# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-045868
**Filing Date:** 2023-2
**Character Count:** 103167
**Document Hash:** 8f560c1df5ec055df9b9531f2ff360ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045868.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045868

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23681448

**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

### First Foundation Total Return Fund (Series ID: S000070257)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223441 | Class A      | FBBAX           |
| C000223442 | Class Y      | FBBYX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal<br>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations — 53.5%** | **Corporate Obligations — 53.5%** | **Corporate Obligations — 53.5%** |
|  **COMMUNICATION SERVICES — 2.3%** | **COMMUNICATION SERVICES — 2.3%** | **COMMUNICATION SERVICES — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/28 | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30 (a) | 750000 | 699449 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/30 (a) | 2000000 | 1576400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/15/43 | 168000 | 132236 |
|  |  | 3132275 |
|  **CONSUMER DISCRETIONARY — 3.7%** | **CONSUMER DISCRETIONARY — 3.7%** | **CONSUMER DISCRETIONARY — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 | 750000 | 678010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 | 1500000 | 1417786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 | 160000 | 134794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/32 | 1000000 | 831864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/28 | 2000000 | 1857365 |
|  |  | 4919819 |
|  **ENERGY — 1.9%** | **ENERGY — 1.9%** | **ENERGY — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.398%, 4.88% (b) (c) | 1725000 | 1509375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 | 259000 | 255990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 4.110%, 8.72% (b) (c) | 1000000 | 860000 |
|  |  | 2625365 |
|  **FINANCIALS — 17.1%** | **FINANCIALS — 17.1%** | **FINANCIALS — 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/27 | 1750000 | 1462641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 | 2000000 | 1642189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 3.898%, 6.10% (b) (c) | 1750000 | 1688750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 4.553%, 6.30% (b) (c) | 500000 | 496287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.358%, 4.70% (b) (c) | 1000000 | 960130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.971%, 5.38% (b) (c) | 1400000 | 1369200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.385%, 6.99%, 05/15/37 (b) | 1500000 | 1260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.830%, 7.58%, 12/31/27 (b) | 500000 | 500000 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal<br>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
|  **FINANCIALS (continued)** | **FINANCIALS (continued)** | **FINANCIALS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 3.780%, 6.75% (b) (c) | 3000000 | 2988420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.040%, 6.28%, 04/20/67 (b) | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.318%, 9.25% (b) (c) | 500000 | 531250 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 | 250000 | 245444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/27 | 400000 | 339650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/25 | 2750000 | 2608612 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.238%, 6.20% (b) (c) | 150000 | 146587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 3.920%, 5.63%, 06/15/43 (b) | 895000 | 879337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (a) | 2000000 | 1714325 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 1.000%, 5.77%, 06/15/47 (b) | 750000 | 575283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.605%, 4.95% (b) (c) | 1650000 | 1577565 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 | 500000 | 493093 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Wholesale Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (a) | 500000 | 397740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 0.500%, 4.58%, 01/15/27 (b) | 795000 | 737728 |
|  |  | 22878696 |
|  **HEALTHCARE — 0.0%** | **HEALTHCARE — 0.0%** | **HEALTHCARE — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 12/10/28 | 40725 | 40115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endo Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/23 (a)(d) | 187000 | 9350 |
|  |  | 49465 |
|  **INDUSTRIALS — 10.7%** | **INDUSTRIALS — 10.7%** | **INDUSTRIALS — 10.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BNSF Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.350%, 6.61%, 12/15/55 (b) | 1554000 | 1462780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 to 02/01/35 (e) | 2125000 | 1816074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 | 2150000 | 1923337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 | 750000 | 599679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 | 1000000 | 876167 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal<br>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
|  **INDUSTRIALS (continued)** | **INDUSTRIALS (continued)** | **INDUSTRIALS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 3.330%, 8.10% (b) (c) | 1495000 | 1468751 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 0.300%, 4.38%, 05/13/24 (b) | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/10/30 | 1000000 | 829725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/27 | 3100000 | 3292911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29 (a) | 1000000 | 871255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (a) | 500000 | 480000 |
|  |  | 14356506 |
|  **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 | 1000000 | 900918 |
|  **MATERIALS — 2.6%** | **MATERIALS — 2.6%** | **MATERIALS — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 | 2250000 | 1795770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 | 1750000 | 1695103 |
|  |  | 3490873 |
|  **REAL ESTATE — 4.1%** | **REAL ESTATE — 4.1%** | **REAL ESTATE — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 | 2500000 | 2139044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating Partnership I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/31 | 1000000 | 731771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 | 750000 | 629487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Opportunity Investments Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/24 | 850000 | 812466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/30 | 1500000 | 1170796 |
|  |  | 5483564 |
|  **UTILITIES — 10.4%** | **UTILITIES — 10.4%** | **UTILITIES — 10.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.388%, 4.88% (b) (c) | 1500000 | 1368750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 | 2500000 | 2319226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.698%, 5.38% (b) (c) | 2125000 | 1739079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 | 4250000 | 3297517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 | 3000000 | 1863348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 | 1500000 | 1162261 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | 42000 | 44727 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal<br>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
|  **UTILITIES (continued)** | **UTILITIES (continued)** | **UTILITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/01/41 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11258 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.113%, 6.72%, 05/15/67 (b) | 2560000 | 2141542 |
|  |  | 13947708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations<br> (Cost $83,204,459) |  | 71785189 |
|  **Mortgage-Backed Securities — 18.8%** | **Mortgage-Backed Securities — 18.8%** | **Mortgage-Backed Securities — 18.8%** |
|  **AGENCY MORTGAGE-BACKED SECURITIES — 17.7%** | **AGENCY MORTGAGE-BACKED SECURITIES — 17.7%** | **AGENCY MORTGAGE-BACKED SECURITIES — 17.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/44 | 388685 | 372297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 71346 | 72135 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, Series K735, Class AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 05/25/26 | 2000000 | 1849513 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M12, Class A2 2.89%, 06/25/29 (b) | 1500000 | 1351476 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-16, Class PA 4.50%, 02/25/40 | 24659 | 24025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/43 to 06/01/43 (e) | 1619896 | 1473926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/42 to 02/01/43 (e) | 690961 | 646801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/41 to 03/01/44 (e) | 510722 | 490094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/39 to 04/01/41 (e) | 664697 | 657736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 84254 | 85090 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Series 2016-104, Class QA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/25/43 | 139412 | 135179 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2019-SB62, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 03/25/29 (b) | 1492174 | 1370116 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2018-SB53, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 06/25/28 (b) | 1530737 | 1469121 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2019-SB60, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 01/25/29 (b) | 734372 | 684942 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2018-SB52, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 06/25/28 (b) | 2093937 | 1988220 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2019-SB63, Class A10H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 03/25/39 (b) | 538519 | 488886 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, Series 2017-SB42, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 10/25/27 (b) | 909525 | 841694 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2018-156, Class AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/16/59 (b) | 332138 | 307760 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2017-46, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/16/57 | 363323 | 309221 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal<br>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2012-100, Class BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/16/52 (b) | 2500000 | 2104719 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2018-68, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/16/59 (b) | 1000000 | 849059 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2020-3, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/16/62 | 998872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852042 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2017-106, Class AC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/16/51 | 178004 | 163665 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2012-83, Class AK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/16/53 (b) | 582872 | 522111 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2020-8, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/16/62 | 1220081 | 1031872 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2017-69, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/16/58 | 644620 | 589028 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2019-55, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/16/61 (b) | 732958 | 642884 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2019-2, Class AE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/16/59 | 714782 | 668039 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2018-3, Class AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/16/58 | 221902 | 193309 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2018-129, Class AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/16/59 | 94260 | 93154 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2017-24, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/16/44 | 104827 | 101043 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/43 | 453589 | 427854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/41 to 04/20/43 (e) | 433005 | 417042 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Series 2017-70, Class AE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/16/58 | 553733 | 480311 |
|  |  | 23754364 |
|  **NON-AGENCY MORTGAGE-BACKED SECURITIES — 1.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 1.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2013-LC13, Class AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 08/10/46 (a)(b) | 100000 | 98323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2014-CR14, Class AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 02/10/47 (b) | 120000 | 117187 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2014-GC20, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 04/10/47 | 105000 | 101779 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/47 (b) | 153000 | 146291 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 02/15/47 (b) | 100000 | 91471 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>**<br> **<u>($)/Shares</u>** | **<u>Value ($)</u>** |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 07/15/46 (b) | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 07/15/46 (b) | 191000 | 165197 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2013-C17, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 12/15/46 | 115000 | 112330 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2014-C19, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 03/15/47 (b) | 140000 | 133828 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/47 (b) | 263000 | 255329 |
|  |  | 1428748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br> (Cost $27,749,181) |  | 25183112 |
|  **Preferred Stock — 10.0%** | **Preferred Stock — 10.0%** | **Preferred Stock — 10.0%** |
|  **COMMUNICATION SERVICES — 2.1%** | **COMMUNICATION SERVICES — 2.1%** | **COMMUNICATION SERVICES — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Qwest Corp. 6.75%, 06/15/2057 | 45187 | 786254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qwest Corp. 6.50%, 09/01/2056 | 55790 | 931693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems 6.00%(c) | 80000 | 1048000 |
|  |  | 2765947 |
|  **ENERGY — 1.6%** | **ENERGY — 1.6%** | **ENERGY — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge 6.38%, 04/15/2078(b) | 10022 | 244537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer 7.63%(b) (c) | 53750 | 1182500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer 7.38%(b) (c) | 32862 | 715406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer 7.60%(b) (c) | 1394 | 30514 |
|  |  | 2172957 |
|  **FINANCIALS — 3.8%** | **FINANCIALS — 3.8%** | **FINANCIALS — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, REIT 6.38%(c) | 34000 | 586840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Holding 6.38%(b) (c) | 3703 | 88650 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial 5.00%, 12/31/2026 | 80000 | 1679600 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial 6.00%, 01/31/2028 | 40000 | 777600 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial 6.75%, 05/31/2024 | 8892 | 216965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, REIT 6.25%(b) (c) | 80000 | 1404800 |
| &nbsp;&nbsp;&nbsp;&nbsp; RiverNorth DoubleLine Strategic Opportunity Fund I 4.38%(c) | 21000 | 378420 |
|  |  | 5132875 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Shares/</u>**<br> **<u>Principal</u>**<br> **<u>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Preferred Stock (continued)** | **Preferred Stock (continued)** | **Preferred Stock (continued)** |
|  **REAL ESTATE — 1.5%** | **REAL ESTATE — 1.5%** | **REAL ESTATE — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property Partners 6.50%(c) | 20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326098 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, REIT 6.38%(c) | 80000 | 1636000 |
|  |  | 1962098 |
|  **UTILITIES — 1.0%** | **UTILITIES — 1.0%** | **UTILITIES — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust III 5.75%(b) (c) | 61167 | 1134036 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust VI 5.00%(c) | 12348 | 214979 |
|  |  | 1349015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock<br> (Cost $17,304,987) |  | 13382892 |
|  **U.S. Treasury Obligations — 8.6%** | **U.S. Treasury Obligations — 8.6%** | **U.S. Treasury Obligations — 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 to 8/15/2040 (e) | 5500000 | 3427695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | 500000 | 269082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/2041 | 950000 | 650119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | 1000000 | 707695 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 5/15/2030 to 8/15/2030 (e) | 4750000 | 3749697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 1250000 | 1121631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 2000000 | 1627813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br> (Cost $14,369,529) |  | 11553732 |
|  **Municipal Bonds — 3.5%** | **Municipal Bonds — 3.5%** | **Municipal Bonds — 3.5%** |
|  **CALIFORNIA — 0.2%** | **CALIFORNIA — 0.2%** | **CALIFORNIA — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Financing Authority TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.26%, 08/01/29 | 300000 | 342360 |
|  **KENTUCKY — 0.6%** | **KENTUCKY — 0.6%** | **KENTUCKY — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District Finance Corp RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/26 | 750000 | 763772 |
|  **MARYLAND — 0.3%** | **MARYLAND — 0.3%** | **MARYLAND — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/25 | 500000 | 477520 |
|  **MICHIGAN — 1.1%** | **MICHIGAN — 1.1%** | **MICHIGAN — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belding Area Schools GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/25 | 750000 | 751004 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>**<br> **<u>($)/Shares</u>** | **<u>Value ($)</u>** |
|  **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  **MICHIGAN (continued)** | **MICHIGAN (continued)** | **MICHIGAN (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Park Public Schools GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured: Q-SBLF<br> 6.30%, 05/01/26 | 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635589 |
|  |  | 1386593 |
|  **NEW YORK — 0.7%** | **NEW YORK — 0.7%** | **NEW YORK — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York & New Jersey Port Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 10/01/62 | 320000 | 277677 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24(f) | 720000 | 719648 |
|  |  | 997325 |
|  **NORTH DAKOTA — 0.6%** | **NORTH DAKOTA — 0.6%** | **NORTH DAKOTA — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kindred Public School District No. 2 GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/27 | 750000 | 784475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br> (Cost $4,826,141) |  | 4752045 |
|  **Registered Investment Companies — 3.2%** | **Registered Investment Companies — 3.2%** | **Registered Investment Companies — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Dynamic Credit Allocation Fund | 7808 | 90495 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleLine Income Solutions Fund | 57789 | 640880 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleLine Opportunistic Credit Fund | 295 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM High Yield Bond Fund | 25596 | 303824 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Dynamic Income Fund | 34714 | 641515 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Dynamic Income Opportunities Fund | 134945 | 1723248 |
| &nbsp;&nbsp;&nbsp;&nbsp; RiverNorth DoubleLine Strategic Opportunity Fund | 97148 | 843244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Registered Investment Companies<br> (Cost $6,131,692) |  | 4247587 |
|  **Asset-Backed Securities — 1.8%** | **Asset-Backed Securities — 1.8%** | **Asset-Backed Securities — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Small Business Investment Company, Series 2018-10B, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/10/2028 | 985280 | 931259 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Small Business Investment Company, Series 2018-10A, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 3/10/2028 | 671377 | 636168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Business Administration, Series 2018-20H, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 8/1/2038 | 895531 | 848288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br> (Cost $2,572,327) |  | 2415715 |

