# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001705
**Filing Date:** 2026-3
**Character Count:** 30865
**Document Hash:** 9a1276e317651db40e8ede4b3306f30d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001705.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002048251-26-001705

**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:** 26703738

**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 Next Generation Power 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 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 Next Generation Power 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:** 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:** $219994795.14

**Total Liabilities:** $3503579.09

**Net Assets:** $216491216.05

**Cash Not Reported:** $225547.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253897 | -8.76%               | -4.87%               | -2.19%               |
| Class ID C000253898 | -3.47%               | 0.76%                | 3.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1642418.26              | $-9713554.41                               |
| Month 2  | $936345.04               | $184929.75                                 |
| Month 3  | $1370485.30              | $6379793.13                                |

### 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: N/A<br>LEI: 549300K5VIUTJXQL7X75       | Long             | EC               |  | US        |   1533627 | NS      | $9431806.05   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                             | AVISTA CORP COMMON STOCK                        | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               |  | US        |    126764 | NS      | $4885484.56   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BKW AG                                         | BKW AG COMMON STOCK                             | CUSIP: N/A<br>LEI: 549300IE30SKTUO98Q38       | Long             | EC               |  | CH        |     49791 | NS      | $10559201.91  | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L.P.             | BROOKFIELD RENEWABLE PARTNER PARTNERSHIP SHARES | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               |  | US        |    198285 | NS      | $5347746.45   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   8584307 | PA      | $8584306.52   | 3.97%             |  |  |  | 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        |   6045898 | NS      | $5162376.64   | 2.38%             |  |  |  | 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        |   6257782 | NS      | $3171704.57   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                          | CLEARWAY ENERGY INC-C COMMON STOCK              | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               |  | US        |    346052 | NS      | $11509689.52  | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.              | CONSTELLATION ENERGY COMMON STOCK               | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |     25608 | NS      | $9046538.16   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                          | DOMINION ENERGY INC COMMON STOCK                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               |  | US        |    172200 | NS      | $10089198.00  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAX GROUP PLC                                 | DRAX GROUP PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300YPSNTXR4ZHSR98       | Long             | EC               |  | GB        |    619865 | NS      | $6967196.05   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                        | E.ON SE COMMON STOCK                            | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |    117172 | NS      | $2217232.88   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis, S.A.                           | EDP RENOVAVEIS SA COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900MUFAH07Q1TAX06       | Long             | EC               |  | PT        |    867973 | NS      | $12249978.20  | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ELIA GROUP SA                                  | ELIA GROUP SA/NV COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300S1MP1NFDIKT460       | Long             | EC               |  | BE        |     37997 | NS      | $4886452.45   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                     | ENEL SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |   1028288 | NS      | $10684661.80  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                       | ENGIE COMMON STOCK                              | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               |  | FR        |    186895 | NS      | $4906490.92   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ERG S.P.A.                                     | ERG SPA COMMON STOCK                            | CUSIP: N/A<br>LEI: 8156004604684CA44A90       | Long             | EC               |  | IT        |    430501 | NS      | $11069689.63  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                             | EXELON CORP COMMON STOCK                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               |  | US        |    219648 | NS      | $9574456.32   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAZILIAN REAL                                 | FX Forward Contract: BRL/USD SETTLE 2026-01-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $16366.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                           | FX Forward Contract: EUR/USD SETTLE 2026-01-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $-887.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                   | FX Forward Contract: USD/HKD SETTLE 2026-01-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $16.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GREENCOAT UK WIND PLC                          | GREENCOAT UK WIND PLC MUTUAL FUND               | CUSIP: N/A<br>LEI: 213800ZPBBK8H51RX165       | Long             | EC               |  | GB        |   3365089 | NS      | $4433474.32   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                | IBERDROLA SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    351834 | NS      | $7613559.91   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                              | NATIONAL GRID PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |    444582 | NS      | $6804512.68   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                           | NEXTERA ENERGY INC COMMON STOCK                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |    133799 | NS      | $10741383.72  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHLAND POWER INC                            | NORTHLAND POWER INC COMMON STOCK                | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               |  | CA        |    263124 | NS      | $3426418.68   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHNOLOGIES, INC.                       | ORMAT TECHNOLOGIES INC COMMON STOCK             | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               |  | US        |     64418 | NS      | $7116256.46   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED   | PUBLIC SERVICE ENTERPRISE GP COMMON STOCK       | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               |  | US        |    103936 | NS      | $8346060.80   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RENEW ENERGY GLOBAL PLC                        | RENEW ENERGY GLOBAL PLC-A COMMON STOCK          | CUSIP: G7500M104<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               |  | US        |   1859724 | NS      | $10507440.60  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| RENOVA, Inc.                                   | RENOVA INC COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |   1016505 | NS      | $4434073.20   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMBCORP INDUSTRIES LTD                        | SEMBCORP INDUSTRIES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               |  | SG        |   1230300 | NS      | $5748498.30   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRUN INC.                                    | SUNRUN INC COMMON STOCK                         | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               |  | US        |    264480 | NS      | $4866432.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Transmissora Alianca de Energia Eletrica S/A   | TRANSMISSORA ALIANCA DE-UNIT UNIT               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    365800 | NS      | $2811047.58   | 1.30%             |  |  |  | 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        |   8568780 | NS      | $1211570.57   | 0.56%             |  |  |  | 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