# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001707
**Filing Date:** 2026-3
**Character Count:** 37644
**Document Hash:** f692b304bb7bb7efeface58c98668898
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001707.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002048251-26-001707

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26703740

**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

### NICHOLAS PARTNERS SMALL CAP GROWTH FUND (Series ID: S000064409)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000208376 | Institutional Shares | NPSGX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK\*\* — 97.5%** |<br>**Shares** |<br>**Value** |
| **Communication Services — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 20818 | $1979375 |
| **Consumer Discretionary — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A \* | 25287 | 3182875 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 7264 | 1281878 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 87165 | 1945523 |
| &nbsp;&nbsp;&nbsp;Patrick Industries | 9269 | 1005038 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive \* | 82063 | 1594484 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 80465 | 3350563 |
| &nbsp;&nbsp;&nbsp;Wingstop | 10564 | 2519408 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 45509 | 825988 |
|  |  | 15705757 |
| **Energy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 3779 | 917390 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* | 73812 | 2593754 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 88323 | 1031612 |
|  |  | 4542756 |
| **Financials — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 109669 | 2077131 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 8972 | 3047878 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 39684 | 1246871 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 19057 | 1602122 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 22512 | 3147628 |
|  |  | 11121630 |
| **Health Care — 25.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Abivax ADR \* | 11757 | 1585490 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics \* | 14962 | 1129332 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences \* | 28556 | 680489 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 10770 | 1967033 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma \* | 43183 | 3303068 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences \* | 36255 | 1287778 |
| &nbsp;&nbsp;&nbsp;Cytokinetics \* | 12811 | 814011 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 9145 | 726204 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics \* | 29477 | 333385 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 17221 | 1758953 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 26305 | 909364 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 23487 | 4087677 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 10649 | 828599 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 30393 | 2400743 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 43567 | 1528330 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* | 24289 | 2443231 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals \* | 12800 | 320000 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | **Shares** | **Value** |
| **Health Care — continued** | |  |
| &nbsp;&nbsp;&nbsp;Revolution Medicines \* | 54310 | $4325791 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals \* | 6414 | 686555 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences \* | 50663 | 1099387 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals \* | 27266 | 1101546 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Cl A \* | 27418 | 1388448 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 13615 | 423699 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals \* | 41400 | 1855548 |
|  |  | 36984661 |
| **Industrials — 25.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 20769 | 1804619 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 34282 | 5925301 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 7227 | 2275349 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 18597 | 2018704 |
| &nbsp;&nbsp;&nbsp;Crane | 6031 | 1112297 |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 57592 | 3707197 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 12185 | 2398617 |
| &nbsp;&nbsp;&nbsp;GATX | 4352 | 738099 |
| &nbsp;&nbsp;&nbsp;Graham \* | 5648 | 362771 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 4640 | 699109 |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 80422 | 1061570 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 52428 | 3979810 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 12038 | 1607193 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 77568 | 1529641 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 3549 | 1131350 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA \* | 32163 | 2243691 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 21848 | 2193758 |
| &nbsp;&nbsp;&nbsp;TFI International | 17852 | 1845004 |
|  |  | 36634080 |
| **Information Technology — 17.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 7486 | 1741618 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 19978 | 489861 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 7808 | 1298939 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 21367 | 311103 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 13586 | 1954889 |
| &nbsp;&nbsp;&nbsp;Fabrinet \* | 5424 | 2469439 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 27625 | 2032647 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 12458 | 2133806 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 111373 | 2608356 |
| &nbsp;&nbsp;&nbsp;Nova \* | 3962 | 1301081 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 4544 | 717316 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 9279 | 2366702 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 9871 | 907046 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | **Shares** | **Value** |
| **Information Technology — continued** | |  |
| &nbsp;&nbsp;&nbsp;Sanmina \* | 4715 | $707580 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 12141 | 894670 |
| &nbsp;&nbsp;&nbsp;SiTime \* | 3854 | 1361194 |
| &nbsp;&nbsp;&nbsp;Terawulf \* | 44242 | 508341 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 23669 | 421782 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 44454 | 904639 |
|  |  | 25131009 |
| **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 45398 | 1778694 |
| **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield \* | 83661 | 1354471 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 93686 | 3126302 |
|  |  | 4480773 |
| **Utilities — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 3165 | 227121 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies | 6726 | 743021 |
|  |  | 970142 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $96,747,562) |  | 139328877 |
| **EXCHANGE TRADED FUND — 2.1%** |  |  |
| **Domestic Equity — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | 9430 | 3045984 |
| **Total Exchange-Traded Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,086,031) |  | 3045984 |
| **Total Investments - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,833,593) |  | $142374861 |

---

Percentages are based on Net Assets of *$142,909,983*.

