# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002656
**Filing Date:** 2025-11
**Character Count:** 13432
**Document Hash:** e2fde082d984b465de690ab0cff95ceb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002656.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002656

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251532670

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### Rayliant SMDAM Japan Equity ETF (Series ID: S000084471)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000248857 | Rayliant SMDAM Japan Equity ETF | RAYJ            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rayliant SMDAM Japan Equity ETF

- **b. EDGAR series identifier (if any):** S000084471

- **c. LEI of Series:** 529900QCA9HFGQVM5183

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15827305.22

**Total Liabilities:** $46241.08

**Net Assets:** $15781064.14

**Cash Not Reported:** $51909.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248857 | -0.72%               | 4.56%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27954.54                | $-243859.93                                |
| Month 2  | $6853.16                 | $629744.68                                 |
| Month 3  | $44599.91                | $2473.89                                   |

### Schedule of Portfolio Investments

| Name                                 | Title                                     | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EBARA CORPORATION                    | EBARA CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 353800UV8U3SOMCDTI49 | Long             | EC               |  | JP        |     24135 | NS      | $552857.13    | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FAST RETAILING CO., LTD.             | FAST RETAILING CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               |  | JP        |      1321 | NS      | $402869.89    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FOOD & LIFE COMPANIES LTD.           | FOOD & LIFE COMPANIES LTD COMMON STOCK    | CUSIP: N/A<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               |  | JP        |      9663 | NS      | $506230.36    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corporation                      | KAO CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               |  | JP        |      9139 | NS      | $399198.90    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIAKE JAPAN Co.,Ltd.                | ARIAKE JAPAN CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 353800PBX8D0J0H60M72 | Long             | EC               |  | JP        |      7601 | NS      | $306232.52    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RYOHIN KEIKAKU CO., LTD.             | RYOHIN KEIKAKU CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 549300PMNF56J66BY371 | Long             | EC               |  | JP        |     25448 | NS      | $507460.88    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUWA CO., LTD.                     | MARUWA CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29 | Long             | EC               |  | JP        |      1858 | NS      | $486878.15    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA SODA CO., LTD.                 | OSAKA SODA CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | JP        |     42421 | NS      | $475956.24    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIICHI SANKYO COMPANY, LIMITED      | DAIICHI SANKYO CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               |  | JP        |     16567 | NS      | $371869.89    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIFUKU CO.,LTD.                     | DAIFUKU CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               |  | JP        |      9900 | NS      | $317944.95    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corporation               | MITSUBISHI CORP COMMON STOCK              | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               |  | JP        |     18152 | NS      | $433996.09    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA MOTOR CORPORATION             | TOYOTA MOTOR CORP COMMON STOCK            | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               |  | JP        |     38683 | NS      | $746366.99    | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Premium Group Co., Ltd.              | PREMIUM GROUP CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | JP        |     32199 | NS      | $470061.58    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanrio Company,Ltd.                  | SANRIO CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               |  | JP        |     12477 | NS      | $587247.36    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS Corporation                    | ASICS CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               |  | JP        |     24807 | NS      | $650389.03    | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ Holdings Inc                | SIGMAXYZ HOLDINGS INC COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | JP        |     15028 | NS      | $94023.58     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ABC-MART,INC.                        | ABC-MART INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 353800AXWW4CMTSJWL33 | Long             | EC               |  | JP        |      9882 | NS      | $196288.36    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kawasaki Heavy Industries, Ltd.      | KAWASAKI HEAVY INDUSTRIES COMMON STOCK    | CUSIP: N/A<br>LEI: 5493008FFSI8SQ74AT93 | Long             | EC               |  | JP        |      8003 | NS      | $529432.98    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd.                        | FUJIKURA LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               |  | JP        |      9891 | NS      | $968103.77    | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi, Ltd.                        | HITACHI LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               |  | JP        |     15028 | NS      | $399905.47    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc.            | SONY FINANCIAL GROUP INC COMMON STOCK     | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               |  | JP        |     25732 | NS      | $28574.66     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFEDRINK COMPANY, INC.              | LIFEDRINK CO INC COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | JP        |     22243 | NS      | $342640.25    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SCSK Corporation                     | SCSK CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               |  | JP        |     20908 | NS      | $627020.56    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SEIREN CO.,LTD.                      | SEIREN CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 353800O8K6NWOIT8Q636 | Long             | EC               |  | JP        |     23109 | NS      | $477248.54    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RESORTTRUST,INC.                     | RESORTTRUST INC COMMON STOCK              | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               |  | JP        |     43194 | NS      | $549265.88    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC Corporation                      | NEC CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               |  | JP        |     26862 | NS      | $861963.08    | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORPORATION                    | DISCO CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | JP        |      1631 | NS      | $513646.00    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc.       | INTERNET INITIATIVE JAPAN COMMON STOCK    | CUSIP: N/A<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               |  | JP        |     23586 | NS      | $418186.96    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corporation               | SONY GROUP CORP COMMON STOCK              | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               |  | JP        |     25732 | NS      | $742069.86    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co., Ltd.         | SHIN-ETSU CHEMICAL CO LTD COMMON STOCK    | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               |  | JP        |      8011 | NS      | $263245.31    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc. | MITSUBISHI UFJ FINANCIAL GRO COMMON STOCK | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               |  | JP        |     61756 | NS      | $1001075.69   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HOSHIZAKI CORPORATION                | HOSHIZAKI CORP COMMON STOCK               | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               |  | JP        |     12291 | NS      | $462394.94    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer