# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-002557
**Filing Date:** 2026-2
**Character Count:** 52120
**Document Hash:** a360b7d0a187ba0345d9c414f5994b78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002557.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001398344-26-002557

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-192858
- **FILM NUMBER:** 26613589

**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           |

The Advisors' Inner Circle Fund III

![](fp0097214-41_rngpi1.jpg)

**Redwheel Next Generation Power Infrastructure Fund** 

(Formerly, Ecofin Global Renewables Infrastructure Fund)

A Class Shares: ECOAX<br> Institutional Class Shares: ECOIX

**Summary Prospectus** 

**January 28, 2026**

Investment Adviser:

**RWC Asset Management LLP** 

**Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund online at www.redwheel.com. You can also get this information at no cost by calling 1-855-RWC-FUND, by sending an e-mail request to investorsupport@redwheel.com, or by asking any financial intermediary that offers shares of the Fund. The Fund's prospectus and statement of additional information, both dated January 28, 2026, as amended, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.**

&nbsp;&nbsp;**Redwheel Global Emerging Equity Fund**<br>

**Investment Objective** 

The Redwheel Next Generation Power Infrastructure Fund (the "Next Generation Power Infrastructure Fund" or the "Fund") seeks long-term total return derived principally from a combination of capital appreciation and income over time.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold A Class Shares and Institutional Class Shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or the example below.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees (fees paid directly from <br> your investments)** | **A Class Shares** | **Institutional Class <br> Shares** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.50% |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) (as a percentage of initial investment or the value of the investment at redemption, whichever is lower) | 1.00%<sup>1</sup> |  |

---

<sup>1</sup> A Class Shares purchases of $1 million or more are not subject to a sales charge at the time of purchase but generally are subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. This CDSC will be assessed on an amount equal to the lesser of the initial value of the shares redeemed and the value of shares redeemed at the time of redemption. 

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **A Class Shares** | **Institutional Class <br> Shares** |
| &nbsp;&nbsp;Management Fees | 0.75% | 0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | 0.25% |  |
| &nbsp;&nbsp;Other Expenses<sup>1</sup> | 0.31% | 0.31% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses ("AFFE")<sup>2</sup> | 0.01% | 0.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>3,4</sup> | 1.32% | 1.07% |

---

<sup>1</sup> Effective March 27, 2025, the Fund's fiscal year end changed from November 30 to September 30. Therefore, "Other Expenses" shown are annualized for the period from December 1, 2024 through September 30, 2025.

<sup>2</sup> AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other investment companies, including mutual funds, money market funds and exchange-traded funds.

<sup>3</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after fee reductions and/or expense reimbursements, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. 

<sup>4</sup> Until September 30, 2026, RWC Asset Management LLP ("RWC UK"), the investment adviser to the Fund, has contractually agreed to waive its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, distribution and/or service (12b-1) fees, shareholder servicing fees, AFFE, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) from exceeding 1.00% of the average daily net assets of each of the Fund's share classes. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by RWC UK, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on September 30, 2026. In addition, RWC UK may receive from the Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the Fund's contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Institutional Class shares of the Fund from a financial intermediary, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;A Class Shares | $777 | $945 | $1234 | $2053 |
| &nbsp;&nbsp;Institutional Class Shares | $109 | $340 | $590 | $1306 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;A Class Shares | $677 | $945 | $1234 | $2053 |
| &nbsp;&nbsp;Institutional Class Shares | $109 | $340 | $590 | $1306 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. For the fiscal period from December 1, 2024 to September 30, 2025, the Fund's unannualized portfolio turnover rate was 46% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund will principally focus its investment activities in equity securities of companies who are developers, owners and operators, in full or in part, of renewable and low-emission power plants and systems, and related infrastructure investments. The Fund will typically emphasize those companies achieving measurable improvements in overall emissions, as defined as those gases and particles that are exhausted into the air as a result of fuel combustion-related activities ("Emissions"), relative to their market peers. The Fund's investments in equity securities may include investments in other investment companies, real estate investment trusts ("REITs"), foreign investment funds, preferred stocks, rights, warrants, convertible securities, and initial public offerings. The Fund will be invested in a range of both developed and non-developed markets, commensurate with its investment criteria. The Fund considers non-developed market countries to be those countries defined as such by the MSCI Market Classification Framework.

