# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001669
**Filing Date:** 2026-2
**Character Count:** 63451
**Document Hash:** 19f45a5b05daf6467e2f9c03fcf9dcd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001669.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001669

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26696559

**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**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Schedule of Investments** <br> **Mortgage-Backed Securities — 41.9%**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **AGENCY MORTGAGE-BACKED SECURITIES — 41.4%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/44 | 271810 | 264292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 | 53228 | 54801 |
| &nbsp;&nbsp;&nbsp;FHLMC, Series 2022-5253, Class PL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/25/52 | 2000000 | 1802386 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2015-45, Class ZY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/45 | 1287475 | 1119342 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2012-98, Class WZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/25/42 | 1792485 | 1751651 |
| &nbsp;&nbsp;&nbsp;FNMA, Series M3, Class X1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 11/25/33 (a)(b) | 7319422 | 448056 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/43 to 06/01/43 (a) | 1161189 | 1073356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/42 to 02/01/43 (a) | 491035 | 468261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/41 to 03/01/44 (a) | 374313 | 365412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/39 to 04/01/41 (a) | 464139 | 467410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 | 58960 | 60632 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2010-16, Class PA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/25/40 | 10922 | 10972 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2023-70, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/25/54 | 723567 | 729773 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2018-SB52, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 06/25/28 (b) | 1589307 | 1564794 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB42, Class A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, 10/25/27 (b) | 727028 | 712700 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2012-83, Class AK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18%, 12/16/53 (b) | 398243 | 369013 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2024-45, Class JZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/20/54 | 247678 | 246736 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2018-129, Class AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/16/59 | 54725 | 54297 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2017-24, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 09/16/44 | 43478 | 42614 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2017-46, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/16/57 | 254506 | 211422 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2023-111, Class ML |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/20/45 | 1000000 | 1023682 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2019-55, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 03/16/61 (b) | 695646 | 611472 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Mortgage-Backed Securities (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2018-3, Class AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/16/58 | 181019 | 156883 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2020-8, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/16/62 | 1150153 | 956727 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2017-70, Class AE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/16/58 | 478553 | 412436 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2023-147, Class BD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/20/51 | 388390 | 389501 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2017-106, Class AC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 04/16/51 | 126854 | 117625 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2017-69, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/16/58 | 464258 | 430434 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2018-68, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/16/59 (b) | 1000000 | 857588 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2022-146, Class PA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/20/52 | 916264 | 901660 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2019-2, Class AE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/16/59 | 480937 | 460618 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/20/51 | 571022 | 477279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/43 | 333899 | 315049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/20/41 to 04/20/43 (a) | 311467 | 302563 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2020-3, Class AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/16/62 | 935561 | 776158 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2023-150, Class DC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/50 | 3000000 | 3084920 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2012-100, Class BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 08/16/52 (a) | 1683811 | 1468867 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2023-1, Class AL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/53 | 1500000 | 1471170 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2018-156, Class AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/16/59 (a) | 311354 | 293192 |
