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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COSTAIN GROUP PLC</name>
        <lei>213800PKIJBZ2EDTKC88</lei>
        <title>COSTAIN GROUP PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B64NSP76"/>
        </identifiers>
        <balance>241798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>355111.41000000</valUSD>
        <pctVal>0.688363158305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KUBOTA CORPORATION</name>
        <lei>549300CSY4INHEHQQT13</lei>
        <title>KUBOTA CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3266400005"/>
        </identifiers>
        <balance>51400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.98000000"/>
        <valUSD>597288.40000000</valUSD>
        <pctVal>1.157809402529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEIJING ENTERPRISES WATER GROUP LIMITED</name>
        <lei>529900TWUN2ALJKWRR11</lei>
        <title>BEIJING ENTERPRISES WATER GR COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0957L1090"/>
        </identifiers>
        <balance>555355.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75560000"/>
        <valUSD>175409.14000000</valUSD>
        <pctVal>0.340020585669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEIR GROUP PLC(THE)</name>
        <lei>549300KDR56WHY9I3D10</lei>
        <title>WEIR GROUP PLC/THE COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009465807"/>
        </identifiers>
        <balance>43297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>1305117.84000000</valUSD>
        <pctVal>2.529896288896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>CIA SANEAMENTO BASICO DE-ADR DEPOSITARY RECEIPT</title>
        <cusip>20441A102</cusip>
        <identifiers>
          <isin value="US20441A1025"/>
        </identifiers>
        <balance>44385.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>902347.05000000</valUSD>
        <pctVal>1.749148148255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SJW GROUP</name>
        <lei>N/A</lei>
        <title>SJW GROUP COMMON STOCK</title>
        <cusip>784305104</cusip>
        <identifiers>
          <isin value="US7843051043"/>
        </identifiers>
        <balance>29965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1700214.10000000</valUSD>
        <pctVal>3.295767792062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEX CORPORATION</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX CORP COMMON STOCK</title>
        <cusip>45167R104</cusip>
        <identifiers>
          <isin value="US45167R1041"/>
        </identifiers>
        <balance>10717.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1864436.49000000</valUSD>
        <pctVal>3.614103502664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kurita Water Industries Ltd.</name>
        <lei>52990086GS2ON69UMX34</lei>
        <title>KURITA WATER INDUSTRIES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3270000007"/>
        </identifiers>
        <balance>64410.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.98000000"/>
        <valUSD>2132465.02000000</valUSD>
        <pctVal>4.133661478643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECOLAB INC.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>ECOLAB INC COMMON STOCK</title>
        <cusip>278865100</cusip>
        <identifiers>
          <isin value="US2788651006"/>
        </identifiers>
        <balance>4543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1142246.49000000</valUSD>
        <pctVal>2.214179492064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERGUSON ENTERPRISES INC.</name>
        <lei>2138003JYQMRP3SLX189</lei>
        <title>FERGUSON ENTERPRISES INC COMMON STOCK</title>
        <cusip>31488V107</cusip>
        <identifiers>
          <isin value="US31488V1070"/>
        </identifiers>
        <balance>7949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1348627.34000000</valUSD>
        <pctVal>2.614236966195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCADIS N.V.</name>
        <lei>7245000UZH70GO047N03</lei>
        <title>ARCADIS NV COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0006237562"/>
        </identifiers>
        <balance>23075.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88273000"/>
        <valUSD>1118931.33000000</valUSD>
        <pctVal>2.168984387874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BBHMM"/>
        </identifiers>
        <balance>904153.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>904153.17000000</valUSD>
        <pctVal>1.752649208577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORMA Group SE</name>
        <lei>5299000LM9HC76W5XD46</lei>
        <title>NORMA GROUP SE COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A1H8BV3"/>
        </identifiers>
        <balance>26394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88273000"/>
        <valUSD>331721.68000000</valUSD>
        <pctVal>0.643023504435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Georg Fischer AG</name>
        <lei>529900CMRQYW4U1W2456</lei>
        <title>FISCHER (GEORG)-REG COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH1169151003"/>
        </identifiers>
