ADVISORS INNER CIRCLE FD III

Ticker: DEMZ CUSIP: 00774Q346 Class: DEMCRATIC LG ETF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (6)

Bank of New Hampshire

Value ($000) $155 Shares 3,625

Laird Norton Wetherby Trust Company, LLC

Value ($000) $346 Shares 8,037

CITADEL ADVISORS LLC

Value ($000) $807 Shares 18,929

TWO SIGMA INVESTMENTS, LP

Value ($000) $384 Shares 9,000

First Pacific Financial

Value ($000) $30 Shares 695

Value ($000) $57 Shares 1,326

Institution	Shares	Value ($000)
Bank of New Hampshire	3,625	$155
Laird Norton Wetherby Trust Company, LLC	8,037	$346
CITADEL ADVISORS LLC	18,929	$807
TWO SIGMA INVESTMENTS, LP	9,000	$384
First Pacific Financial	695	$30
FMR LLC	1,326	$57

Increased Positions (1)

Envestnet Portfolio Solutions, Inc.

Value ($000) $4,271 (+67.6%) Shares 100,109 (+64.2%)

Institution	Prev Shares	Curr Shares	Change
Envestnet Portfolio Solutions, Inc.	60,951	100,109	+39,158 (+64.2%)

Decreased Positions (5)

OSAIC HOLDINGS, INC.

Value ($000) $981 (-32.8%) Shares 22,887 (-34.5%)

Value ($000) $165 (-5.9%) Shares 3,860 (-7.8%)

MCF Advisors LLC

Value ($000) $459 (-2.0%) Shares 10,663 (-4.9%)

US BANCORP \DE\

Value ($000) $29 (-69.7%) Shares 672 (-70.3%)

Value ($000) $26 (-2.2%) Shares 620 (-4.2%)

Institution	Prev Shares	Curr Shares	Change
OSAIC HOLDINGS, INC.	34,945	22,887	-12,058 (-34.5%)
STEPH & CO	4,188	3,860	-328 (-7.8%)
MCF Advisors LLC	11,209	10,663	-546 (-4.9%)
US BANCORP \DE\	2,261	672	-1,589 (-70.3%)
MORGAN STANLEY	647	620	-27 (-4.2%)

Exited Positions (1)

Value ($000) $0 Shares 1,891

Institution	Prev Shares	Prev Value ($000)
CWM, LLC	1,891	$0