UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22920

The Advisors’ Inner Circle Fund III

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2026

Date of reporting period: April 30, 2026

Item 1. Reports to Stockholders.

(a)

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

The Advisors' Inner Circle Fund III

PineBridge Dynamic Asset Allocation Fund

Institutional Shares - PDAIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Shares of the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional. You can also request this information by contacting us at 877-225-4164.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PineBridge Dynamic Asset Allocation Fund, Institutional Shares	$38	0.75%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$131,453,615	780	$194,818	64%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Futures Contracts	-0.9%
Forward Contracts	0.4%
Other Countries	9.0%
Exchange-Traded Fund	0.4%
Canada	0.9%
France	1.4%
South Korea	1.7%
Taiwan	1.8%
Germany	2.1%
Hong Kong	2.1%
China	2.2%
India	3.4%
United Kingdom	3.9%
Japan	8.6%
U.S. Treasury Obligation	9.7%
United States	44.7%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NVIDIA			4.2%
Alphabet, Cl A			2.6%
Microsoft			2.4%
Apple			2.4%
JPMorgan Chase			2.2%
GS Finance			1.9%
Amazon.com			1.6%
Bank of America			1.5%
Morgan Stanley			1.5%
Japan Government Thirty Year Bond			1.4%

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

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:

877-225-4164
https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional

Householding

Rule 30e-1 of the Investment Company Act of 1940, 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 877-225-4164 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

PDAIX-SAR-2026

The Advisors' Inner Circle Fund III

PineBridge Dynamic Asset Allocation Fund

Investor Servicing Shares - PDAVX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Investor Servicing Shares of the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional. You can also request this information by contacting us at 877-225-4164.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PineBridge Dynamic Asset Allocation Fund, Investor Servicing Shares	$45	0.90%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$131,453,615	780	$194,818	64%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Futures Contracts	-0.9%
Forward Contracts	0.4%
Other Countries	9.0%
Exchange-Traded Fund	0.4%
Canada	0.9%
France	1.4%
South Korea	1.7%
Taiwan	1.8%
Germany	2.1%
Hong Kong	2.1%
China	2.2%
India	3.4%
United Kingdom	3.9%
Japan	8.6%
U.S. Treasury Obligation	9.7%
United States	44.7%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NVIDIA			4.2%
Alphabet, Cl A			2.6%
Microsoft			2.4%
Apple			2.4%
JPMorgan Chase			2.2%
GS Finance			1.9%
Amazon.com			1.6%
Bank of America			1.5%
Morgan Stanley			1.5%
Japan Government Thirty Year Bond			1.4%

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

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:

877-225-4164
https://www.pinebridge.com/en-us/intermediary/funds/pinebridge-dynamic-asset-allocation-fund/institutional

Householding

PDAVX-SAR-2026

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

(a)

The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)

Not applicable.

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

Financial statements and financial highlights are filed herein.

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026

TABLE OF CONTENTS

Financial Statements (Form N-CSRS Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	36
Statement of Operations	37
Statements of Changes in Net Assets	39
Financial Highlights	40
Notes to Financial Statements	44
Other Information (Form N-CSRS Items 8-11)	69

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 72.2%

	Shares		Value
Australia — 0.3%
Energy — 0.0%
Deep Yellow *		13,643	$	18,276
Paladin Energy *		2,744		23,394
				41,670
Industrials — 0.0%
Silex Systems *		5,453		22,522
Information Technology — 0.0%
NEXTDC *		4,425		45,931
Materials — 0.3%
BHP Group		5,363		212,263
Sandfire Resources *		9,182		110,933
				323,196
Total Australia				433,319
Austria — 0.1%
Financials — 0.1%
Erste Group Bank		980		108,287
Raiffeisen Bank International		305		16,636
				124,923
Utilities — 0.0%
Verbund		450		33,954
Total Austria				158,877
Belgium — 0.2%
Financials — 0.1%
KBC Group		834		111,004
Health Care — 0.1%
UCB		498		135,601
Utilities — 0.0%
Elia Group, Cl B		222		36,817
Total Belgium				283,422
Brazil — 0.2%
Consumer Discretionary — 0.1%
MercadoLibre *		25		44,816

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Brazil — continued
Consumer Staples — 0.1%
Raia Drogasil		39,857	$	175,951
Total Brazil				220,767
Canada — 0.9%
Energy — 0.1%
Cameco		202		24,832
Denison Mines *		6,222		23,819
Energy Fuels *		1,042		22,522
NexGen Energy *		2,030		25,495
				96,668
Industrials — 0.0%
Aecon Group		958		35,235
Information Technology — 0.0%
Shopify, Cl A *		263		31,857
Materials — 0.8%
Capstone Copper *		11,028		91,903
ERO Copper *		1,868		48,283
First Quantum Minerals *		6,662		163,123
Hudbay Minerals		8,067		186,598
Ivanhoe Mines, Cl A *		12,493		101,169
Lundin Mining, Cl Common Subs. Receipt		9,045		232,127
NGEx Minerals *		2,601		48,120
Teck Resources, Cl B		3,135		183,020
				1,054,343
Total Canada				1,218,103
Chile — 0.2%
Materials — 0.2%
Antofagasta PLC		3,853		186,862
Sociedad Quimica y Minera de Chile ADR *		1,225		112,908
				299,770
Total Chile				299,770
China — 1.8%
Consumer Discretionary — 0.3%
Alibaba Group Holding		5,614		92,524
BYD, Cl A		300		4,551
Gree Electric Appliances of Zhuhai, Cl A		4,400		25,829
SAIC Motor, Cl A		4,200		8,505
Sailun Group, Cl A		5,300		10,832
TAL Education Group ADR *		4,072		45,281

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
China — continued
Consumer Discretionary — continued
Weifu High-Technology Group, Cl A		8,100	$	23,250
Yum China Holdings		4,541		220,011
				430,783
Consumer Staples — 0.2%
Fujian Sunner Development, Cl A		10,500		28,637
Guangdong Haid Group, Cl A		4,200		30,718
Inner Mongolia Yili Industrial Group, Cl A		5,700		22,931
Kweichow Moutai, Cl A		100		20,269
Wellhope Foods, Cl A		10,100		10,373
Yifeng Pharmacy Chain, Cl A		42,800		145,305
				258,233
Financials — 0.1%
Agricultural Bank of China, Cl A		44,800		45,305
China Minsheng Banking, Cl A		30,200		16,363
Industrial & Commercial Bank of China, Cl A		26,200		28,532
Industrial Bank, Cl A		12,700		33,328
Ping An Insurance Group of China, Cl A		1,700		14,822
				138,350
Health Care — 0.1%
Guangxi LiuYao Group, Cl A		4,000		9,819
Huadong Medicine, Cl A		5,100		24,994
Jiangsu Hengrui Pharmaceuticals, Cl A		2,800		22,177
WuXi AppTec, Cl A		500		8,101
				65,091
Industrials — 0.8%
Beijing Career International, Cl A		5,000		17,879
China State Construction Engineering, Cl A		39,800		28,636
Contemporary Amperex Technology, Cl A		3,900		250,346
Guangxi Liugong Machinery, Cl A		9,800		13,924
Han's Laser Technology Industry Group, Cl A		20,700		307,841
Jiangsu Zhongtian Technology, Cl A		7,700		37,572
Ningbo Orient Wires & Cables, Cl A		1,300		11,847
Sieyuan Electric, Cl A		2,200		63,002
Sungrow Power Supply, Cl A		11,110		225,933
Sunwoda Electronic, Cl A		4,800		19,431
Suzhou Gold Mantis Construction Decoration, Cl A		18,000		15,583
YTO Express Group, Cl A		12,200		38,439
Yutong Bus, Cl A		10,900		56,481

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
China — continued
Industrials — continued
Zhejiang Sanhua Intelligent Controls, Cl A		4,200	$	29,115
				1,116,029
Information Technology — 0.2%
Huaqin, Cl A		1,200		18,323
LONGi Green Energy Technology, Cl A *		6,700		16,215
Luxshare Precision Industry, Cl A		5,300		52,624
Nantong Jianghai Capacitor, Cl A		4,200		23,739
NAURA Technology Group, Cl A		400		31,645
Zhejiang Dahua Technology, Cl A		6,400		17,410
Zhongji Innolight, Cl A		900		113,645
				273,601
Materials — 0.1%
Anhui Conch Cement, Cl A		5,800		17,964
Baoshan Iron & Steel, Cl A		23,500		21,743
Wanhua Chemical Group, Cl A		1,600		21,037
Zijin Mining Group, Cl A		4,400		21,667
				82,411
Utilities — 0.0%
SDIC Power Holdings, Cl A		2,000		3,989
Total China				2,368,487
Denmark — 0.4%
Financials — 0.1%
Danske Bank		1,792		92,124
Industrials — 0.2%
DSV		979		240,775
ISS		480		17,609
Vestas Wind Systems		1,927		59,254
				317,638
Utilities — 0.1%
Orsted *		2,321		62,071
Total Denmark				471,833
Finland — 0.2%
Financials — 0.1%
Nordea Bank Abp		8,297		156,025
Industrials — 0.0%
Kone, Cl B		203		12,922
Wartsila Abp		298		12,515
				25,437

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Finland — continued
Utilities — 0.1%
Fortum		2,557	$	64,419
Total Finland				245,881
France — 1.4%
Consumer Staples — 0.0%
L'Oreal		28		12,059
Financials — 0.3%
BNP Paribas		2,647		277,993
Societe Generale		1,847		148,684
				426,677
Health Care — 0.0%
EssilorLuxottica		128		27,094
Eurofins Scientific		208		14,459
				41,553
Industrials — 1.0%
Airbus		1,046		215,644
Alstom *		1,053		21,159
Cie de Saint-Gobain		2,757		252,597
Dassault Aviation		40		13,988
Legrand		932		166,981
Nexans		415		77,462
Rexel		447		18,905
Safran		496		159,273
Schneider Electric		582		185,198
SPIE		276		16,014
Thales		182		50,002
Vinci		982		148,501
				1,325,724
Information Technology — 0.0%
STMicroelectronics		265		14,436
Utilities — 0.1%
Engie		1,074		35,402
Veolia Environnement		861		36,411
				71,813
Total France				1,892,262
Germany — 2.1%
Communication Services — 0.2%
CTS Eventim & KGaA		334		22,045
Deutsche Telekom		3,000		96,902

