# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004273
**Filing Date:** 2026-5
**Character Count:** 11076
**Document Hash:** 9d703c65443fb5c8d235f8873667cddf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004273.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004273

**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:** 261029671

**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 Small Cap Fund (Series ID: S000070198)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223246 | Class N Shares | SSSFX           |
| C000223247 | Class I Shares | SSSIX           |

## 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 Small Cap Fund

- **b. EDGAR series identifier (if any):** S000070198

- **c. LEI of Series:** 549300J3C6X3PT4RE218

**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:** $240449303.42

**Total Liabilities:** $340285.82

**Net Assets:** $240109017.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223246 | -6.73%               | 3.71%                | 8.39%                |
| Class ID C000223247 | -6.77%               | 3.70%                | 8.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10588816.51             | $-28405636.56                              |
| Month 2  | $2977224.32              | $7298673.96                                |
| Month 3  | $1877412.44              | $19778487.21                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STEPAN COMPANY                   | STEPAN CO COMMON STOCK                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               |  | US        |    172428 | NS      | $8617951.44   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                      | BELDEN INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 68BKYO1JC791TTJHUE82       | Long             | EC               |  | US        |     87713 | NS      | $10072083.79  | 4.19%             |  |  |  | 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        |     28053 | NS      | $6463411.20   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   7029206 | PA      | $7029205.66   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                   | CRANE NXT CO COMMON STOCK               | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |    269690 | NS      | $10946717.10  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.           | EXTREME NETWORKS INC COMMON STOCK       | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               |  | US        |    818578 | NS      | $12344156.24  | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY              | BRINK'S CO/THE COMMON STOCK             | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |    113126 | NS      | $11723247.38  | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION             | INGEVITY CORP COMMON STOCK              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |     85434 | NS      | $6085463.82   | 2.53%             |  |  |  | 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        |    151430 | NS      | $11351192.80  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated          | MSA SAFETY INC COMMON STOCK             | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               |  | US        |     58857 | NS      | $9649605.15   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.         | ENERPAC TOOL GROUP COMMON STOCK         | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |    299783 | NS      | $10933086.01  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.         | BOOT BARN HOLDINGS INC COMMON STOCK     | CUSIP: N/A<br>LEI: 529900QE1BFMYA3N4E71       | Long             | EC               |  | US        |     92207 | NS      | $13495416.52  | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION    | LOUISIANA-PACIFIC CORP COMMON STOCK     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               |  | US        |    166577 | NS      | $12118476.75  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                  | MURPHY USA INC COMMON STOCK             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |     29098 | NS      | $14373539.06  | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                 | AGCO CORP COMMON STOCK                  | CUSIP: N/A<br>LEI: LYOM0B2GCF1JWXK5ZG04       | Long             | EC               |  | US        |     88674 | NS      | $10274656.38  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.            | THOR INDUSTRIES INC COMMON STOCK        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |     44936 | NS      | $3589937.04   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC. | ARMSTRONG WORLD INDUSTRIES COMMON STOCK | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |     58701 | NS      | $9673924.80   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW INDUSTRIALS, INC.            | CSW INDUSTRIALS INC COMMON STOCK        | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               |  | US        |     39829 | NS      | $10378640.82  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DORMAN PRODUCTS, INC.            | DORMAN PRODUCTS INC COMMON STOCK        | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               |  | US        |    111215 | NS      | $11606397.40  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY     | MODINE MANUFACTURING CO COMMON STOCK    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |     36926 | NS      | $8002233.46   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KADANT INC.                      | KADANT INC COMMON STOCK                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               |  | US        |     20340 | NS      | $5946399.00   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC. | ADVANCED ENERGY INDUSTRIES COMMON STOCK | CUSIP: N/A<br>LEI: 549300756XI3QLFT2U27       | Long             | EC               |  | US        |     21164 | NS      | $6829834.44   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.         | DARLING INGREDIENTS INC COMMON STOCK    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |    261629 | NS      | $16181753.65  | 6.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares, Inc.        | LIVE OAK BANCSHARES INC COMMON STOCK    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               |  | US        |    381410 | NS      | $12613228.70  | 5.25%             |  |  |  | No            |                  1 | 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