The Fund will invest at least 80% of its total assets in equity securities of next generation power infrastructure companies, which consist of companies deriving at least 50% of revenues from activities in power generation, transmission, distribution, storage, and ancillary or related services and that further either: (i) derive at least 50% of revenues from activities in renewable and low-Emission power generation,

transmission, distribution, storage, and ancillary or related services; or (ii) are investing a majority of growth capital to increase their percentage mix of assets distributing and transmitting renewable and low-Emission power over time ("Next Generation Power Infrastructure Universe"). For these purposes, the term "renewable" means energy derived from natural sources that are constantly replenished and that can be harnessed for the purposes of producing electricity, such as solar, wind or hydro-electric. Such companies invest in renewable generation or other low-Emission related services, and/or contribute to reducing Emissions. These include, but are not limited to, those companies involved with owning solar, wind, hydro-electric, biomass, waste-to-energy and large-scale battery storage assets, as well as transmission and distribution assets related to delivering electricity, including renewable energy. For companies involved in power generation, the Fund will only invest in such companies that have as a minimum 10% lower CO2 emissions per unit of electricity generated than the grids in which they operate. This analysis is completed by an external specialist provider, based on scope 1 emissions of the power generation business.

The Next Generation Power Infrastructure Universe is a global investment universe that includes companies mainly based in North America, Europe and Asia, but also includes companies in other regions to a lesser extent. Under normal market conditions, the Fund will invest at least 40% of its total assets in foreign securities, which RWC Asset Management LLP ("RWC UK") considers to be companies organized outside of the United States, whose principal listing exchange is outside the United States, or who derive a significant portion of their revenue or profits outside the United States.

The Fund's investments in foreign securities may also include American Depositary Receipts ("ADRs") and investments in non-developed market securities. The Fund may invest up to 20% of its total assets in securities of companies located in nondeveloped markets. The Next Generation Power Infrastructure Universe includes a broad range of companies, ranging from small market capitalization companies to large market capitalization companies, with assets located throughout the world. The Fund may invest in companies of all market capitalizations. The Fund's investment in securities of companies in the Next Generation Power Infrastructure Universe may include illiquid securities. The Fund will concentrate in industries represented by infrastructure companies. The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

The Fund may invest up to 15% of its total assets in debt securities, including but not limited to debt securities issued or guaranteed by the U.S. government or government-related entities. The Fund may also invest in derivatives which are financial contracts whose values depend on, or are derived from, the values of underlying assets, reference rates, or indices. To manage risk and/or seek particular portfolio exposure as a substitute for a comparable market position in the underlying exposure, the Fund may invest in derivatives including options, futures, swap contracts and combinations of these instruments. The Fund may invest in futures, options and swap contracts on equity and debt securities, equity and debt indices and commodities ("Commodity Interests") (i) with aggregate net notional value of up to 20% of the Fund's net assets, or (ii) for which the initial margin and premiums do not exceed 5% of its net assets, in each case excluding bona fide hedging transactions.

RWC UK will seek to utilize a combined investment approach, incorporating a relatively broad exposure to the Next Generation Power Infrastructure Universe, with targeted active weights towards those investments that RWC UK believes offer attractive risk-adjusted intrinsic value. These active weights can change over time, relative to changes in corporate strategy, share prices, regulatory changes or other factors such as, but not limited to, balance sheet and liquidity considerations, environmental, social and governance ("ESG") risk considerations, project success or jurisdictional policy issues. RWC UK uses financial models (income statements, balance sheets, cash flow statements), valuation metrics (discounted cash flows, price-to-book, price-to-earnings, enterprise value to EBITDA, dividend yield and growth) and risk metrics (beta, volatility, correlations) to identify the best investment opportunities from a return perspective while taking into account the different risk profile of each investment.

