# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001706
**Filing Date:** 2026-3
**Character Count:** 42698
**Document Hash:** 01670324d4d4086f41b44e70dac80979
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001706.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002048251-26-001706

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26703739

**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

### Redwheel Global Emerging Equity Fund (Series ID: S000055328)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174121 | Class I Shares             | RWCIX           |
| C000174122 | Institutional Class Shares | RWCEX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 98.1%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Argentina — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 27157 | $1464849 |
| Total Argentina |  | 1464849 |
| **Australia — 1.6%** |  |  |
| **Materials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 40629 | 3464841 |
| Total Australia |  | 3464841 |
| **Brazil — 10.4%** |  |  |
| **Consumer Discretionary — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 1856 | 3738467 |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 866600 | 2191902 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 271100 | 2601294 |
| **Industrials — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 64524 | 4153410 |
| &nbsp;&nbsp;&nbsp;WEG | 344800 | 3052374 |
|  |  | 7205784 |
| **Materials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 495078 | 6450866 |
| Total Brazil |  | 22188313 |
| **Chile — 2.8%** |  |  |
| **Materials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR \* | 85114 | 5855843 |
| Total Chile |  | 5855843 |
| **China — 26.7%** |  |  |
| **Communication Services — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 721064 | 5959999 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 98495 | 7558078 |
|  |  | 13518077 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **China — (continued)** |  |  |
| **Consumer Discretionary — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 347903 | $6387177 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 28150 | 4126227 |
| &nbsp;&nbsp;&nbsp;BYD | 89000 | 1087536 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 247500 | 2738125 |
|  |  | 14339065 |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;China International Capital | 1066397 | 2693297 |
| **Industrials — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 130440 | 6858867 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 220200 | 2071189 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR | 87231 | 1777768 |
|  |  | 10707824 |
| **Information Technology — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B \* | 1999200 | 2231127 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A \* | 1233300 | 3211070 |
| &nbsp;&nbsp;&nbsp;Victory Giant Technology Huizhou, Cl A | 34500 | 1409706 |
|  |  | 6851903 |
| **Materials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 129600 | 1421848 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group | 742000 | 3396851 |
|  |  | 4818699 |
| **Real Estate — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings | 1782856 | 1383908 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 2174500 | 2396849 |
|  |  | 3780757 |
| Total China |  | 56709622 |
| **Congo, Democratic Republic — 1.4%** |  |  |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Cl A \* | 259841 | 2959050 |
| Total Congo, Democratic Republic |  | 2959050 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Ghana — 0.1%** |  |  |
| **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Tullow Oil \* | 2147858 | $173719 |
| Total Ghana |  | 173719 |
| **Greece — 1.7%** |  |  |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Piraeus Bank | 465391 | 3713464 |
| Total Greece |  | 3713464 |
| **Hong Kong — 1.2%** |  |  |
| **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Gold International \* | 130670 | 2451059 |
| Total Hong Kong |  | 2451059 |
| **India — 9.5%** |  |  |
| **Communication Services — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 183288 | 4302041 |
| **Consumer Discretionary — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 36624 | 1512537 |
| **Financials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 192798 | 2885527 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance | 128586 | 2914663 |
|  |  | 5800190 |