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Germany — continued
Communication Services — continued
Freenet		654	$	20,830
Scout24		562		46,794
Stroeer & KGaA		114		4,978
United Internet		355		11,153
				202,702
Consumer Discretionary — 0.0%
Zalando *		1,015		25,071
Financials — 0.4%
Allianz		30		13,702
Commerzbank		1,919		79,320
Deutsche Bank		4,936		153,357
Deutsche Boerse		768		235,622
				482,001
Health Care — 0.0%
Carl Zeiss Meditec		403		12,551
Fresenius & KGaA		418		20,244
Siemens Healthineers		313		12,834
				45,629
Industrials — 0.8%
Brenntag		364		26,508
Daimler Truck Holding		830		41,864
Deutsche Lufthansa		6,672		57,169
Deutsche Post		2,644		156,563
Fraport Frankfurt Airport Services Worldwide *		446		36,596
GEA Group		244		16,685
Hensoldt		703		63,435
Knorr-Bremse		127		14,812
MTU Aero Engines		104		35,667
Nordex *		280		15,966
Rational		13		9,506
RENK Group		367		23,325
Rheinmetall		159		253,576
Siemens		665		197,613
Siemens Energy		680		144,107
Tkms KGaA *		107		11,002
				1,104,394
Information Technology — 0.1%
Bechtle		510		17,357
Infineon Technologies		374		25,154

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Germany — continued
Information Technology — continued
SAP		319	$	53,558
				96,069
Materials — 0.2%
Aurubis		596		128,254
BASF		678		43,485
Heidelberg Materials		159		35,082
thyssenkrupp		3,597		42,808
				249,629
Real Estate — 0.1%
Aroundtown *		5,382		15,561
LEG Immobilien		901		63,222
TAG Immobilien		1,356		23,647
Vonovia		3,345		90,126
				192,556
Utilities — 0.3%
E.ON		7,643		169,711
RWE		2,130		155,091
				324,802
Total Germany				2,722,853
Greece — 0.2%
Financials — 0.2%
Piraeus Bank		22,899		216,787

Hong Kong — 1.1%
Communication Services — 0.4%
Tencent Holdings		8,184		497,033
Consumer Discretionary — 0.1%
Geely Automobile Holdings		62,725		186,555
Financials — 0.3%
China Construction Bank, Cl H		257,528		290,698
China Everbright Bank, Cl H		69,000		27,350
Guotai Haitong Securities, Cl H		5,000		8,579
				326,627
Information Technology — 0.1%
Xiaomi, Cl B *		29,071		109,080
Materials — 0.2%
China Gold International Resources		4,700		100,958
China Hongqiao Group		5,000		21,165

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Hong Kong — continued
Materials — continued
Jiangxi Copper, Cl H		22,000	$	104,554
MMG *		80,000		86,311
				312,988
Total Hong Kong				1,432,283
Hungary — 0.3%
Financials — 0.2%
OTP Bank Nyrt		1,875		251,492
Health Care — 0.1%
Richter Gedeon Nyrt		4,519		190,610
Total Hungary				442,102
India — 2.4%
Consumer Discretionary — 0.2%
Crizac		11,000		24,524
Indian Hotels, Cl A		21,550		145,112
Mahindra & Mahindra		4,219		138,371
				308,007
Consumer Staples — 0.1%
Chaman Lal Setia Exports		2,800		8,328
Dodla Dairy		2,270		26,487
Emami		13,100		61,650
Honasa Consumer *		6,582		23,788
				120,253
Energy — 0.1%
Reliance Industries		8,562		129,855
Financials — 1.3%
Angel One		42,380		138,755
Bajaj Finance		6,900		68,535
Bank of Baroda		122,756		342,493
Bank of India		76,700		113,800
General Insurance Corp of India		7,000		29,080
HDFC Bank		31,647		258,843
ICICI Bank ADR		3,500		93,065
ICICI Bank		15,872		212,976
Indian Bank		22,900		206,460
Indian Energy Exchange		8,000		10,574
Punjab National Bank		46,400		53,752
Union Bank of India		68,500		120,481
				1,648,814

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
India — continued
Health Care — 0.1%
Caplin Point Laboratories		1,700	$	30,787
Gland Pharma		2,450		45,393
Granules India		1,800		13,337
Orchid Pharma *		550		3,626
Sun Pharmaceutical Industries		1,650		31,607
Zydus Lifesciences		4,000		37,808
				162,558
Industrials — 0.3%
AIA Engineering		1,016		42,461
Bharat Electronics		12,300		56,152
CMS Info Systems		13,900		42,693
eClerx Services		800		12,108
Elecon Engineering		5,200		27,939
InterGlobe Aviation		200		9,134
KSB		2,800		29,027
Polycab India		1,100		94,476
Shakti Pumps India		5,000		29,910
Transformers & Rectifiers India		6,500		23,086
Transport Corp of India		2,700		26,394
Updater Services *		5,223		8,791
				402,171
Information Technology — 0.2%
Infosys ADR		6,000		74,760
PG Electroplast		6,800		38,584
Tata Consultancy Services		1,900		49,861
WAAREE Energies		3,900		128,884
				292,089
Materials — 0.1%
Dhanuka Agritech		2,000		22,811
GHCL		2,000		10,747
Shree Cement		150		38,353
				71,911
Utilities — 0.0%
NHPC		31,500		27,725
Total India				3,163,383
Ireland — 0.2%
Consumer Staples — 0.2%
Kerry Group PLC, Cl A		2,357		199,752

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Italy — 0.7%
Financials — 0.5%
Banco BPM		1,589	$	23,154
BPER Banca SPA		1,805		26,645
Intesa Sanpaolo		40,223		273,285
UniCredit		3,767		291,124
Unipol Assicurazioni		552		14,423
				628,631
Industrials — 0.1%
Iveco Group		544		8,923
Leonardo		851		53,142
Prysmian		619		94,156
				156,221
Materials — 0.0%
Buzzi		274		15,003
Utilities — 0.1%
Enel		2,925		34,151
Italgas		1,877		22,674
Snam		4,749		37,448
Terna - Rete Elettrica Nazionale		3,007		36,169
				130,442
Total Italy				930,297
Japan — 6.8%
Communication Services — 0.4%
NTT		337,900		329,135
SKY Perfect JSAT		9,900		216,144
				545,279
Consumer Discretionary — 1.0%
GS Yuasa		5,400		218,353
Pan Pacific International Holdings		24,500		138,573
Saizeriya		2,000		65,141
Sony Group		15,000		300,530
Suzuki Motor		8,200		91,704
Toyota Motor		19,600		376,230
Treasure Factory		4,300		46,940
Yonex		2,300		38,945
				1,276,416
Consumer Staples — 0.5%
Ajinomoto		7,200		231,411
FUJI OIL CO		5,000		106,442

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Japan — continued
Consumer Staples — continued
Kobe Bussan		3,600	$	63,023
Morinaga Milk Industry		4,700		141,829
Rohto Pharmaceutical		3,400		49,997
Toyo Suisan Kaisha		1,700		116,760
				709,462
Financials — 0.9%
Daiichi Life Group		19,200		175,789
M&A Capital Partners		2,800		57,794
Mitsubishi UFJ Financial Group		22,200		398,775
Sumitomo Mitsui Financial Group		8,600		303,658
Yokohama Financial Group		20,400		193,649
				1,129,665
Health Care — 0.3%
Chugai Pharmaceutical		5,131		273,633
Hoya		200		37,349
JCR Pharmaceuticals		7,100		25,162
JMDC *		1,600		34,208
Sawai Group Holdings		5,600		75,413
				445,765
Industrials — 1.4%
Fuji Electric		2,600		218,516
Fujikura		3,000		115,749
Hitachi		15,792		502,159
Insource		6,400		28,042
ITOCHU		32,000		396,580
Kanematsu		7,200		99,037
MINEBEA MITSUMI		7,700		153,947
Mitsubishi Heavy Industries		900		26,861
Raito Kogyo		2,500		60,922
Takasago Thermal Engineering		7,200		207,654
				1,809,467
Information Technology — 1.5%
Advantest		1,300		242,734
FUJIFILM Holdings		6,900		126,985
Fujitsu		600		12,043
Keyence		1,124		515,540
Kioxia Holdings *		300		72,588
Maruwa		400		188,963
Meiko Electronics		600		121,144

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Japan — continued
Information Technology — continued
Micronics Japan		2,200	$	184,966
NEC		9,900		263,340
Nomura Research Institute		4,100		110,658
Tokyo Electron		200		58,937
Trend Micro		900		31,327
				1,929,225
Materials — 0.7%
Mitsubishi Gas Chemical		5,600		157,666
Mitsubishi Materials		1,700		56,020
Oji Holdings		21,600		113,560
Osaka Soda		9,500		113,745
Shin-Etsu Chemical		6,400		294,670
Sumitomo Metal Mining		3,200		196,745
				932,406
Real Estate — 0.1%
Mitsui Fudosan		18,500		202,613
Total Japan				8,980,298
Mexico — 0.4%
Consumer Staples — 0.2%
Arca Continental		21,364		256,818
Financials — 0.1%
Gentera		61,528		160,790
Materials — 0.1%
Cemex		101,143		124,254
Total Mexico				541,862
Netherlands — 0.7%
Consumer Discretionary — 0.0%
Prosus		195		9,441
Financials — 0.3%
Adyen *		64		72,221
ING Groep		8,047		232,892
				305,113
Health Care — 0.1%
Argenx ADR *		156		121,948
Koninklijke Philips		613		16,170
				138,118