| &nbsp;&nbsp;&nbsp;GNMA, Series 2024-45, Class DB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/20/54 | 1500000 | 1515839 |
|  |  | 27841583 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/47 (b) | 100000 | 96811 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Mortgage-Backed Securities (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES (continued)** | | |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013- C10, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 07/15/46 (b) | 191000 | 177296 |
| &nbsp;&nbsp;&nbsp;Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRIME + -2.650%, 4.60%, 06/25/34 (b) | 68940 | 68474 |
|  |  | 342581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,829,751) |  | 28184164 |
| **Corporate Obligations — 35.2%** |  |  |
| **CONSUMER DISCRETIONARY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 3.385%, 6.88%, 12/15/54 (b) | 250000 | 260751 |
| &nbsp;&nbsp;&nbsp;LKQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/15/33 | 325000 | 348038 |
|  |  | 608789 |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/01/46 | 250000 | 203800 |
| **ENERGY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 4.431%, 8.50%, 01/15/84 (b) | 1250000 | 1433335 |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/01/43 | 250000 | 244795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 4.020%, 8.00%, 05/15/54 (b) | 500000 | 533727 |
|  |  | 2211857 |
| **FINANCIALS — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/27 | 1750000 | 1652017 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T10Y + 2.757%, 7.00% (b)(d) | 500000 | 527334 |
| &nbsp;&nbsp;&nbsp;Everest Reinsurance Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 2.647%, 6.50%, 05/15/37 (b) | 1000000 | 937289 |
| &nbsp;&nbsp;&nbsp;Lincoln National |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 2.302%, 6.19%, 04/20/67 (b) | 1650000 | 1336184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 2.619%, 6.47%, 05/17/66 (b) | 1750000 | 1514955 |
| &nbsp;&nbsp;&nbsp;LPL Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/20/34 | 500000 | 525795 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 02/15/29 | 200000 | 206123 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Corporate Obligations (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **FINANCIALS (continued)** | | |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T7Y + 2.808%, 6.25% (b)(d) | 500000 | 516193 |
|  |  | 7215890 |
| **HEALTH CARE — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayer US Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/25/48 (e) | 250000 | 212328 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/39 | 725000 | 751785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.886%, 7.00%, 03/10/55 (b) | 250000 | 262262 |
| &nbsp;&nbsp;CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 12/10/28 | 21673 | 21891 |
| &nbsp;&nbsp;DENTSPLY SIRONA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 4.379%, 8.38%, 09/12/55 (b) | 750000 | 702098 |
| &nbsp;&nbsp;Humana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/35 | 500000 | 510475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/54 | 1525000 | 1434599 |
|  |  | 3895438 |
| **INDUSTRIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/50 | 250000 | 245899 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/35 | 750000 | 777065 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/40 | 150000 | 152977 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/01/27 | 50000 | 51592 |
|  |  | 1227533 |
| **INFORMATION TECHNOLOGY — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/21/54 | 2000000 | 1846400 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/35 | 250000 | 239520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/03/35 | 500000 | 489941 |
|  |  | 2575861 |
| **MATERIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;LYB International Finance III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/34 | 750000 | 741331 |
| **UTILITIES — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.750%, 7.05%, 12/15/54 (b) | 500000 | 522187 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Corporate Obligations (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **UTILITIES (continued)** | | |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.386%, 6.88%, 02/01/55 (b) | 1250000 | 1299285 |
| &nbsp;&nbsp;&nbsp;Duke Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.588%, 6.45%, 09/01/54 (b) | 500000 | 524789 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 4.698%, 5.38% (b)(d) | 300000 | 298826 |
| &nbsp;&nbsp;&nbsp;Nevada Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 1.936%, 6.25%, 05/15/55 (b) | 1250000 | 1264056 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.457%, 6.75%, 06/15/54 (b) | 250000 | 266896 |
| &nbsp;&nbsp;&nbsp;NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H15T5Y + 2.451%, 6.95%, 11/30/54 (b) | 350000 | 364281 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/50 | 500000 | 422616 |
|  |  | 4962936 |
| &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;(Cost $23,629,679) |  | 23643435 |
| **U.S. Government Agency Obligations — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FFCB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 2/11/2036 | 1000000 | 788278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71%, 12/1/2036 | 389000 | 324834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74%, 4/1/2041 | 500000 | 382570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 2/17/2033 | 1000000 | 993879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 8/16/2032 | 175000 | 174935 |