        <balance>11842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.82535000"/>
        <valUSD>856232.53000000</valUSD>
        <pctVal>1.659757788675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TETRA TECH, INC.</name>
        <lei>549300UJ1LP7JGJC5P32</lei>
        <title>TETRA TECH INC COMMON STOCK</title>
        <cusip>88162G103</cusip>
        <identifiers>
          <isin value="US88162G1031"/>
        </identifiers>
        <balance>39389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1228542.91000000</valUSD>
        <pctVal>2.381460166660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento de Minas Gerais - COPASA MG</name>
        <lei>N/A</lei>
        <title>CIA SANEAMENTO MINAS GERAIS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCSMGACNOR5"/>
        </identifiers>
        <balance>119800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67515000"/>
        <valUSD>451955.98000000</valUSD>
        <pctVal>0.876090818394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aalberts N.V.</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>AALBERTS NV COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000852564"/>
        </identifiers>
        <balance>37777.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88273000"/>
        <valUSD>1254446.12000000</valUSD>
        <pctVal>2.431672057756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED UTILITIES GROUP PLC</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
        <title>UNITED UTILITIES GROUP PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B39J2M42"/>
        </identifiers>
        <balance>143466.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>2156908.91000000</valUSD>
        <pctVal>4.181044561382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE TORO COMPANY</name>
        <lei>YJKE4YIT6BWQHVEW0D14</lei>
        <title>TORO CO COMMON STOCK</title>
        <cusip>891092108</cusip>
        <identifiers>
          <isin value="US8910921084"/>
        </identifiers>
        <balance>10145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>692700.60000000</valUSD>
        <pctVal>1.342760495294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALMONT INDUSTRIES, INC.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>VALMONT INDUSTRIES COMMON STOCK</title>
        <cusip>920253101</cusip>
        <identifiers>
          <isin value="US9202531011"/>
        </identifiers>
        <balance>1730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507270.60000000</valUSD>
        <pctVal>0.983315045640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUANGDONG INVESTMENT LIMITED</name>
        <lei>N/A</lei>
        <title>GUANGDONG INVESTMENT LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0270001396"/>
        </identifiers>
        <balance>331125.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75560000"/>
        <valUSD>267952.01000000</valUSD>
        <pctVal>0.519409646336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stantec Inc.</name>
        <lei>549300MZ7NGUZDCP2T16</lei>
        <title>STANTEC INC COMMON STOCK</title>
        <cusip>85472N109</cusip>
        <identifiers>
          <isin value="CA85472N1096"/>
        </identifiers>
        <balance>9432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37860000"/>
        <valUSD>827848.54000000</valUSD>
        <pctVal>1.604737047433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEVERN TRENT PLC</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>SEVERN TRENT PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FH8J72"/>
        </identifiers>
        <balance>28759.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>1069750.75000000</valUSD>
        <pctVal>2.073650646342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROPER TECHNOLOGIES, INC.</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROPER TECHNOLOGIES INC COMMON STOCK</title>
        <cusip>776696106</cusip>
        <identifiers>
          <isin value="US7766961061"/>
        </identifiers>
        <balance>1542.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>863643.36000000</valUSD>
        <pctVal>1.674123258780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWAY Co., Ltd.</name>
        <lei>N/A</lei>
        <title>COWAY CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7021240007"/>
        </identifiers>
        <balance>26794.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1421.50000000"/>
        <valUSD>1649718.88000000</valUSD>
        <pctVal>3.197885696079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORE &amp; MAIN, INC.</name>
        <lei>N/A</lei>
        <title>CORE &amp; MAIN INC-CLASS A COMMON STOCK</title>
        <cusip>21874C102</cusip>
        <identifiers>
          <isin value="US21874C1027"/>
        </identifiers>
        <balance>19180.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1010402.40000000</valUSD>
        <pctVal>1.958607264192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orbia Advance Corporation S.A.B. de CV</name>
        <lei>549300MVHZ20SBIOEQ79</lei>
        <title>ORBIA ADVANCE CORP SAB DE CV COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01OR010004"/>
        </identifiers>
        <balance>239080.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61050000"/>