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Netherlands — continued
Industrials — 0.0%
CSG *		451	$	9,768
InPost *		785		14,080
Wolters Kluwer		132		10,302
				34,150
Information Technology — 0.3%
ASM International		225		220,113
ASML Holding		116		167,684
				387,797
Total Netherlands				874,619
Norway — 0.1%
Financials — 0.1%
DNB Bank		2,366		71,650
Industrials — 0.0%
Kongsberg Gruppen		950		31,788
Kongsberg Maritime *		950		6,226
				38,014
Total Norway				109,664
Poland — 0.2%
Materials — 0.2%
KGHM Polska Miedz *		2,599		218,316

Portugal — 0.2%
Energy — 0.2%
Galp Energia SGPS		10,143		237,245
Financials — 0.0%
Banco Comercial Portugues, Cl R		18,065		19,309
Utilities — 0.0%
EDP		6,341		34,586
EDP Renovaveis		2,085		34,863
				69,449
Total Portugal				326,003
South Africa — 0.3%
Financials — 0.2%
FirstRand		44,881		237,963

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
South Africa — continued
Materials — 0.1%
Gold Fields		3,008	$	127,425
Total South Africa				365,388
South Korea — 1.7%
Financials — 0.1%
Woori Financial Group		5,999		136,802
Industrials — 0.3%
Daewoo Engineering & Construction *		7,137		171,044
Doosan Enerbility *		401		34,948
GS Engineering & Construction		1,903		49,396
HD Hyundai Electric		97		83,412
Hyundai Engineering & Construction		336		37,212
KEPCO Engineering & Construction		277		35,753
Samsung C&T		115		23,495
				435,260
Information Technology — 1.3%
Samsung Electronics		5,634		848,411
SK hynix		933		832,020
				1,680,431
Total South Korea				2,252,493
Spain — 0.9%
Financials — 0.7%
Banco Bilbao Vizcaya Argentaria		15,222		336,140
Banco Santander		39,192		478,235
CaixaBank		10,014		127,462
Unicaja Banco		3,610		11,719
				953,556
Industrials — 0.1%
ACS Actividades de Construccion y Servicios		105		15,134
Aena SME		481		13,138
Ferrovial		317		21,769
				50,041
Information Technology — 0.0%
Indra Sistemas		346		19,900
Utilities — 0.1%
Acciona		150		43,662
Endesa		881		39,512
Iberdrola		1,449		33,971

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Spain — continued
Utilities — continued
Redeia		1,880	$	32,913
				150,058
Total Spain				1,173,555
Sweden — 0.5%
Financials — 0.3%
Investor, Cl B		4,839		196,393
Skandinaviska Enskilda Banken, Cl A		4,062		80,396
Swedbank, Cl A		2,288		80,879
				357,668
Industrials — 0.1%
Alfa Laval		172		10,351
Assa Abloy, Cl B		586		22,554
Atlas Copco, Cl B		2,635		44,930
Epiroc, Cl A		404		11,663
Saab, Cl B		697		42,310
Sandvik		636		26,755
Trelleborg, Cl B		276		11,332
Volvo, Cl B		990		34,508
				204,403
Materials — 0.1%
Boliden		2,971		156,172
Total Sweden				718,243
Switzerland — 0.9%
Consumer Staples — 0.1%
Nestle		1,088		110,149
Financials — 0.4%
Partners Group Holding		63		68,494
Swiss Life Holding		76		89,232
UBS Group		8,411		372,202
				529,928
Health Care — 0.0%
Sonova Holding		45		9,864
Industrials — 0.4%
ABB		3,887		393,130
Geberit		52		35,140
SGS		104		11,268
VAT Group		15		11,269
				450,807

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
Switzerland — continued
Utilities — 0.0%
BKW		175	$	34,981
Total Switzerland				1,135,729
Taiwan — 1.8%
Information Technology — 1.8%
Asustek Computer		2,791		51,712
Hon Hai Precision Industry		41,227		291,269
MediaTek		4,613		385,101
Taiwan Semiconductor Manufacturing		20,078		1,393,852
Wiwynn		2,041		306,437
				2,428,371
Total Taiwan				2,428,371
United Kingdom — 3.6%
Consumer Discretionary — 0.1%
Coats Group PLC		29,115		33,025
Next PLC		123		21,708
				54,733
Energy — 0.0%
Yellow Cake PLC *		2,729		22,551
Financials — 1.5%
3i Group PLC		2,700		93,900
Barclays PLC		37,944		223,032
HSBC Holdings PLC		45,671		840,337
Lloyds Banking Group PLC		160,084		217,602
London Stock Exchange Group PLC		1,363		176,858
NatWest Group PLC		21,396		170,652
Prudential PLC		6,808		102,593
Standard Chartered PLC		6,091		155,106
Standard Life PLC		1,875		19,290
				1,999,370
Health Care — 0.0%
Smith & Nephew PLC		1,133		17,532
Industrials — 0.8%
BAE Systems PLC		5,769		160,456
Experian PLC		535		19,575
Melrose Industries		2,449		16,071
RELX PLC		1,047		38,180
RELX PLC ADR		422		15,441
Rentokil Initial PLC		1,566		10,558

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United Kingdom — continued
Industrials — continued
Rolls-Royce Holdings PLC		10,457	$	168,269
Smiths Group PLC		716		24,720
Spirax Group PLC		1,785		174,211
Sunbelt Rentals Holdings		261		19,618
Weir Group PLC		9,484		343,750
				990,849
Information Technology — 0.1%
ARM Holdings PLC ADR *		319		67,092
Halma PLC		450		27,080
				94,172
Materials — 0.2%
Glencore PLC		29,054		225,802
Real Estate — 0.8%
British Land PLC ‡		33,614		177,867
Grainger PLC ‡		20,914		45,677
Hammerson PLC ‡		14,222		63,840
Land Securities Group PLC ‡		20,292		163,275
LondonMetric Property PLC ‡		52,224		134,429
Safestore Holdings PLC ‡		6,337		57,930
Savills PLC		4,981		56,053
Segro PLC ‡		15,522		147,024
Shaftesbury Capital PLC ‡		33,354		60,805
Supermarket Income Reit PLC ‡		40,887		46,677
Tritax Big Box PLC ‡		41,183		84,532
UNITE Group PLC ‡		9,479		59,734
				1,097,843
Utilities — 0.1%
Centrica		12,380		36,185
National Grid PLC		1,891		33,850
Severn Trent PLC		807		35,874
SSE		975		34,910
United Utilities Group PLC		1,888		37,443
				178,262
Total United Kingdom				4,681,114
United States — 41.4%
Communication Services — 3.7%
Alphabet, Cl A		8,941		3,440,497
AT&T		666		17,403

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Communication Services — continued
Comcast, Cl A		575	$	15,548
Meta Platforms, Cl A		2,117		1,295,413
Netflix *		458		42,873
Omnicom Group		172		13,196
Verizon Communications		400		19,212
Walt Disney		248		25,730
				4,869,872
Consumer Discretionary — 2.9%
Amazon.com *		8,023		2,126,576
Aramark		4,433		202,544
Best Buy		571		34,540
Chipotle Mexican Grill, Cl A *		689		23,419
DR Horton		95		14,617
General Motors		158		12,149
Home Depot		143		47,018
Lowe's		1,081		258,132
McDonald's		142		41,690
NIKE, Cl B		215		9,537
PulteGroup		110		13,460
Starbucks		804		84,685
Tesla *		2,277		868,972
TJX		75		11,756
Tractor Supply		682		23,938
Wayfair, Cl A *		322		20,585
Williams-Sonoma		196		35,517
Yum! Brands		195		31,132
				3,860,267
Consumer Staples — 0.4%
Altria Group		202		14,675
Church & Dwight		155		15,044
Coca-Cola		174		13,704
Costco Wholesale		59		59,857
Kenvue		667		11,693
Keurig Dr Pepper		430		12,642
Mondelez International, Cl A		292		17,941
PepsiCo		139		22,030
Philip Morris International		179		29,548
Procter & Gamble		259		38,096
Target		707		91,733

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Consumer Staples — continued
Walmart		1,058	$	139,582
				466,545
Energy — 0.3%
Baker Hughes, Cl A		202		14,073
Centrus Energy, Cl A *		91		19,197
Chevron		191		36,922
ConocoPhillips		175		22,012
EOG Resources		109		15,322
Expand Energy		893		91,220
Exxon Mobil		429		66,208
Kinder Morgan		354		11,636
Marathon Petroleum		49		12,166
ONEOK		137		12,667
SLB		288		16,382
Uranium Energy *		1,424		21,203
Williams		183		13,965
				352,973
Financials — 7.8%
Ally Financial		730		32,405
American Express		49		15,830
American International Group		525		39,270
Bank of America		37,953		2,028,967
Bank of New York Mellon		471		63,288
Berkshire Hathaway, Cl B *		178		84,301
Blackrock		26		27,706
Brown & Brown		173		10,406
Capital One Financial		108		20,661
Charles Schwab		213		19,519
Chubb		45		14,715
Citigroup		7,911		1,012,450
Citizens Financial Group		901		58,610
CME Group, Cl A		294		84,619
Fidelity National Information Services		3,082		143,405
Fifth Third Bancorp		377		19,137
Franklin Resources		1,287		38,571
Goldman Sachs Group		49		45,265
Intercontinental Exchange		360		56,912
JPMorgan Chase		9,038		2,830,973
Klarna Group PLC *		1,570		21,854