| &nbsp;&nbsp;&nbsp;FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 2/25/2036 | 500000 | 389629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/24/2037 | 500000 | 427523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 3/25/2044 | 250000 | 248657 |
| &nbsp;&nbsp;&nbsp;FHLMC MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 8/17/2035 | 2500000 | 1930952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/29/2040 | 1000000 | 699683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Government Agency Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,246,922) |  | 6360940 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Asset-Backed Securities — 4.2%**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| SBA Small Business Investment Company, Series 2023-10B, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.69%, 9/10/2033 | 1267921 | 1303287 |
| SBA Small Business Investment Company, Series 2018-10B, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 9/10/2028 | 519975 | 513750 |
| SBA Small Business Investment Company, Series 2018-10A, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;3.19%, 3/10/2028 | 355009 | 349104 |
| U.S. Small Business Administration, Series 2018-20H, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;3.58%, 8/1/2038 | 648932 | 630942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,806,452) |  | 2797083 |
| **U.S. Treasury Obligations — 3.3%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 11/15/2047 | 1000000 | 712383 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/2035 | 1500000 | 1512422 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,194,104) |  | 2224805 |
| **Municipal Bonds — 2.3%** |  |  |
| **CALIFORNIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Modesto Irrigation District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 10/01/40 | 500000 | 574585 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County Redevelopment Financing Authority TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26%, 08/01/29 | 240000 | 257035 |
|  |  | 831620 |
| **MICHIGAN — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Comstock Park Public Schools GO Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/26 | 70000 | 70137 |
| **NEW YORK — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 10/01/62 | 320000 | 268136 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Municipal Bonds (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **OREGON — 0.6%** | | |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No 1J Portland GO ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 06/30/38 | 500000 | 385204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,602,591) |  | 1555097 |
| **Preferred Stock — 2.2%** |  |  |
|  | **Shares** |  |
| **COMMUNICATION SERVICES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems 6.00% (d) | 10385 | 197834 |
| **FINANCIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii 8.00% (d) | 25389 | 679156 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America 7.13%, 10/15/2052 (b) | 51 | 1298 |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Opportunity Fund 4.38% (d) | 976 | 16543 |
|  |  | 696997 |
| **REAL ESTATE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust 6.38% (d) | 1335 | 22762 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth 6.38% (d) | 27486 | 563463 |
|  |  | 586225 |
| **UTILITIES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SCE Trust VI 5.00% (d) | 25 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,660,874) |  | 1481491 |
| **Closed-End Mutual Funds — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;DoubleLine Income Solutions Fund | 9193 | 103605 |
| &nbsp;&nbsp;&nbsp;DoubleLine Opportunistic Credit Fund | 295 | 4499 |
| &nbsp;&nbsp;&nbsp;PIMCO Dynamic Income Fund | 10000 | 177100 |
| &nbsp;&nbsp;&nbsp;PIMCO Dynamic Income Opportunities Fund | 20000 | 276800 |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Opportunity Fund | 61339 | 487645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Closed-End Mutual Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,272,983) |  | 1049649 |
| **Common Stock — 0.0%** |  |  |
| **HEALTH CARE — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mallinckrodt PLC (f)(g) | 59 | 5403 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Common Stock (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Mallinckrodt PLC - Restricted (f)(g) | 2688276 |  |
|  |  | 5403 |
| **REAL ESTATE — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Creative Media & Community Trust (g) | 272 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $403,287) |  | 6411 |
| **Total Investments - 100.2%** |  | **67303075** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $69,646,643) |  |  |
| **Other Assets & Liabilities, Net - (0.2)%** |  | **(130002)** |
| **Net Assets - 100.0%** |  | **67173073** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are grouped by coupon and represent a range of maturities.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Perpetual
 security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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, 2025, these securities amounted to $212,328 or 0.3% of Net Assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security
is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-income
 producing security.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **FIXED INCOME FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