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>**<br> **<u>($)/Shares</u>** | **<u>Value ($)</u>** |
|  **U.S. Government Agency Obligation — 0.5%** | **U.S. Government Agency Obligation — 0.5%** | **U.S. Government Agency Obligation — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/29/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Obligations<br> (Cost $1,000,000) |  | 636769 |
|  **Common Stock — 0.4%** | **Common Stock — 0.4%** | **Common Stock — 0.4%** |
|  **ENERGY — 0.1%** | **ENERGY — 0.1%** | **ENERGY — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp(g) | 2231 | 129086 |
|  **REAL ESTATE — 0.3%** | **REAL ESTATE — 0.3%** | **REAL ESTATE — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Creative Media & Community Trust, REIT | 69150 | 338835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Office Inc, REIT | 726 | 6200 |
|  |  | 345035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br> (Cost $513,545) |  | 474121 |
|  **Total Investments - 100.3%** |  | **134431162** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $157,671,861) |  |  |
|  **Other Assets & Liabilities, Net - (0.3)%** |  | **(352300)** |
|  **Net Assets - 100.0%** |  | **134078862** |

---

(a) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At December 31, 2022, these securities amounted to $5,846,842 or 4.4% of Net Assets of the Fund.

(b) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on
certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically
based on prevailing interest rates.

(c) Perpetual security with no stated maturity date.

(d) The issuer is, or is in danger of being, in default of its payment obligation.

(e) Securities are grouped by coupon and represent a range of maturities.

(f) Escrowed to Maturity

(g) Non-income producing security.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **FIXED INCOME FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