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Financials — continued
Marsh & McLennan		98	$	16,436
Mastercard, Cl A		108		54,315
Morgan Stanley		10,460		1,993,571
PNC Financial Services Group		81		18,063
Progressive		216		43,476
Rocket, Cl A *		1,601		23,407
S&P Global		50		21,561
State Street		720		110,045
Travelers		44		13,426
Truist Financial		972		50,058
Unum Group		155		12,459
US Bancorp		321		18,188
UWM Holdings		2,629		9,307
Visa, Cl A		225		74,214
W R Berkley		195		13,032
Wells Fargo		14,112		1,160,430
				10,300,852
Health Care — 1.0%
Abbott Laboratories		229		20,791
AbbVie		260		54,943
Agilent Technologies		119		13,750
Alcon		2,016		150,938
Alnylam Pharmaceuticals *		408		126,272
Boston Scientific *		211		12,156
Bristol-Myers Squibb		253		15,329
Cardinal Health		503		97,019
Cigna Group		49		14,238
CVS Health		180		14,992
Danaher		104		18,611
Edwards Lifesciences *		139		11,607
Elevance Health		126		47,429
Eli Lilly		123		114,956
Gilead Sciences		130		17,009
Guardant Health *		152		13,236
HCA Healthcare		128		55,610
HealthEquity *		200		16,406
Johnson & Johnson		245		56,313
Medtronic PLC		208		16,842
Merck		321		35,047
Natera *		52		10,720

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Health Care — continued
Pfizer		856	$	22,855
Quest Diagnostics		59		11,458
Regeneron Pharmaceuticals		18		12,727
Stryker		44		13,866
Tenet Healthcare *		177		31,350
Thermo Fisher Scientific		393		188,231
UnitedHealth Group		340		125,963
				1,340,664
Industrials — 5.9%
3M		79		11,575
AerCap Holdings		107		15,216
AMETEK		573		134,942
ATI *		611		94,986
Automatic Data Processing		629		133,310
Bloom Energy, Cl A *		281		79,624
Boeing *		80		18,322
Broadridge Financial Solutions		976		150,284
BWX Technologies		121		26,183
Carrier Global		2,736		183,777
Caterpillar		440		391,648
CH Robinson Worldwide		1,101		200,173
Comfort Systems USA		81		149,060
CSX		3,449		156,688
Cummins		255		171,107
Deere		100		58,987
Delta Air Lines		180		12,238
Eaton		1,272		550,789
EMCOR Group		80		71,334
Emerson Electric		1,039		145,917
Expeditors International of Washington		259		38,304
Fastenal		2,432		109,270
FedEx		124		50,010
Ferguson Enterprises		51		13,653
Fortive		239		14,290
GE Vernova		91		98,595
General Dynamics		38		13,083
General Electric		154		44,649
Graco		233		18,703
Honeywell International		1,863		399,297
Hubbell, Cl B		324		164,647

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Industrials — continued
Ingersoll Rand		1,325	$	105,815
Jacobs Solutions		781		101,069
JB Hunt Transport Services		210		52,821
Johnson Controls International PLC		171		24,971
L3Harris Technologies		32		10,258
Leidos Holdings		191		28,501
Lockheed Martin		18		9,323
MasTec *		792		312,088
NANO Nuclear Energy *		862		20,154
Norfolk Southern		403		127,280
Northrop Grumman		18		10,431
NuScale Power *		1,449		18,055
nVent Electric PLC		497		71,021
Old Dominion Freight Line		843		179,078
PACCAR		1,103		131,036
Parker-Hannifin		184		167,333
Paychex		1,125		104,209
Quanta Services		469		341,324
Rockwell Automation		375		153,341
RTX		1,324		233,117
Ryder System		104		26,392
Saia *		124		55,654
SPX Technologies *		441		96,539
Trane Technologies PLC		429		211,300
Uber Technologies *		406		30,292
Union Pacific		1,968		530,337
United Parcel Service, Cl B		849		92,371
United Rentals		150		143,976
Vertiv Holdings, Cl A		314		103,146
Waste Management		577		134,181
WESCO International		196		68,428
Westinghouse Air Brake Technologies		439		118,482
WW Grainger		102		118,458
XPO *		459		101,040
Xylem		108		12,761
				7,765,243
Information Technology — 15.6%
Accenture PLC, Cl A		271		48,430
Adobe *		108		26,579
Advanced Micro Devices *		529		187,525

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Information Technology — continued
Akamai Technologies *		1,035	$	106,584
Amphenol, Cl A		1,715		252,568
Analog Devices		221		88,899
Apple		11,580		3,142,233
Applied Materials		310		122,292
AppLovin, Cl A *		159		70,970
Arista Networks *		283		48,877
Autodesk *		46		10,902
Broadcom		2,593		1,082,396
Cadence Design Systems *		58		19,116
CCC Intelligent Solutions Holdings *		12,818		67,166
Check Point Software Technologies *		794		89,301
Cisco Systems		463		42,364
Cloudflare, Cl A *		2,526		517,754
Cognex		1,694		94,034
CoreWeave, Cl A *		160		17,856
Corning		125		20,530
Crowdstrike Holdings, Cl A *		1,804		804,133
CyberArk Software *		326		14,670
Datadog, Cl A *		3,414		451,297
DigitalOcean Holdings *		168		16,200
Dynatrace *		2,107		76,294
Flex *		1,521		139,248
Fortinet *		5,495		463,283
Gen Digital		4,382		84,529
GLOBALFOUNDRIES *		2,318		149,743
Intel *		562		53,098
International Business Machines		402		92,854
Intuit		63		24,476
Jabil		382		128,921
Keysight Technologies *		431		150,811
KLA		41		71,764
Lam Research		376		96,955
Marvell Technology		273		45,086
Microchip Technology		161		14,959
Micron Technology		454		234,791
Microsoft		7,784		3,174,159
Motorola Solutions		534		234,442
NVIDIA		27,397		5,467,619
Okta, Cl A *		1,307		96,261

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Information Technology — continued
ON Semiconductor *		1,795	$	180,954
Palantir Technologies, Cl A *		696		96,821
Palo Alto Networks *		6,114		1,096,362
QUALCOMM		434		77,938
Roper Technologies		297		105,379
SailPoint *		3,875		44,253
Salesforce		392		69,200
Sandisk *		15		16,448
Seagate Technology Holdings PLC		48		32,335
SentinelOne, Cl A *		2,464		34,890
ServiceNow *		274		24,197
Snowflake, Cl A *		108		14,739
Synopsys *		354		170,840
Teledyne Technologies *		166		107,211
Texas Instruments		373		104,843
Western Digital		111		48,232
Zscaler *		1,165		152,242
				20,518,853
Materials — 1.2%
AptarGroup		108		13,357
Commercial Metals		1,336		92,131
CRH PLC		1,285		152,170
Dow		313		12,673
Freeport-McMoRan		5,934		342,867
Linde PLC		476		238,543
Martin Marietta Materials		176		108,956
Newmont		170		18,885
Nucor		623		140,356
PPG Industries		131		14,213
Southern Copper		1,059		181,820
Steel Dynamics		551		125,992
Vulcan Materials		391		117,980
				1,559,943
Real Estate — 1.4%
American Tower ‡		1,274		232,772
AvalonBay Communities ‡		89		16,287
Brixmor Property Group ‡		447		13,450
BXP ‡		219		12,803
Crown Castle ‡		1,181		104,849

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Real Estate — continued
Digital Realty Trust ‡		959	$	192,701
EastGroup Properties ‡		475		95,570
Equinix ‡		282		305,358
Federal Realty Investment Trust ‡		140		15,526
Iron Mountain ‡		816		102,808
Lineage ‡		311		11,470
Prologis ‡		3,778		536,551
Public Storage ‡		128		38,714
Regency Centers ‡		173		13,468
Rexford Industrial Realty ‡		621		22,288
SBA Communications, Cl A ‡		284		62,821
STAG Industrial ‡		2,170		83,719
Welltower ‡		71		15,431
				1,876,586
Utilities — 1.2%
Alliant Energy		427		31,355
Ameren		1,148		130,470
American Electric Power		235		32,221
American Water Works		223		28,638
Atmos Energy		166		31,537
CenterPoint Energy		707		30,861
CMS Energy		395		30,312
Consolidated Edison		264		29,433
Constellation Energy		727		227,551
Dominion Energy		462		29,799
DTE Energy		208		31,552
Duke Energy		335		43,399
Edison International		1,818		126,333
Entergy		452		53,295
Essential Utilities		742		28,345
Evergy		648		53,680
Eversource Energy		413		29,199
Exelon		638		29,342
FirstEnergy		604		28,702
NextEra Energy		576		56,379
NiSource		1,180		56,970
NRG Energy		186		28,938
Oklo, Cl A *		696		50,460
PG&E		3,489		57,987
PPL		789		29,540

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

COMMON STOCK — continued

	Shares		Value
United States — continued
Utilities — continued
Public Service Enterprise Group		658	$	53,732
Sempra		326		31,009
Southern		316		30,557
Vistra		186		29,358
WEC Energy Group		253		29,839
Xcel Energy		374		31,023
				1,511,816
Total United States				54,423,614
TOTAL COMMON STOCK
(Cost $68,892,730)				94,929,447

CORPORATE OBLIGATIONS — 7.9%

	Face Amount(1)
Australia — 0.3%
NCIG Holdings Pty
12.500%, 08/26/2031(A)	$	300,000		314,730
NSW Electricity Networks Finance Pty MTN
6.296%, BBSW3M + 2.200%, 11/20/2055(B)	AUD	100,000		68,836
				383,566
China — 0.4%
Fortune Star BVI
8.500%, 05/19/2028		275,000		281,439
Longfor Group Holdings
3.375%, 04/13/2027		200,000		190,284
				471,723
Hong Kong — 1.0%
Cas Capital No. 2
6.250%, H15T5Y + 2.533%, (B) (C)		200,000		201,096
Champion MTN
2.950%, 06/15/2030		200,000		177,132
CS Treasury Management Services P
9.000%, (C),(D)		220,000		224,739
Elect Global Investments
4.850%, (C)		400,000		308,200
Melco Resorts Finance
5.750%, 07/21/2028		200,000		198,906
NWD MTN
8.625%, 02/08/2028		200,000		188,970
				1,299,043