GO — General Obligation

H15T5Y— US Treasury Yield Curve Rate T Note Constant Maturity 5 Year Rate

H15T7Y— US Treasury Yield Curve Rate T Note Constant Maturity 7 Year Rate

H15T10Y— US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate

JPMBB — JPMorgan Chase Bank

MTN — Medium Term Note

RB — Revenue Bond

TA — Tax Allocation

TSFR3M — Term Secured Overnight Financing Rate 3 Month

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Schedule of Investments<br> Common Stock — 79.9%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **CANADA — 4.7%** | | |
| **ENERGY — 4.5%** | | |
| &nbsp;&nbsp;&nbsp;PrairieSky Royalty | 175978 | 3470133 |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Highland Copper (a) | 1550000 | 158308 |
|  |  | 3628441 |
| **DENMARK — 3.4%** |  |  |
| **INDUSTRIALS — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DSV | 10230 | 2597876 |
| **FRANCE — 28.2%** |  |  |
| **COMMUNICATION SERVICES — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CANAL+ SA | 996705 | 3574072 |
| &nbsp;&nbsp;&nbsp;Lagardere | 186533 | 4149267 |
|  |  | 7723339 |
| **ENERGY — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bollore | 1239539 | 6979013 |
| **INDUSTRIALS — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cie de L'Odet | 4398 | 6931760 |
|  |  | 21634112 |
| **INDIA — 2.3%** |  |  |
| **FINANCIALS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fairfax India Holdings, Class G (a)(b) | 100775 | 1763562 |
| **JAPAN — 1.0%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Nintendo | 6000 | 405563 |
| &nbsp;&nbsp;&nbsp;Nintendo ADR | 22739 | 383380 |
|  |  | 788943 |
| **NETHERLANDS — 5.1%** |  |  |
| **FINANCIALS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;EXOR | 26350 | 2242099 |
| **HEALTH CARE — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips | 61225 | 1657973 |
|  |  | 3900072 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Common Stock (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **SWITZERLAND — 5.9%** | | |
| **CONSUMER DISCRETIONARY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Swatch Group | 4000 | 849479 |
| **REAL ESTATE — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;International Workplace Group | 1176701 | 3662402 |
| &nbsp;&nbsp;&nbsp;International Workplace Group PLC | 21500 | 67080 |
|  |  | 3729482 |
|  |  | 4578961 |
| **UNITED KINGDOM — 3.1%** |  |  |
| **CONSUMER DISCRETIONARY — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Entain | 230088 | 2372462 |
| **UNITED STATES — 26.2%** |  |  |
| **COMMUNICATION SERVICES — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Class A | 10195 | 3191035 |
| &nbsp;&nbsp;&nbsp;Liberty Media-Liberty Formula One, Class A (a) | 21599 | 1930519 |
| &nbsp;&nbsp;&nbsp;Scholastic | 12111 | 358849 |
|  |  | 5480403 |
| **CONSUMER DISCRETIONARY — 1.4%** |  |  |
| &nbsp;&nbsp;Tandy Leather Factory | 395175 | 1082779 |
| **ENERGY — 1.6%** |  |  |
| &nbsp;&nbsp;Enterprise Products Partners | 19570 | 627414 |
| &nbsp;&nbsp;Natural Resource Partners | 5296 | 552903 |
|  |  | 1180317 |
| **FINANCIALS — 9.7%** |  |  |
| &nbsp;&nbsp;Berkshire Hathaway, Class B (a) | 5055 | 2540896 |
| &nbsp;&nbsp;Burford Capital | 368129 | 3283711 |
| &nbsp;&nbsp;Capital One Financial | 2845 | 689414 |
| &nbsp;&nbsp;CME Group, Class A | 3500 | 955780 |
|  |  | 7469801 |
| **HEALTH CARE — 3.5%** |  |  |
| &nbsp;&nbsp;Joint (a) | 305688 | 2665599 |
| **INDUSTRIALS — 0.7%** |  |  |
| &nbsp;&nbsp;Delta Air Lines | 7950 | 551730 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Common Stock (continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **MATERIALS — 2.2%** |  |  |
| &nbsp;&nbsp;Keweenaw Land Association (a) | 52595 | 1709337 |
|  |  | 20139966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $46,216,920) |  | 61404395 |
| **U.S. Treasury Obligations — 18.4%** |  |  |
|  | **Principal <br> Amount ($)** |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/5/2026 (j) | 325000 | 323913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 1/22/2026 (c) | 1000000 | 998026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 3/26/2026 (c) | 850000 | 843107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 3/12/2026 (c) | 765000 | 759800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 1/6/2026 (c) | 760000 | 759708 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 8/15/2050 | 2000000 | 983360 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | 5815000 | 5083355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 2/15/2032 | 1200000 | 1070203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 8/15/2033 | 2750000 | 2727119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/30/2031 | 525000 | 546471 |
| &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;(Cost $13,745,386) |  | 14095062 |
| **U.S. Government Agency Obligations — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;FFCB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 2/25/2030 | 500000 | 483256 |
| &nbsp;&nbsp;&nbsp;FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 3/18/2038 | 300000 | 235769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Government Agency Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $700,221) |  | 719025 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Mortgage-Backed Securities — 0.5%**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| **AGENCY MORTGAGE-BACKED SECURITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 | 16832 | 17329 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/43 to 06/01/43 (d) | 150318 | 138949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/42 to 02/01/43 (d) | 66772 | 63675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/44 | 18513 | 18048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/40 to 01/01/41 (d) | 32879 | 33099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 | 18645 | 19173 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2012-93, Class SW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR30A + 5.986%, 2.11%, 09/25/42 (e)(f) | 10730 | 1192 |
| &nbsp;&nbsp;&nbsp;FNMA, Series 2004-354, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/25/34 (g)(h) | 952 | 822 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/20/43 to 06/20/43 (d) | 28820 | 26638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/43 | 29747 | 28068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/20/41 to 04/20/43 (d) | 32450 | 31442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/20/40 to 03/20/41 (d) | 11086 | 11165 |
|  |  | 389600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $435,377) |  | 389600 |
| **Corporate Obligations — 0.0%** |  |  |
| **COMMUNICATION SERVICES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;iHeartCommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/01/26 | 545 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 05/01/27 | 132 | 124 |
|  |  | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $739) |  | 658 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

