(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

FS Multi-Strategy Alternatives Fund

Class A Shares - FSMMX

Annual Shareholder Report: December 31, 2025

This annual shareholder report contains important information about Class A Shares of the FS Multi-Strategy Alternatives 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.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-a. You can also request this information by contacting us at 877-924-4766.

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
FS Multi-Strategy Alternatives Fund, Class A Shares	$232	2.27%

How did the Fund perform in the last year?

For the fiscal year ended December 31, 2025, the FS Multi-Strategy Alternatives Fund returned 4.06% (Class A). The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the primary benchmark for the Fund, returned 4.18% during this time.

Consistent with history, the Hedge Fund Managers and Direct Strategies were complementary as the managers drove the bulk of positive return contribution, typical during risk on markets, and the Direct Strategies were flat on the year.

Our Long/Short Credit and Structured Credit managers delivered a modest positive carry and generated alpha by trading around sectors based on fundamental and technical relative value. Our Merger Arbitrage manager benefitted from a favorable regulatory environment that increased deal activity, despite risk arbitrage spreads being at historically average levels. Meanwhile the explosion of convertible bond issuance created a fruitful environment to identify undervalued securities and continually rotate the portfolio for our Convertible Arbitrage manager.

On the Direct side, our Equity Thematic portfolio delivered meaningful positive performance as powerful secular drivers such as Artificial Intelligence and De-globalization & Reshoring led to interesting Long/Short opportunities to monetize these themes. Conversely, the whipsawing of assets across regions during the “Liberation Day” period led to acute losses within two of our strategies (Cross-Asset Trend-Following and Equity Vol Premia). Both exposures hit their “max loss” budget that informs their position sizing within our portfolio construction process.

Through balanced return contribution, produced independent of beta and duration, FSMSX delivered another year as a consistent diversifying solution for investors in a world where options remain limited. We believe the risk/return for traditional betas in 2026 have without question become less attractive, increasing the appeal of alternative sources of return with distinct fundamentals/drivers.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Class A Shares, With Load	Class A Shares, Without Load	S&P 500 Index (USD) (TR)^{Footnote Reference*}	ICE BofA U.S. 3-Month Treasury Bill Index (USD)	HFR (HFRX) Global Hedge Fund Index (USD) (TR)^{Footnote Reference*}
May/17	$9,500	$10,000	$10,000	$10,000	$10,000
Dec/17	$9,671	$10,180	$11,275	$10,066	$10,348
Dec/18	$9,273	$9,761	$10,781	$10,254	$9,652
Dec/19	$9,985	$10,510	$14,175	$10,488	$10,484
Dec/20	$9,586	$10,091	$16,783	$10,558	$11,199
Dec/21	$10,892	$11,465	$21,601	$10,563	$11,607
Dec/22	$11,219	$11,810	$17,689	$10,717	$11,096
Dec/23	$11,799	$12,420	$22,339	$11,254	$11,440
Dec/24	$12,298	$12,946	$27,928	$11,845	$12,043
Dec/25	$12,797	$13,471	$32,921	$12,340	$12,902

Since its inception on May 16, 2017. 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 877-924-4766 or visit https://www.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-a for current month-end performance.

Footnote	Description
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	5 Years	Annualized Since Inception
FS Multi-Strategy Alternatives Fund
Class A Shares, With Load	-1.12%	4.88%	2.89%
Class A Shares, Without Load	4.06%	5.95%	3.51%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.88%	14.42%	14.80%
ICE BofA U.S. 3-Month Treasury Bill Index (USD)	4.18%	3.17%	2.47%
HFR (HFRX) Global Hedge Fund Index (USD) (TR)^{Footnote Reference*}	7.14%	2.87%	3.00%

Key Fund Statistics as of December 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,627,418	686	$21,813	636%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Securities Sold Short	-6.0%
Reverse Repurchase Agreements	-3.8%
Derivative Contracts (Net)	1.3%
Preferred Stock	1.3%
Exchange-Traded Fund	1.4%
U.S. Treasury Obligations	3.7%
Convertible Bonds	8.5%
Short-Term Investment	15.5%
Asset-Backed Securities	18.7%
Corporate Obligations	31.7%
Mortgage-Backed Securities	144.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
FNMA, 5.50%, 1/15/2056			70.1%
FNMA or FHLMC, 5.00%, 1/15/2056			45.4%
Barclays Bank, 0.000%, 12/29/26			10.8%
Barclays Bank, 0.000%, 12/29/26			2.2%
Barclays Bank, 0.000%, 12/29/26			2.1%
U.S. Treasury Bills, 3.72%, 2/19/2026			1.5%
iShares Bitcoin Trust ETF			1.4%
U.S. Treasury Bills, 3.83%, 1/22/2026			1.2%
GNMA, 4.50%, 1/20/2050, Cl IC			0.9%
GNMA, 4.00%, 1/20/2051, Cl IB			0.8%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