MTN — Medium Term Note

RB — Revenue Bond

REIT — Real Estate Investment Trust

TA — Tax Allocation

USD — U.S. Dollar

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value ($)</u>** |
|  **Foreign Common Stock — 43.1%** | **Foreign Common Stock — 43.1%** | **Foreign Common Stock — 43.1%** |
|  **CANADA — 13.0%** | **CANADA — 13.0%** | **CANADA — 13.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield | 67248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway | 25300 | 1887127 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenFirst Forest Products (a) | 111500 | 125905 |
| &nbsp;&nbsp;&nbsp;&nbsp; PrairieSky Royalty Ltd. | 318235 | 5096645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy | 104720 | 3322766 |
|  |  | 12548065 |
|  **FRANCE — 22.0%** | **FRANCE — 22.0%** | **FRANCE — 22.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SA | 1239539 | 6905510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet | 3617 | 5365724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie du Cambodge | 1 | 6190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financiere Moncey | 1 | 6990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lagardere | 126239 | 2699954 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton ADR | 7150 | 1035821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Industrielle et Financiere de l'Artois | 1 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi SA | 557140 | 5300319 |
|  |  | 21325588 |
|  **JAPAN — 1.0%** | **JAPAN — 1.0%** | **JAPAN — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co, Ltd. | 16000 | 670825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co, Ltd. ADR | 26250 | 273525 |
|  |  | 944350 |
|  **MEXICO — 2.2%** | **MEXICO — 2.2%** | **MEXICO — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Becle | 985897 | 2152685 |
|  **NETHERLANDS — 3.9%** | **NETHERLANDS — 3.9%** | **NETHERLANDS — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR (a) | 52350 | 3815948 |
|  **UNITED KINGDOM — 1.0%** | **UNITED KINGDOM — 1.0%** | **UNITED KINGDOM — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial ADR | 30762 | 947777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stock<br> (Cost $38,433,145) |  | 41734413 |
|  **Common Stock — 31.8%** | **Common Stock — 31.8%** | **Common Stock — 31.8%** |
|  **COMMUNICATION SERVICES — 13.1%** | **COMMUNICATION SERVICES — 13.1%** | **COMMUNICATION SERVICES — 13.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A(a) | 11620 | 1025232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C(a) | 3860 | 342498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class A(a) | 78130 | 4174486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment(a) | 114811 | 5163051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co.(a) | 22650 | 1967832 |
|  |  | 12673099 |
|  **CONSUMER DISCRETIONARY — 6.1%** | **CONSUMER DISCRETIONARY — 6.1%** | **CONSUMER DISCRETIONARY — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax(a) | 24550 | 1494850 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 61800 | 2072154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandy Leather Factory(a) | 560237 | 2392212 |
|  |  | 5959216 |
|  **CONSUMER STAPLES — 2.7%** | **CONSUMER STAPLES — 2.7%** | **CONSUMER STAPLES — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 21100 | 2135531 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Shares/</u>**<br> **<u>Principal</u>**<br> **<u>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Common Stock (continued)** | **Common Stock (continued)** | **Common Stock (continued)** |
|  **CONSUMER STAPLES (continued)** | **CONSUMER STAPLES (continued)** | **CONSUMER STAPLES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance | 12000 | 448320 |
|  |  | 2583851 |
|  **ENERGY — 2.2%** | **ENERGY — 2.2%** | **ENERGY — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater(a) | 32227 | 1187565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp(a) | 16335 | 945143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windrock | 23 | 11615 |
|  |  | 2144323 |
|  **FINANCIALS — 3.0%** | **FINANCIALS — 3.0%** | **FINANCIALS — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B(a) | 5055 | 1561489 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 10225 | 1371173 |
|  |  | 2932662 |
|  **HEALTHCARE — 2.6%** | **HEALTHCARE — 2.6%** | **HEALTHCARE — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.(a) | 18310 | 1366109 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2775 | 665889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 2000 | 470960 |
|  |  | 2502958 |
|  **MATERIALS — 1.1%** | **MATERIALS — 1.1%** | **MATERIALS — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keweenaw Land Association Ltd.(a) | 52595 | 1065049 |
|  **REAL ESTATE — 1.0%** | **REAL ESTATE — 1.0%** | **REAL ESTATE — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Creative Media & Community Trust, REIT | 204017 | 999683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $31,751,664) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30860841 |
|  **U.S. Treasury Obligations — 11.3%** | **U.S. Treasury Obligations — 11.3%** | **U.S. Treasury Obligations — 11.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills 3.33%, 3/2/2023 (b) | 1000000 | 993171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 1/19/2023 (b) | 1500000 | 1497587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 1/10/2023 (b) | 1000000 | 999296 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 7/31/2023 | 1000000 | 973672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 4/15/2023 | 2000000 | 1976719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 4/15/2024 | 3000000 | 2838750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | 2025000 | 1717848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,037,285) |  | 10997043 |
|  **Corporate Obligations — 9.4%** | **Corporate Obligations — 9.4%** | **Corporate Obligations — 9.4%** |
|  **COMMUNICATION SERVICES — 0.1%** | **COMMUNICATION SERVICES — 0.1%** | **COMMUNICATION SERVICES — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 | 545 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 | 132 | 112 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
|  **COMMUNICATION SERVICES (continued)** | **COMMUNICATION SERVICES (continued)** | **COMMUNICATION SERVICES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises<br>8.38%, 03/15/23 | 41000 | 41256 |
|  |  | 41870 |
|  **CONSUMER DISCRETIONARY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven<br>0.63%, 02/10/23 (c) | 795000 | 790925 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay<br>2.75%, 01/30/23 | 1042000 | 1040282 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial<br>3.70%, 05/09/23 | 41000 | 40797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America<br>5.75%, 04/06/23 (c) | 215000 | 215133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance<br>4.38%, 04/15/23 | 182000 | 181202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268339 |