| **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;GMR Airports \* | 1580715 | 1838172 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation | 16755 | 945073 |
|  |  | 2783245 |
| **Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 68933 | 2126676 |
| **Real Estate — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;DLF | 265303 | 2029847 |
| &nbsp;&nbsp;&nbsp;Lodha Developers | 137918 | 1630638 |
|  |  | 3660485 |
| Total India |  | 20185174 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Indonesia — 1.0%** |  |  |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 7249700 | $2210675 |
| Total Indonesia |  | 2210675 |
| **Kazakhstan — 0.6%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR | 42859 | 1255499 |
| Total Kazakhstan |  | 1255499 |
| **Mexico — 1.9%** |  |  |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 634600 | 1976915 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 218100 | 2023850 |
| Total Mexico |  | 4000765 |
| **Nigeria — 1.1%** |  |  |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Guaranty Trust Holding | 36615107 | 2372659 |
| Total Nigeria |  | 2372659 |
| **Peru — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 1984 | 569408 |
| Total Peru |  | 569408 |
| **Poland — 1.4%** |  |  |
| **Consumer Staples — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Zabka Group \* | 458787 | 2914529 |
| Total Poland |  | 2914529 |
| **Russia — –%** |  |  |
| **Energy — –%** |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \* (A) | 292949 | – |
| Total Russia |  | – |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **South Africa — 9.4%** |  |  |
| **Communication Services — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 389296 | $3983090 |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 9895 | 2482353 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 214164 | 3754274 |
|  |  | 6236627 |
| **Materials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 90024 | 3930448 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings | 122090 | 1917505 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 47030 | 3980498 |
|  |  | 9828451 |
| Total South Africa |  | 20048168 |
| **South Korea — 12.1%** |  |  |
| **Consumer Discretionary — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia | 74946 | 6353435 |
| **Financials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 60299 | 5190821 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 75078 | 3997887 |
|  |  | 9188708 |
| **Information Technology — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 120282 | 10081424 |
| Total South Korea |  | 25623567 |
| **Taiwan — 7.3%** |  |  |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Electric | 44000 | 1067393 |
| **Information Technology — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 28000 | 1056636 |
| &nbsp;&nbsp;&nbsp;Alchip Technologies | 18000 | 2009258 |
| &nbsp;&nbsp;&nbsp;MediaTek | 82660 | 3753193 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 154904 | 7614660 |
|  |  | 14433747 |
| Total Taiwan |  | 15501140 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Turkey — 1.3%** |  |  |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 1725778 | $2797285 |
| Total Turkey |  | 2797285 |
| **United Arab Emirates — 0.4%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 190682 | 905275 |
| Total United Arab Emirates |  | 905275 |
| **Vietnam — 2.7%** |  |  |
| **Consumer Staples — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Masan Group \* | 924100 | 2705540 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;VPS Securities JSC \* | 568800 | 1083531 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC \* | 1869668 | 1873661 |
| Total Vietnam |  | 5662732 |
| **Zambia — 2.5%** |  |  |
| **Materials — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals \* | 198530 | 5329859 |
| Total Zambia |  | 5329859 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $146,149,138) |  | 208357495 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
|  | **REDWHEEL GLOBAL EMERGING EQUITY FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — 1.3%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Brazil — 1.3%** |  |  |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 391812 | $2805016 |
| Total Brazil |  | 2805016 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,885,387) |  | 2805016 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $148,034,525) |  | $211162511 |