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:

877-924-4766
https://www.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-a

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 877-924-4766 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

FS Multi-Strategy Alternatives Fund / Class A Shares - FSMMX

Annual Shareholder Report: December 31, 2025

FSMMX-AR-2025

The Advisors' Inner Circle Fund III

FS Multi-Strategy Alternatives Fund

Class I Shares - FSMSX

Annual Shareholder Report: December 31, 2025

This annual shareholder report contains important information about Class I Shares of the FS Multi-Strategy Alternatives 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.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-i. You can also request this information by contacting us at 877-924-4766.

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
FS Multi-Strategy Alternatives Fund, Class I Shares	$206	2.02%

How did the Fund perform in the last year?

For the fiscal year ended December 31, 2025, the FS Multi-Strategy Alternatives Fund returned 4.31% (Class I). The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the primary benchmark for the Fund, returned 4.18% during this time.

How did the Fund perform since inception?

Total Return Based on $100,000 Investment

	FS Multi-Strategy Alternatives Fund, Class I Shares	S&P 500 Index (USD) (TR)^{Footnote Reference*}	ICE BofA U.S. 3-Month Treasury Bill Index (USD)	HFR (HFRX) Global Hedge Fund Index (USD) (TR)^{Footnote Reference*}
May/17	$100,000	$100,000	$100,000	$100,000
Dec/17	$101,900	$112,751	$100,656	$103,478
Dec/18	$98,010	$107,807	$102,543	$96,523
Dec/19	$105,625	$141,752	$104,881	$104,844
Dec/20	$101,766	$167,833	$105,581	$111,986
Dec/21	$115,974	$216,010	$105,633	$116,074
Dec/22	$119,637	$176,889	$107,170	$110,960
Dec/23	$126,146	$223,388	$112,545	$114,404
Dec/24	$131,884	$279,280	$118,455	$120,428
Dec/25	$137,575	$329,215	$123,404	$129,024

Since its inception on May 16, 2017. 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 do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 877-924-4766 or visit https://www.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-i for current month-end performance.

Footnote	Description
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	5 Years	Annualized Since Inception
FS Multi-Strategy Alternatives Fund, Class I Shares	4.31%	6.22%	3.76%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.88%	14.42%	14.80%
ICE BofA U.S. 3-Month Treasury Bill Index (USD)	4.18%	3.17%	2.47%
HFR (HFRX) Global Hedge Fund Index (USD) (TR)^{Footnote Reference*}	7.14%	2.87%	3.00%

Key Fund Statistics as of December 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,627,418	686	$21,813	636%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Securities Sold Short	-6.0%
Reverse Repurchase Agreements	-3.8%
Derivative Contracts (Net)	1.3%
Preferred Stock	1.3%
Exchange-Traded Fund	1.4%
U.S. Treasury Obligations	3.7%
Convertible Bonds	8.5%
Short-Term Investment	15.5%
Asset-Backed Securities	18.7%
Corporate Obligations	31.7%
Mortgage-Backed Securities	144.4%

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

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
FNMA, 5.50%, 1/15/2056			70.1%
FNMA or FHLMC, 5.00%, 1/15/2056			45.4%
Barclays Bank, 0.000%, 12/29/26			10.8%
Barclays Bank, 0.000%, 12/29/26			2.2%
Barclays Bank, 0.000%, 12/29/26			2.1%
U.S. Treasury Bills, 3.72%, 2/19/2026			1.5%
iShares Bitcoin Trust ETF			1.4%
U.S. Treasury Bills, 3.83%, 1/22/2026			1.2%
GNMA, 4.50%, 1/20/2050, Cl IC			0.9%
GNMA, 4.00%, 1/20/2051, Cl IB			0.8%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

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:

877-924-4766
https://www.futurestandard.com/investments/fs-multi-strategy-alternatives-fund/class-i

Householding

The Advisors' Inner Circle Fund III

FS Multi-Strategy Alternatives Fund / Class I Shares - FSMSX

Annual Shareholder Report: December 31, 2025

FSMSX-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^st were $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^st were $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.