|  **ENERGY — 0.2%** | **ENERGY — 0.2%** | **ENERGY — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer<br>3.60%, 02/01/23 | 119000 | 118771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.<br>5.63%, 11/15/23 (c) | 42000 | 42024 |
|  |  | 160795 |
|  **FINANCIALS — 1.2%** | **FINANCIALS — 1.2%** | **FINANCIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express<br>3.40%, 02/27/23 | 20000 | 19985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 4.174%, 6.50% (d) (e) | 340000 | 335353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab<br>2.65%, 01/25/23 | 201000 | 200741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group<br>3.20%, 02/23/23 | 20000 | 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group<br>4.25%, 06/15/23 (c) | 123000 | 122126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN<br>3.75%, 02/25/23 | 14000 | 13971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 3.920%, 5.63%, 06/15/43 (d) | 500000 | 491250 |
|  |  | 1203376 |
|  **HEALTHCARE — 0.3%** | **HEALTHCARE — 0.3%** | **HEALTHCARE — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allergan, Inc.<br>2.80%, 03/15/23 | 61000 | 60648 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson<br>2.85%, 03/15/23 | 237000 | 236093 |
|  |  | 296741 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>**<br> **<u>($)/Shares</u>** | **<u>Value ($)</u>** |
|  **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
|  **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease<br>2.25%, 01/15/23 | 861000 | 860181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/23 | 200000 | 198194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe<br>3.00%, 03/15/23 | 21000 | 20932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway<br>4.45%, 03/15/23 | 50000 | 49932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing<br>4.13%, 08/01/23 (c) | 115000 | 114357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243596 |
|  **INFORMATION TECHNOLOGY — 0.2%** | **INFORMATION TECHNOLOGY — 0.2%** | **INFORMATION TECHNOLOGY — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise<br>2.25%, 04/01/23 | 202000 | 200495 |
|  **REAL ESTATE — 1.1%** | **REAL ESTATE — 1.1%** | **REAL ESTATE — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower<br>3.00%, 06/15/23 | 26000 | 25723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/23 | 1015000 | 1013779 |
|  |  | 1039502 |
|  **UTILITIES — 2.8%** | **UTILITIES — 2.8%** | **UTILITIES — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Finance<br>3.75%, 06/15/23 (c) | 125000 | 124133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy<br>2.45%, 01/15/23 (c) | 300000 | 299687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas<br>2.50%, 03/15/23 | 480000 | 478714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International<br>2.95%, 03/15/23 | 937000 | 933314 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings<br>0.65%, 03/01/23 | 433000 | 430035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power<br>2.75%, 03/15/23 | 200000 | 199183 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE LIBOR USD 3 Month + 2.113%, 6.72%, 05/15/67 (d) | 250000 | 209135 |
|  |  | 2674201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,245,375) |  | 9128915 |
|  **Preferred Stock — 2.9%** | **Preferred Stock — 2.9%** | **Preferred Stock — 2.9%** |
|  **COMMUNICATION SERVICES — 0.5%** | **COMMUNICATION SERVICES — 0.5%** | **COMMUNICATION SERVICES — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband 7.00%(e) | 4499 | 104837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems 6.00%(e) | 27000 | 353700 |
|  |  | 458537 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Shares/</u>**<br> **<u>Principal</u>**<br> **<u>Amount ($)</u>** | **<u>Value ($)</u>** |
|  **Preferred Stock (continued)** | **Preferred Stock (continued)** | **Preferred Stock (continued)** |
|  **ENERGY — 0.2%** | **ENERGY — 0.2%** | **ENERGY — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer 7.38%(d) (e) | 9850 | 214435 |
|  **FINANCIALS — 0.9%** | **FINANCIALS — 0.9%** | **FINANCIALS — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America 7.25%(e) | 635 | 736600 |
| &nbsp;&nbsp;&nbsp;&nbsp; RiverNorth DoubleLine Strategic Opportunity Fund I 4.38%(e) | 4000 | 72080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo 5.85%(d) (e) | 3200 | 73632 |
|  |  | 882312 |
|  **REAL ESTATE — 1.3%** | **REAL ESTATE — 1.3%** | **REAL ESTATE — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, REIT 6.38%(e) | 56847 | 1162521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth, REIT 6.50%(e) | 4000 | 100210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, REIT 5.88%(e) | 900 | 19989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,569,244) |  | 2838004 |
|  **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** |
|  **AGENCY MORTGAGE-BACKED SECURITIES — 0.6%** | **AGENCY MORTGAGE-BACKED SECURITIES — 0.6%** | **AGENCY MORTGAGE-BACKED SECURITIES — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC<br>5.00%, 06/01/41 | 22561 | 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA<br>3.00%, 02/01/43 to 06/01/43 (f) | 209576 | 190692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/42 to 02/01/43 (f) | 93539 | 87557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/44 | 24183 | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/40 to 01/01/41 (f) | 47358 | 46954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 26643 | 26908 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Series 2012-93, Class SW<br>1.71%, 09/25/42 (d)(g) | 16368 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Series 2004-354, Class 1<br>0.00%, 12/25/34 (h) | 1611 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA<br>3.00%, 04/20/43 to 06/20/43 (f) | 39162 | 35749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/43 | 40410 | 38118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/41 to 04/20/43 (f) | 44963 | 43367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/40 to 03/20/41 (f) | 15590 | 15560 |
|  |  | 534013 |
|  **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C<br>4.88%, 01/15/47 (d) | 60000 | 57369 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>**<br> **<u>($)/Shares</u>** | **<u>Value ($)</u>** |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class AS<br>4.35%, 03/15/47 (d) | 40000 | 38833 |
|  |  | 96202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $700,268) |  | 630215 |
|  **Special Purpose Acquisition Company — 0.0%** | **Special Purpose Acquisition Company — 0.0%** | **Special Purpose Acquisition Company — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Tontine (a) | 42443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Special Purpose Acquisition Companies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $–) |  |  |
|  **Total Investments—99.2%** |  | **96189431** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $94,736,981) |  |  |
|  **Other Assets & Liabilities, Net - 0.8%** |  | **727847** |
|  **Net Assets—100.0%** |  | **96917278** |

