# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211658
**Filing Date:** 2025-8
**Character Count:** 28045
**Document Hash:** 0e48910f6470708dcc1eb9983940e61a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211658.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211658

**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:** 251272825

**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

### Ecofin Global Renewables Infrastructure Fund (Series ID: S000087882)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253897 | A Class             | ECOAX           |
| C000253898 | Institutional Class | ECOIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 97.1%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Argentina — 0.4%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;YPF ADR \* | 9986 | $314060 |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 8491 | 427861 |
| Total Argentina |  | 741921 |
| **Brazil — 8.6%** |  |  |
| **Consumer Discretionary — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 1631 | 4262831 |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 1334200 | 3248810 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 246500 | 684239 |
|  |  | 3933049 |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 404285 | 5057605 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 471800 | 3652272 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 24400 | 1388604 |
| Total Brazil |  | 18294361 |
| **Chile — 0.6%** |  |  |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR | 34818 | 1228031 |
| Total Chile |  | 1228031 |
| **China — 32.7%** |  |  |
| **Communication Services — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 976764 | 7928919 |
| &nbsp;&nbsp;&nbsp;NetEase | 211384 | 5696629 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 123195 | 7938095 |
|  |  | 21563643 |
| **Consumer Discretionary** — **11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 228403 | 3233241 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **China — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 33821 | $3835640 |
| &nbsp;&nbsp;&nbsp;BYD | 414000 | 6445953 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding | 797000 | 1519524 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 213700 | 2916774 |
| &nbsp;&nbsp;&nbsp;Li Auto ADR \* | 116505 | 3158451 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 244700 | 3936229 |
|  |  | 25045812 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;China International Capital | 2389997 | 5418768 |
| **Industrials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 114440 | 4034279 |
| &nbsp;&nbsp;&nbsp;SF Holding | 165200 | 952618 |
|  |  | 4986897 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group | 1430000 | 3677667 |
| **Real Estate — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Land | 578723 | 1970416 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings | 2593856 | 2173951 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 3909500 | 4632630 |
|  |  | 8776997 |
| Total China |  | 69469784 |
| **Congo, Democratic Republic — 1.3%** |  |  |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Cl A \* | 366993 | 2751439 |
| Total Congo, Democratic Republic |  | 2751439 |
| **Ghana — 0.4%** |  |  |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kosmos Energy \* | 199709 | 343500 |
| &nbsp;&nbsp;&nbsp;Tullow Oil \* | 2532590 | 551444 |
| Total Ghana |  | 894944 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Greece — 2.4%** |  |  |
| **Financials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 748153 | $5164986 |
| Total Greece |  | 5164986 |
| **India — 12.9%** |  |  |
| **Communication Services — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 226483 | 5309683 |
| **Financials — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 287216 | 4853877 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance | 112941 | 2421068 |
|  |  | 7274945 |
| **Industrials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMR Airports Infrastructure \* | 1973166 | 1961577 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 62324 | 4346729 |
|  |  | 6308306 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 66565 | 1817836 |
| **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DLF | 364932 | 3567544 |
| &nbsp;&nbsp;&nbsp;Macrotech Developers | 186523 | 3015647 |
|  |  | 6583191 |
| Total India |  | 27293961 |
| **Luxembourg — 1.0%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Zabka Group \* | 366799 | 2198875 |
| Total Luxembourg |  | 2198875 |
| **Mexico — 3.7%** |  |  |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 1216600 | 3997805 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 417400 | 3804367 |
| Total Mexico |  | 7802172 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Russia — –%** |  |  |
| **Energy — –%** |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC (A) | 292949 | $— |
| Total Russia |  | – |
| **South Africa — 9.9%** |  |  |
| **Communication Services — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 570914 | 4527346 |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 22541 | 4489862 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 177571 | 2271286 |
|  |  | 6761148 |
| **Materials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 49030 | 2174868 |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 169770 | 4018456 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings \* | 397191 | 3555306 |
|  |  | 9748630 |
| Total South Africa |  | 21037124 |
| **South Korea — 9.0%** |  |  |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 36814 | 1102948 |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 75371 | 6193708 |
| **Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric | 1776 | 665799 |
| **Information Technology — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 250574 | 11080788 |
| Total South Korea |  | 19043243 |
| **Taiwan — 6.7%** |  |  |
| **Information Technology — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 168660 | 7226856 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 193904 | 7090944 |
| Total Taiwan |  | 14317800 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **United Arab Emirates — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 252078 | $1139146 |
| Total United Arab Emirates |  | 1139146 |
| **United Kingdom — 1.4%** |  |  |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 63906 | 2912196 |
| Total United Kingdom |  | 2912196 |
| **Vietnam — 2.5%** |  |  |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Masan Group \* | 524000 | 1541318 |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC \* | 3356868 | 2925012 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC \* | 959593 | 905925 |
| Total Vietnam |  | 5372255 |
| **Zambia — 3.1%** |  |  |
| **Materials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals \* | 373443 | 6620437 |
| Total Zambia |  | 6620437 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $160,478,037) |  | 206282675 |
| **PREFERRED STOCK — 1.8%** |  |  |
| **Brazil — 1.8%** |  |  |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 580600 | 3922189 |
| Total Brazil |  | 3922189 |
| TOTAL PREFERRED STOCK |  |  |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| Brazil — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,917,918) |  | $3922189 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $163,395,955) |  | $210204864 |

---

*Percentages are based on Net Assets of $212,518,371*.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Level
 3 security in accordance with fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(B) There
 is currently no rate available.

