(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

Democracy International Fund

Ticker: DMCY

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: December 31, 2025

This annual shareholder report contains important information about the Democracy International Fund (the "Fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.democracyinvestments.com/fund. You can also request this information by contacting us at 1-877-776-3629.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Democracy International Fund	$175	1.53%

How did the Fund perform in the last year?

The Fund seeks to track the total return performance, before fees and expenses, of the Democracy Investments International Index. During the fiscal year ended December 31, 2025, the Fund delivered strong performance amid a favorable environment for international equities outside the U.S.

Key factors that materially affected the Fund's performance in 2025 included:

• Robust global equity markets, particularly in developed and emerging international regions, driven by economic recovery, moderating inflation, and supportive monetary policies in key markets like Europe, Japan, and parts of Asia.

• Strong contributions from allocations to higher-democracy-scoring countries and regions (e.g., Pacific developed markets via holdings like Vanguard FTSE Pacific ETF, Japan via iShares MSCI Japan ETF, and emerging markets with democratic tilts), which benefited from solid corporate earnings growth, technology sector strength (e.g., exposure to companies like ASML), and resilient consumer and financial sectors.

• The Fund's democracy-weighted methodology provided a slight edge in periods where democratic nations outperformed authoritarian counterparts, aligning with broader market trends favoring stable governance environments amid geopolitical uncertainties.

• Partial offsets from underweights in certain authoritarian-leaning emerging markets, which experienced volatility but were limited in impact due to the index's design.

Overall, international developed and emerging equities posted solid gains in 2025, with the Fund's calendar-year total return (NAV basis) of approximately 28.52% reflecting effective tracking of the Index and capturing upside from global growth themes.

Performance (as of December 31, 2025, based on NAV)

The table below shows the Fund's average annual total returns for periods ended December 31, 2025. Returns reflect reinvestment of dividends and capital gains distributions, net of fees.

• 1-Year: 28.52% (calendar year 2025 return)

• 3-Year: Approximately 16.06% (annualized, incorporating prior years' data)

• Since Inception (March 31, 2021): Approximately 42.42% cumulative (or annualized equivalent based on period length)

• (Note: 5-Year and 10-Year periods are not fully applicable due to the Fund's inception in 2021; longer-term returns would be 0.00% in standard tables until those periods complete.)

For comparison, the Fund's performance closely tracked its benchmark, the Democracy Investments International Index, with minor variations due to fees (net expense ratio 0.50%) and representative sampling. It performed in line with or slightly ahead of the broader Foreign Large Blend category average in 2025 (category ~30.40% for the year).

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Democracy International Fund	MSCI ACWI ex USA Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	Democracy Investments International Index (USD) (NR)^{Footnote Reference†}	Solactive GBS Gbl Mkts ex US Large & Mid Cap	FTSE All-World Ex US Index (USD) (TR)^{Footnote Reference‡}^{Footnote Reference§}
Mar/21	$10,000	$10,000	$10,000	$10,000	$10,000
Dec/21	$10,649	$10,418	$10,592	$10,406	$10,472
Dec/22	$9,111	$8,751	$9,005	$8,776	$8,878
Dec/23	$10,672	$10,118	$10,621	$10,164	$10,316
Dec/24	$10,960	$10,678	$11,147	$10,734	$10,949
Dec/25	$14,086	$14,136	$14,713	$14,158	$14,518

Since its inception on March 31, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-877-776-3629 or visit https://www.democracyinvestments.com/fund for current month-end performance.

