# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211655
**Filing Date:** 2025-8
**Character Count:** 39756
**Document Hash:** 40f8a14baaf2d856ca35ec60f8642e79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211655.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251272753

**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**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NICHOLAS PARTNERS** <br> **SMALL CAP GROWTH FUND**<br> **JUNE 30, 2025 (Unaudited)**<br>|

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK\*\* — 100.1%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary — 11.8%** | | |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding \* | 19304 | $949371 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 9863 | 1499176 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 27105 | 1698399 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash \* | 225758 | 1356806 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 66980 | 1358354 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive \* | 226707 | 3377934 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 39964 | 876411 |
| &nbsp;&nbsp;&nbsp;Wingstop | 3787 | 1275234 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 45509 | 822803 |
|  |  | 13214488 |
| **Consumer Staples — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 15191 | 1032380 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 10960 | 1804455 |
|  |  | 2836835 |
| **Energy — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Cl A | 61493 | 1454309 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 6065 | 1110987 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 45791 | 1029382 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas | 24841 | 704242 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* | 71093 | 1886097 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 85117 | 578796 |
|  |  | 6763813 |
| **Financials — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group \* | 6122 | 913464 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 9532 | 1470311 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 5970 | 1659302 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 31213 | 862103 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* | 8369 | 829451 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 14547 | 1134375 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 21616 | 2679952 |
|  |  | 9548958 |
| **Health Care — 18.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 115376 | 2100997 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics \* | 8074 | 430829 |
| &nbsp;&nbsp;&nbsp;Arcellx \* | 8272 | 544711 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 36732 | 640973 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 6485 | 676969 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma \* | 31652 | 1366733 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 10895 | 576999 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 40574 | 2111471 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 24601 | 2475845 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NICHOLAS PARTNERS** <br>**SMALL CAP GROWTH FUND**<br>**JUNE 30, 2025 (Unaudited)**<br>|

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — continued** | | |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 24989 | $1271690 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 28311 | 512712 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* | 13382 | 1021047 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals \* | 14815 | 150372 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 18037 | 1026486 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines \* | 22620 | 832190 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics \* | 2716 | 227546 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics \* | 29438 | 1059474 |
| &nbsp;&nbsp;&nbsp;Verona Pharma ADR \* | 29233 | 2764857 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 18695 | 764065 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals \* | 14509 | 454132 |
|  |  | 21010098 |
| **Industrials — 26.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 82792 | 1342886 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 36165 | 5209930 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Cl A \* | 18153 | 2094493 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 5064 | 1170695 |
| &nbsp;&nbsp;&nbsp;Crane | 5830 | 1107059 |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 55376 | 3151448 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings \* | 26005 | 1138759 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 11684 | 1344127 |
| &nbsp;&nbsp;&nbsp;GATX | 2765 | 424593 |
| &nbsp;&nbsp;&nbsp;Kornit Digital \* | 46260 | 921037 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions \* | 56288 | 2614578 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 37163 | 893398 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 94367 | 575639 |
| &nbsp;&nbsp;&nbsp;REV Group | 61682 | 2935446 |
| &nbsp;&nbsp;&nbsp;ROCKET LAB CORP \* | 33766 | 1207810 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 25116 | 2586195 |
| &nbsp;&nbsp;&nbsp;TFI International | 11265 | 1010133 |
| &nbsp;&nbsp;&nbsp;Voyager Technologies, Cl A \* | 4964 | 194837 |
|  |  | 29923063 |
| **Information Technology — 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 38248 | 1152795 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 7209 | 1660089 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 10877 | 983498 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A \* | 21318 | 467504 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 5747 | 1001875 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* | 72069 | 1230218 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 5016 | 464431 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group \* | 18580 | 1888564 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 7307 | 616199 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NICHOLAS PARTNERS** <br>**SMALL CAP GROWTH FUND**<br>**JUNE 30, 2025 (Unaudited)**<br>|

---

**COMMON STOCK\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — continued** | | |
| &nbsp;&nbsp;&nbsp;Fabrinet \* | 4330 | $1275964 |
| &nbsp;&nbsp;&nbsp;Itron \* | 7063 | 929703 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Cl A \* | 19786 | 664414 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 21793 | 1067639 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 8759 | 1255077 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 91821 | 1976906 |
| &nbsp;&nbsp;&nbsp;Nova \* | 3810 | 1048512 |
| &nbsp;&nbsp;&nbsp;Olo, Cl A \* | 44872 | 399361 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 10227 | 2299643 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 17286 | 315988 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 3586 | 488019 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 9981 | 1581589 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 3337 | 228418 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 30862 | 478052 |
|  |  | 23474458 |
| **Materials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 8056 | 2226517 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl A | 25300 | 332442 |
|  |  | 2558959 |
| **Real Estate — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 89686 | 2742598 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 4268 | 238965 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock**<br> (Cost $89,686,254) |  | 112312235 |
| &nbsp;&nbsp;&nbsp;**Total Investments - 100.1%**<br> (Cost $89,686,254) |  | $112312235 |

---

Percentages are based on Net Assets of $112,261,612.