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

CORPORATE OBLIGATIONS — continued

	Face Amount(1)		Value
India — 1.0%
Clean Renewable Power Mauritius Pte
4.250%, 03/25/2027	$	147,000	$	144,707
Greenko Power II
4.300%, 12/13/2028		228,000		217,816
India Cleantech Energy
4.700%, 08/10/2026		82,375		82,067
Muthoot Finance MTN
6.375%, 04/23/2029		200,000		201,198
ReNew Wind Energy AP2
4.500%, 07/14/2028		300,000		288,496
Sammaan Capital
9.700%, 07/03/2027		200,000		205,232
Vedanta Resources Finance II PLC
10.875%, 09/17/2029		200,000		212,521
				1,352,037
Indonesia — 0.2%
Indika Energy
8.750%, 05/07/2029		250,000		254,696

Japan — 0.4%
Rakuten Group
8.125%, H15T5Y + 4.250%, (B) (C)		200,000		204,304
SoftBank Group
8.250%, H15T5Y + 4.545%, 10/29/2065(B)		320,000		295,299
				499,603
Macau — 0.3%
Champion Path Holdings
4.850%, 01/27/2028		200,000		194,926
Studio City Finance
6.500%, 01/15/2028		230,000		229,565
				424,491
Mongolia — 0.3%
Development Bank of Mongolia
8.500%, 07/03/2028		200,000		206,122
Mongolian Mining
8.440%, 04/03/2030		200,000		203,539
				409,661
Nigeria — 0.1%
IHS Netherlands Holdco
8.000%, 09/18/2027		137,495		137,294

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

CORPORATE OBLIGATIONS — continued

	Face Amount(1)		Value
Singapore — 0.2%
GLP Pte
4.600%, H15T5Y + 3.725%, (B) (C)	$	200,000	$	85,114
GLP Pte
9.750%, 05/20/2028		200,000		157,238
				242,352
Thailand — 0.1%
GC Treasury Center
6.500%, H15T5Y + 2.815%, (B) (C)		200,000		197,098

United Kingdom — 0.3%
HSBC Holdings PLC
6.750%, H15T5Y + 2.914%, (B) (C)		200,000		202,571
Standard Chartered PLC
7.000%, H15T5Y + 2.873%, (B) (C),(D)		200,000		204,173
				406,744
United States — 3.3%
GS Finance
3.722%, SOFR + 0.000%, 01/19/2027(B),(D)		2,160,000		2,535,408
GS Finance MTN
0.000%, 04/26/2027(E)		1,750,000		1,775,900
				4,311,308

TOTAL CORPORATE OBLIGATIONS
(Cost $10,066,586)				10,389,616

SOVEREIGN DEBT — 1.7%

Japan — 1.4%
Japan Government Thirty Year Bond
3.400%, 12/20/2055	JPY	309,200,000		1,859,328

Mongolia — 0.2%
City of Ulaanbaatar Mongolia
7.750%, 08/21/2027	$	200,000		203,551

Sri Lanka — 0.1%
Sri Lanka Government International Bond
3.600%, 02/15/2038(A),(D)		200,000		188,176

TOTAL SOVEREIGN DEBT
(Cost $2,351,380)				2,251,055

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

EXCHANGE-TRADED FUNDS — 0.4%

	Shares		Value
United States — 0.4%
Domestic Commodity — 0.3%
Invesco DB Precious Metals Fund		2,974	$	322,947
International Equity — 0.1%
iShares MSCI Saudi Arabia ETF		4,535		177,318
TOTAL EXCHANGE-TRADED FUNDS
(Cost $391,171)				500,265

RIGHTS — 0.0%

	Number of Rights
Australia — 0.0%
NEXTDC, Strike Price 12.70, 05/11/2026 *		819		908
TOTAL RIGHTS
(Cost $—)				908

PREFERRED STOCK — 0.0%

	Shares
Germany — 0.0%
Jungheinrich **		249		7,502

TOTAL PREFERRED STOCK
(Cost $9,969)				7,502

U.S. TREASURY OBLIGATIONS — 9.7%

	Face Amount(1)
U.S. Treasury Bills
3.651%, 08/18/2026(F)	$	5,347,000		5,288,569
3.647%, 07/28/2026(F)		3,000,000		2,973,847
3.642%, 05/19/2026(F)		4,500,000		4,491,921

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,754,020)				12,754,337

TOTAL INVESTMENTS — 91.9%
(Cost $94,465,856)			$	120,833,130

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

Percentages are based on Net Assets of $131,453,615.

Non-income producing security.

There is currently no rate available.

‡

Real Estate Investment Trust.

(1)

In U.S. dollars unless otherwise indicated.

(A)

Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on April 30, 2026. The coupon on a step bond changes on a specified date.

(B)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C)

Perpetual security with no stated maturity date.

(D)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of April 30, 2026 was $3,152,496 and represents 2.40% of Net Assets.

(E)

Zero Coupon Security.

(F)

Interest rate represents the security’s effective yield at the time of purchase.

ADR — American Depositary Receipt

AUD — Australian Dollar

BBSW3M — 3-Month Bank Bill Swap Rate

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CNH — Chinese Yuan Offshore

COP — Colombian Peso

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

EUR — Euro

FTSE— Financial Times Stock Exchange

GBP — British Pound Sterling

H15T5Y — Harmonized Index of Consumer Prices 5 Year

HKD — Hong Kong Dollar

INR — Indian Rupee

JPY — Japanese Yen

MTN — Medium Term Note

MXN — Mexican Peso

NASDAQ – National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

Pty — Proprietary

REIT — Real Estate investment Trust

S&P— Standard & Poor's

SGD — Singapore Dollar

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

SOFR — Secured Overnight Financing Rate

SPX — Standard & Poor's 500 Index

TOPIX- Tokyo Price Index

TSX — Toronto Stock Exchange

USD — U.S. Dollar

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2026, is as follows:

Counterparty

Settlement

Date

Currency to

Deliver

Currency to Receive

Unrealized

Appreciation/

(Depreciation)

Morgan Stanley

06/17/26

USD

1,878,483

HKD

14,691,000

570‌

Morgan Stanley

06/17/26

USD

6,590,837

EUR

5,597,000

(6,981

)

Morgan Stanley

06/17/26

USD

3,100,708

GBP

2,312,000

45,024‌

Morgan Stanley

06/17/26

USD

2,293,714

AUD

3,254,000

46,826‌

Morgan Stanley

06/17/26

USD

4,308,815

BRL

22,470,000

173,701‌

Morgan Stanley

06/17/26

USD

10,991,017

EUR

9,496,000

179,307‌

Morgan Stanley

06/17/26

USD

1,460,539

MXN

25,568,000

(2,936

)

Morgan Stanley

06/17/26

USD

1,369,814

SGD

1,743,000

4,403‌

Morgan Stanley

06/17/26

COP

9,033,729,000

USD

2,442,365

(13,120

)

Morgan Stanley

06/17/26

MXN

3,047,000

USD

169,574

(4,132

)

Morgan Stanley

06/17/26

BRL

611,000

USD

113,918

(7,969

)

Morgan Stanley

06/17/26

USD

2,520,808

CNH

17,277,000

17,118‌

Morgan Stanley

06/17/26

CHF

802,000

USD

1,027,477

(4,454

)

Morgan Stanley

06/17/26

JPY

412,789,000

USD

2,619,461

(28,204

)

Morgan Stanley

06/17/26

USD

1,647,790

CAD

2,246,000

9,128‌

Morgan Stanley

06/17/26

USD

1,861,597

CHF

1,454,000

9,261‌

Morgan Stanley

06/17/26

USD

750,455

JPY

118,632,000

10,461‌

Morgan Stanley

06/17/26

USD

2,421,333

MXN

43,399,000

52,795‌

Morgan Stanley

06/17/26

GBP

421,000

USD

560,999

(11,819

)

Morgan Stanley

06/17/26

CNH

7,868,000

USD

1,146,730

(9,050

)

Morgan Stanley

06/17/26

HKD

14,691,000

USD

1,884,534

5,481‌

Morgan Stanley

06/17/26

USD

2,409,251

COP

9,033,729,000

46,234‌

Morgan Stanley

06/17/26

INR

214,978,000

USD

2,307,869

55,918‌

567,562‌

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

The open futures contracts held by the Fund at April 30, 2026, are as follows:

												Unrealized
	Number of			Expiration		Notional						Appreciation/
Type of Contract	Contracts			Date		Amount ^†			Value			(Depreciation)
Long Contracts		15			6/8/26	$	1,911,454‌		$	1,918,572‌		$	(12,984	)
Euro-BUXL
Long GILT 10-Year Bonds		54			6/26/26		6,767,741‌			6,362,666‌			(437,893	)
NASDAQ 100 Index E-Mini		5			6/18/26		2,577,926‌			2,759,600‌			181,674‌
S&P 500 Index E-Mini		16					5,500,854‌			5,795,000‌			294,146‌
S&P TSX 60 Index		2			6/18/26		564,931‌			584,297‌			8,722‌
TOPIX Index		9					2,160,551‌			2,152,343‌			(42,732	)
U.S. Ultra Long Treasury Bonds		16			6/18/26		1,863,034‌			1,840,500‌			(22,534	)
						$	21,346,491		$	21,412,978		$	(31,601	)
Short Contracts
Euro STOXX 50		(22	)		6/19/26	$	(1,372,693	)	$	(1,507,910	)	$	(101,360	)
FTSE 100 Index		(3	)		6/19/26		(399,845	)		(423,676	)		(10,730	)
FTSE China A50		(78	)		5/28/26		(1,215,414	)		(1,213,134	)		2,280‌
IFSC Nifty50 Index		(48	)		5/26/26		(2,306,552	)		(2,317,728	)		(11,176	)
MSCI EAFE Index		(13	)		6/19/26		(1,905,376	)		(1,979,965	)		(74,589	)
MSCI Emerging Markets Index		(50	)		6/19/26		(3,603,924	)		(4,085,500	)		(481,576	)
S&P 500 Index E-Mini		(13	)		6/18/26		(4,345,890	)		(4,708,438	)		(362,548	)
TOPIX Index		(27	)		6/11/26		(6,201,980	)		(6,457,028	)		(187,466	)
						$	(21,351,674	)	$	(22,693,379	)	$	(1,227,165	)
						$	(5,183	)	$	(1,280,401	)	$	(1,258,766	)

†

The foreign exchange rate for the contract notional amounts are based on prevailing exchange rates on the date the respective contracts were opened.