Footnote	Description
Footnote^*	ACWI – All Country World Index
Footnote^†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote^‡	FTSE – Financial Times Stock Exchange
Footnote^§	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of December 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
Democracy International Fund	28.52%	7.47%
MSCI ACWI ex USA Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	32.39%	7.55%
Democracy Investments International Index (USD) (NR)^{Footnote Reference†}	31.99%	8.46%
Solactive GBS Gbl Mkts ex US Large & Mid Cap	31.91%	7.58%
FTSE All-World Ex US Index (USD) (TR)^{Footnote Reference‡}^{Footnote Reference§}	32.60%	8.15%

Key Fund Statistics as of December 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$10,747,431	197	$36,916	0%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	11.6%
Sweden	2.7%
India	2.8%
Netherlands	2.9%
Taiwan	4.4%
Australia	4.7%
Japan	5.3%
Switzerland	6.4%
France	6.6%
Germany	6.9%
Canada	8.2%
United Kingdom	9.6%
Exchange-Traded Funds	28.4%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Vanguard FTSE Pacific ETF			20.2%
Vanguard FTSE Emerging Markets ETF			8.2%
iShares MSCI Japan ETF			5.3%
iShares MSCI Australia ETF			4.5%
iShares MSCI Taiwan ETF			4.4%
iShares MSCI India ETF			2.8%
ASML Holding			1.9%
HSBC Holdings PLC			1.1%
SAP			1.1%
Roche Holding			1.1%

Material Fund Changes

On January 26, 2026, the Board of Trustees of The Advisors' Inner Circle Fund III, at the recommendation of Democracy Investment Management LLC (the "Adviser") approved a plan of liquidation providing for the liquidation of the Fund's assets and distribution of the net proceeds pro rata to the Fund's shareholders. In connection therewith, the Fund closed to investment from new and existing shareholders effective immediately. The Fund ceased operations and liquidated on February 23, 2026.

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:

1-877-776-3629
https://www.democracyinvestments.com/fund

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-877-776-3629 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

Democracy International Fund: DMCY

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: December 31, 2025

DMCY-AR-2025

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.

(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 is “independent” as that term is defined in Form N-CSR Item 3 (a)(2).

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

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

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

(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:

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

(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 (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (PwC):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (Cohen):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (E&Y):

(g) 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 December 31^stwere $265,560 and $570,230 for 2025 and 2024, respectively.

(g) The aggregate non-audit fees and services billed by Cohen 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 December 31^st were $48,000 and $0 for 2025 and 2024, respectively.

(g) 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 December 31^stwere $0 and $0 for 2025 and 2024, respectively.

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

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

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

The following is a list of the inputs used as of December 31, 2025 in valuing the Fund’s investments carried at value:

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

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 44 funds. The financial statements herein are those of the Democracy International Fund (the “Fund”). The investment objective of the Fund is to track the total return performance, before fees and expenses, of the Democracy Investments International Index (the “Index”). The Fund is classified as a “diversified” investment company and operates as an exchange traded fund (“ETF”). Democracy Investment Management LLC (the “Adviser”) serves as the investment adviser to the Fund. Vident Asset Management (the “Sub-Adviser”), a Delaware limited liability company, serves as sub-adviser. The Fund commenced operations on March 31, 2021. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the “Exchange”), Inc. Market prices for the Fund shares (“Shares”) may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis, at NAV only in a large specified number of Shares, called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

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

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

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under 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:

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

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

Federal Income Taxes — It is the Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Fund did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended December 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, 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 their 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.

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

Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized gain (loss) on foreign currency transactions and net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.

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 fund 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, if any, at least quarterly, and makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on the Fund’s record date, you will be entitled to receive the distribution.

Creation Units — The Fund issues and redeems Shares at NAV only in large blocks of Creation Units, each of which consists of 10,000 Shares, or multiples thereof. The Fund may impose a fixed transaction fee to offset transfer and other transaction costs associated with such transactions (“Creation Order Costs”) with the issuance and redemption of Creation Units. The standard transaction fee for each creation or redemption transaction, regardless of the number of Creation Units involved, is $1,000 per transaction.

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

To the extent contemplated by an Authorized Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to SEI Investments Distribution Co. (the “Distributor”), on behalf of the Fund, by the time as set forth in the Authorized Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

Segment Reporting — The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The 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.

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 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.

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 December 31, 2025, the Fund did not incur any fees for these services.

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

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Fund as compensation for distribution and shareholder services. For the year ended December 31, 2025, the Fund did not incur any fees for these services.

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

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

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 0.50% of the Fund’s average daily net assets.