\* Non-income producing security.

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

‡ Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

NIC-QH-001-1300

## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $112418056.05

**Total Liabilities:** $151787.87

**Net Assets:** $112266268.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000208376 | 7.80%                | 3.02%                | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-325757.28              | $8558025.02                                |
| Month 2  | $1583431.10              | $1440927.11                                |
| Month 3  | $-2644028.65             | $3565087.55                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACV AUCTIONS INC.                         | ACV AUCTIONS INC-A COMMON STOCK            | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               |  | US        |     82792 | NS      | $1342886.24   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA BIOLOGICS, INC.                      | ADMA BIOLOGICS INC COMMON STOCK            | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               |  | US        |    109335 | NS      | $1990990.35   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                    | AKERO THERAPEUTICS INC COMMON STOCK        | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               |  | US        |      8074 | NS      | $430828.64    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKAMI TECHNOLOGY, INC.                   | ALKAMI TECHNOLOGY INC COMMON STOCK         | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               |  | US        |     38248 | NS      | $1152794.72   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                            | APPFOLIO INC - A COMMON STOCK              | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               |  | US        |      7209 | NS      | $1660088.52   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                               | ARCELLX INC COMMON STOCK                   | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               |  | US        |      8272 | NS      | $544711.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                  | ARIS WATER SOLUTIONS INC-A COMMON STOCK    | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               |  | US        |     61493 | NS      | $1454309.45   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                   | ARS PHARMACEUTICALS INC COMMON STOCK       | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               |  | US        |     36732 | NS      | $640973.40    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                           | ASTERA LABS INC COMMON STOCK               | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               |  | US        |     10877 | NS      | $983498.34    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                 | AXSOME THERAPEUTICS INC COMMON STOCK       | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |      6485 | NS      | $676969.15    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BIRKENSTOCK HOLDING PLC                   | BIRKENSTOCK HOLDING PLC COMMON STOCK       | CUSIP: M2029K104<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               |  | US        |     19304 | NS      | $949370.72    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.                  | BOOT BARN HOLDINGS INC COMMON STOCK        | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |      9863 | NS      | $1499176.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                    | BRIDGEBIO PHARMA INC COMMON STOCK          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               |  | US        |     31652 | NS      | $1366733.36   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | BROWN BROTHERS HARRIMAN SWEEP INTEREST     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    153449 | PA      | $153449.25    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                    | BWX TECHNOLOGIES INC COMMON STOCK          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               |  | US        |     36165 | NS      | $5209929.90   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORPORATION          | CARPENTER TECHNOLOGY COMMON STOCK          | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               |  | US        |      8056 | NS      | $2226517.28   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CASELLA WASTE SYSTEMS, INC.               | CASELLA WASTE SYSTEMS INC-A COMMON STOCK   | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               |  | US        |     18153 | NS      | $2094493.14   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRUS ENERGY CORP.                      | CENTRUS ENERGY CORP-CLASS A COMMON STOCK   | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               |  | US        |      6065 | NS      | $1110986.70   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED       | CHEESECAKE FACTORY INC/THE COMMON STOCK    | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               |  | US        |     27105 | NS      | $1698399.30   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                       | CLEAN HARBORS INC COMMON STOCK             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |      5064 | NS      | $1170695.52   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS, INC.       | CLEARWATER ANALYTICS HDS-A COMMON STOCK    | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               |  | US        |     21318 | NS      | $467503.74    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMVAULT SYSTEMS, INC.                   | COMMVAULT SYSTEMS INC COMMON STOCK         | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               |  | US        |      5747 | NS      | $1001874.51   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE SCIENTIFIC, INC.                     | CORE SCIENTIFIC INC COMMON STOCK           | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               |  | US        |     72069 | NS      | $1230217.83   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                  | CRANE CO COMMON STOCK                      | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               |  | US        |      5830 | NS      | $1107058.70   | 0.99%             |  |  |  | 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        |      5016 | NS      | $464431.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| The Descartes Systems Group Inc.          | DESCARTES SYSTEMS GRP/THE COMMON STOCK     | CUSIP: 249906108<br>LEI: N/A                  | Long             | EC               |  | US        |     18580 | NS      | $1888564.10   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                         | DISC MEDICINE INC COMMON STOCK             | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               |  | US        |     10895 | NS      | $576999.