**Asset-Backed Security — 0.0%**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Series 2003-ABF1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR1M + 0.854%, 4.59%, 1/25/2034 (e) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asset-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 1 |
| **Special Purpose Acquisition Company — 0.0%** |  |  |
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine (i) | 42443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Special Purpose Acquisition Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  |  |

---

---

| | | |
|:---|:---|:---|
| **Warrants — 0.0%** | |  |
|  | <br>**Units** |  |
| **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine, Expires 12/31/2049 (a)(i) | 10610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  |  |
| **Total Investments - 99.7%** |  | **76608741** |
| &nbsp;&nbsp;(Cost $61,098,643) |  |  |
| **Other Assets & Liabilities, Net - 0.3%** |  | **202225** |
| **Net Assets - 100.0%** |  | **76810966** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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, 2025, these securities
 amounted to $1,763,562 or 2.3% of Net Assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest
 rate represents the security's effective yield at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities
 are grouped by coupon and represent a range of maturities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Zero
 coupon security.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FIRST FOUNDATION**<br> **TOTAL RETURN FUND**<br> **DECEMBER 31, 2025**<br> **(UNAUDITED)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Security
 is valued using significant unobservable inputs and is classified as Level 3 in the fair
 value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(j) No
 interest rate available.

ADR — American Depositary Receipt

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M— Term Secured Overnight Financing Rate 1 Month