The Trust, on behalf of the Fund, has entered into contractual arrangements with various parties, including, among others, the Fund’s investment adviser, sub-adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Fund. The Adviser has agreed (the “Agreement”) to pay all expenses associated with these arrangements incurred by the Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, non-routine expenses, and distribution and service fees and expenses paid by the Fund under any plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Adviser, in turn, compensates the Sub-Adviser from the management fee it receives from the Fund.

The Adviser is not current with the payment of certain amounts to certain service providers in accordance with the Agreement and the Adviser has discontinued operations. Given the Fund’s contractual relationships with its service providers, the Fund is responsible for amounts due to its service providers that are not paid by the Adviser in accordance with the Agreement. The Fund has determined it is probable it will have to pay amounts due to its service providers and such amounts are reflected in the Statement of Assets and Liabilities and Statement of Operations.

The Adviser has contractually agreed to waive fees and reimburse expenses in the amount of the Acquired Fund Fees and Expenses incurred by the Fund until April 30, 2026. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2026. For the year ended December 31, 2025, as shown on the Statement of Operations as “Waiver of Investment Advisory Fees”, the Adviser waived fees of $14,004 which will not be available for recapture.

The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the Index, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board.

For its services, the Sub-Adviser is entitled to a fee from the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.07% based on the average daily net assets of the Fund for assets up to $250 million, 0.06% based on the average daily net assets of the Fund when assets exceed $250 million, and 0.05% based on the average daily net assets of the Fund when assets exceed $500 million, subject to a minimum annual fee of $45,000.

For the year ended December 31, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

There were no purchases or sales of long-term U.S. Government securities by the Fund.

For the year ended December 31, 2025, in-kind transactions associated with creations and redemptions were:

The in-kind transactions have been properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the period. The book/tax differences may be temporary or permanent. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the difference arises.

The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings/(Accumulated Losses) as of December 31, 2025, are primarily attributable to redemption in-kind and excess distribution that have been reclassified to/(from) the following accounts for the year ended December 31, 2025:

The tax character of dividends and distributions declared during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. Losses carried forward are as follows:

For Federal income tax purposes, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes.

The Funds’ net unrealized appreciation difference is attributable primarily to investments in Passive Foreign Investment Companies (PFICs). The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Fund at December 31, 2025, were as follows:

The Fund did not pay any federal or state and local income taxes. The Fund paid income taxes in foreign jurisdictions for the year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

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.

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

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

FOREIGN SECURITIES RISK — Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. 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.

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

DEMOCRACY FOCUSED INVESTMENTS RISK — The Index, and thus the Fund’s portfolio, generally weights more heavily in the aggregate companies located in countries with higher Democracy Scores and weights less heavily in the aggregate companies located in countries with lower Democracy Scores. A company’s financial performance is determined by a number of factors, and whether or not the company is located in a country with a higher Democracy Score may have little or no impact on whether the company performs well financially or positively affects the Fund’s performance. Companies located in countries with higher Democracy Scores may underperform companies located in countries with lower Democracy Scores. The Fund may forego some market opportunities available to funds that do not invest in a company based on the Democracy Score of the country in which it is located and, therefore, the Fund may underperform such other funds.

In addition, the Index’s methodology weights a company based on the product of its Democracy Score and market capitalization. Accordingly, the Fund may hold the securities of companies with large market capitalizations located in countries with lower Democracy Scores in greater weight than the securities of companies located in countries with higher Democracy Scores. In this regard, shareholders may have significant exposure to particular companies located in more authoritarian countries and will at all or most times have some exposure to companies located in more authoritarian countries.

CURRENCY RISK — As a result of the Fund’s investments in securities or other investments 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, resulting in the dollar value of an investment in the Fund being 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.

GEOGRAPHIC FOCUS RISK — To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

INVESTMENTS IN ETFs RISK — When the Fund invests in an ETF, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the index on which an index ETF is based or the other holdings of an ETF, and the value of the Fund’s investment will fluctuate in response to the performance of the underlying index or holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses.