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                              | ELASTIC NV COMMON STOCK                    | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               |  | US        |      7307 | NS      | $616199.31    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                              | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT     | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |     55376 | NS      | $3151448.16   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                 | EXLSERVICE HOLDINGS INC COMMON STOCK       | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               |  | US        |     26005 | NS      | $1138758.95   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                  | FABRINET COMMON STOCK                      | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               |  | US        |      4330 | NS      | $1275964.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESHPET, INC.                            | FRESHPET INC COMMON STOCK                  | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               |  | US        |     15191 | NS      | $1032380.36   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                        | FTAI AVIATION LTD COMMON STOCK             | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               |  | US        |     11684 | NS      | $1344127.36   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX CORPORATION                          | GATX CORP COMMON STOCK                     | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               |  | US        |      2765 | NS      | $424593.40    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                     | GUARDANT HEALTH INC COMMON STOCK           | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               |  | US        |     40574 | NS      | $2111470.96   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                       | INSMED INC COMMON STOCK                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               |  | US        |     24601 | NS      | $2475844.64   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                               | ITRON INC COMMON STOCK                     | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |      7063 | NS      | $929702.69    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalvista Pharmaceuticals Inc              | KALVISTA PHARMACEUTICALS INC COMMON STOCK  | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               |  | US        |      6124 | NS      | $69231.82     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                               | KLAVIYO INC-A COMMON STOCK                 | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               |  | US        |     19786 | NS      | $664413.88    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                        | KORNIT DIGITAL LTD COMMON STOCK            | CUSIP: M6372Q113<br>LEI: 5299006DPCQWP3VTFK34 | Long             | EC               |  | US        |     46260 | NS      | $921036.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE & SECURITY SOLUTIONS, INC. | KRATOS DEFENSE & SECURITY COMMON STOCK     | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               |  | US        |     56288 | NS      | $2614577.60   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION         | LATTICE SEMICONDUCTOR CORP COMMON STOCK    | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |     21793 | NS      | $1067639.07   | 0.95%             |  |  |  | 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        |      8759 | NS      | $1255077.11   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION            | MAGNOLIA OIL & GAS CORP - A COMMON STOCK   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               |  | US        |     45791 | NS      | $1029381.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRION TECHNOLOGIES, INC.                 | MIRION TECHNOLOGIES INC COMMON STOCK       | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               |  | US        |     91821 | NS      | $1976906.13   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRUM PHARMACEUTICALS, INC.               | MIRUM PHARMACEUTICALS INC COMMON STOCK     | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               |  | US        |     24989 | NS      | $1271690.21   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MISTER CAR WASH, INC.                     | MISTER CAR WASH INC COMMON STOCK           | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               |  | US        |    253995 | NS      | $1526509.95   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MR. COOPER GROUP INC.                     | MR COOPER GROUP INC COMMON STOCK           | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               |  | US        |      6122 | NS      | $913463.62    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.              | MUELLER WATER PRODUCTS INC-A COMMON STOCK  | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               |  | US        |     37163 | NS      | $893398.52    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NewAmsterdam Pharma Company NV            | NEWAMSTERDAM PHARMA CO NV COMMON STOCK     | CUSIP: N62509109<br>LEI: 984500B6549TF6E14D36 | Long             | EC               |  | US        |     28311 | NS      | $512712.21    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN OIL AND GAS, INC.                | NORTHERN OIL AND GAS INC COMMON STOCK      | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               |  | US        |     24841 | NS      | $704242.35    | 0.63%             |  |  |  | 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        |     66980 | NS      | $1358354.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA LTD                                  | NOVA LTD COMMON STOCK                      | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               |  | US        |      3810 | NS      | $1048512.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                              | NUVALENT INC-A COMMON STOCK                | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               |  | US        |     13382 | NS      | $1021046.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | OKLO INC COMMON STOCK                      | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               |  | US        |      4268 | NS      | $238965.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc                                   | OLO INC - CLASS A COMMON STOCK             | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               |  | US        |     32280 | NS      | $287292.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Oric Pharmaceuticals Inc                  | ORIC PHARMACEUTICALS INC COMMON STOCK      | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               |  | US        |     14815 | NS      | $150372.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI SYSTEMS, INC.                         | OSI SYSTEMS INC COMMON STOCK               | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               |  | US        |     10227 | NS      | $2299643.22   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PALOMAR HOLDINGS, INC.                    | PALOMAR HOLDINGS INC COMMON STOCK          | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               |  | US        |      9532 | NS      | $1470311.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR PACIFIC HOLDINGS, INC.                | PAR PACIFIC HOLDINGS INC COMMON STOCK      | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               |  | US        |     71093 | NS      | $1886097.29   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                   | PIPER SANDLER COS COMMON STOCK             | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               |  | US        |      5970 | NS      | $1659301.80   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                           | PLANET LABS PBC COMMON STOCK               | CUSIP: 72703X106<br>LEI: N/A                  | Long             | EC               |  | US        |     94367 | NS      | $575638.70    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                              | RADNET INC COMMON STOCK                    | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               |  | US        |     18037 | NS      | $1026485.67   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMACO RESOURCES, INC.                    | RAMACO RESOURCES INC-A COMMON STOCK        | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               |  | US        |     25300 | NS      | $332442.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| REV GROUP, INC.                           | REV GROUP INC COMMON STOCK                 | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               |  | US        |     61682 | NS      | $2935446.38   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | REVOLUTION MEDICINES INC COMMON STOCK      | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               |  | US        |     22620 | NS      | $832189.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB USA, INC.                      | ROCKET LAB CORP COMMON STOCK               | CUSIP: 773121108<br>LEI: 254900B4DEYFZJ980A14 | Long             | EC               |  | US        |     33766 | NS      | $1207809.82   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | RUSH STREET INTERACTIVE INC COMMON STOCK   | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               |  | US        |    226707 | NS      | $3377934.30   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEACOAST BANKING CORPORATION OF FLORIDA   | SEACOAST BANKING CORP/FL COMMON STOCK      | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               |  | US        |     31213 | NS      | $862103.06    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                           | SENTINELONE INC -CLASS A COMMON STOCK      | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               |  | US        |     17286 | NS      | $315988.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                       | SHIFT4 PAYMENTS INC-CLASS A COMMON STOCK   | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               |  | US        |      8369 | NS      | $829451.59    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWEST, INC.                             | SKYWEST INC COMMON STOCK                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               |  | US        |     25116 | NS      | $2586194.52   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | SOLENO THERAPEUTICS INC COMMON STOCK       | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               |  | US        |      2716 | NS      | $227546.48    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.              | SPROUTS FARMERS MARKET INC COMMON STOCK    | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               |  | US        |     10960 | NS      | $1804454.40   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE, INC.                        | SPS COMMERCE INC COMMON STOCK              | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               |  | US        |      3586 | NS      | $488018.74    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                               | TANGER INC REIT                            | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |     89686 | NS      | $2742597.88   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc.                    | TFI INTERNATIONAL INC COMMON STOCK         | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               |  | US        |     11265 | NS      | $1010132.55   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TG THERAPEUTICS, INC.                     | TG THERAPEUTICS INC COMMON STOCK           | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               |  | US        |     29438 | NS      | $1059473.62   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| URANIUM ENERGY CORP.                      | URANIUM ENERGY CORP COMMON STOCK           | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               |  | US        |     85117 | NS      | $578795.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VERONA PHARMA PLC.                        | VERONA PHARMA PLC - ADR DEPOSITARY RECEIPT | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               |  | US        |     29233 | NS      | $2764857.14   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER TECHNOLOGIES, INC.                | VOYAGER TECHNOLOGIES INC-A COMMON STOCK    | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               |  | US        |      4964 | NS      | $194837.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                          | WARBY PARKER INC-CLASS A COMMON STOCK      | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               |  | US        |     39964 | NS      | $876410.52    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | WAYSTAR HOLDING CORP COMMON STOCK          | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               |  | US        |     18695 | NS      | $764064.65    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION           | WESTERN ALLIANCE BANCORP COMMON STOCK      | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               |  | US        |     14547 | NS      | $1134375.06   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                             | WINGSTOP INC COMMON STOCK                  | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               |  | US        |      3787 | NS      | $1275234.38   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION            | WINTRUST FINANCIAL CORP COMMON STOCK       | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               |  | US        |     21616 | NS      | $2679951.68   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WIX.COM LTD                               | WIX.COM LTD COMMON STOCK                   | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               |  | US        |      9981 | NS      | $1581589.26   | 1.41%             |  |  |  | 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      | $822802.72    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKIVA INC.                              | WORKIVA INC COMMON STOCK                   | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               |  | US        |      3337 | NS      | $228417.65    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                 | XENON PHARMACEUTICALS INC COMMON STOCK     | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               |  | US        |     14509 | NS      | $454131.70    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                 | ZETA GLOBAL HOLDINGS CORP-A COMMON STOCK   | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               |  | US        |     23650 | NS      | $366338.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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