ADR American Depositary Receipt

Cl Class

JSC Joint Stock Company

PJSC Public Joint Stock Company

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.7%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Belgium — 2.7%** |  |  |
| **Utilities — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Elia Group SA/NV | 46929 | $5401154 |
| Total Belgium |  | 5401154 |
| **Brazil — 2.5%** |  |  |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Neoenergia SA | 1065570 | 4986333 |
| Total Brazil |  | 4986333 |
| **Canada — 4.3%** |  |  |
| **Utilities — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities | 1012860 | 5803688 |
| &nbsp;&nbsp;&nbsp;Northland Power | 185129 | 2899382 |
| Total Canada |  | 8703070 |
| **China — 4.8%** |  |  |
| **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp Ltd | 6024782 | 3388938 |
| **Utilities — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp Ltd | 5820898 | 5252477 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings Ltd | 7788475 | 1141541 |
|  |  | 6394018 |
| Total China |  | 9782956 |
| **Denmark — 1.0%** |  |  |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Orsted AS \* | 48054 | 2062918 |
| Total Denmark |  | 2062918 |
| **Germany — 3.2%** |  |  |
| **Utilities — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON SE | 354540 | 6509870 |
| Total Germany |  | 6509870 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **India — 5.9%** |  |  |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Cl A \* | 1743746 | $12049285 |
| Total India |  | 12049285 |
| **Italy — 12.8%** |  |  |
| **Utilities — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SPA | 1278616 | 12092696 |
| &nbsp;&nbsp;&nbsp;ERG SPA | 456256 | 9941562 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 381373 | 3907225 |
| Total Italy |  | 25941483 |
| **Japan — 2.2%** |  |  |
| **Utilities — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;RENOVA Inc \* | 978505 | 4397329 |
| Total Japan |  | 4397329 |
| **Portugal — 3.0%** |  |  |
| **Utilities — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP SA | 1399934 | 6060518 |
| Total Portugal |  | 6060518 |
| **Spain — 5.9%** |  |  |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 532551 | 5938331 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 319596 | 6126980 |
| Total Spain |  | 12065311 |
| **Switzerland — 5.1%** |  |  |
| **Utilities — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BKW AG | 46921 | 10254457 |
| Total Switzerland |  | 10254457 |
| **United Kingdom — 10.0%** |  |  |
| **Utilities — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 635111 | 6043003 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 547854 | 8028296 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **United Kingdom — (continued)** |  |  |
| **Utilities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SSE | 243284 | $6115665 |
| Total United Kingdom |  | 20186964 |
| **United States — 33.3%** |  |  |
| **Utilities — 33.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp | 202613 | 7689163 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C | 358677 | 11477664 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | 41092 | 13262854 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc | 165826 | 9372486 |
| &nbsp;&nbsp;&nbsp;Exelon Corp | 165184 | 7172289 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc | 89731 | 6229126 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc | 67348 | 5641069 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 78878 | 6639950 |
| Total United States |  | 67484601 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,666,410) |  | 195886249 |
| **CLOSED-END FUND — 1.8%** |  |  |
| **United Kingdom — 1.8%** |  |  |
| **Energy — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencoat UK Wind PLC/Funds | 2138484 | 3531980 |
| Total United Kingdom |  | 3531980 |
| &nbsp;&nbsp;&nbsp;TOTAL CLOSED-END FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,696,960) |  | 3531980 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 98.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $171,363,370) |  | $199418229 |

---

*Percentages are based on Net Assets of $202,541,706*.

\* Non-income producing security.

Cl Class

Ltd. Limited

PLC Public Limited Company

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

RWC-QH-001-1600

## 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:** Ecofin Global Renewables Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000087882