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

MEDIUM CAPITALIZATION COMPANIES RISK — The risk that medium 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter or listed on an exchange.

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

INDEX TRACKING RISK — The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. Because it uses a representative sampling approach, the Fund may experience a greater degree of tracking error than if the Fund sought to hold all of the securities of the Index in proportion to their weighting in the Index.

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

TRADING RISK — Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underling holdings, which may cause a variance in the market price of the Fund shares and their underlying value. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. The Fund’s representative sampling approach to tracking the Index may cause the Fund’s shares to trade with wider bid/ask spreads than if the Fund used a replication strategy or different representative sampling strategy.

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

NEW INDEX PROVIDER RISK — The Index was created by and is owned and maintained by the Index Provider, which has not previously been an index provider for a registered fund, which may create additional risks for investing in the Fund. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be reconstituted, rebalanced or disseminated accurately.

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

CASH TRANSACTIONS RISK — Unlike certain ETFs, the Fund may effect some or all creations and redemptions using cash, rather than in-kind securities. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs.

ADR RISK — ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by American depositary banks and generally trade on an established U.S. market. ADRs 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.

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

LIQUIDITY RISK — Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

SECTOR FOCUS RISK — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of sectors.

FINANCIALS SECTOR RISK — Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Please also refer to the Fund’s Prospectus and Statement of Additional Information for a more-complete description of the risk factors affecting shareholder investments in the Fund.

At December 31, 2025, all shares issued by the Fund were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Fund). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Fund’s Distributor.

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

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

On January 26, 2026, the Board of Trustees of The Advisors’ Inner Circle Fund III, at the recommendation of Democracy Investment Management approved a plan of liquidation providing for the liquidation of the Fund’s assets and distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund closed to investment from new and existing shareholders effective immediately. The Fund ceased operations and liquidated on February 23, 2026.

Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

To the Board of Trustees of The Advisors’ Inner Circle Fund III and Shareholders of Democracy International Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Democracy International Fund (one of the Funds constituting The Advisors’ Inner Circle Fund III, referred to hereafter as the “Fund”) as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period March 31, 2021 (commencement of operations) through December 31, 2021 (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 December 31, 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 December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period March 31, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

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 December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in Democracy Investment Management LLC since 2021.

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

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

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

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

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

No remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees. The Adviser pays the Trustee fees under a unitary management fee structure. More information about Trustee compensation can be found in the fund’s Statement of Additional Information (the “SAI”) under “Trustees and Officers of the Trust”.

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

Democracy International Fund
c/o SEI Investments Distribution Co.
One Freedom Valley Drive

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

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

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

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

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

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

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.

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

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

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

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.

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.

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$687,581	None	None	$797,690	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	$257,780⁽²⁾	None	None	$559,700⁽²⁾
(d)	All Other Fees	None	None	$7,780⁽³⁾	None	None	$10,530⁽³⁾

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$48,000	None	None	None	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

		FYE December 31, 2025			FYE December 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$271,918	None	None	$392,971	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

	FYE December 31, 2025	FYE December 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	FYE December 31, 2025	FYE December 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

Financial Statements (Form N-CSR Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	36
Notice to Shareholders (Unaudited)	38
Other Information (Form N-CSR Items 8-11) (Unaudited)	40

	Shares		Fair Value
Australia — 0.2%
Materials — 0.2%
BHP Group		747	$	22,697

Belgium — 0.3%
Consumer Staples — 0.2%
Anheuser-Busch InBev		278		17,925

Financials — 0.1%
Ageas		178		12,501
				30,426
Brazil — 0.3%
Materials — 0.3%
Vale ADR, Cl B		957		12,470
Wheaton Precious Metals		207		24,367
				36,837
Canada — 8.2%
Financials — 3.8%
Bank of Montreal		286		37,191
Bank of Nova Scotia		476		35,153
Brookfield, Cl A		966		44,412
Brookfield Asset Management, Cl A		195		10,228
Canadian Imperial Bank of Commerce		425		38,579
Manulife Financial		1,413		51,376
Royal Bank of Canada		606		103,446
Sun Life Financial		366		22,877
Toronto-Dominion Bank		748		70,590
				413,852
Energy — 1.4%
Canadian Natural Resources		1,066		36,154
Cenovus Energy		630		10,672
Enbridge		1,030		49,353
South Bow		95		2,616
Suncor Energy		580		25,777
TC Energy		411		22,662
				147,234