---

(a) Non-income producing security.

(b) Interest rate represents the security's effective yield at the time of purchase.

(c) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At December 31, 2022, these securities amounted to $1,708,385 or 1.8% of Net Assets of the Fund.

(d) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on
certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically
based on prevailing interest rates.

(e) Perpetual security with no stated maturity date.

(f) Securities are grouped by coupon and represent a range of maturities.

(g) Interest only security ("IO"). These types of securities represent the right to receive the monthly interest
payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

(h) Principal only security ("PO"). These types of securities represent the right to receive the monthly
principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION** |
|  | **TOTAL RETURN FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

------

ADR — American Depositary Receipt

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ltd. — Limited

MTN — Medium Term Note

REIT — Real Estate Investment Trust

USD — U.S. Dollar

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

BRK-QH-001-0500

## 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:** First Foundation Total Return Fund

- **b. EDGAR series identifier (if any):** S000070257

- **c. LEI of Series:** 549300SJF67OSDFU9488

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $97092440.55

**Total Liabilities:** $175651.46

**Net Assets:** $96916789.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223442 | -1.61%               | 6.51%                | 7.60%                |
| Class ID C000223441 | -7.29%               | 0.35%                | 1.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $909743.15               | $-2769775.88                               |
| Month 2  | $5075699.76              | $1795530.49                                |
| Month 3  | $1637169.69              | $5374683.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TIME WARNER CABLE ENTERPRISES LLC                      | TIME WARNER CABLE ENTERPRISES LLC 8.375000% 03/15/2023                  | CUSIP: 88731EAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $41256.05     | 0.04%             | 2023-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORPORATION                             | AMERICAN TOWER CORP 3.500000% 01/31/2023                                | CUSIP: 03027XAB6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1013778.85   | 1.05%             | 2023-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST             | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2013-C1 JPMBB 2013-C17 C     | CUSIP: 46640UAK8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     60000 | PA      | $57368.95     | 0.06%             | 2047-01-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION.          | CREATIVE MEDIA & COMMUNITY T REIT                                       | CUSIP: 125525584<br>LEI: 549300X9XL9BLF80OY48 | Long             | EC               |  | US        |    204017 | NS      | $999683.30    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS FINANCE CORP.                            | TOLL BROTHERS FINANCE CORP 4.375000% 04/15/2023                         | CUSIP: 88947EAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $181201.81    | 0.19%             | 2023-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORPORATION OF AMERICA HOLDINGS             | LABORATORY CRP OF AMER HLDGS COMMON STOCK                               | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               |  | US        |      2000 | NS      | $470960.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPHONE AND DATA SYSTEMS, INC.                       | Telephone and Data Systems Inc PREFERRED STOCK                          | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               |  | US        |     27000 | NS      | $353700.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2012-93 SW                                        | CUSIP: 3136A8FY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     16368 | PA      | $1721.40      | 0.00%             | 2042-09-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                             | IHEARTCOMMUNICATIONS INC 8.375000% 05/01/2027                           | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       132 | PA      | $112.26       | 0.00%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                          | GOLDMAN SACHS GROUP INC/THE 3.200000% 02/23/2023                        | CUSIP: 38141GWT7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19949.83     | 0.02%             | 2023-02-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORPORATION                                  | AIR LEASE CORP 2.250000% 01/15/2023                                     | CUSIP: 00914AAD4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    861000 | PA      | $860181.05    | 0.89%             | 2023-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                            | BANK OF AMERICA CORP 6.500000% MATURITY: PERPETUAL                      | CUSIP: 060505EL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    340000 | PA      | $335352.81    | 0.35%             | 2171-04-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                     | HEWLETT PACKARD ENTERPRISE CO 2.250000% 04/01/2023                      | CUSIP: 42824CBE8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    202000 | PA      | $200494.70    | 0.21%             | 2023-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC.                              | LIBERTY MUTUAL GROUP INC 144A 4.250000% 06/15/2023                      | CUSIP: 53079EBE3<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    123000 | PA      | $122125.48    | 0.13%             | 2023-06-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| EXOR N.V.                                              | EXOR NV COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               |  | NL        |     52350 | NS      | $3815947.88   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Keweenaw Land Association Ltd                          | KEWEENAW LAND ASSOCIATION LT COMMON STOCK                               | CUSIP: 493026108<br>LEI: N/A                  | Long             | EC               |  | US        |     52595 | NS      | $1065048.75   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                         | CHARLES SCHWAB CORP/THE 2.650000% 01/25/2023                            | CUSIP: 808513AT2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    201000 | PA      | $200741.40    | 0.21%             | 2023-01-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AI4818                                               | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     26643 | PA      | $26907.48     | 0.03%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                   | JPMORGAN CHASE & CO COMMON STOCK                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |     10225 | NS      | $1371172.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AS1770                                               | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     24183 | PA      | $23163.58     | 0.02%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC.                                         | TIDEWATER INC COMMON STOCK                                              | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               |  | US        |     32227 | NS      | $1187564.95   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP, INC.                                 | WEC ENERGY GROUP INC VARIABLE RATE 05/15/2067                           | CUSIP: 976657AH9<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $209135.00    | 0.22%             | 2067-05-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AT2721                                               | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     76137 | PA      | $69274.91     | 0.07%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CarMax, Inc.                                           | CARMAX INC COMMON STOCK                                                 | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               |  | US        |     24550 | NS      | $1494849.50   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                            | Bank of America Corp PREFERRED STOCK                                    | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               |  | US        |       635 | NS      | $736600.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 0.125000% 07/31/2023                                    | CUSIP: 91282CCN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1000000 | PA      | $973671.88    | 1.00%             | 2023-07-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Brookfield Corporation                                 | BROOKFIELD CORP COMMON STOCK                                            | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               |  | US        |     67248 | NS      | $2115622.08   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH3401                                               | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     24015 | PA      | $23881.05     | 0.02%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                    | VIRGINIA ELECTRIC AND POWER CO 2.750000% 03/15/2023                     | CUSIP: 927804FN9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199182.47    | 0.21%             | 2023-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE TONTINE - ESCROW                       | PERSHING SQUARE TONTINE - ESCROW SPECIAL PURPOSE ACQUISITION COMPANIES  | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               |  | US        |     42443 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUITY COMMONWEALTH                                    | Equity Commonwealth PREFERRED STOCK                                     | CUSIP: 294628201<br>LEI: 549300YPGVU9PR4L0606 | Long             | EP               |  | US        |      4000 | NS      | $100210.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO REALTY GROWTH, INC.                                | CTO Realty Growth Inc PREFERRED STOCK                                   | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               |  | US        |     56847 | NS      | $1162521.15   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORPORATION                                  | AIR LEASE CORP 3.875000% 07/03/2023                                     | CUSIP: 00912XBC7<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198193.78    | 0.20%             | 2023-07-03      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Windrock Land Co                                       | WINDROCK LTD CO COMMON STOCK                                            | CUSIP: 97349V107<br>LEI: N/A                  | Long             | EC               |  | US        |        23 | NS      | $11615.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AE7731                                               | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18230 | PA      | $18019.27     | 0.02%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                             | PRUDENTIAL FINANCIAL INC 5.625000% 06/15/2043                           | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491250.00    | 0.51%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                          | ALPHABET INC-CL A COMMON STOCK                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     11620 | NS      | $1025232.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC. | RiverNorth/DoubleLine Strategic Opportunity Fund I PREFERRED STOCK      | CUSIP: 76882G206<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EP               |  | US        |      4000 | NS      | $72080.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                | HYUNDAI CAPITAL AMERICA 144A 5.750000% 04/06/2023                       | CUSIP: 44891ABJ5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215133.30    | 0.22%             | 2023-04-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE          | CANADIAN PACIFIC RAILWAY CO 4.450000% 03/15/2023                        | CUSIP: 13645RAK0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | NUSS              | CA        |     50000 | PA      | $49932.00     | 0.05%             | 2023-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                        | WFRBS COMMERCIAL MORTGAGE TRUST 2014-LC14 WFRBS 2014-LC14 AS            | CUSIP: 96221TAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     40000 | PA      | $38833.32     | 0.04%             | 2047-03-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Financiere Moncey SA                                   | MONCEY FINANCIERE COMMON STOCK                                          | CUSIP: N/A<br>LEI: 969500YFD17UM03R2F09       | Long             | EC               |  | FR        |         1 | NS      | $6990.47      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 4978                                              | CUSIP: 36202FQ74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      6875 | PA      | $6861.31      | 0.01%             | 2041-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | US TREASURY N/B 0.375000% 04/15/2024                                    | CUSIP: 91282CBV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3000000 | PA      | $2838750.00   | 2.93%             | 2024-04-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| PRAIRIESKY ROYALTY LTD.                                | PRAIRIESKY ROYALTY LTD COMMON STOCK                                     | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               |  | CA        |    318235 | NS      | $5096645.26   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM RESORTS INTERNATIONAL                              | MGM RESORTS INTERNATIONAL COMMON STOCK                                  | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               |  | US        |     61800 | NS      | $2072154.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP 3.600000% 02/01/2023                                 | CUSIP: 29273RAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    119000 | PA      | $118771.26    | 0.12%             | 2023-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORPORATION                             | AMERICAN TOWER CORP 3.000000% 06/15/2023                                | CUSIP: 03027XAQ3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25723.35     | 0.03%             | 2023-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EBAY INC.                                              | EBAY INC 2.750000% 01/30/2023                                           | CUSIP: 278642AS2<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   1042000 | PA      | $1040282.23   | 1.07%             | 2023-01-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORPORATION                          | LIBERTY BROADBAND CORP CUM RED PFD SR A PREFERRED STOCK                 | CUSIP: 530307503<br>LEI: 549300MIX43II8JLN536 | Long             | EP               |  | US        |      4499 | NS      | $104836.95    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE                    | LVMH MOET HENNESSY-UNSP ADR DEPOSITARY RECEIPT                          | CUSIP: 502441306<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               |  | US        |      7150 | NS      | $1035820.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TANDY LEATHER FACTORY, INC.                            | TANDY LEATHER FACTORY INC COMMON STOCK                                  | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               |  | US        |    560237 | NS      | $2392211.99   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie du Cambodge SA                               | COMPAGNIE DU CAMBODGE COMMON STOCK                                      | CUSIP: N/A<br>LEI: 9695003TCT79VIR5GB55       | Long             | EC               |  | FR        |         1 | NS      | $6190.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE DE L'ODET SE                                 | COMPAGNIE DE L'ODET SA COMMON STOCK                                     | CUSIP: N/A<br>LEI: 9695005PEG4IL375U849       | Long             | EC               |  | FR        |      3617 | NS      | $5365724.29   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA1012                                            | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     40410 | PA      | $38117.64     | 0.04%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 4696                                              | CUSIP: 36202FGD2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      8716 | PA      | $8698.67      | 0.01%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE, INC.                         | WALGREENS BOOTS ALLIANCE INC COMMON STOCK                               | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               |  | US        |     12000 | NS      | $448320.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AD1593                                               | CUSIP: 31418NXX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      5113 | PA      | $5054.30      | 0.01%             | 2040-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                                     | SUNCOR ENERGY INC COMMON STOCK                                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |    104720 | NS      | $3322765.60   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                                     | NINTENDO CO LTD-UNSPONS ADR DEPOSITARY RECEIPT                          | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               |  | US        |     26250 | NS      | $273525.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA0935                                            | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     24819 | PA      | $23979.96     | 0.02%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                               | AMERICAN EXPRESS CO 3.400000% 02/27/2023                                | CUSIP: 025816BS7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19985.39     | 0.02%             | 2023-02-27      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE INTEREST STRIP FNS 354 1                                     | CUSIP: 3136FCMA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1611 | PA      | $1411.88      | 0.00%             | 2034-12-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP PREFERRED STOCK                                      | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               |  | US        |      9850 | NS      | $214434.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | TREASURY BILL 0.000000% 01/10/2023                                      | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $999296.57    | 1.03%             | 2023-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HCA HEALTHCARE, INC.                                   | HCA HEALTHCARE INC COMMON STOCK                                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               |  | US        |      2775 | NS      | $665889.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 783755                                            | CUSIP: 3622A2E40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     22433 | PA      | $20478.33     | 0.02%             | 2043-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | TREASURY BILL 0.000000% 03/02/2023                                      | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $993170.70    | 1.02%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, INC                         | Rexford Industrial Realty Inc PREFERRED STOCK                           | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               |  | US        |       900 | NS      | $19989.