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

The following is a summary of the level inputs used as of April 30, 2026, in valuing the Fund's investments and other financial instruments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

Australia

—‌

433,319‌

—‌

433,319‌

Austria

—‌

158,877‌

—‌

158,877‌

Belgium

—‌

283,422‌

—‌

283,422‌

Brazil

220,767‌

—‌

220,767‌

Canada

1,218,103‌

—‌

1,218,103‌

Chile

112,908‌

186,862‌

—‌

299,770‌

China

501,785‌

1,866,702‌

—‌

2,368,487‌

Denmark

—‌

471,833‌

—‌

471,833‌

Finland

—‌

245,881‌

—‌

245,881‌

France

—‌

1,892,262‌

—‌

1,892,262‌

Germany

—‌

2,722,853‌

—‌

2,722,853‌

Greece

—‌

216,787‌

—‌

216,787‌

Hong Kong

—‌

1,432,283‌

—‌

1,432,283‌

Hungary

—‌

442,102‌

—‌

442,102‌

India

171,451‌

2,991,932‌

—‌

3,163,383‌

Ireland

—‌

199,752‌

—‌

199,752‌

Italy

—‌

930,297‌

—‌

930,297‌

Japan

—‌

8,980,298‌

—‌

8,980,298‌

Mexico

541,862‌

—‌

541,862‌

Netherlands

121,948‌

752,671‌

—‌

874,619‌

Norway

38,014‌

71,650‌

—‌

109,664‌

Poland

—‌

218,316‌

—‌

218,316‌

Portugal

—‌

326,003‌

—‌

326,003‌

South Africa

—‌

365,388‌

—‌

365,388‌

South Korea

—‌

2,252,493‌

—‌

2,252,493‌

Spain

—‌

1,173,555‌

—‌

1,173,555‌

Sweden

—‌

718,243‌

—‌

718,243‌

Switzerland

—‌

1,135,729‌

—‌

1,135,729‌

Taiwan

—‌

2,428,371‌

—‌

2,428,371‌

United Kingdom

174,771‌

4,506,343‌

—‌

4,681,114‌

United States

54,423,614‌

—‌

54,423,614‌

Total Common Stock

57,525,223‌

37,404,224‌

—‌

94,929,447‌

Corporate Obligations

—‌

10,389,616‌

—‌

10,389,616‌

Sovereign Debt

—‌

2,251,055‌

—‌

2,251,055‌

Exchange-Traded Funds

500,265‌

—‌

500,265‌

Rights

908‌

—‌

908‌

Preferred Stock

—‌

7,502‌

—‌

7,502‌

U.S. Treasury Obligations

—‌

12,754,337‌

—‌

12,754,337‌

Total Investments in Securities

58,026,396‌

62,806,734‌

—‌

120,833,130‌

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	486,822‌		$	–‌		$	–‌	$	486,822‌
Unrealized Depreciation		(1,745,588	)		–‌			–‌		(1,745,588	)
Forward Foreign Currency Contracts*
Unrealized Appreciation		–‌			656,227‌			–‌		656,227‌
Unrealized Depreciation		–‌			(88,665	)		–‌		(88,665	)
Total Other Financial Instruments	$	(1,258,766	)	$	567,562‌		$	–‌	$	(691,204	)

Forward foreign currency contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “— “ are $0.

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

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	APRIL 30, 2026 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets:
Investments, at Value (Cost $94,465,856)	$	120,833,130
Cash and Cash Equivalents		6,172,415
Cash Pledged as Collateral for Futures Contracts		3,752,815
Unrealized Appreciation on Forward Foreign Currency Contracts		656,227
Cash Pledged as Collateral for Forward Foreign Currency Contracts		570,000
Dividend and Interest Receivable		336,765
Receivable for Investment Securities Sold		232,306
Reclaim Receivable		107,153
Other Prepaid Expenses		25,831
Total Assets		132,686,642
Liabilities:
Overdraft of Foreign Currency, at Value (Proceeds $641,520)		647,449
Payable for Investment Securities Purchased		243,007
Unrealized Depreciation on Forward Foreign Currency Contracts		88,665
Accrued Foreign Capital Gains Tax on Appreciated Securities		85,981
Payable due to Investment Adviser		30,054
Shareholder Servicing Fees Payable		15,375
Payable due to Administrator		12,652
Chief Compliance Officer Fees Payable		5,649
Unrealized Depreciation on Foreign Spot Currency Contracts		77
Payable for Capital Shares Redeemed		2
Other Accrued Expenses and Other Payables		104,116
Total Liabilities		1,233,027

Commitments and Contingencies †

Net Assets	$	131,453,615
NET ASSETS CONSIST OF:
Paid-in Capital	$	143,702,566
Total Accumulated Losses		(12,248,951	)
Net Assets	$	131,453,615
Institutional Shares:
Net Assets	$	128,512,263
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		9,749,156
Net Asset Value, Offering and Redemption Price Per Share	$	13.18
Investor Servicing Shares:
Net Assets	$	2,941,352
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		223,160
Net Asset Value, Offering and Redemption Price Per Share	$	13.18

†

See Note 7 in the Notes to Financial Statements.

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

STATEMENT OF OPERATIONS

	For the Six
	Months
	Ended
	April 30, 2026
	(Unaudited)
Investment Income:
Dividends	$	855,244
Interest		734,734
Less: Foreign Taxes Withheld		(45,422	)
Total Investment Income		1,544,556
Expenses:
Investment Advisory Fees		479,588
Administration Fees		76,528
Trustees' Fees		9,085
Chief Compliance Officer Fees		4,690
Shareholder Servicing Fees, Investor Servicing Shares		2,129
Custodian Fees		39,023
Transfer Agent Fees		28,947
Legal Fees		27,116
Pricing Fees		22,747
Registration and Filing Fees		19,170
Printing Fees		13,182
Audit Fees		11,593
Other Expenses		31,812
Total Expenses		765,610
Less:
Waiver of Investment Advisory Fees		(284,770	)
Net Expenses		480,840
Net Investment Income		1,063,716
Net Realized Gain (Loss) on:
Investments (net of Foreign Capital Gains Tax on Appreciated Securities of $6,580)		7,967,344
Futures Contracts		(1,718,916	)
Forward Foreign Currency Contracts		(114,222	)
Foreign Currency Transactions		60,956
Net Realized Gain		6,195,162

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

STATEMENT OF OPERATIONS

	For the Six
	Months
	Ended
	April 30, 2026
	(Unaudited)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,609,546	)
Futures Contracts		(680,552	)
Foreign Capital Gains Tax on Appreciated Securities		32,006
Forward Foreign Currency Contracts		1,292,108
Foreign Currency Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(2,607	)
Net Change in Unrealized Appreciation (Depreciation)		(3,968,591	)
Net Realized and Unrealized Gain		2,226,571
Net Increase in Net Assets Resulting from Operations	$	3,290,287

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months
	Ended April
	30, 2026			Year Ended
	(Unaudited)			October 31, 2025
Operations:
Net Investment Income	$	1,063,716		$	2,271,953
Net Realized Gain		6,195,162			5,744,638
Net Change in Unrealized Appreciation (Depreciation)		(3,968,591	)		10,226,324
Net Increase in Net Assets Resulting From Operations		3,290,287			18,242,915
Distributions:
Institutional Shares		(2,358,384	)		(2,897,324	)
Investor Servicing Shares		(48,831	)		(71,744	)
Total Distributions		(2,407,215	)		(2,969,068	)
Capital Share Transactions:⁽¹⁾
Institutional Shares
Issued		16,344			886,782
Reinvestment of Distributions		2,358,384			2,897,324
Redeemed		(1,581,064	)		(8,388,661	)
Net Institutional Shares Transactions		793,664			(4,604,555	)
Investor Servicing Shares
Reinvestment of Distributions		48,831			71,744
Redeemed		–			(690,459	)
Net Investor Servicing Shares Transactions		48,831			(618,715	)
Net Increase (Decrease) in Net Assets From Capital Share Transactions		842,495			(5,223,270	)
Total Increase in Net Assets		1,725,567			10,050,577
Net Assets:
Beginning of Period/Year		129,728,048			119,677,471
End of Period/Year	$	131,453,615		$	129,728,048

(1)

See Note 9 in the Notes to Financial Statements.

Amounts designated as “–” are either not applicable, $0 or have been rounded to $0.

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios
For a Share Outstanding

Throughout Each Period/Year

Institutional Shares

	Six Months			Year			Year			Year			Year			Year
	Ended April			Ended			Ended			Ended			Ended			Ended
	30, 2026			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net Asset Value, Beginning of Period/ Year	$	13.09		$	11.57		$	10.36		$	9.93		$	13.56		$	11.08
Income (Loss) from Investment Operations:
Net Investment Income*		0.11			0.23			0.20			0.26			0.14			0.12
Net Realized and Unrealized Gain (Loss)		0.22			1.58			1.34			0.17			(3.07	)		2.52

Total from Investment Operations		0.33			1.81			1.54			0.43			(2.93	)		2.64

Dividends and Distributions:
Net Investment Income		(0.24	)		(0.29	)		(0.33	)		(0.00)^			(0.04	)		(0.16	)
Net Realized Gains		–			–			–			–			(0.66	)		–

Total Dividends and Distributions		(0.24	)		(0.29	)		(0.33	)		0.00			(0.70	)		(0.16	)

Net Asset Value, End of Period/Year	$	13.18		$	13.09		$	11.57		$	10.36		$	9.93		$	13.56

Total Return†		2.60	%		15.99	%		14.96	%		4.34	%		(22.75	)%		23.94	%

Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	128,512		$	126,859		$	116,589		$	105,556		$	388,514		$	225,285
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.75	%^††		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)⁽¹⁾		1.19	%^††		1.23	%		1.14	%		0.98	%		0.99	%		1.05	%
Ratio of Net Investment Income to Average Net Assets ⁽²⁾		1.67	%^††		1.88	%		1.74	%		2.45	%		1.26	%		0.95	%
Portfolio Turnover Rate		64	%^‡		133	%		132	%		105	%		145	%		130	%

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS (continued)

	Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.
*	Per share data calculated using average shares method.
^	Value is less than $0.005 per share.