	Shares		Fair Value
Canada (continued)
Industrials — 0.8%
Canadian National Railway		264	$	26,145
Canadian Pacific Kansas City		479		35,311
Waste Connections		125		21,951
				83,407
Consumer Staples — 0.2%
Alimentation Couche-Tard		388		21,218
Utilities — 0.2%
Fortis		319		16,607
Materials — 0.7%
Agnico Eagle Mines		190		32,263
Barrick Gold		679		29,617
Nutrien		278		17,182
				79,062
Communication Services — 0.3%
BCE		417		9,960
Rogers Communications, Cl B		245		9,260
TELUS		851		11,231
				30,451
Information Technology — 0.8%
CGI, Cl A		165		15,261
Shopify, Cl A*		445		71,745
				87,006
				878,837
China — 0.6%
Consumer Discretionary — 0.2%
Prosus		413		25,635
Information Technology — 0.4%
NXP Semiconductors		186		40,373
				66,008
Denmark — 1.2%
Industrials — 0.4%
DSV		99		25,141

	Shares		Fair Value
Denmark (continued)
Industrials (continued)
Vestas Wind Systems		556	$	15,160
				40,301
Health Care — 0.8%
Coloplast, Cl B		101		8,677
Genmab*		34		10,837
Novo Nordisk, Cl B		1,325		67,765
				87,279
Utilities — 0.0%
Orsted*		211		4,059
				131,639
Finland — 0.7%
Industrials — 0.2%
Kone, Cl B		265		18,848
Information Technology — 0.2%
Nokia		2,711		17,741
Financials — 0.2%
Nordea Bank		1,489		28,129
Materials — 0.1%
UPM-Kymmene		364		10,598
Energy — 0.0%
Neste		237		5,402
				80,718
France — 6.6%
Information Technology — 0.3%
Capgemini		102		17,041
Dassault Systemes		479		13,411
				30,452
Industrials — 2.0%
Airbus		361		84,117
Cie de Saint-Gobain		251		25,635
Legrand		180		26,901
Safran		142		49,598

	Shares		Fair Value
France (continued)
Industrials (continued)
Vinci		225	$	31,723
				217,974
Consumer Staples — 0.5%
Danone		311		28,044
L’Oreal		62		26,695
				54,739
Communication Services — 0.2%
Orange		1,114		18,579
Utilities — 0.3%
Engie		1,070		28,162
Health Care — 0.7%
EssilorLuxottica		117		37,087
Euroapi*		137		365
Sanofi		417		40,512
				77,964
Consumer Discretionary — 0.8%
Hermes International SCA		21		52,336
LVMH Moet Hennessy Louis Vuitton		50		37,876
				90,212
Materials — 0.4%
Air Liquide		225		42,349
Financials — 0.8%
AXA		813		39,110
BNP Paribas		519		49,245
				88,355
Energy — 0.6%
TotalEnergies		921		60,130
				708,916
Germany — 6.7%
Consumer Discretionary — 0.7%
adidas		85		16,876
Bayerische Motoren Werke		163		17,830

	Shares		Fair Value
Germany (continued)
Consumer Discretionary (continued)
Mercedes-Benz Group		510	$	35,980
Zalando*		139		4,137
				74,823
Materials — 0.2%
BASF		381		19,881
Health Care — 0.4%
Bayer		586		25,472
BioNTech ADR*		37		3,522
Fresenius & Co		221		12,713
				41,707
Financials — 1.5%
Allianz		217		99,521
Deutsche Bank		1,062		41,297
Deutsche Boerse		84		22,069
				162,887
Utilities — 0.5%
E.ON		1,515		28,691
RWE		440		23,389
				52,080
Industrials — 1.4%
Daimler Truck Holding		252		11,045
Deutsche Post		650		35,674
Siemens		379		106,450
				153,169
Information Technology — 1.4%
Infineon Technologies		563		24,948
SAP		490		119,902
				144,850
Communication Services — 0.5%
Deutsche Telekom		1,638		53,211
Real Estate — 0.1%
Deutsche Wohnen		114		2,771

	Shares		Fair Value
Netherlands (continued)
Consumer Staples (continued)
Koninklijke Ahold Delhaize		497	$	20,354
				22,483
Health Care — 0.2%
Koninklijke Philips		611		16,677
Financials — 0.4%
ING Groep		1,552		43,764
Materials — 0.1%
Akzo Nobel		133		9,247
Industrials — 0.1%
Wolters Kluwer		141		14,629
Information Technology — 1.9%
ASML Holding		188		203,443
				310,243
Singapore — 0.1%
Information Technology — 0.1%
STMicroelectronics		430		11,350
South Africa — 0.0%
Materials — 0.0%
Anglo American Platinum		2		170
Spain — 1.9%
Consumer Discretionary — 0.5%
Amadeus IT Group		251		18,524
Industria de Diseno Textil		573		37,915
				56,439
Utilities — 0.5%
Iberdrola		2,414		52,351
Communication Services — 0.1%
Telefonica		2,633		10,801

	Shares		Fair Value
Spain (continued)
Financials — 0.8%
Banco Santander		6,753	$	79,866
				199,457
Sweden — 2.7%
Industrials — 0.9%
Atlas Copco, Cl A		1,353		24,371
Atlas Copco, Cl B		942		15,225
Nibe Industrier, Cl B		1,196		4,621
Sandvik		720		23,477
Volvo, Cl B		876		28,117
				95,811
Information Technology — 0.3%
Hexagon, Cl B		1,470		17,461
Telefonaktiebolaget LM Ericsson, Cl B		1,693		16,638
				34,099
Financials — 1.1%
Investor, Cl B		2,440		87,449
Kinnevik*		996		9,041
Swedbank		615		21,421
				117,911
Real Estate — 0.1%
Castellum		520		6,002
Consumer Staples — 0.1%
Essity, Cl B		340		9,781
Consumer Discretionary — 0.2%
Evolution		102		6,968
H & M Hennes & Mauritz, Cl B		666		13,430
				20,398
Materials — 0.0%
Alleima		522		4,635
				288,637

	Shares		Fair Value
Switzerland — 6.4%
Health Care — 2.6%
Alcon		230	$	18,371
Lonza Group		34		23,080
Novartis		797		110,257
Roche Holding		289		119,722
Sandoz Group		159		11,608
				283,038
Materials — 0.4%
Amrize Ltd*		265		14,574
Holcim		224		21,986
Sika		42		8,620
				45,180
Financials — 1.3%
Swiss Re		120		20,122
UBS Group		1,366		63,727
Zurich Insurance Group		72		54,692
				138,541
Industrials — 0.6%
ABB		750		56,062
Accelleron Industries		94		7,303
				63,365
Consumer Discretionary — 0.5%
Cie Financiere Richemont, Cl A		248		53,857
Consumer Staples — 1.0%
Nestle		1,070		106,345
				690,326
United Kingdom — 9.6%
Materials — 0.6%
Anglo American PLC		539		22,366
Croda International PLC		151		5,474
Glencore PLC		4,438		24,268
Mondi PLC		484		5,912
Valterra Platinum Limited PLC		80		6,693
				64,713

