# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001403
**Filing Date:** 2026-2
**Character Count:** 19432
**Document Hash:** 33b5b79f8cb731614d3654e54b14ead6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001403.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001403

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26695487

**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

### SouthernSun U.S. Equity Fund (Series ID: S000070199)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223248 | Class N Shares | SSEFX           |
| C000223249 | Class I Shares | SSEIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br> **SMALL CAP FUND** |

---

**DECEMBER 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| COMMON STOCK\*\* — 95.6% |  |  |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 66007 | $11648255 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 84471 | 10405982 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 31835 | 12846059 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 49150 | 5046231 |
|  |  | 39946527 |
| **CONSUMER STAPLES — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 29061 | 5670673 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 396892 | 14288112 |
|  |  | 19958785 |
| **FINANCIALS — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares | 407765 | 14006728 |
| **HEALTH CARE — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 165562 | 12928737 |
| **INDUSTRIALS — 33.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 96940 | 10112781 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 56790 | 10852569 |
| &nbsp;&nbsp;&nbsp;Brink's | 151837 | 17723933 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 29657 | 8705219 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 266844 | 10204114 |
| &nbsp;&nbsp;&nbsp;Kadant | 20340 | 5797307 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 84658 | 11302689 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 64347 | 10304529 |
|  |  | 85003141 |
| **INFORMATION TECHNOLOGY — 18.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 54840 | 11481851 |
| &nbsp;&nbsp;&nbsp;Belden | 95926 | 11180175 |
| &nbsp;&nbsp;&nbsp;Crane NXT | 237169 | 11163545 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br> **SMALL CAP FUND** |

---

**DECEMBER 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* — (continued) |  |  |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks \* | 742518 | $12362925 |
|  |  | 46188496 |
| **MATERIALS — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingevity \* | 93457 | 5530785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | 158106 | 12768641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stepan | 188581 | 8931196 |
|  |  | 27230622 |
| TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $213,293,789) |  | 245263036 |
| TOTAL INVESTMENTS— 95.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $213,293,789) |  | $245263036 |

---

Percentages are based on Net Assets of $256,595,630.

\* Non-income producing security.

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

*Cl — Class*

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br> **U.S. EQUITY FUND** |

---

**DECEMBER 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| COMMON STOCK\*\* — 93.9% |  |  |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 11140 | $1965876 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 18973 | 1155266 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 5153 | 2079339 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 8208 | 842715 |
|  |  | 6043196 |
| **CONSUMER STAPLES — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 3173 | 619147 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 66889 | 2408004 |
|  |  | 3027151 |
| **FINANCIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares | 27739 | 952835 |
| **HEALTH CARE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 28037 | 2189409 |
| **INDUSTRIALS — 47.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 12955 | 1351466 |
| &nbsp;&nbsp;&nbsp;API Group \* | 66433 | 2541727 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 9694 | 1852523 |
| &nbsp;&nbsp;&nbsp;Brink's | 19369 | 2260943 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 11592 | 2586987 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 13941 | 1901134 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 14434 | 1927083 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 10185 | 1631026 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 5029 | 631793 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 5047 | 2030509 |
| &nbsp;&nbsp;&nbsp;Watsco | 4605 | 1551655 |
|  |  | 20266846 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br> **U.S. EQUITY FUND** |

---

**DECEMBER 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* — (continued) |  |  |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden | 16215 | $1889858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane NXT | 35083 | 1651357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks \* | 79278 | 1319979 |
|  |  | 4861194 |
| **MATERIALS — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingevity \* | 15624 | 924628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | 25305 | 2043632 |
|  |  | 2968260 |
| TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $33,983,950) |  | 40308891 |
| TOTAL INVESTMENTS— 93.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $33,983,950) |  | $40308891 |

---

*Percentages are based on Net Assets of $42,929,450.*

*\** *Non-income producing security.*

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

 