- **c. LEI of Series:** 529900147OS98H2Z7O29

**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:** $202626528.07

**Total Liabilities:** $84822.08

**Net Assets:** $202541705.99

**Cash Not Reported:** $91772.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253897 | -1.79%               | -0.74%               | 0.73%                |
| Class ID C000253898 | 3.87%                | 4.97%                | 6.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-401818.78              | $7149113.05                                |
| Month 2  | $360590.41               | $7094493.31                                |
| Month 3  | $-2008099.52             | $13456364.07                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALGONQUIN POWER & UTILITIES CORP.                   | ALGONQUIN POWER & UTILITIES COMMON STOCK  | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               |  | US        |   1012860 | NS      | $5803687.80   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                                  | AVISTA CORP COMMON STOCK                  | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               |  | US        |    202613 | NS      | $7689163.35   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BKW AG                                              | BKW AG COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300IE30SKTUO98Q38       | Long             | EC               |  | CH        |     46921 | NS      | $10254456.93  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1735037 | PA      | $1735037.11   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LONGYUAN POWER GROUP CORPORATION LIMITED      | CHINA LONGYUAN POWER GROUP-H COMMON STOCK | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               |  | HK        |   5820898 | NS      | $5252477.30   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| China Suntien Green Energy Corporation Limited      | CHINA SUNTIEN GREEN ENERGY-H COMMON STOCK | CUSIP: N/A<br>LEI: 529900JAYC5BYZPWOK13       | Long             | EC               |  | HK        |   6024782 | NS      | $3388938.34   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                               | CLEARWAY ENERGY INC-C COMMON STOCK        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               |  | US        |    358677 | NS      | $11477664.00  | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                   | CONSTELLATION ENERGY COMMON STOCK         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |     41092 | NS      | $13262853.92  | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                               | DOMINION ENERGY INC COMMON STOCK          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               |  | US        |    165826 | NS      | $9372485.52   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAX GROUP PLC                                      | DRAX GROUP PLC COMMON STOCK               | CUSIP: N/A<br>LEI: 549300YPSNTXR4ZHSR98       | Long             | EC               |  | GB        |    635111 | NS      | $6043002.75   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                             | E.ON SE COMMON STOCK                      | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |    354540 | NS      | $6509870.04   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis, S.A.                                | EDP RENOVAVEIS SA COMMON STOCK            | CUSIP: N/A<br>LEI: 529900MUFAH07Q1TAX06       | Long             | EC               |  | PT        |    532551 | NS      | $5938330.60   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP, S.A.                                           | EDP SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | EC               |  | PT        |   1399934 | NS      | $6060517.89   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ELIA GROUP SA                                       | ELIA GROUP SA/NV COMMON STOCK             | CUSIP: N/A<br>LEI: 549300S1MP1NFDIKT460       | Long             | EC               |  | BE        |     46929 | NS      | $5401154.18   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                          | ENEL SPA COMMON STOCK                     | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |   1278616 | NS      | $12092696.56  | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ERG S.P.A.                                          | ERG SPA COMMON STOCK                      | CUSIP: N/A<br>LEI: 8156004604684CA44A90       | Long             | EC               |  | IT        |    456256 | NS      | $9941561.70   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                                  | EXELON CORP COMMON STOCK                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |    165184 | NS      | $7172289.28   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENCOAT UK WIND PLC                               | GREENCOAT UK WIND PLC MUTUAL FUND         | CUSIP: N/A<br>LEI: 213800ZPBBK8H51RX165       | Long             | EC               |  | GB        |   2138484 | NS      | $3531980.01   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                     | IBERDROLA SA COMMON STOCK                 | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    319596 | NS      | $6126980.21   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                   | NATIONAL GRID PLC COMMON STOCK            | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |    547854 | NS      | $8028296.09   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Neoenergia S.A.                                     | NEOENERGIA SA COMMON STOCK                | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               |  | BR        |   1065570 | NS      | $4986333.04   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                                | NEXTERA ENERGY INC COMMON STOCK           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     89731 | NS      | $6229126.02   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHLAND POWER INC                                 | NORTHLAND POWER INC COMMON STOCK          | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               |  | CA        |    185129 | NS      | $2899381.99   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHNOLOGIES, INC.                            | ORMAT TECHNOLOGIES INC COMMON STOCK       | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               |  | US        |     67348 | NS      | $5641068.48   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Oersted A/S                                         | ORSTED A/S COMMON STOCK                   | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | EC               |  | DK        |     48054 | NS      | $2062918.48   | 1.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED        | PUBLIC SERVICE ENTERPRISE GP COMMON STOCK | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               |  | US        |     78878 | NS      | $6639950.04   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RENEW ENERGY GLOBAL PLC                             | RENEW ENERGY GLOBAL PLC-A COMMON STOCK    | CUSIP: G7500M104<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               |  | US        |   1743746 | NS      | $12049284.86  | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| RENOVA, Inc.                                        | RENOVA INC COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |    978505 | NS      | $4397329.23   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                             | SSE PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               |  | GB        |    243284 | NS      | $6115665.48   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TERNA - RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI | TERNA-RETE ELETTRICA NAZIONA COMMON STOCK | CUSIP: N/A<br>LEI: 8156009E94ED54DE7C31       | Long             | EC               |  | IT        |    381373 | NS      | $3907224.80   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| XINYI ENERGY HOLDINGS LIMITED                       | XINYI ENERGY HOLDINGS LTD COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |   7788475 | NS      | $1141540.41   | 0.56%             |  |  |  | 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