	Shares		Fair Value
United Kingdom (continued)
Industrials — 1.0%
Ashtead Group PLC		270	$	18,470
BAE Systems PLC		1,362		31,400
Experian PLC		475		21,486
RELX PLC		852		34,609
				105,965
Consumer Discretionary — 0.4%
Barratt Developments PLC		1,317		6,751
Compass Group PLC		759		24,134
Flutter Entertainment PLC*		7		1,519
Just Eat Takeaway.com PLC* (A)		132		3,134
Taylor Wimpey PLC		4,614		6,671
				42,209
Health Care — 1.7%
AstraZeneca PLC		594		110,176
GSK PLC		1,796		44,075
Haleon PLC		3,696		18,632
Smith & Nephew PLC		725		12,077
				184,960
Financials — 2.7%
Barclays PLC		6,327		40,504
HSBC Holdings PLC		7,805		123,226
Legal & General Group PLC		4,545		16,011
Lloyds Banking Group PLC		29,106		38,460
London Stock Exchange Group PLC		172		20,710
Prudential PLC		1,297		19,966
Standard Chartered PLC		1,255		30,756
				289,633
Utilities — 0.4%
National Grid PLC		1,498		23,000
SSE PLC		674		19,754
				42,754
Consumer Staples — 1.4%
British American Tobacco PLC		895		50,729
Diageo PLC		668		14,407
Magnum Ice Cream PLC*		199		3,146

	Shares		Fair Value
Vanguard FTSE Pacific ETF¹		23,998	$	2,169,419
Total Exchange-Traded Funds
(Cost $4,496,111)				5,337,162
PREFERRED STOCK — 0.2%

Germany — 0.2%
Consumer Discretionary — 0.1%
Volkswagen^#		100		12,161
Consumer Staples — 0.1%
Henkel & Co^#		139		11,359
				23,520
Total Preferred Stock
(Cost $23,584)				23,520
Total Investments - 100.5%
(Cost $8,844,344)			$	10,804,867

Investments in Securities	Level 1		Level 2		Level 3^†		Total
Common Stock	$	5,441,050	$	—	$	3,135	$	5,444,185
Exchange-Traded Funds		5,337,162		—		—		5,337,162
Preferred Stock		23,520		—		—		23,520
Total Investments in Securities	$	10,801,732	$	—	$	3,135	$	10,804,867

STATEMENT OF ASSETS AND LIABILITIES
Assets:
Investments, at Value (Cost $8,844,344)	$	10,804,867
Foreign Currency, at Value (Cost $4,454)		4,843
Cash		160,795
Reclaim Receivable		49,418
Receivable for Investment Securities Sold		19,761
Dividend and Interest Receivable		4,971
Other Prepaid Expenses		1,402
Total Assets		11,046,057
Liabilities:
Unrealized Loss on Foreign Spot Currency Contracts		8
Income Distributions Payable		176,435
Due to Custodian		16,666
Chief Compliance Officer Fees Payable		2,921
Payable to Trustees		303
Payable for Legal Fees		39,493
Payable for Audit Fees		29,452
Payable for Printing Fees		4,757
Other Accrued Expenses and Other Payables		28,591
Total Liabilities		298,626
Net Assets	$	10,747,431
Net Assets Consist of:
Paid-in Capital	$	9,167,995
Total Distributable Earnings		1,579,436
Net Assets	$	10,747,431
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		350,000
Net Asset Value, Offering and Redemption Price Per Share	$	30.71

STATEMENT OF OPERATIONS

Investment Income:
Dividends	$	366,260
Interest		553
Less: Foreign Taxes Withheld		(19,410	)
Total Investment Income		347,403
Expenses:
Investment Advisory Fees		50,920
Administration Fees		21,000
Chief Compliance Officer Fees		2,921
Trustees’ Fees		303
Legal Fees		39,493
Audit Fees		29,452
Custodian Fees		16,666
Printing Fees		4,757
Other Expenses		3,984
Total Expenses		169,496
Less:
Waiver of Investment Advisory Fees (see Note 5)		(14,004	)
Net Expenses		155,492
Net Investment Income		191,911
Net Realized Gain (Loss) on:
Investments⁽¹⁾		897,450
Foreign Currency Transactions		432
Net Realized Gain (Loss)		897,882
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,562,007
Foreign Currency Translation		4,818
Net Change in Unrealized Appreciation (Depreciation)		1,566,825
Net Realized and Unrealized Gain (Loss)		2,464,707
Net Increase in Net Assets Resulting from Operations	$	2,656,618