*Cl — Class*

 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

SAM-QH-001-1000

## 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:** SouthernSun U.S. Equity Fund

- **b. EDGAR series identifier (if any):** S000070199

- **c. LEI of Series:** 54930085KT1KEQP3UQ57

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $43019036.81

**Total Liabilities:** $89587.15

**Net Assets:** $42929449.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223248 | -2.41%               | -0.94%               | -0.65%               |
| Class ID C000223249 | -2.41%               | -1.02%               | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $544241.21               | $-1582300.11                               |
| Month 2  | $-401436.46              | $-16185.26                                 |
| Month 3  | $842513.32               | $-1090755.05                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO CORPORATION                     | AGCO CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: LYOM0B2GCF1JWXK5ZG04       | Long             | EC               |  | US        |     12955 | NS      | $1351465.60   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORPORATION                | API GROUP CORP COMMON STOCK               | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               |  | US        |     66433 | NS      | $2541726.58   | 5.92%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.     | ARMSTRONG WORLD INDUSTRIES COMMON STOCK   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |      9694 | NS      | $1852523.40   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                          | BELDEN INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 68BKYO1JC791TTJHUE82       | Long             | EC               |  | US        |     16215 | NS      | $1889858.25   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.             | BOOT BARN HOLDINGS INC COMMON STOCK       | CUSIP: N/A<br>LEI: 529900QE1BFMYA3N4E71       | Long             | EC               |  | US        |     11140 | NS      | $1965875.80   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOSTON BEER COMPANY, INC.        | BOSTON BEER COMPANY INC-A COMMON STOCK    | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               |  | US        |      3173 | NS      | $619147.49    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                  | BRINK'S CO/THE COMMON STOCK               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |     19369 | NS      | $2260943.37   | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               |  | US        |     11592 | NS      | $2586986.64   | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                  | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2370116 | PA      | $2370116.17   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                       | CRANE NXT CO COMMON STOCK                 | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |     35083 | NS      | $1651356.81   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.             | DARLING INGREDIENTS INC COMMON STOCK      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |     66889 | NS      | $2408004.00   | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.               | EXTREME NETWORKS INC COMMON STOCK         | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               |  | US        |     79278 | NS      | $1319978.70   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOOR & DECOR HOLDINGS, INC.         | FLOOR & DECOR HOLDINGS INC-A COMMON STOCK | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               |  | US        |     18973 | NS      | $1155265.97   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAC HOLDINGS INC.                | GENERAC HOLDINGS INC COMMON STOCK         | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               |  | US        |     13941 | NS      | $1901134.17   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                 | INGEVITY CORP COMMON STOCK                | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |     15624 | NS      | $924628.32    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares, Inc.            | LIVE OAK BANCSHARES INC COMMON STOCK      | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               |  | US        |     27739 | NS      | $952834.65    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION        | LOUISIANA-PACIFIC CORP COMMON STOCK       | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               |  | US        |     25305 | NS      | $2043631.80   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY         | MODINE MANUFACTURING CO COMMON STOCK      | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |     14434 | NS      | $1927083.34   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated              | MSA SAFETY INC COMMON STOCK               | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               |  | US        |     10185 | NS      | $1631025.90   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                      | MURPHY USA INC COMMON STOCK               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |      5153 | NS      | $2079338.56   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OSHKOSH CORPORATION                  | OSHKOSH CORP COMMON STOCK                 | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               |  | US        |      5029 | NS      | $631793.27    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.                | THOR INDUSTRIES INC COMMON STOCK          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |      8208 | NS      | $842715.36    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.         | U.S. PHYSICAL THERAPY INC COMMON STOCK    | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               |  | US        |     28037 | NS      | $2189409.33   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.             | VALMONT INDUSTRIES COMMON STOCK           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               |  | US        |      5047 | NS      | $2030509.04   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                         | WATSCO INC COMMON STOCK                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               |  | US        |      4605 | NS      | $1551654.75   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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