        <valUSD>161414.51000000</valUSD>
        <pctVal>0.312892795812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADVANCED DRAINAGE SYSTEMS, INC.</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
        <title>ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK</title>
        <cusip>00790R104</cusip>
        <identifiers>
          <isin value="US00790R1041"/>
        </identifiers>
        <balance>12099.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1373115.51000000</valUSD>
        <pctVal>2.661705883182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>ESSENTIAL UTILITIES INC COMMON STOCK</title>
        <cusip>29670G102</cusip>
        <identifiers>
          <isin value="US29670G1022"/>
        </identifiers>
        <balance>42589.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1751685.57000000</valUSD>
        <pctVal>3.395542292836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITRON, INC.</name>
        <lei>24F6LSZD18II6ICG6S41</lei>
        <title>ITRON INC COMMON STOCK</title>
        <cusip>465741106</cusip>
        <identifiers>
          <isin value="US4657411066"/>
        </identifiers>
        <balance>9791.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1089640.39000000</valUSD>
        <pctVal>2.112205575928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Andritz AG</name>
        <lei>549300VZKC61IR5U8G96</lei>
        <title>ANDRITZ AG COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000730007"/>
        </identifiers>
        <balance>12036.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88273000"/>
        <valUSD>864902.93000000</valUSD>
        <pctVal>1.676564863186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA WATER AFFAIRS GROUP LIMITED</name>
        <lei>529900XTSVH0DH4CEX74</lei>
        <title>CHINA WATER AFFAIRS GROUP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG210901242"/>
        </identifiers>
        <balance>401730.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75560000"/>
        <valUSD>309298.79000000</valUSD>
        <pctVal>0.599558014608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERALTO CORPORATION</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>VERALTO CORP COMMON STOCK</title>
        <cusip>92338C103</cusip>
        <identifiers>
          <isin value="US92338C1036"/>
        </identifiers>
        <balance>14661.33330000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1406021.86000000</valUSD>
        <pctVal>2.725492960636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNON GROUP PLC</name>
        <lei>213800V1CCTS41GWH423</lei>
        <title>PENNON GROUP PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNNTLN49"/>
        </identifiers>
        <balance>276202.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>1848980.54000000</valUSD>
        <pctVal>3.584143027565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XYLEM INC.</name>
        <lei>549300DF5MV96DRYLQ48</lei>
        <title>XYLEM INC COMMON STOCK</title>
        <cusip>98419M100</cusip>
        <identifiers>
          <isin value="US98419M1009"/>
        </identifiers>
        <balance>22304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2689193.28000000</valUSD>
        <pctVal>5.212847369549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTUNE BRANDS INNOVATIONS, INC.</name>
        <lei>54930032LHW54PQUJD44</lei>
        <title>FORTUNE BRANDS INNOVATIONS I COMMON STOCK</title>
        <cusip>34964C106</cusip>
        <identifiers>
          <isin value="US34964C1062"/>
        </identifiers>
        <balance>25412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1367673.84000000</valUSD>
        <pctVal>2.651157517114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>A. O. SMITH CORPORATION</name>
        <lei>549300XG4US7UJNECY36</lei>
        <title>SMITH (A.O.) CORP COMMON STOCK</title>
        <cusip>831865209</cusip>
        <identifiers>
          <isin value="US8318652091"/>
        </identifiers>
        <balance>14693.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>997066.98000000</valUSD>
        <pctVal>1.932757315218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINDSAY CORPORATION</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>LINDSAY CORP COMMON STOCK</title>
        <cusip>535555106</cusip>
        <identifiers>
          <isin value="US5355551061"/>
        </identifiers>
        <balance>1874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241858.44000000</valUSD>
        <pctVal>0.468828753267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VEOLIA ENVIRONNEMENT SA</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>VEOLIA ENVIRONNEMENT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000124141"/>
        </identifiers>
        <balance>88353.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88273000"/>
        <valUSD>3227009.72000000</valUSD>
        <pctVal>6.255373779013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE III</ncom:nameOfApplicant>
      <ncom:signature>Andrew Metzger</ncom:signature>
      <ncom:signerName>Andrew Metzger</ncom:signerName>
      <ncom:title>Treasurer, Controller and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