---

 

*Percentages are based on Net Assets of $212,470,963*.

\* 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 |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| PJSC | Public Joint Stock Company |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
| **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** | **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 94.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Belgium — 2.3%** |  |  |
| **Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Elia Group SA/NV, Cl B | 37997 | $4886452 |
| Total Belgium |  | 4886452 |
| **Brazil — 1.3%** |  |  |
| **Utilities — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Transmissora Alianca de Energia Eletrica | 365800 | 2811048 |
| Total Brazil |  | 2811048 |
| **Canada — 8.4%** |  |  |
| **Utilities — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities | 1533627 | 9431806 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners | 198285 | 5347746 |
| &nbsp;&nbsp;&nbsp;Northland Power | 263124 | 3426419 |
| Total Canada |  | 18205971 |
| **China — 4.4%** |  |  |
| **Energy — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp Ltd | 6257782 | 3171704 |
| **Utilities — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp Ltd | 6045898 | 5162377 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings Ltd | 8568780 | 1211571 |
|  |  | 6373948 |
| Total China |  | 9545652 |
| **France — 2.3%** |  |  |
| **Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Engie | 186895 | 4906491 |
| Total France |  | 4906491 |
| **Germany — 1.0%** |  |  |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON SE | 117172 | 2217233 |
| Total Germany |  | 2217233 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
| **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** | **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **India — 4.8%** |  |  |
| **Utilities — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Cl A \* | 1859724 | $10507441 |
| Total India |  | 10507441 |
| **Italy — 10.0%** |  |  |
| **Utilities — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SPA | 1028288 | 10684662 |
| &nbsp;&nbsp;&nbsp;ERG SPA | 430501 | 11069689 |
| Total Italy |  | 21754351 |
| **Japan — 2.0%** |  |  |
| **Utilities — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RENOVA Inc \* | 1016505 | 4434073 |
| Total Japan |  | 4434073 |
| **Singapore — 2.7%** |  |  |
| **Utilities — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries | 1230300 | 5748498 |
| Total Singapore |  | 5748498 |
| **Spain — 9.2%** |  |  |
| **Utilities — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 867973 | 12249978 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 351834 | 7613560 |
| Total Spain |  | 19863538 |
| **Switzerland — 4.9%** |  |  |
| **Utilities — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BKW AG | 49791 | 10559202 |
| Total Switzerland |  | 10559202 |
| **United Kingdom — 6.4%** |  |  |
| **Utilities — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 619865 | 6967196 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 444582 | 6804513 |
| Total United Kingdom |  | 13771709 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL FUNDS** |
| **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** | **REDWHEEL NEXT GENERATION POWER INFRASTRUCTURE FUND** |
|  | **DECEMBER 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **United States — 35.2%** |  |  |
| **Industrials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Sunrun Inc \* | 264480 | $4866432 |
| **Utilities — 32.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp | 126764 | 4885485 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C | 346052 | 11509690 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | 25608 | 9046538 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc | 172200 | 10089198 |
| &nbsp;&nbsp;&nbsp;Exelon Corp | 219648 | 9574456 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc | 133799 | 10741384 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc | 64418 | 7116256 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 103936 | 8346061 |
|  |  | 71309068 |
| Total United States |  | 76175500 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $176,698,161) |  | 205387159 |
| **CLOSED END MUTUAL FUND — 2.0%** |  |  |
| **United Kingdom — 2.0%** |  |  |
| **Equity Fund — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencoat UK Wind PLC | 3365089 | 4433474 |
| Total United Kingdom |  | 4433474 |
| &nbsp;&nbsp;&nbsp;TOTAL Closed End Mutual Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,477,275) |  | 4433474 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 96.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $182,175,436) |  | $209820633 |

---

---

| | |
|:---|:---|
| *Percentages are based on Net Assets of $216,491,216*. | *Percentages are based on Net Assets of $216,491,216*. |
| \* | Non-income producing security. |