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
 Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

NIC-QH-001-1400

## 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:** NICHOLAS PARTNERS SMALL CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000064409

- **c. LEI of Series:** 549300T01T43XTO9WP29

**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:** $144252259.13

**Total Liabilities:** $1342275.75

**Net Assets:** $142909983.38

**Cash Not Reported:** $1944.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000208376 | -0.16%               | -1.42%               | 5.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-148470.34              | $-120533.04                                |
| Month 2  | $1813705.55              | $-3779007.95                               |
| Month 3  | $1569880.34              | $5675986.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABERCROMBIE & FITCH CO.                   | ABERCROMBIE & FITCH CO-CL A COMMON STOCK  | CUSIP: N/A<br>LEI: 5493000J7LL72TOGT983       | Long             | EC               |  | US        |     25287 | NS      | $3182874.69   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIVAX SA                                 | ABIVAX SA-ADR DEPOSITARY RECEIPT          | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               |  | US        |     11757 | NS      | $1585490.24   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                   | APOGEE THERAPEUTICS INC COMMON STOCK      | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               |  | US        |     14962 | NS      | $1129331.76   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                            | APPFOLIO INC - A COMMON STOCK             | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               |  | US        |      7486 | NS      | $1741617.90   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED DIGITAL CORPORATION               | APPLIED DIGITAL CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 2549004NE2B6RYXINZ02       | Long             | EC               |  | US        |     19978 | NS      | $489860.56    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCUS BIOSCIENCES, INC.                   | ARCUS BIOSCIENCES INC COMMON STOCK        | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               |  | US        |     28556 | NS      | $680489.48    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                           | ASTERA LABS INC COMMON STOCK              | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               |  | US        |      7808 | NS      | $1298938.88   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                 | AXSOME THERAPEUTICS INC COMMON STOCK      | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |     10770 | NS      | $1967032.80   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORPORATION                  | BLOOM ENERGY CORP- A COMMON STOCK         | CUSIP: N/A<br>LEI: 549300XB5J9BFW5JXV97       | Long             | EC               |  | US        |     20769 | NS      | $1804618.41   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.                  | BOOT BARN HOLDINGS INC COMMON STOCK       | CUSIP: N/A<br>LEI: 529900QE1BFMYA3N4E71       | Long             | EC               |  | US        |      7264 | NS      | $1281878.08   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                    | BRIDGEBIO PHARMA INC COMMON STOCK         | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               |  | US        |     43183 | NS      | $3303067.67   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1827442 | PA      | $1827441.65   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                    | BWX TECHNOLOGIES INC COMMON STOCK         | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               |  | US        |     34282 | NS      | $5925300.88   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORPORATION          | CARPENTER TECHNOLOGY COMMON STOCK         | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               |  | US        |      7227 | NS      | $2275348.68   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRUS ENERGY CORP.                      | CENTRUS ENERGY CORP-CLASS A COMMON STOCK  | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               |  | US        |      3779 | NS      | $917390.04    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                  | CENTURY ALUMINUM COMPANY COMMON STOCK     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               |  | US        |     45398 | NS      | $1778693.64   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COGENT BIOSCIENCES, INC.                  | COGENT BIOSCIENCES INC COMMON STOCK       | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               |  | US        |     36255 | NS      | $1287777.60   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTRUCTION PARTNERS, INC.               | CONSTRUCTION PARTNERS INC-A COMMON STOCK  | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               |  | US        |     18597 | NS      | $2018704.35   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE SCIENTIFIC, INC.                     | CORE SCIENTIFIC INC COMMON STOCK          | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               |  | US        |     21367 | NS      | $311103.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                  | CRANE CO COMMON STOCK                     | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               |  | US        |      6031 | NS      | $1112297.33   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd        | CREDO TECHNOLOGY GROUP HOLDI COMMON STOCK | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               |  | US        |     13586 | NS      | $1954889.54   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd.                  | CUSHMAN & WAKEFIELD LTD COMMON STOCK      | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               |  | US        |     83661 | NS      | $1354471.59   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS, INCORPORATED                | CYTOKINETICS INC COMMON STOCK             | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               |  | US        |     12811 | NS      | $814010.94    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                         | DISC MEDICINE INC COMMON STOCK            | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               |  | US        |      9145 | NS      | $726204.45    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                              | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |     57592 | NS      | $3707197.04   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                  | FABRINET COMMON STOCK                     | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               |  | US        |      5424 | NS      | $2469438.72   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                        | FTAI AVIATION LTD COMMON STOCK            | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               |  | US        |     12185 | NS      | $2398617.25   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulcrum Therapeutics Inc                  | FULCRUM THERAPEUTICS INC COMMON STOCK     | CUSIP: 359616109<br>LEI: N/A                  | Long             | EC               |  | US        |     29477 | NS      | $333384.87    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX CORPORATION                          | GATX CORP COMMON STOCK                    | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               |  | US        |      4352 | NS      | $738099.