RWC UK incorporates ESG risk factors into its security selection and portfolio construction. RWC UK reviews both internally generated and third-party data in assessing ESG risk factors. In order to determine the suitability of an investment for the Fund, after having screened positively in terms of activity and the CO2 emissions threshold for power generating companies, RWC UK conducts a thorough analysis of the companies that encompass ESG and financial analysis, using internal analysis and external providers. RWC UK conducts meetings with management as part of the process to identify and review the attractiveness of the potential investment. The primary aim of the ESG analysis process is to assess how ESG risks can derail or materially impact the underlying investment case of a company.

ESG risk considerations include, but are not limited to, RWC UK evaluating specific environmental factors of a company's policy towards carbon and potentially other emissions. From a social perspective, RWC UK analyzes potential portfolio companies' metrics such as, but not limited to, whether the company is a signatory to the UN Global Compact and also seeks to measure and create a positive improvement regarding abatement of other harmful emissions which can disproportionately affect some impoverished communities. In terms of governance, RWC UK incorporates an analysis of the company's board composition such as the percent of independent directors and may also assess protection of minority shareholders. RWC UK analyzes these factors with a preference for positive and improving trends when considering individual stocks for purchase in the portfolio. This data is reviewed for all investments at the time of purchase and periodically, at least quarterly, for all portfolio investments.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Market Risk** — The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

**Equity Securities Risk** — Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles,

and the value of the Fund's securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Renewable Energy Company Risk** — Because the Fund invests in renewable energy companies, the value of Fund shares may be affected by events that adversely affect that industry, such as technology shifts, short product lifecycles, falling prices and profits, competition and general economic conditions, and may fluctuate more than that of a fund that does not concentrate in sustainable energy solutions companies.

**Adviser Risk** — The Fund may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if RWC UK cannot successfully implement the Fund's investment strategies.

**Concentration Risk** — The Fund's strategy of focusing its investments in Renewable Infrastructure companies means that the performance of the Fund will be closely tied to the performance of the renewable electricity and utility infrastructure industry. The Fund's focus in this industry presents more risk than if it were broadly diversified over numerous industries and sectors of the economy. An inherent risk associated with any investment focus is that the Fund may be adversely affected if one or two of its investments perform poorly.

**Energy Infrastructure Industry Risk** — Companies in the energy infrastructure industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry, including, but not limited to risks associated with companies owning power infrastructure, propane assets, as well as capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks.

**Renewable Energy Infrastructure Industry Risk** — Companies in the renewable energy infrastructure industry are subject to many business, economic, environmental, and regulatory risks that can adversely affect the costs, revenues, profits, and viability of companies in the industry. These risks include, but are not limited to, the following: volatility in competing commodity prices and changes in supply and demand, which may affect the volume of energy commodities transported, processed, stored and or distributed; specific risks associated with companies owning and/or operating renewable energy or utility transmission systems; operating risks including outages, structural and maintenance, impairment and safety problems; changes in the regulatory environment at federal, state and local levels, and in foreign markets; environmental regulation and liability risk; terrorism risk; extreme weather and other natural disasters; and capital markets risk, resulting in a higher capital costs or impacting growth and access to capital.

**New Technology Risk** — New technologies used in renewable energy have a shorter commercial experience vs traditional energy production technologies. Also, advancements in renewable energy may create disruptive competitive threats to both incumbent technologies, such as centralized electric transmission and distribution networks; in progressively more efficient or lower cost versions of existing renewable technology, or possibly advancements or innovations in competing renewable technology.