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.,                               | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |      5055 | NS      | $1561489.50   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 1.875000% 02/15/2032                                    | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2025000 | PA      | $1717848.63   | 1.77%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                  | DOMINION ENERGY INC 144A 2.450000% 01/15/2023                           | CUSIP: 25746UDC0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299687.24    | 0.31%             | 2023-01-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| FORMULA ONE GROUP                                      | LIBERTY MEDIA CORP-LIBERTY-A COMMON STOCK                               | CUSIP: 531229870<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               |  | US        |     78130 | NS      | $4174485.90   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIT CORPORATION                                       | UNIT CORP COMMON STOCK                                                  | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               |  | US        |     16335 | NS      | $945143.10    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC GOLD POOL FG Q01533                                         | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     22561 | PA      | $22810.66     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Square Garden Entertainment Corp               | MADISON SQUARE GARDEN ENTERT COMMON STOCK                               | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               |  | US        |    114811 | NS      | $5163050.67   | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                   | EDISON INTERNATIONAL 2.950000% 03/15/2023                               | CUSIP: 281020AJ6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    937000 | PA      | $933313.95    | 0.96%             | 2023-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| VIVENDI SE                                             | VIVENDI SE COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 969500FU4DRAEVJW7U54       | Long             | EC               |  | FR        |    591390 | NS      | $5626154.45   | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                         | MORGAN STANLEY MTN 3.750000% 02/25/2023                                 | CUSIP: 61746BDJ2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13971.26     | 0.01%             | 2023-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RENTOKIL INITIAL PLC                                   | RENTOKIL INITIAL PLC-SP ADR COMMON STOCK                                | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               |  | US        |     30762 | NS      | $947777.22    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                      | BURLINGTON NORTHERN SANTA FE LLC 3.000000% 03/15/2023                   | CUSIP: 12189LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20932.00     | 0.02%             | 2023-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                             | DUKE ENERGY CAROLINAS LLC 2.500000% 03/15/2023                          | CUSIP: 26442CAQ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    480000 | PA      | $478714.16    | 0.49%             | 2023-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB7964                                               | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     48457 | PA      | $45387.19     | 0.05%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE, LLC                            | ALLIANT ENERGY FINANCE LLC 144A 3.750000% 06/15/2023                    | CUSIP: 01882YAA4<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124133.44    | 0.13%             | 2023-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| GreenFirst Forest Products Inc.                        | GREENFIRST FOREST PRODUCTS I COMMON STOCK                               | CUSIP: 39526A100<br>LEI: 529900V0JJIF234KWF29 | Long             | EC               |  | CA        |    111500 | NS      | $125905.01    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                                     | NINTENDO CO LTD COMMON STOCK                                            | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               |  | JP        |     16000 | NS      | $670824.96    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AR6834                                               | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     43117 | PA      | $39235.14     | 0.04%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co PREFERRED STOCK                                        | CUSIP: 949746556<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               |  | US        |      3200 | NS      | $73632.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                       | PHILIP MORRIS INTERNATIONAL COMMON STOCK                                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     21100 | NS      | $2135531.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                          | ALPHABET INC-CL C COMMON STOCK                                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      3860 | NS      | $342497.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| 7-ELEVEN, INC.                                         | 7-ELEVEN INC 144A 0.625000% 02/10/2023                                  | CUSIP: 817826AA8<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    795000 | PA      | $790925.00    | 0.82%             | 2023-02-10      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB6858                                               | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     45082 | PA      | $42170.17     | 0.04%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| THE WALT DISNEY COMPANY                                | WALT DISNEY CO/THE COMMON STOCK                                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               |  | US        |     22650 | NS      | $1967832.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Industrielle et Financiere de l'Artois SA      | STE IND & FIN DE L'ARTOIS SA COMMON STOCK                               | CUSIP: N/A<br>LEI: 969500V4IV4RL0H6RP42       | Long             | EC               |  | FR        |         1 | NS      | $5080.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                  | NEXTERA ENERGY CAPITAL HOLDINGS INC 0.650000% 03/01/2023                | CUSIP: 65339KBU3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    433000 | PA      | $430035.03    | 0.44%             | 2023-03-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                    | KINDER MORGAN INC 144A 5.625000% 11/15/2023                             | CUSIP: 49456BAB7<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42024.23     | 0.04%             | 2023-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States of America                               | TREASURY BILL 0.000000% 01/19/2023                                      | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1497586.67   | 1.55%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                             | IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026                           | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       545 | PA      | $501.40       | 0.00%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB9550                                               | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     90322 | PA      | $82181.75     | 0.08%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Becle, S.A.B. de C.V.                                  | BECLE SAB DE CV COMMON STOCK                                            | CUSIP: N/A<br>LEI: 529900JY55CZKMJLCE09       | Long             | EC               |  | MX        |    985897 | NS      | $2152685.34   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGARDERE SA                                           | LAGARDERE SA COMMON STOCK                                               | CUSIP: N/A<br>LEI: 969500VX2NV2AQQ65G45       | Long             | EC               |  | FR        |    126239 | NS      | $2699953.64   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1575519 | PA      | $1575518.54   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                       | EDWARDS LIFESCIENCES CORP COMMON STOCK                                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               |  | US        |     18310 | NS      | $1366109.10   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLERGAN, INC.                                         | ALLERGAN INC/UNITED STATES 2.800000% 03/15/2023                         | CUSIP: 018490AQ5<br>LEI: 6T6CAG8O6TSUTMO6BA21 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60647.59     | 0.06%             | 2023-03-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORPORATION                                   | MCKESSON CORP 2.850000% 03/15/2023                                      | CUSIP: 58155QAG8<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    237000 | PA      | $236093.23    | 0.24%             | 2023-03-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO., L.P.                         | PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 144A 4.125000% 08/01/2023 | CUSIP: 709599BC7<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114356.92    | 0.12%             | 2023-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 4922                                              | CUSIP: 36202FPF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     20144 | PA      | $19387.01     | 0.02%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHEMIN DE FER CANADIEN PACIFIQUE LIMITEE               | CANADIAN PACIFIC RAILWAY LTD COMMON STOCK                               | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               |  | US        |     25300 | NS      | $1887127.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 0.250000% 04/15/2023                                    | CUSIP: 912828ZH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $1976718.76   | 2.04%             | 2023-04-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.                 | GENERAL MOTORS FINANCIAL CO INC 3.700000% 05/09/2023                    | CUSIP: 37045XBK1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40797.06     | 0.04%             | 2023-05-09      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA1089                                            | CUSIP: 36179NF60<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     16729 | PA      | $15271.04     | 0.02%             | 2043-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOLLORE SE                                             | BOLLORE SE COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 969500LEKCHH6VV86P94       | Long             | EC               |  | FR        |   1239539 | NS      | $6905509.75   | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO