Semi-Annual Report by Investment Company (Form N-CSRS)

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: 1-877-446-3863

Date of fiscal year end: September 30, 2026

Date of reporting period: March 31, 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.

(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.

Nicholas Partners Small Cap Growth Fund

The Advisors' Inner Circle Fund III

Investment Adviser:

NICHOLAS INVESTMENT PARTNERS, L.P.

Semi Annual Financials and Other Information

March 31, 2026

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026

TABLE OF CONTENTS

Financial Statements (N-CSRS Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	9
Other Information (Form N-CSRS Items 8-11)	21

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK** - 98.1%

		Shares				Value
Communication Services - 1.6%
Sphere Entertainment *			20,818			$	2,444,033
Consumer Discretionary - 9.0%
Abercrombie & Fitch, Cl A *			4,670				426,698
Boot Barn Holdings *			6,166				902,456
Callaway Golf *			180,959				2,511,711
Gap			47,186				1,141,901
Lincoln Educational Services *			72,810				2,961,911
Lindblad Expeditions Holdings *			41,049				710,148
Patrick Industries			6,393				710,070
Rush Street Interactive *			85,342				1,856,188
Steven Madden			43,230				1,466,362
Texas Roadhouse, Cl A			4,287				707,955
							13,395,400
Consumer Staples - 1.2%
Chefs' Warehouse *			17,592				1,045,845
Once Upon a Farm PBC *			47,775				781,121
							1,826,966
Energy - 2.7%
Par Pacific Holdings *			54,968				3,443,195
Uranium Energy *			46,304				625,104
							4,068,299
Financials - 4.4%
LendingClub *			53,037				759,490
Piper Sandler			19,232				1,472,210
Seacoast Banking Corp of Florida			39,684				1,202,028
Wintrust Financial			22,512				3,127,817
							6,561,545
Health Care - 22.5%
Abivax ADR *			11,757				1,309,142
Apogee Therapeutics *			18,179				1,530,126
Axsome Therapeutics *			10,770				1,820,345
Bridgebio Pharma *			43,183				3,206,770
Celcuity *			4,344				495,824
Cogent Biosciences *			18,591				715,568
Cytokinetics *			12,811				844,373
Dianthus Therapeutics *			10,222				857,830
Enliven Therapeutics *			35,883				1,406,614
Ideaya Biosciences *			37,030				1,233,840
Insmed *			23,487				3,840,594
Kymera Therapeutics *			5,636				469,422
Mirum Pharmaceuticals *			15,174				1,401,774

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

COMMON STOCK** - continued

		Shares				Value
Health Care - continued
Newamsterdam Pharma *			24,915			$	797,529
Nuvalent, Cl A *			24,289				2,488,408
Palvella Therapeutics *			5,360				668,124
Praxis Precision Medicines *			767				247,120
Revolution Medicines *			45,757				4,449,868
Roivant Sciences *			50,663				1,403,365
Scholar Rock Holding *			16,316				802,095
Vera Therapeutics, Cl A *			18,597				748,157
Viridian Therapeutics *			24,230				473,939
Xenon Pharmaceuticals *			41,400				2,407,410
							33,618,237
Industrials - 34.2%
Argan			1,814				987,995
Bloom Energy, Cl A *			20,769				2,813,992
BWX Technologies			34,282				7,010,326
Carpenter Technology			7,227				2,848,522
Construction Partners, Cl A *			18,597				2,066,499
Crane			6,031				1,031,301
Embraer ADR			57,592				3,417,509
Flowserve			9,003				661,811
FTAI Aviation			13,228				3,240,860
GATX			4,352				743,060
Graham *			5,648				445,740
JBT Marel			4,640				593,317
Joby Aviation *			80,422				664,286
Kratos Defense & Security Solutions *			52,428				3,696,698
Modine Manufacturing *			19,415				4,207,425
Nextpower, Cl A *			11,940				1,439,367
Planet Labs PBC *			66,036				1,845,706
Powell Industries			3,549				1,920,293
Rocket Lab USA *			32,163				2,065,508
Saia *			2,018				708,883
SkyWest *			12,250				1,124,917
Solv Energy, Cl A *			25,853				776,366
Sterling Infrastructure *			9,025				3,675,612
TFI International			27,772				3,016,872
							51,002,865
Information Technology - 17.1%
Advanced Energy Industries			7,284				2,350,620
Applied Digital *			9,190				218,171
Applied Optoelectronics *			10,583				895,216
Astera Labs *			4,133				452,977