**ESG Risk** — A company's ESG score is one factor considered by RWC UK when determining whether to buy or sell a security. The Fund may purchase and hold securities that present ESG risks. The evaluation of ESG factors is often subjective and RWC UK may not identify or evaluate every relevant ESG factor with respect to every investment. As a result, the ESG evaluation performed by RWC UK may differ from the evaluations made by other investment advisers and may not reflect the beliefs or values of any particular investor. In addition, the evaluation of ESG factors and implementation of ESG-related investment restrictions (i.e., screens) rely on the availability of timely, complete and accurate ESG data being reported by issuers and/or third-party research providers, and ESG-related data is often based on estimates or assumptions. RWC UK's ability to evaluate and assess ESG factors and the successful implementation of ESG-related investment restrictions may be limited or compromised to the extent relevant data is unavailable or inaccurate. The integration of ESG considerations may also cause the Fund to perform differently compared to accounts that do not integrate ESG considerations.

For example, ESG considerations may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so. Further, an increased focus on ESG or sustainability investing in recent years may have led to increased valuations of certain issuers with higher ESG profiles. A reversal of that trend could result in losses with respect to investments in such issuers.

**Non-Diversified Fund Risk** — The Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent that the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund. Accordingly, the limited number of issuers in which the Fund invests means that each issuer has a proportionately greater impact on the Fund's returns. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Foreign Securities Risk** — Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**ADR Risk** — Investments in ADRs may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based.

**Emerging and Frontier Markets Securities Risk** — The Fund's investments in emerging or frontier markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging and frontier markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging and frontier market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Large Cap Company Risk** — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

**Small and Mid-Cap Companies Risk** — The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small and medium-sized companies may pose additional risks, including liquidity risk, because these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small

management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Debt Securities Risk** — The prices of the Fund's fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets.

**Government-Sponsored Entities Risk** — The Fund may invest in securities issued or guaranteed by government-sponsored entities. However, these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency.

**REIT Risk** — REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

**Investment Company and RIC Compliance Risk** — To the extent that the Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of

the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, RWC UK may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect Fund performance.

For any taxable year the Fund fails to qualify as a RIC, the Fund's taxable income will be subject to federal income tax at regular corporate rates. The resulting increase to the Fund's expenses will reduce its performance and its income available for distribution to shareholders.

**Rights and Warrants Risk** — Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

**Initial Public Offering ("IPO") Risk** — The market value of shares issued in an IPO may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described elsewhere in this section.

**Cybersecurity Risk** — The Fund and its service providers may experience disruptions that arise from breaches in cyber security, human error, processing and communications errors, counterparty or third-party errors, technology or systems failures, any of which

may have an adverse impact on the Fund. Failures or breaches of the electronic systems of the Fund, the Fund's adviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's operations, potentially resulting in financial losses to the Fund and its shareholders.

**Liquidity Risk** — Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Credit Risk -** The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations.

**Convertible Securities Risk** — The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**U.S. Government Securities Risk —** Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

**Preferred Stock Risk** — Preferred stock is a type of stock that generally pays dividends at a specified rate and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with

investments in preferred stock include issuer risk, market risk and interest rate risk (i.e., the risk of losses attributable to changes in interest rates).

**Tax Risk** — Income from certain exchange traded products that invest in commodities and other non-security based asset classes, as well as direct investments in such alternative asset classes such as gold, may not be qualifying income for purposes of the qualifying income test that must be met by the Fund in order to qualify as a RIC under Subchapter M of the Code. The Fund will seek to restrict its income from direct investments in such alternative investments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with certain qualifying income tests necessary for the Fund to qualify as a RIC under the Code. However, there is no guarantee that the Fund will be successful in this regard. If the Fund fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the Fund's Statement of Additional Information (the "SAI") for a more detailed discussion, including the availability of certain relief provisions for certain failures by the Fund to qualify as a RIC. The tax treatment of certain commodity investments and other non-security based instruments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund's taxable income or gains and distributions. The Fund's pursuit of its investment objective will potentially be limited by the Fund's intention to qualify for treatment as a RIC. The Fund can make certain investments, the treatment of which is unclear under the Code and could adversely affect the Fund's ability to qualify as a RIC.