---

Cl Class <br> Ltd. Limited <br> PLC Public Limited Company

RWC-QH-001-1700

## 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:** Redwheel Global Emerging Equity Fund

- **b. EDGAR series identifier (if any):** S000055328

- **c. LEI of Series:** 5493002VZUBN8A0SY772

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $213371769.78

**Total Liabilities:** $900806.39

**Net Assets:** $212470963.39

**Cash Not Reported:** $72943.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174121 | 2.65%                | -2.00%               | 1.97%                |
| Class ID C000174122 | 2.66%                | -1.93%               | 1.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $692255.05               | $3899319.43                                |
| Month 2  | $7725172.46              | $-11650610.03                              |
| Month 3  | $8236405.13              | $-3586652.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accton Technology Corp.                          | ACCTON TECHNOLOGY CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               |  | TW        |     28000 | NS      | $1056635.98   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AKBANK TURK ANONIM SIRKETI                       | AKBANK T.A.S. COMMON STOCK                      | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               |  | TR        |   1725778 | NS      | $2797285.18   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd                          | ALCHIP TECHNOLOGIES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 529900HKE9RIY07SLX84       | Long             | EC               |  | TW        |     18000 | NS      | $2009258.52   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    347903 | NS      | $6387177.30   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     28150 | NS      | $4126227.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                       | AMBEV SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               |  | BR        |    866600 | NS      | $2191902.19   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                            | ANGLOGOLD ASHANTI PLC COMMON STOCK              | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               |  | US        |     40629 | NS      | $3464841.12   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIAN PAINTS LIMITED                             | ASIAN PAINTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800HEHXGYRUNERD75       | Long             | EC               |  | IN        |     68933 | NS      | $2126675.99   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                           | BANCO BTG PACTUAL SA-UNIT UNIT                  | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |    271100 | NS      | $2601293.49   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                    | BANK MANDIRI PERSERO TBK PT COMMON STOCK        | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        |   7249700 | NS      | $2210674.48   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                            | BHARTI AIRTEL LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |    183288 | NS      | $4302041.05   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1510077 | PA      | $1510077.45   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                              | BYD CO LTD-H COMMON STOCK                       | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | HK        |     89000 | NS      | $1087535.75   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LIMITED                    | CAPITEC BANK HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |      9895 | NS      | $2482353.40   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| China International Capital Corporation Limited  | CHINA INTERNATIONAL CAPITA-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900OS3SVVTT56QN67       | Long             | EC               |  | HK        |   1066397 | NS      | $2693296.70   | 1.27%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.        | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               |  | CN        |    130440 | NS      | $6858866.67   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED | COUNTRY GARDEN SERVICES HOLD COMMON STOCK       | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               |  | HK        |   1782856 | NS      | $1383908.10   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                   | CREDICORP LTD COMMON STOCK                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |      1984 | NS      | $569408.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DLF LIMITED                                      | DLF LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               |  | IN        |    265303 | NS      | $2029846.56   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                     | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT          | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |     64524 | NS      | $4153409.88   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EVE Energy Co., Ltd.                             | EVE ENERGY CO LTD-A COMMON STOCK                | CUSIP: N/A<br>LEI: 300300FTCIO530XV7T38       | Long             | EC               |  | CN        |    220200 | NS      | $2071189.42   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                    | FIRST ABU DHABI BANK PJSC COMMON STOCK          | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |    190682 | NS      | $905275.37    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                      | FIRST QUANTUM MINERALS LTD COMMON STOCK         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               |  | CA        |    198530 | NS      | $5329858.84   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE ELECTRIC CO., LTD                        | FORTUNE ELECTRIC CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     44000 | NS      | $1067392.61   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR AIRPORTS LIMITED                             | GMR AIRPORTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        |   1580715 | NS      | $1838171.58   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                              | GOLD FIELDS LTD-SPONS ADR DEPOSITARY RECEIPT    | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               |  | US        |     90024 | NS      | $3930447.84   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.         | GRUPO FINANCIERO BANORTE-O COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    218100 | NS      | $2023849.61   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                    | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |     27157 | NS      | $1464848.58   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARANTY TRUST HOLDING COMPANY PLC               | GUARANTY TRUST HOLDING CO PL COMMON STOCK       | CUSIP: V4161A100<br>LEI: 0292004488G9K8Y1I649 | Long             | EC               |  | GB        |  36615107 | NS      | $2372658.93   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Halyk Bank of Kazakhstan Joint Stock Company     | HALYK SAVINGS BANK-GDR REG S DEPOSITARY RECEIPT | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               |  | GB        |     42859 | NS      | $1255498.69   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN HOA PHAT                | HOA PHAT GROUP JSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300ODJEFGL5CWKD32       | Long             | EC               |  | VN        |   1869668 | NS      | $1873660.80   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Robotics                                 | HORIZON ROBOTICS INC COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |   1999200 | NS      | $2231126.98   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                               | ICICI BANK LTD COMMON STOCK                     | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    192798 | NS      | $2885526.97   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |    122090 | NS      | $1917505.62   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERGLOBE AVIATION LIMITED                      | INTERGLOBE AVIATION LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               |  | IN        |     16755 | NS      | $945073.18    | 0.44%             |  |  |  | Yes           |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                | IVANHOE MINES LTD-CL A COMMON STOCK             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |    259841 | NS      | $2959050.16   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                       | Itau Unibanco Holding SA PREFERRED STOCK        | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |    391812 | NS      | $2805015.70   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                                      | KANZHUN LTD - ADR DEPOSITARY RECEIPT            | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               |  | US        |     87231 | NS      | $1777767.78   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                          | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |     60299 | NS      | $5190820.68   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                  | KIA CORP COMMON STOCK                           | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |     74946 | NS      | $6353435.50   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                              | KUAISHOU TECHNOLOGY COMMON STOCK                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |    721064 | NS      | $5959998.84   | 2.81%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                         | LODHA DEVELOPERS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |    137918 | NS      | $1630638.37   | 0.77%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                   | LONGFOR GROUP HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               |  | HK        |   2174500 | NS      | $2396849.09   | 1.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LONGi Green Energy Technology Co., Ltd.          | LONGI GREEN ENERGY TECHNOL-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300NRGAITUP1EZ248       | Long             | EC               |  | CN        |   1233300 | NS      | $3211070.65   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                    | MAHINDRA & MAHINDRA LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               |  | IN        |     36624 | NS      | $1512537.10   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN MASAN                   | MASAN GROUP CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 254900M1892CMJ87XD24       | Long             | EC               |  | VN        |    924100 | NS      | $2705539.92   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                    | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |     82660 | NS      | $3753193.08   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                               | MERCADOLIBRE INC COMMON STOCK                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |      1856 | NS      | $3738466.56   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                | MTN GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |    389296 | NS      | $3983089.89   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Tuopu Group Co., Ltd.                     | NINGBO TUOPU GROUP CO LTD-A COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    247500 | NS      | $2738124.68   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Bank SA                                  | PIRAEUS BANK SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 213800OYHR1MPQ5VJL60       | Long             | EC               |  | GR        |    465391 | NS      | $3713464.46   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.          | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     85114 | NS      | $5855843.20   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                | ROSNEFT OIL CO PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |    292949 | NS      | $0.37         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Samsung Electronics Co., Ltd.                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    120282 | NS      | $10081423.60  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI LIFE INSURANCE COMPANY LIMITED               | SBI LIFE INSURANCE CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               |  | IN        |    128586 | NS      | $2914663.43   | 1.37%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                  | SHINHAN FINANCIAL GROUP LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               |  | KR        |     75078 | NS      | $3997886.69   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                      | STANDARD BANK GROUP LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               |  | ZA        |    214164 | NS      | $3754273.98   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    154904 | NS      | $7614660.11   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                         | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     98495 | NS      | $7558078.01   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TULLOW OIL PLC                                   | TULLOW OIL PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138003EYHWO75RKS857       | Long             | EC               |  | GB        |   2147858 | NS      | $173719.18    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                        | VALE SA-SP ADR DEPOSITARY RECEIPT               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |    495078 | NS      | $6450866.34   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                        | VALTERRA PLATINUM LIMITED COMMON STOCK          | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     47030 | NS      | $3980497.73   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Giant Technology HuiZhou Co Ltd          | VICTORY GIANT TECHNOLOGY -A COMMON STOCK        | CUSIP: N/A<br>LEI: 836800LBU3EF5U7ECE87       | Long             | EC               |  | CN        |     34500 | NS      | $1409705.85   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN CHUNG KHOAN VPS                  | VPS SECURITIES JSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 87550069J41V9NV12608       | Long             | EC               |  | VN        |    568800 | NS      | $1083531.56   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.               | WALMART DE MEXICO SAB DE CV COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    634600 | NS      | $1976915.15   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wanhua Chemical Group Co., Ltd.                  | WANHUA CHEMICAL GROUP CO -A COMMON STOCK        | CUSIP: N/A<br>LEI: 3003002H0G2KDG6CR124       | Long             | EC               |  | CN        |    129600 | NS      | $1421847.75   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG S.A.                                         | WEG SA COMMON STOCK                             | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               |  | BR        |    344800 | NS      | $3052374.29   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                   | ZABKA GROUP SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300TU2RZ35E4ET914       | Long             | EC               |  | PL        |    458787 | NS      | $2914529.28   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Gold International Co Ltd                  | ZIJIN GOLD INTERNATIONAL CO COMMON STOCK        | CUSIP: N/A<br>LEI: 254900FINUJR4MZ8A417       | Long             | EC               |  | HK        |    130670 | NS      | $2451059.29   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited               | ZIJIN MINING GROUP CO LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |    742000 | NS      | $3396851.12   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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