†

Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

††

Annualized

‡

Portfolio turnover is for the period indicated and has not been annualized.

(1)

The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

(2)

Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS (continued)

Selected Per Share Data & Ratios
For a Share Outstanding

Throughout Each Period/Year

Investor Servicing Shares

	Six Months			Year			Year			Year			Year			Year
	Ended April			Ended			Ended			Ended			Ended			Ended
	30, 2026			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net Asset Value, Beginning of Period/ Year	$	13.08		$	11.56		$	10.34		$	9.93		$	13.55		$	11.07
Income (Loss) from Investment Operations:
Net Investment Income*		0.10			0.21			0.18			0.25			0.12			0.12
Net Realized and Unrealized Gain (Loss)		0.22			1.58			1.34			0.16			(3.06	)		2.51

Total from Investment Operations		0.32			1.79			1.52			0.41			(2.94	)		2.63

Dividends and Distributions:
Net Investment Income		(0.22	)		(0.27	)		(0.30	)		–			(0.02	)		(0.15	)
Net Realized Gains		–			–			–			–			(0.66	)		–

Total Dividends and Distributions		(0.22	)		(0.27	)		(0.30	)		–			(0.68	)		(0.15	)

Net Asset Value, End of Period/Year	$	13.18		$	13.08		$	11.56		$	10.34		$	9.93		$	13.55

Total Return†		2.51	%		15.81	%		14.86	%		4.13	%		(22.83	)%		23.85	%

Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	2,942		$	2,869		$	3,089		$	3,546		$	4,983		$	6,742
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.90	%^††		0.90	%		0.90	%		0.90	%		0.90	%		0.81	%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)⁽¹⁾		1.34	%^††		1.38	%		1.31	%		1.13	%		1.14	%		1.11	%
Ratio of Net Investment Income to Average Net Assets ⁽²⁾		1.52	%^††		1.73	%		1.58	%		2.30	%		1.04	%		0.94	%
Portfolio Turnover Rate		64	%^‡		133	%		132	%		105	%		145	%		130	%

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

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS (continued)

	Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.
*	Per share data calculated using average shares method.

†

††

Annualized

‡

Portfolio turnover is for the period indicated and has not been annualized.

(1)

The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

(2)

Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.

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

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 44 funds. The financial statements herein are those of the PineBridge Dynamic Asset Allocation Fund (the “Fund”). The investment objective of the Fund is to seek total return. The Fund is classified as a diversified investment company. PineBridge Investments LLC serves as the Fund’s investment adviser (the “Adviser”). The Fund currently offers Institutional Shares and Investor Servicing Shares. The Fund commenced operations on March 2, 2016. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

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

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

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

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

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called.

The Fund uses Intercontinental Exchange Data Pricing & Reference Data, LLC (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

If a local market in which the Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

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

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

●

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

●

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.); and

●

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

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

For the six months ended April 30, 2026, there have been no significant changes to the Fund’s fair valuation methodology.

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

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During six months ended April 30, 2026, the Fund did not incur any significant interest or penalties.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

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

Foreign Taxes — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the six months ended April 30, 2026, the Fund has accrued foreign tax in the amount of $85,981, presented on the Statement of Assets and Liabilities.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

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

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Forward Foreign Currency Contracts — The Fund enters into forward foreign currency contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward foreign currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund recognizes realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year is presented on the Statement of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. Refer to the Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of April 30, 2026.

For the six months ended April 30, 2026, the average quarterly balances of forward foreign currency contracts were as follows:

Average Quarterly Notional Contracts Purchased		$	38,741,657
Average Quarterly Notional Contracts Sold		$	(12,993,211	)

Futures Contracts — The Fund utilized futures contracts during the six months ended April 30, 2026. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the Board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of April 30, 2026.

For the six months ended April 30, 2026, the average quarterly notional amount of futures contracts held were as follows:

Average Quarterly Notional Balance Long		$	17,234,831
Average Quarterly Notional Balance Short		$	(19,377,748	)

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Fund intends to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains and losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

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

Dividends and Distributions to Shareholders — The Fund distributes substantially all of its net investment income annually. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

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

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

3. Derivative Transactions:

The following tables include the Fund’s exposure by type of risk on derivatives held throughout the period.

The fair value of derivative instruments as of April 30, 2026, was as follows:

Asset Derivatives

Liability Derivatives

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Derivatives not accounted for as hedging instruments:

Equity contracts

Unrealized appreciation on futures contracts

486,822

Unrealized depreciation on futures contracts

1,272,177

Interest rate contracts

Unrealized appreciation on futures contracts

—

Unrealized depreciation on futures contracts

473,411

Foreign exchange contracts

Unrealized appreciation on forward foreign currency contracts

656,227

Unrealized depreciation on forward foreign currency contracts

88,665

Total

1,143,049

1,834,253

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin, if any, is reported within the Statement of Assets and Liabilities.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2026, was as follows:

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

Derivatives Not Accounted for as Hedging Instruments	Futures Contracts			Forward Foreign Currency Contracts			Total
Foreign exchange contracts	$	—		$	(114,222	)	$	(114,222	)
Equity contracts		(1,742,208	)		—			(1,742,208	)
Interest rate contracts		23,292			—			23,292
Total	$	(1,718,916	)	$	(114,222	)	$	(1,833,138	)

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

Derivatives Not Accounted for as Hedging Instruments	Futures Contracts			Forward Foreign Currency Contracts		Total
Foreign exchange contracts	$	—		$	1,292,108	$	1,292,108
Equity contracts		(79,805	)		—		(79,805	)
Interest rate contracts		(600,747	)		—		(600,747	)
Total	$	(680,552	)	$	1,292,108	$	611,556

4. Offsetting Assets and Liabilities:

The Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

The following is a summary of derivatives subject to master netting agreements and the collateral (received)/pledged by counterparty in connection with the master netting agreements as of April 30, 2026:

Counterparty		Gross Assets Recognized in the Statement of Assets and Liabilities		Gross Liabilities Recognized in the Statement of Assets and Liabilities			Net Amount Available to be Offset		Collateral Pledged or (Received) †		Net Amount ‡
		Forward Foreign Currency Contracts
Morgan Stanley	$	656,227	$	(88,665	)	$	567,562	$	—	$	567,562
Total	$	656,227	$	(88,665	)	$	567,562	$	—	$	567,562

†

Collateral pledged is limited to the net outstanding amount due to/from the counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

‡

Represents receivable from/payable to counterparty in the event of default.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

5. Transactions with Affiliates:

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

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

6. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Fund. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended April 30, 2026, the Fund paid $76,528 for these services.

The Fund has adopted a shareholder servicing plan (the “Service Plan”) under which a shareholder servicing fee of up to 0.15% of average daily net assets of Investor Servicing Shares of the Fund will be paid to other service providers. Under the Service Plan, other service providers may perform, or may compensate other service providers for performing certain shareholder and administrative services. For the six months ended April 30, 2026, the Investor Servicing Shares incurred $2,129 for these services.

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

Apex Fund Services serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

7. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.75% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses after fee reductions and/or expense reimbursements (excluding any class specific expenses, dividend and interest expenses on securities sold short, interest, taxes, acquired fund fee expenses and non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.75% of the average daily net assets of the Fund’s Investor Servicing Shares and Institutional Shares until April 30, 2027 (the “Expense Limitation”). Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the six months ended April 30, 2026. The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Fund’s total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2027. As of April 30, 2026, the fees which were previously waived and/ or reimbursed to the Fund by the Adviser, which may be subject to possible future recapture, up to the expense cap in place at the time the expenses were waived and reimbursed to the Adviser were $606,007, $551,476 and $612,445 expiring in 2027, 2028 and 2029, respectively. During the six months ended April 30, 2026, the Fund did not recapture any previously waived fees and/or reimbursed expenses.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

8. Investment Transactions:

The cost of security purchases and the proceeds from security sales other than short-term securities, for the six months ended April 30, 2026, were as follows:

Purchases
Other	$69,823,637
Sales
Other	$84,535,451

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

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

9. Share Transactions:

Share Transactions were as follows:

	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
Institutional Shares
Issued		1,272			73,481
Reinvestment of Distributions		183,246			253,484
Redeemed		(124,345	)		(715,355	)
Total Institutional Shares Transactions		60,173			(388,390	)
Investor Servicing Shares
Reinvestment of Distributions		3,794			6,277
Redeemed		–			(54,215	)
Total Investor Servicing Shares Transactions		3,794			(47,938	)
Net Increase (Decrease) in Shares Outstanding From Share Transactions		63,967			(436,328	)

Amounts designated as “–” are either not applicable, 0 or have been rounded to 0.

10. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent.

The tax character of dividends or distributions declared during the years ended October 31:

Ordinary Income

Long-Term

Capital Gain

Return of Capital

Total

2025

2,969,068

—

2,969,068

2024

3,115,643

—

3,115,643

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

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

Undistributed Ordinary Income	$	2,406,612
Capital Loss Carryforwards		(39,471,705	)
Unrealized Appreciation		28,998,781
Other Temporary Differences		(5,065,711	)
Total Accumulated Losses	$	(13,132,023	)

As of October 31, 2025, The Fund has short-term capital losses carried forward of $39,471,705. The Fund utilized $10,975,732 of capital loss carryforwards to offset capital gains.

For Federal income tax purposes, the difference between Federal tax cost and book cost are primarily due to wash sale, mark-to-market on passive foreign investment companies, GAAP amortization adjustment and perpetual bonds, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at April 30, 2026, were as follows:

Federal Tax

Cost

Aggregate

Gross Unrealized

Appreciation

Aggregate

Gross Unrealized

Depreciation

Net Unrealized

Appreciation

94,465,856

28,309,221

(1,941,947

)

26,367,274

11. Concentration of Risks:

As with all management investment companies, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”) and ability to meet its investment objective.