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

COMMON STOCK** - continued

		Shares				Value
Information Technology - continued
Core Scientific *			12,153			$	181,809
Credo Technology Group Holding *			13,586				1,275,318
Descartes Systems Group *			10,443				747,301
Fabrinet *			4,369				2,278,521
InterDigital			3,230				975,460
Lattice Semiconductor *			25,176				2,335,326
MACOM Technology Solutions Holdings *			10,457				2,322,186
Nova *			3,962				1,720,617
Onto Innovation *			5,230				1,072,516
OSI Systems *			6,163				1,636,338
Procore Technologies *			8,611				490,827
Rambus *			9,871				849,202
Sanmina *			3,531				457,759
Semtech *			13,995				1,076,075
SiTime *			4,679				1,615,893
Terawulf *			12,557				181,197
Ultra Clean Holdings *			6,955				432,462
Unity Software *			38,421				842,957
Viavi Solutions *			35,708				1,188,362
							25,597,110
Materials - 2.5%
Century Aluminum *			46,933				2,754,498
MP Materials *			21,223				1,024,222
							3,778,720
Real Estate - 2.4%
Compass, Cl A *			95,555				698,507
Tanger ‡			84,074				2,856,835
							3,555,342
Utilities - 0.5%
Ormat Technologies			6,726				752,774
Total Common Stock
(Cost $104,198,541)							146,601,291
EXCHANGE TRADED FUND - 0.6%
Domestic Equity - 0.6%
iShares Russell 2000 Growth ETF			2,625				823,751
Total Exchange-Traded Funds
(Cost $852,453)							823,751
Total Investments - 98.7%
(Cost $105,050,994)						$	147,425,042

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

Percentages are based on Net Assets of $149,390,974.

*	Non-income producing security.

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

‡	Real Estate Investment Trust.

ADR - American Depositary Receipt

Cl - Class

ETF - Exchange-Traded Fund

As of March 31, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principals.

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets:
Investments, at Value (Cost $105,050,994)		$	147,425,042
Foreign Currency, at Value (Cost $1,909)			1,925
Cash			3,173,845
Receivable for Investment Securities Sold			124,194
Receivable for Capital Shares Sold			61,226
Dividend and Interest Receivable			44,039
Reclaim Receivable			8,038
Prepaid Expenses			19,375
Total Assets			150,857,684
Liabilities:
Payable for Investment Securities Purchased			1,277,997
Payable due to Adviser			91,284
Shareholder Servicing Fees			19,875
Payable due to Administrator			11,379
Chief Compliance Officer Fees Payable			4,868
Payable for Capital Shares Redeemed			417
Other Accrued Expenses			60,890
Total Liabilities			1,466,710
Commitments and Contingencies†
Net Assets		$	149,390,974
Net Assets Consist of:
Paid-in Capital		$	100,604,282
Total Distributable Earnings			48,786,692
Net Assets		$	149,390,974
Net Asset Value and Offering Price Per Share
(unlimited authorization - no par value)
Institutional Shares ($149,390,974 ÷ 8,081,225)*		$	18.49

†

See Note 5 in Notes to Financial Statements.

*

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

STATEMENT OF OPERATIONS

Investment Income:
Dividend Income		$	275,828
Interest Income			39,378
Total Investment Income			315,206
Expenses:
Investment Advisory Fees			545,776
Administration Fees			65,494
Trustees' Fees			9,657
Chief Compliance Officer Fees			4,767
Shareholder Servicing Fees			1,039
Professional Fees			40,566
Transfer Agent Fees			27,977
Registration Fees			13,410
Printing Fees			10,624
Custodian Fees			2,514
Insurance and Other Expenses			12,052
Total Expenses			733,876
Less:
Waiver of Investment Advisory Fees			(12,809	)
Fees Paid Indirectly			(11	)
Net Expenses			721,056
Net Investment Loss			(405,850	)
Net Realized Gain/(Loss) on:
Investments			8,404,661
Net Realized Gain/(Loss)			8,404,661
Net Change in Unrealized Appreciation/(Depreciation) on:
Investments			1,687,137
Foreign Currency Transactions			12
Net Change in Unrealized Appreciation/(Depreciation)			1,687,149
Net Realized and Unrealized Gain on Investments			10,091,810
Net Increase in Net Assets Resulting from Operations		$	9,685,960

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended March 31, 2026 (Unaudited)				Year Ended September 30, 2025
Operations:
Net Investment Loss		$	(405,850	)		$	(487,843	)
Net Realized Gain (Loss)			8,404,661				6,413,846
Net Change in Unrealized Appreciation (Depreciation)			1,687,149				8,802,626
Net Increase in Net Assets Resulting from Operations			9,685,960				14,728,629
Distributions:
Net Investment Income
Institutional Shares			(6,028,059	)			(4,564,464	)
Capital Share Transactions:
Institutional Shares:
Issued			10,871,879				12,001,963
Reinvestment of Dividends and Distributions			6,028,059				4,564,464
Redemption Fees - Note 2			-				25,225
Redeemed			(4,326,594	)			(19,312,917	)
Net Increase (Decrease) in Net Assets from Share Transactions			12,573,344				(2,721,265	)
Total Increase in Net Assets			16,231,245				7,442,900
Net Assets:
Beginning of Year/Period			133,159,729				125,716,829
End of Year/Period		$	149,390,974			$	133,159,729
Share Transactions:
Institutional Shares:
Issued			586,889				714,278
Reinvestment of Dividends and Distributions			343,088				285,360
Redeemed			(234,359	)			(1,271,171	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions			695,618				(271,533	)

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout the Year/Period

Institutional Shares		Six Months Ended March 31, 2026 (Unaudited)				Year Ended September 30, 2025				Year Ended September 30, 2024				Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2021
Net Asset Value, Beginning of Year/Period		$	18.03			$	16.42			$	12.33			$	11.61			$	20.61			$	15.50
Income (Loss) from Operations:
Net Investment Loss(1)			(0.05	)			(0.07	)			(0.03	)			(0.06	)			(0.02	)			(0.13	)
Net Realized and Unrealized Gain (Loss)			1.32				2.28				4.12				0.78				(5.38	)			7.02
Total from Operations			1.27				2.21				4.09				0.72				(5.40	)			6.89
Dividends and Distributions:
Net Investment Income			-				(0.13	)			-				-				-				-
Net Realized Gain			(0.81	)			(0.47	)			-				-				(3.60	)			(1.78	)
Total Dividends and Distributions			(0.81	)			(0.60	)			-				-				(3.60	)			(1.78	)
Redemption Fees			-				-	(2)			-				-				-				-
Net Asset Value, End of Year/ Period		$	18.49			$	18.03			$	16.42			$	12.33			$	11.61			$	20.61
Total Return*			7.25	%			13.96	%			33.17	%			6.20	%			(31.19	)%			45.93	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)		$	149,391			$	133,160			$	125,717			$	90,319			$	86,788			$	116,957
Ratio of Expenses to Average Net Assets			0.99	%**			0.99	%			0.99	%			0.99	%			0.99	%			0.99	%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			1.01	%**			1.06	%			1.08	%			1.15	%			1.07	%			1.03	%
Ratio of Net Investment Loss to Average Net Assets			(0.56	)%**			(0.41	)%			(0.23	)%			(0.49	)%			(0.11	)%			(0.66	)%
Portfolio Turnover Rate			77	%***			147	%			138	%			106	%			134	%			104	%

(1)

Per share calculations were performed using average shares for the period.

(2)

Redemption fee. Amount represents less than $0.01 per share.

*

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

**

Annualized.

***

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

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 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 Nicholas Partners Small Cap Growth Fund (the "Fund"). The investment objective of the Fund is to seek long-term capital appreciation. The Fund is classified as a diversified investment company and invests 80% of its net assets in securities of small capitalization companies. Nicholas Investment Partners, L.P. serves as the Fund's investment adviser (the "Adviser"). The Fund currently offers Institutional Class Shares. The Fund commenced operations on January 16, 2019. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

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

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 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.

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 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 pricing procedures approved by the Board, etc.); and

●

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

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

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

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

As of and during the six months ended March 31, 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 the six months ended March 31, 2026, the Fund did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations, 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 they invest. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 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. ,

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

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

Redemption Fees - The Fund retains a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. Fees collected are retained by the Fund for the benefit of the remaining shareholders and are included in capital shares transactions in the Statements of Changes in Net Assets. For the six months ended March 31, 2026, the Fund did not retain any fees.

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

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

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.

3. Transactions with Affiliates:

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

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board. For the six months ended March 31, 2026 the fund paid fees totaling $4,767.

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

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Fund. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended March 3, 2026, the Fund paid $65,494 for these services.

SS&C Global Investor & Distribution Solutions Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. The Fund may earn cash management credits which can be used to offset transfer agent expenses. During the six months March 31, 2026, the fund earned credits of $11 which were used to offset transfer agent expenses. This amounts is labeled as "Fees Paid Indirectly" on the Statement of Operations. For the six months ended March 31, 2026, the fund paid fees totaling $27,977.

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

The Fund has adopted a shareholder servicing plan (the "Service Plan") under which a shareholder servicing fee of up to 0.10% of average daily net assets of Institutional Shares of the Fund will be paid to other service providers. Under the Service Plan, other service providers may perform, or may compensate other service providers for performing certain shareholder and administrative services. For the six months ended March 31, 2026, the Fund paid $1,039 for these services.

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

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.75% of the Fund's average daily net assets. For the six months ended March 31, 2026, the fund paid fees totaling $545,776.

In addition, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.99% of the Fund's average daily net assets until January 31, 2027 (the "expense cap"). The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Fund's total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on January 31, 2027. As of March 31, 2026, the fees which were previously waived and reimbursed to the Fund by the Adviser which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Fund, to the Adviser were $138,451, $53,490 and $70,322 in 2027, 2028 and 2029, respectively. During the six months ended March 31, 2026, the Fund did not incur any recoupments.

6. Investment Transactions:

For the six months ended March 31, 2026, the Fund made purchases of $114,817,936 and sales of $110,209,398 in investment securities, excluding long-term U.S. Government and short-term securities. For the six months ended March 31, 2026, there were no purchases or sales of long-term U.S. Government securities.

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

7. Federal Tax Information:

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

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

			Ordinary Income				Long-Term Capital Gain				Total
2025			$	909,160			$	3,655,304			$	4,564,464
2024				-				-				-

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

Undistributed Ordinary Income		$	5,721,928
Late-Year Loss Deferral			(334,501	)
Unrealized Appreciation			39,741,360
Other Temporary Differences			4
Total Distributable Earnings		$	45,128,791

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

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held (excluding foreign currency) by the Fund at March 31, 2026, were as follows:

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	105,050,994			$	46,302,418			$	(3,928,370	)		$	42,374,048

8. Concentration of Risks:

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

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

Equity Market Risk - The Fund invests in equity securities and is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

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

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

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

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

Foreign Investment/Emerging Markets Risk - The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Emerging market countries are countries that major international financial institutions, such as the International Monetary Fund or the World Bank, generally consider to be less economically mature than developed nations. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

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

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

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

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

Currency Risk - As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND March 31, 2026 (Unaudited)

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

9. Concentration of Shareholders:

At March 31, 2026, 93% of total shares outstanding were held by one affiliated shareholders owning 10% or greater of the aggregate total shares outstanding. The shareholders are comprised of omnibus accounts that are held on behalf of various shareholders.

10. Indemnifications:

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

11. Recent Accounting Pronouncement:

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 any Fund's financial position or the results of its operations.

12. Subsequent Events:

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND MARCH 31, 2026

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

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

Not applicable.

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

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.

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

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

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

A Board meeting was held on December 3-4, 2025 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

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

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND MARCH 31, 2026

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

Investment Performance of the Fund and the Adviser

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

THE ADVISORS' INNER CIRCLE FUND III

NICHOLAS PARTNERS SMALL CAP GROWTH FUND MARCH 31, 2026

Costs of Advisory Services, Profitability and Economies of Scale

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

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

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

Renewal of the Agreement

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

Nicholas Partners Small Cap Growth Fund

P.O. Box 219009

Kansas City, MO 64121-9009

1-833-810-7345

www.nicfunds.com

Investment Adviser

Nicholas Investment Partners, L.P.

12520 High Bluff Dr, Suite 390

San Diego, CA 92130

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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

NIC-SA-001-0800

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

Item 16. Controls and Procedures.

(a) 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 an exhibit.

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: June 2, 2026

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

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

Date: June 2, 2026

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

Date: June 2, 2026