# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004269
**Filing Date:** 2026-5
**Character Count:** 13795
**Document Hash:** 8383e4bc013cc42a29eb49c22e6e36fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004269.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004269

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260930

**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:** 261029667

**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:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $21568567.32

**Total Liabilities:** $22231.55

**Net Assets:** $21546335.77

**Cash Not Reported:** $78273.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248857 | -15.52%              | 12.82%               | 6.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-81095.81               | $-3966253.74                               |
| Month 2  | $-346096.38              | $3251013.54                                |
| Month 3  | $5566.58                 | $1015060.89                                |

### 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        |     24420 | NS      | $652980.58    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FAST RETAILING CO., LTD.             | FAST RETAILING CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               |  | JP        |      2162 | NS      | $837538.88    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kioxia Holdings Corporation          | KIOXIA HOLDINGS CORP COMMON STOCK              | CUSIP: J3343A107<br>LEI: 35380080RTKRARNH4R73 | Long             | EC               |  | JP        |      4300 | NS      | $515708.09    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUGAI PHARMACEUTICAL CO., LTD.      | CHUGAI PHARMACEUTICAL CO LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               |  | JP        |     13300 | NS      | $719883.71    | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FOOD & LIFE COMPANIES LTD.           | FOOD & LIFE COMPANIES LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 529900CWF7GCVZKS5M87       | Long             | EC               |  | JP        |     17851 | NS      | $1040158.21   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corporation                      | KAO CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: 353800HM38HFCB8RGL63       | Long             | EC               |  | JP        |      8904 | NS      | $345772.28    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIAKE JAPAN Co.,Ltd.                | ARIAKE JAPAN CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 353800PBX8D0J0H60M72       | Long             | EC               |  | JP        |      6420 | NS      | $225985.29    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RYOHIN KEIKAKU CO., LTD.             | RYOHIN KEIKAKU CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 549300PMNF56J66BY371       | Long             | EC               |  | JP        |     39195 | NS      | $821397.51    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplex Holdings, Inc.               | SIMPLEX HOLDINGS INC COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     77063 | NS      | $388003.41    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUWA CO., LTD.                     | MARUWA CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               |  | JP        |      1940 | NS      | $643861.96    | 2.99%             |  |  |  | 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        |     29859 | NS      | $320380.37    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIFUKU CO., LTD.                    | DAIFUKU CO LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 3538006FG1W4X3MYHL36       | Long             | EC               |  | JP        |     22675 | NS      | $772794.33    | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA MOTOR CORPORATION             | TOYOTA MOTOR CORP COMMON STOCK                 | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               |  | JP        |     52023 | NS      | $1033985.33   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co., Ltd.             | MITSUI FUDOSAN CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               |  | JP        |     70176 | NS      | $730255.63    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA TSUSHO CORPORATION            | TOYOTA TSUSHO CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               |  | JP        |     24360 | NS      | $911069.21    | 4.23%             |  |  |  | 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        |     32244 | NS      | $337863.78    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanrio Company, Ltd.                 | SANRIO CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125       | Long             | EC               |  | JP        |     88300 | NS      | $543487.08    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS Corporation                    | ASICS CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85       | Long             | EC               |  | JP        |     33138 | NS      | $865683.12    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corporation      | MITSUBISHI ELECTRIC CORP COMMON STOCK          | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               |  | JP        |     21900 | NS      | $686637.75    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kawasaki Heavy Industries, Ltd.      | KAWASAKI HEAVY INDUSTRIES COMMON STOCK         | CUSIP: N/A<br>LEI: 5493008FFSI8SQ74AT93       | Long             | EC               |  | JP        |     44800 | NS      | $815799.86    | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd.                        | FUJIKURA LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               |  | JP        |     46314 | NS      | $1190673.58   | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi, Ltd.                        | HITACHI LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               |  | JP        |     28931 | NS      | $811791.97    | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDEN CORPORATION                   | KINDEN CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: 35380008T6JUN5TU9T34       | Long             | EC               |  | JP        |     17381 | NS      | $761709.30    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SEIREN CO.,LTD.                      | SEIREN CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 353800O8K6NWOIT8Q636       | Long             | EC               |  | JP        |     23482 | NS      | $455352.13    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RESORTTRUST,INC.                     | RESORTTRUST INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11       | Long             | EC               |  | JP        |     29923 | NS      | $326427.60    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC Corporation                      | NEC CORP COMMON STOCK                          | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               |  | JP        |     28402 | NS      | $686618.22    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORPORATION                    | DISCO CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900X0YGDYM51H4Q86       | Long             | EC               |  | JP        |      1574 | NS      | $605894.53    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc.       | INTERNET INITIATIVE JAPAN COMMON STOCK         | CUSIP: N/A<br>LEI: 529900EOCJNAPUHDFR78       | Long             | EC               |  | JP        |     22791 | NS      | $350625.26    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corporation               | SONY GROUP CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               |  | JP        |     33586 | NS      | $677462.28    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Resonac Holdings Corporation         | RESONAC HOLDINGS CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 5493006AIPA1V92YPP18       | Long             | EC               |  | JP        |     16582 | NS      | $1021665.50   | 4.74%             |  |  |  | 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        |     78164 | NS      | $1277430.39   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                         | FX Forward Contract: USD/JPY SETTLE 2026-04-01 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-18.76       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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