**Derivatives Risk** — The Fund's use of options, swaps, futures contracts, and hedging is subject to correlation risk, leverage risk, liquidity risk and market risk. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Leverage risk, liquidity risk and market risk are described elsewhere in this section. The Fund's use of structured notes is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Moreover, certain derivative instruments can magnify the extent of losses incurred due

to changes in the market value of the securities to which they relate. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment.

**Futures Contracts Risk** — The price of a futures contract may change rapidly in response to changes in the markets and the general economic environment. Futures investments may result in investment exposures that are greater than their cost would suggest, meaning that a small investment in futures could have a large potential effect on the performance of the Fund. Generally, the purchase of a futures contract will increase the Fund's exposure to the volatility of the underlying asset while the value of a futures contract that is sold will perform inversely to the underlying asset. The successful use of futures by the Fund will be subject to RWC UK's ability to predict correctly movements in the direction of relevant markets, as well as interest rates, currency exchange rates and other economic factors.

**Options Risk** — Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund's performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk.

**Swap Agreements Risk** — A swap is a derivative that provides leverage, allowing the Fund to obtain exposure to an underlying asset, reference rate or index in an amount that is greater than the amount the Fund has invested. By using swap agreements, the Fund is exposed to counterparty credit risk. The use of swap agreements could cause the Fund to be more volatile, resulting in larger gains or losses in response to changes in the values of the assets, reference rates or indices underlying the swap agreements than if the Fund had made direct investments in such assets, reference rates or indices.

**Hedging Risk** — It is not possible to hedge fully or perfectly against any risk. While hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in

a different manner than anticipated by the Fund or if the cost of the derivative outweighs the benefit of the hedge. Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Fund, in which case any losses on the holdings being hedged may not be reduced or may be increased.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Institutional Class Shares' performance from year to year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indices with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

The Fund operated as the Ecofin Global Renewables Infrastructure Fund (the "Ecofin Predecessor Fund"), a series of Managed Portfolio Series, prior to the Fund's acquisition of the assets and assumption of the liabilities of the Ecofin Predecessor Fund on September 30, 2024 (the "Reorganization"). The Reorganization closed effective September 30, 2024. As a result of the Reorganization, A Class Shares and Institutional Class Shares of the Fund assumed the performance and accounting history of A Class Shares and Institutional Class Shares of the Ecofin Predecessor Fund, respectively. In addition, A Class Shares and Institutional Class Shares of the Ecofin Predecessor Fund acquired the performance and accounting history of Tortoise Global Renewables Infrastructure Fund Limited (the "Tortoise Predecessor Fund" and together with the Ecofin Predecessor Fund, the "Predecessor Funds"), an unregistered Cayman Islands limited liability company, on August 7, 2020. Accordingly, performance figures for the periods prior to August 7, 2020, represent the performance of the Tortoise Predecessor Fund, and performance figures for the period from August 7, 2020 through September 29, 2024 represent the performance of the Ecofin Predecessor Fund. From its inception through August 7, 2020, the Tortoise Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the 1940 Act, or Subchapter M of the Code, which, if they had been applicable, might have adversely affected the Tortoise Predecessor Fund's performance. The Tortoise Predecessor Fund's performance was calculated using a methodology of time-weighted total returns

from official net asset values. Since August 7, 2020, the Predecessor Fund's performance and the Fund's performance have been calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total return for the Tortoise Predecessor Fund.

The Predecessor Funds' performance figures have not been adjusted to reflect the Fund's expenses. If the Predecessor Funds' performance information had been adjusted to reflect the Fund's expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the applicable Predecessor Fund for that period.

Updated performance information is available on the Fund's website at https://www.redwheel.com or by calling 1-855-RWC-FUND.

**Annual Total Returns – Institutional Class Shares**![](fp0097214-41_ngpi17.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 27.10% | (17.43)% |
| (12/31/2020) | 09/30/2023 |

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The performance information shown above is based on a calendar year and does not reflect the performance of A Class Shares, which will vary.

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and more narrowly based indices with characteristics relevant to the Fund's investment strategies.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Class Shares only. After-tax returns for A Class Shares will vary.

Returns after taxes on distributions and sale of Fund shares may be higher than before tax returns when a net capital loss occurs upon the redemption of Fund shares.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (November 2, <br> 2015)** |
| &nbsp;&nbsp;**Fund Returns Before Taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 25.36% | 0.53% | 8.75% | 8.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares<sup>1</sup> | 18.25% | (0.85)% | 8.00% | 8.10% |
| &nbsp;&nbsp;**Fund Returns After Taxes on Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 24.15% | (0.68)% | 8.04% | 8.13% |
| &nbsp;&nbsp;**Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 15.54% | 0.01% | 6.91% | 6.99% |
| &nbsp;&nbsp;**MSCI ACWI Net Return Index<sup>2</sup>** | 22.34% | 11.19% | 11.72% | 11.17% |
| &nbsp;&nbsp;**S&P Global Infrastructure Net Total Return Index<sup>3</sup>** | 21.54% | 10.02% | 8.47% | 7.59% |
| &nbsp;&nbsp;**S&P Global Infrastructure Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>3</sup>** | 22.58% | 10.97% | 9.42% | 8.54% |

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<sup>1</sup> The returns shown for A Class Shares reflect the maximum sales charge of 5.50%. 

<sup>2</sup> The MSCI ACWI Net Return Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world and is calculated with dividends reinvested after deduction of withholding tax.

<sup>3</sup> The S&P Global Infrastructure Indices' returns vary based on the treatment of regular cash dividends. The S&P Global Infrastructure Net Total Return Index reflects a reinvestment of regular cash dividends at the close on the ex-date after the deduction of applicable withholding taxes, whereas the S&P Global Infrastructure Total Return Index reflects a reinvestment of regular cash dividends at the close on the ex-date without consideration for withholding taxes. 

**Investment Adviser** 

RWC Asset Management LLP serves as investment adviser to the Fund.

**Portfolio Managers** 

Michel Sznajer, an employee of RWC Partners Ltd., has managed the Fund since its inception in 2024 and managed the Predecessor Funds since 2016.

Matthew Breidert, an employee of RWC Asset Advisors (US) LLC ("RWC US"), has managed the Fund since its inception in 2024 and managed the Predecessor Funds since inception in 2015.

Each of RWC UK, RWC US and RWC Partners Ltd. are indirect wholly owned subsidiaries of RWC Partners Holdings Limited.

**Purchase, Sale and Exchange of Fund Shares** 

You may generally purchase, exchange or redeem shares on any day that the New York Stock Exchange ("NYSE") is open for business.

To purchase shares of the Fund for the first time, you must invest at least $2,500 for A Class Shares or $1,000,000 for Institutional Class Shares. Subsequent investments in both A Class Shares and Institutional Class Shares of the Fund must be made in amounts of at least $100. The initial minimum investment amount for Institutional Class Shares will be waived for employees of RWC UK, and the Fund may accept initial or subsequent investments of smaller amounts from other investors in its sole discretion, including in the following circumstances:

● Certain retirement, defined benefit and pension plans;

● Bank or trust companies investing for their own accounts or acting in a fiduciary or similar capacity;

● Institutional clients of RWC UK;

● Trustees and Officers of the Trust; and

● Employee retirement plans sponsored by, affiliates of, or employees (including their immediate families) of, RWC UK or its affiliates.

If you own your shares directly, you may redeem your shares by contacting the Fund directly by mail at: Redwheel Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Redwheel Funds, c/o SS&C Global Investor & Distribution Solutions Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or telephone at 1-855-RWC-FUND. You may also purchase or redeem your shares by wire transfer.

If you own your shares through an account with a broker or other financial intermediary, contact that broker or financial intermediary to redeem your shares. Your broker or financial intermediary may charge a fee for its services in addition to the fees charged by the Fund.

**Tax Information** 

The Fund intends to make distributions that may be taxed as qualified dividend income, ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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