Market Risk – The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. 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.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Asset Allocation Risk – The Fund is subject to asset allocation risk, which is the risk that the Adviser’s allocation of the Fund’s assets among various asset classes will cause the Fund to underperform other funds with a similar investment objective and/ or underperform the markets in which the Fund invests.

Equity Risk – Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund’s securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

Interest Rate Risk – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund’s share price to fall.

Derivatives Risk – The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market risk is described elsewhere in this section. Leverage risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain for the Fund, and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that a security may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Small- and Mid-Capitalization Company Risk – Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Foreign Company Risk – Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

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

Stock Connect Investing Risk – Trading through Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund’s investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Bond Connect Investing Risk – Trading through Bond Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit (“CMU”) maintained with a China-based custodian (either the China Central Depository & Clearing Co. (“CDCC”) or the Shanghai Clearing House (“SCH”)). The Fund’s ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. Therefore, the Fund’s ability to enforce rights as a bondholder may depend on CMU’s ability or willingness as record-holder of Bond Connect securities to enforce the Fund’s rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

Risks of Investing in Other Investment Companies – To the extent the Fund invests in other investment companies, such as open-end funds, closed end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect Fund performance.

Foreign Currency Risk – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

REITs Risk – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

Short Sales Risk – A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund’s share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

Fixed Income Market Risk – The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Convertible Securities Risk – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

Rights and Warrants Risk – Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right’s or warrant’s expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

Preferred Stock Risk – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

Credit Risk – The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

Bank Loans Risk – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Bank loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

High Yield Bond Risk – High yield, or “junk,” bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

Collateralized Debt Obligations Risk – The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized debt obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.

Collateralized Loan Obligation Risk. The risks of an investment in a collateralized loan obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn.

Collateralized loan obligations carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

Collateralized Bond Obligation Risk. The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Corporate Fixed Income Securities Risk – Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Foreign Sovereign Debt Securities Risk – The Fund’s investments in foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/ or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Mortgage-Backed Securities Risk – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Asset-Backed Securities Risk – Payment of principal and interest on asset backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Bank Obligations Risk – The Fund’s investments in bank obligations are subject to risks generally applicable to debt securities, as well as to the risk of negative events affecting the banking industry. Obligations of foreign banks and foreign branches of U.S. banks are subject to additional risks, including negative political and economic developments in the country in which the bank or branch is located and actions by a foreign government that might adversely affect the payment of principal and interest on such obligations, such as the seizure or nationalization of foreign deposits. Additionally, U.S. and state banking laws and regulations may not apply to foreign branches of U.S. banks, and generally do not apply to foreign banks.

Prepayment and Extension Risk – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations.

Portfolio Turnover Risk – The Fund is subject to portfolio turnover risk since it may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Active Trading Risk – The Fund may actively trade which may result in higher transaction costs to the Fund. Active trading tends to be more pronounced during periods of increased market volatility.

Affiliated Fund Risk – Due to its own financial interest or other business considerations, the Adviser may have an incentive to invest a portion of the Fund’s assets in pooled investment vehicles sponsored or managed by the Adviser or its affiliates in lieu of investments directly in portfolio securities, or in lieu of investments in pooled investment vehicles sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in pooled investment vehicles sponsored or managed by the Adviser or its affiliates.

Unregistered Funds Risk – Investments in unregistered funds are subject to additional risks beyond those associated with investments in registered investment companies, because investments in unregistered funds do not have the benefit of the protections afforded by the 1940 Act to investors in registered investment companies. In addition, investments in unregistered funds are often illiquid and difficult to value, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly, in particular because they may have restrictions that allow redemptions only at specific infrequent dates with considerable notice periods and apply lock-ups and/or redemption fees.

U.S. Government Securities Risk – The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

Repurchase Agreements Risk – Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

Reverse Repurchase Agreements Risk – Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon time and price. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Securities Lending Risk – Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

Money Market Instruments Risk – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value (“NAV”) while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Fund. A more complete description of risks associated with the Fund is included in the prospectus and statement of additional information.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

12. Concentration of Shareholders:

At April 30, 2026, the percentage of total shares outstanding held by shareholders for the Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, each owning 10% or greater of the individual class shares outstanding, was as follows:

No. of

Shareholder

Ownership

Institutional Shares

94%

Investor Servicing Shares

94%

13. Indemnifications:

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

14. Recent Accounting Pronouncement:

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

15. Subsequent Events:

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

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

Not applicable.

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

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 Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

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

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s advisory agreement must be approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund III (the “Trust”) who are not parties to the agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

On December 23, 2024, Pacific Century Group, the ultimate parent company of PineBridge Investments LLC, the investment adviser to the Fund (the “Adviser”), and MetLife Inc. (“MetLife”) announced that they entered into an agreement, pursuant to which MetLife Investment Management, the institutional asset management business of MetLife, would acquire PineBridge Investments, L.P.’s investment management business, including as it is conducted by the Adviser (the “Transaction”). In anticipation that the Transaction could be deemed to result in a change in control of the Adviser under the 1940 Act, and, consequently, in the assignment and automatic termination of the investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Agreement”), a Board meeting was held on June 17–18, 2025 (the “Board Meeting”) to decide whether to approve a new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser for an initial term of two years (the “New Agreement”).

In preparation for the Board Meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the New Agreement. The Trustees used this information, as well as other information that other service providers of the Fund submitted to the Board in connection with the Board Meeting and other meetings held in connection with and since the most recent renewal of the Prior Agreement, to help them decide whether to approve the New Agreement for an initial two-year term. In recognition of the fact that the Transaction was in progress and had not been consummated at the time of the Board Meeting and that the Board was being asked to approve the Adviser as it was expected to exist after the consummation of the Transaction, the materials provided by the Adviser addressed both the Adviser as it existed at the time of the Board Meeting and the Adviser as it was expected to exist after the consummation of the Transaction.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Specifically, the Board requested and received written materials from the Adviser regarding, among other things: (i) the terms, conditions, and expected timing of the Transaction, and the reasons that the Adviser was undergoing the Transaction; (ii) the nature, extent and quality of the services to be provided by the Adviser under the New Agreement; (iii) the Adviser’s operations and financial condition; (iv) the proposed advisory fees to be paid to the Adviser under the New Agreement; (v) the Adviser’s compliance program; and (vi) the Adviser’s investment management personnel.

At the Board Meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, approved the New Agreement. As part of their evaluation, the Independent Trustees received advice from independent counsel and met in executive session outside the presence of the Fund’s officers and management and the Adviser. In considering the approval of the New Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser after the closing of the Transaction; (ii) the investment performance of the Fund and the Adviser; and (iii) the fees to be paid to the Adviser under the New Agreement, as discussed in further detail below. In addition, the Board, in considering the New Agreement in the context of the Transaction, relied upon representations from the Adviser that: (a) the Transaction was not expected to affect the nature, quality and extent of services provided to the Fund by the Adviser that are discussed below; (b) the Adviser did not anticipate any material changes to its compliance program or code of ethics in connection with the Transaction; and (c) the portfolio managers for the Fund were not expected to change in connection with the Transaction.

Nature, Extent and Quality of Services to be Provided by the Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser after the closing of the Transaction, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund, including the quality of the continuing portfolio management personnel, the resources available to the Adviser after the consummation of the Transaction and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the proposed New Agreement and noted that the New Agreement has the same advisory fee as, and does not materially differ from, the Prior Agreement with respect to the Fund. The most recent investment adviser registration form (Form ADV) for the Adviser also was available to the Board. The Trustees also considered other services to be provided to the Fund by the Adviser such as monitoring adherence to the Fund’s investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Adviser under the New Agreement would be satisfactory.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Investment Performance of the Adviser

In assessing the Adviser’s investment performance, the Board considered: Fund performance in connection with, and the related discussions led by representatives of the Adviser during, the meeting of the Board at which the Prior Agreement was most recently approved; and written reports prepared by the Fund’s administrator comparing the Fund’s performance to its benchmark indices and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. The Board also considered written reports provided by the Adviser providing Fund performance over various time periods and outlining current market conditions and explaining the Adviser’s expectations and strategies for the future. Based on this information and the Adviser’s representation that the portfolio managers for the Fund were not expected to change in connection with the Transaction, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were sufficient to support approval of the New Agreement.

Costs of Advisory Services, Profitability and Economies of Scale

With respect to the cost of advisory services, the Board considered that the investment advisory fee payable to the Adviser under the New Agreement is the same as the investment advisory fee payable to the Adviser under the Prior Agreement. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper. The reports indicated that the Fund’s net and gross expense ratios and advisory fees were around or below the median of its peer group. The Board concluded, within the context of its full deliberations, that the advisory fees payable by the Fund under the New Agreement were reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

With respect to profitability and economies of scale, the Board considered the Adviser’s profitability and economies of scale from its management of the Fund when it most recently approved the continuation of the Prior Agreement, but determined that such profitability and economies may change as a result of the changes to the Adviser’s ownership structure and operations that will occur after the consummation of the Transaction. Accordingly, the Trustees did not make any conclusions regarding the Adviser’s profitability, or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow under the New Agreement, but will do so during future considerations of the New Agreement.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

APRIL 30, 2026 (Unaudited)

Approval of the New Agreement

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

PineBridge Investments

Park Avenue Tower

65 East 55th Street

New York, NY 10022

1-877-225-4164

Investment Adviser:

PineBridge Investments LLC

Park Avenue Tower

65 East 55th Street

New York, NY 10022

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.

1835 Market Street, Suite 310

Philadelphia, PA 19103

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

PBI-SA-001-1100

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

Item 16. Controls and Procedures.

(a) 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.

Not applicable to open-end management investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.

SIGNATURES

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

(Registrant)	The Advisors’ Inner Circle Fund III

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

Date: July 6, 2026

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