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAHAM CORPORATION                        | GRAHAM CORP COMMON STOCK                  | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               |  | US        |      5648 | NS      | $362771.04    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                     | GUARDANT HEALTH INC COMMON STOCK          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               |  | US        |     17221 | NS      | $1758952.94   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEAYA Biosciences Inc                    | IDEAYA BIOSCIENCES INC COMMON STOCK       | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               |  | US        |     26305 | NS      | $909363.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                       | INSMED INC COMMON STOCK                   | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               |  | US        |     23487 | NS      | $4087677.48   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Growth ETF           | ISHARES RUSSELL 2000 GROWTH MUTUAL FUND   | CUSIP: 464287648<br>LEI: N/A                  | Long             | EC               | RF                | US        |      9430 | NS      | $3045984.30   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                     | JBT MAREL CORP COMMON STOCK               | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |      4640 | NS      | $699108.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                         | JOBY AVIATION INC COMMON STOCK            | CUSIP: G65163100<br>LEI: N/A                  | Long             | EC               |  | US        |     80422 | NS      | $1061570.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC. | KRATOS DEFENSE & SECURITY COMMON STOCK    | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               |  | US        |     52428 | NS      | $3979809.48   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                   | KYMERA THERAPEUTICS INC COMMON STOCK      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               |  | US        |     10649 | NS      | $828598.69    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION         | LATTICE SEMICONDUCTOR CORP COMMON STOCK   | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |     27625 | NS      | $2032647.50   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LENDINGCLUB CORPORATION                   | LENDINGCLUB CORP COMMON STOCK             | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               |  | US        |    109669 | NS      | $2077130.86   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. | MACOM TECHNOLOGY SOLUTIONS H COMMON STOCK | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               |  | US        |     12458 | NS      | $2133806.24   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRION TECHNOLOGIES, INC.                 | MIRION TECHNOLOGIES INC COMMON STOCK      | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               |  | US        |    111373 | NS      | $2608355.66   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRUM PHARMACEUTICALS, INC.               | MIRUM PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               |  | US        |     30393 | NS      | $2400743.07   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY              | MODINE MANUFACTURING CO COMMON STOCK      | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |     12038 | NS      | $1607193.38   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NewAmsterdam Pharma Company NV            | NEWAMSTERDAM PHARMA CO NV COMMON STOCK    | CUSIP: N62509109<br>LEI: 984500B6549TF6E14D36 | Long             | EC               |  | US        |     43567 | NS      | $1528330.36   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.       | NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               |  | US        |     87165 | NS      | $1945522.80   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA LTD                                  | NOVA LTD COMMON STOCK                     | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               |  | US        |      3962 | NS      | $1301081.18   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                              | NUVALENT INC-A COMMON STOCK               | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               |  | US        |     24289 | NS      | $2443230.51   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | OKLO INC COMMON STOCK                     | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               |  | US        |      3165 | NS      | $227120.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Olema Pharmaceuticals Inc                 | OLEMA PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               |  | US        |     12800 | NS      | $320000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ONTO INNOVATION INC.                      | ONTO INNOVATION INC COMMON STOCK          | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               |  | US        |      4544 | NS      | $717315.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHNOLOGIES, INC.                  | ORMAT TECHNOLOGIES INC COMMON STOCK       | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               |  | US        |      6726 | NS      | $743021.22    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI SYSTEMS, INC.                         | OSI SYSTEMS INC COMMON STOCK              | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               |  | US        |      9279 | NS      | $2366701.74   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR PACIFIC HOLDINGS, INC.                | PAR PACIFIC HOLDINGS INC COMMON STOCK     | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               |  | US        |     73812 | NS      | $2593753.68   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PATRICK INDUSTRIES, INC.                  | PATRICK INDUSTRIES INC COMMON STOCK       | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               |  | US        |      9269 | NS      | $1005037.67   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                   | PIPER SANDLER COS COMMON STOCK            | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               |  | US        |      8972 | NS      | $3047878.12   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET LABS PBC                           | PLANET LABS PBC COMMON STOCK              | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               |  | US        |     77568 | NS      | $1529640.96   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| POWELL INDUSTRIES, INC.                   | POWELL INDUSTRIES INC COMMON STOCK        | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               |  | US        |      3549 | NS      | $1131350.22   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                               | RAMBUS INC COMMON STOCK                   | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |      9871 | NS      | $907046.19    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | REVOLUTION MEDICINES INC COMMON STOCK     | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               |  | US        |     54310 | NS      | $4325791.50   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | RHYTHM PHARMACEUTICALS INC COMMON STOCK   | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               |  | US        |      6414 | NS      | $686554.56    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORPORATION                    | ROCKET LAB CORP COMMON STOCK              | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               |  | US        |     32163 | NS      | $2243690.88   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                      | ROIVANT SCIENCES LTD COMMON STOCK         | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               |  | US        |     50663 | NS      | $1099387.10   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | RUSH STREET INTERACTIVE INC COMMON STOCK  | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               |  | US        |     82063 | NS      | $1594484.09   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SANMINA CORPORATION                       | SANMINA CORP COMMON STOCK                 | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               |  | US        |      4715 | NS      | $707580.05    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SEACOAST BANKING CORPORATION OF FLORIDA   | SEACOAST BANKING CORP/FL COMMON STOCK     | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               |  | US        |     39684 | NS      | $1246871.28   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                       | SEMTECH CORP COMMON STOCK                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               |  | US        |     12141 | NS      | $894670.29    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                               | SITIME CORP COMMON STOCK                  | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               |  | US        |      3854 | NS      | $1361194.26   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWEST, INC.                             | SKYWEST INC COMMON STOCK                  | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               |  | US        |     21848 | NS      | $2193757.68   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SPHERE ENTERTAINMENT CO.                  | SPHERE ENTERTAINMENT CO COMMON STOCK      | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               |  | US        |     20818 | NS      | $1979375.44   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                       | STEVEN MADDEN LTD COMMON STOCK            | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               |  | US        |     80465 | NS      | $3350562.60   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                               | TANGER INC REIT                           | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |     93686 | NS      | $3126301.82   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TERAWULF INC.                             | TERAWULF INC COMMON STOCK                 | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               |  | US        |     44242 | NS      | $508340.58    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Terns Pharmaceuticals Inc                 | TERNS PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 880881107<br>LEI: 254900S1ZDQMF4MYP709 | Long             | EC               |  | US        |     27266 | NS      | $1101546.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc.                    | TFI INTERNATIONAL INC COMMON STOCK        | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               |  | US        |     17852 | NS      | $1845004.20   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| URANIUM ENERGY CORP.                      | URANIUM ENERGY CORP COMMON STOCK          | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               |  | US        |     88323 | NS      | $1031612.64   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vera Therapeutics Inc                     | VERA THERAPEUTICS INC COMMON STOCK        | CUSIP: 92337R101<br>LEI: N/A                  | Long             | EC               |  | US        |     27418 | NS      | $1388447.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                      | VIAVI SOLUTIONS INC COMMON STOCK          | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               |  | US        |     23669 | NS      | $421781.58    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                 | VIRIDIAN THERAPEUTICS INC COMMON STOCK    | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               |  | US        |     13615 | NS      | $423698.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION           | WESTERN ALLIANCE BANCORP COMMON STOCK     | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               |  | US        |     19057 | NS      | $1602121.99   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                             | WINGSTOP INC COMMON STOCK                 | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               |  | US        |     10564 | NS      | $2519408.36   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION            | WINTRUST FINANCIAL CORP COMMON STOCK      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               |  | US        |     22512 | NS      | $3147627.84   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLVERINE WORLD WIDE, INC.                | WOLVERINE WORLD WIDE INC COMMON STOCK     | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               |  | US        |     45509 | NS      | $825988.35    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                 | XENON PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               |  | US        |     41400 | NS      | $1855548.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                 | ZETA GLOBAL HOLDINGS CORP-A COMMON STOCK  | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               |  | US        |     44454 | NS      | $904638.90    | 0.63%             |  |  |  | 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