	Year Ended December 31, 2025			Year Ended December 31, 2024
Operations:
Net Investment Income	$	191,911		$	216,922
Net Realized Gain (Loss)		897,882			4,644
Net Change in Unrealized Appreciation (Depreciation)		1,566,825			(97,384	)
Net Increase in Net Assets Resulting From Operations		2,656,618			124,182
Distributions:		(340,326	)		(215,669	)
Capital Share Transactions:
Issued		4,664,197			1,328,377
Redeemed		(4,866,673	)		–
Net Increase (Decrease) in Net Assets From Capital Share Transactions		(202,476	)		1,328,377
Total Increase in Net Assets		2,113,816			1,236,890
Net Assets:
Beginning of Year		8,633,615			7,396,725
End of Year	$	10,747,431		$	8,633,615
Share Transactions:
Issued		170,000			50,000
Redeemed		(170,000	)		–
Net Increase in Shares Outstanding From Share Transactions		–			50,000

	Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period/Year	$	24.67		$	24.66		$	21.72		$	26.07		$	25.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.53			0.71			0.65			0.76			0.60
Net Realized and Unrealized Gain (Loss)		6.46			(0.03	)		3.04			(4.54	)		1.02
Total from Investment Operations		6.99			0.68			3.69			(3.78	)		1.62
Dividends and Distributions:
Net Investment Income		(0.95	)		(0.67	)		(0.75	)		(0.57	)		(0.55	)
Total Dividends and Distributions		(0.95	)		(0.67	)		(0.75	)		(0.57	)		(0.55	)
Net Asset Value, End of Period/Year	$	30.71		$	24.67		$	24.66		$	21.72		$	26.07
Total Return†		28.52	%		2.70	%		17.13	%		(14.44	)%		6.49	%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	10,747		$	8,634		$	7,397		$	4,887		$	3,259
Ratio of Expenses to Average Net Assets⁽²⁾		1.53	%		0.39	%		0.38	%		0.37	%		0.38	%††
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		1.66	%		0.50	%		0.50	%		0.50	%		0.50	%††
Ratio of Net Investment Income to Average Net Assets ⁽³⁾		1.88	%		2.76	%		2.78	%		3.41	%		3.03	%††
Portfolio Turnover Rate‡		–	%		–	%		55	%		–	%		4	%

Distributable Earnings (Accumulated Losses)				Paid-in Capital
$	(787,211	)		$	787,211

Capital Loss Carryforwards	$	(357,263	)
Unrealized Appreciation		1,936,702
Other Temporary Differences		(3	)
Total Distributable Earnings:	$	1,579,436

Short-Term Loss				Long-Term Loss				Total
$	18,584			$	338,679			$	357,263

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	8,871,909			$	2,139,749			$	(203,047	)		$	1,936,702

The Advisors' Inner Circle Fund III

Democracy International Fund

Ticker: DMCY

Annual Shareholder Report: December 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund III

Democracy International Fund: DMCY

Principal Listing Exchange: NYSE Arca, Inc.

Annual Shareholder Report: December 31, 2025

DMCY-AR-2025

Asset/Country Weightings^{Footnote Reference*}

Income Taxes by Foreign Jurisdiction:
Canada	$	3,836
France		4,157
Germany		3,388
Italy		1,657
Netherlands		980
Sweden		1,097
Switzerland		2,327
Other^*		1,968
Total Income Taxes Paid, Net of Refunds	$	19,410

Return of Capital		Long-Term Capital Gain Distributions		Ordinary Income Distributions		Total Distributions		Qualifying for Corporate Dividends Received Deduction (1)		Qualifying Dividend Income (2)		U.S. Government Interest (3)		Interest Related Dividends (4)		Short- Term Capital Gain Dividends (5)		Qualifying Business Income (6)		Foreign Tax Credit (7)
0.00%		0.00%		100.00%		100.00%		0.00%		75.82%		0.00%		0.17%		0.00%		0.00%		0.00%

(Registrant)		The Advisors’ Inner Circle Fund III

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

Date:	March 6, 2026