average daily net assets of Institutional 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 September 30, 2025, the Fund paid $23,523 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.

**5. 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. For the year ended September 30, 2025, the fund paid fees totaling $882,191.

In addition, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.99% of the Fund's average daily net assets until January 31, 2026 (the "expense cap"). 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: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on January 31, 2026. As of September 30, 2025, the fees which were previously waived and reimbursed to the Fund by the Adviser which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Fund, to the Adviser were $143,391, $91,990 and $75,825 in 2026, 2027 and 2028, respectively. During the year ended September 30, 2025, the Fund did not incur any recoupments.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

**6. Investment Transactions:**

For the year ended September 30, 2025, the Fund made purchases of $171,749,948 and sales of $179,166,044 in investment securities, excluding long-term U.S. Government and short-term securities. For the year ended September 30, 2025, there were no purchases or sales of long-term U.S. Government securities.

**7. Federal Tax Information:**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs, passive foreign investment companies (PFICs), Reclass of Distributions and reclassification of foreign currency gain/ (loss).

The tax character of dividends and distributions paid during the years ended September 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary Income | Long-Term <br> Capital Gain | Total |
| 2025.0 | $909160 | $3655304 | $4564464 |
| 2024.0 |  |  |  |

---

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

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $5721928 |
| Late-Year Loss Deferral | (334501) |
| Unrealized Appreciation | 39741360 |
| Other Temporary Differences | 4 |
| Total Distributable Earnings | $45128791 |

---

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act ("RIC") is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. There were no long-term or short-term carry forward for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales 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 (excluding foreign currency) by the Fund at September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Federal <br> Tax Cost  | Aggregate <br> Gross <br> Unrealized <br> Appreciation  | Aggregate <br> Gross <br> Unrealized <br> Depreciation  | Net <br> Unrealized <br> Appreciation |
| $93098342 | $40260223 | $(518863) | $39741360 |

---

**8. Concentration of Risks:**

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

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

*Equity Market Risk —* The Fund invests in equity securities and is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically 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.

*Small Capitalization Companies Risk —* Small capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter or listed on an exchange.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

*Growth Style Risk —* The Adviser's growth investment style may increase the risks of investing in the Fund. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly when it appears that those expectations will not be met. In addition, a growth investing style may go in and out of favor over time, causing the Fund to sometimes underperform other equity funds that use differing investing styles.

*IPO Risk —* The market value of shares issued in an IPO may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described elsewhere in this section.

*Sector Emphasis Risk —* The securities of companies in the same business sector, if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.

*REITs Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Foreign Investment/Emerging Markets Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Emerging market countries are countries that major international financial institutions, such as the International Monetary Fund or the World Bank, generally consider to be less economically mature than developed nations. 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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

*ETFs Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*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.

*Depositary Receipts Risk —* Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

*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. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

*Management Risk —* The risk that the Fund may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund.

*Portfolio Turnover Risk —* The Fund is subject to portfolio turnover risk because 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 be required to pay tax on such capital gains.

**9. Concentration of Shareholders:**

At September 30, 2025, 90% of total shares outstanding were held by one affiliated shareholders owning 10% or greater of the aggregate total shares outstanding. The shareholders are comprised of omnibus accounts that are held on behalf of various shareholders.

**10. Indemnifications:**

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

**11. Recent Accounting Pronouncement:**

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

**12. Subsequent Events:**

The Fund has evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Advisors' Inner Circle Fund III and Shareholders of Nicholas Partners Small Cap Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Nicholas Partners Small Cap Growth Fund (one of the funds constituting The Advisors' Inner Circle Fund III, hereafter referred to as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (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 September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 audits of these financial statements 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 audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 24, 2025

We have served as the auditor of one or more investment companies in Nicholas Investment Partners, L.P. since 2019.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

**NOTICE TO SHAREHOLDERS (UNAUDITED)**

For shareholders that do not have a September 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with a September 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended September 30, 2025, the Fund is designating the following items with regard to distributions paid during the period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total Distributions** | **Dividends Qualifying for Corporate Dividends Received Deduction <sup>(1)</sup>** | **Qualifying Dividend Income <sup>(2)</sup>** | **U.S. Government Interest <sup>(3)</sup>** | **Foreign Investors Interest Related Dividends <sup>(4)</sup>** | **Short-Term Capital Gain Dividends <sup>(5)</sup>** | **Qualifying Business Income <sup>(6)</sup>** |
| 80.08% | 19.92% | 100% | 10.50% | 10.50% | 0.00% | 0.00% | 0.00% | 0.00% |

---

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

(2) The percentage in this column represents

 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 the Fund to designate the maximum amount permitted by law.

(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.

(4) The percentage in this column represents
 the amount of "Interest Related Dividend" and is reflected as a percentage of ordinary income distributions. Interest related
 dividends are exempted from U.S. withholding tax when paid to foreign investors.

(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 distributions
 that is exempted from U.S. withholding tax when paid to foreign investors.

(6) 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 shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND** <br> **SEPTEMBER 30, 2025**  |

---

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

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

Not applicable.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Proposal Passed |
| Jon C. Hunt | 1662873478 | 5330326 | Yes |
| Nichelle Maynard-Elliott | 1574558027 | 93645777 | Yes |
| Jay C. Nadel | 1627701282 | 40502522 | Yes |
| Randall S. Yanker | 1642537284 | 25666520 | Yes |
| John G. Alshefski | 1647431408 | 20772396 | Yes |
| Thomas P. Lemke | 1627734666 | 40469138 | Yes |

---

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

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

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

Not applicable.

**Nicholas Partners Small Cap Growth Fund**

P.O. Box 219009

Kansas City, MO 64121-9009

1-833-810-7345

www.nicfunds.com

**Investment Adviser**

Nicholas Investment Partners, L.P.

6451 El Sicomoro Street

Rancho Santa Fe, CA 92067

**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

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

NIC-AR-001-0700

**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.](fp0096332-2_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.](fp0096332-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(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.](fp0096332-2_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: December 5, 2025 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: December 5, 2025 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: December 5, 2025 |  |

---

## 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** 

**GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**

**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS** <br> **SYMMETRY PANORAMIC TRUST**

**WILSHIRE PRIVATE ASSETS MASTER FUND <br> WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

**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.

**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.

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.

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;**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;**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;**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;**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;**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;**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;**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;**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;**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;**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.

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.

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.

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.

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:

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

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: December 5, 2025 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: December 5, 2025 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

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

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

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-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;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: December 5, 2025 |  |
|  | /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 September 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-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;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: December 5, 2025 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---