BRK-QH-001-1100

## 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $77329631.27

**Total Liabilities:** $518665.71

**Net Assets:** $76810965.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223441 | -5.12%               | -3.27%               | -8.81%               |
| Class ID C000223442 | 0.66%                | 2.69%                | -3.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $851846.44               | $-369084.03                                |
| Month 2  | $1161416.61              | $903056.29                                 |
| Month 3  | $253185.31               | $-3175077.31                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALPHABET INC.                                 | ALPHABET INC-CL A COMMON STOCK                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     10195 | NS      | $3191035.00   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES INC      | BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-AB BSABS 2003-ABF1 A   | CUSIP: 07384YLE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |         1 | PA      | $0.78         | 0.00%             | 2034-01-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                       | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK                               | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |      5055 | NS      | $2540895.75   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLLORE SE                                    | BOLLORE SE COMMON STOCK                                                | CUSIP: N/A<br>LEI: 969500LEKCHH6VV86P94       | Long             | EC               |  | FR        |   1239539 | NS      | $6979012.48   | 9.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BURFORD CAPITAL LIMITED                       | BURFORD CAPITAL LTD COMMON STOCK                                       | CUSIP: G17977110<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               |  | US        |    368129 | NS      | $3283710.68   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CANAL+ SA                                     | CANAL+SA COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 9695000537F9F73BXN18       | Long             | EC               |  | GB        |    996705 | NS      | $3574072.30   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION             | CAPITAL ONE FINANCIAL CORP COMMON STOCK                                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               |  | US        |      2845 | NS      | $689414.15    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                                | CME GROUP INC COMMON STOCK                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |      3500 | NS      | $955780.00    | 1.24%             |  |  |  | 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        |      4398 | NS      | $6931759.57   | 9.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                         | DELTA AIR LINES INC COMMON STOCK                                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               |  | US        |      7950 | NS      | $551730.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                       | DSV A/S COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               |  | DK        |     10230 | NS      | $2597875.65   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain plc                                    | ENTAIN PLC COMMON STOCK                                                | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               |  | GB        |    230088 | NS      | $2372462.39   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.             | ENTERPRISE PRODUCTS PARTNERS PARTNERSHIP SHARES                        | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               |  | US        |     19570 | NS      | $627414.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EXOR N.V.                                     | EXOR NV COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               |  | NL        |     26350 | NS      | $2242098.87   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX INDIA HOLDINGS CORPORATION            | FAIRFAX INDIA HO-SUB VTG SHS COMMON STOCK                              | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               |  | US        |    100775 | NS      | $1763562.50   | 2.30%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE INTEREST STRIP FNS 354 1                                    | CUSIP: 3136FCMA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       952 | PA      | $821.71       | 0.00%             | 2034-12-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB6858                                              | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     34604 | PA      | $32993.67     | 0.04%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB7964                                              | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     32168 | PA      | $30680.83     | 0.04%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB9550                                              | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     64156 | PA      | $59288.59     | 0.08%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AD1593                                              | CUSIP: 31418NXX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      3486 | PA      | $3514.01      | 0.00%             | 2040-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AE7731                                              | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     12518 | PA      | $12601.66     | 0.02%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AH3401                                              | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     16875 | PA      | $16983.30     | 0.02%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AI4818                                              | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18645 | PA      | $19173.42     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AR6834                                              | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     31460 | PA      | $29086.35     | 0.04%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AS1770                                              | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18513 | PA      | $18048.17     | 0.02%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AT2721                                              | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     54701 | PA      | $50573.53     | 0.07%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE REMICS FNR 2012-93 SW                                       | CUSIP: 3136A8FY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10730 | PA      | $1192.52      | 0.00%             | 2042-09-25      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION | FEDERAL FARM CREDIT BANK 2.870000% 02/25/2030                          | CUSIP: 3133ENPL8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    500000 | PA      | $483256.04    | 0.63%             | 2030-02-25      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                   | FEDERAL HOME LOAN BANK 2.500000% 03/18/2038                            | CUSIP: 3130AJBL2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    300000 | PA      | $235768.89    | 0.31%             | 2038-03-18      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC GOLD POOL FG Q01533                                        | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     16832 | PA      | $17329.15     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | 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        |      6191 | PA      | $6235.42      | 0.01%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  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        |     14464 | PA      | $14070.24     | 0.02%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4978                                             | CUSIP: 36202FQ74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      4896 | PA      | $4929.85      | 0.01%             | 2041-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 783755                                           | CUSIP: 3622A2E40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     16464 | PA      | $15225.64     | 0.02%             | 2043-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA0935                                           | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     17985 | PA      | $17371.98     | 0.02%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA1012                                           | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     29747 | PA      | $28067.85     | 0.04%             | 2043-05-20      | Fixed         | 3.50%                 | 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        |     12357 | PA      | $11411.93     | 0.01%             | 2043-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Highland Copper Company Inc                   | HIGHLAND COPPER CO INC SPECIAL PURPOSE ACQUISITION COMPANIES           | CUSIP: 43004Y101<br>LEI: 529900Z42THLCZX6LB39 | Long             | EC               |  | CA        |   1550000 | NS      | $158307.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                    | IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026                          | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       545 | PA      | $534.10       | 0.00%             | 2026-05-01      | Fixed         | 6.38%                 | 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      | $124.08       | 0.00%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL WORKPLACE GROUP PLC             | INTERNATIONAL WORKPLACE GROU COMMON STOCK                              | CUSIP: G4969N103<br>LEI: 2138003LWDII27UTAG52 | Long             | EC               |  | US        |     21500 | NS      | $67080.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL WORKPLACE GROUP PLC             | INTERNATIONAL WORKPLACE GROU COMMON STOCK                              | CUSIP: N/A<br>LEI: 2138003LWDII27UTAG52       | Long             | EC               |  | GB        |   1176701 | NS      | $3662402.13   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp                                    | JOINT CORP/THE COMMON STOCK                                            | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               |  | US        |    305688 | NS      | $2665599.36   | 3.47%             |  |  |  | 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      | $1709337.50   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                      | KONINKLIJKE PHILIPS NVR- NY DEPOSITARY RECEIPT                         | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               |  | US        |     61225 | NS      | $1657973.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGARDERE SA                                  | LAGARDERE SA COMMON STOCK                                              | CUSIP: N/A<br>LEI: 969500VX2NV2AQQ65G45       | Long             | EC               |  | FR        |    186533 | NS      | $4149267.16   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FORMULA ONE GROUP                             | LIBERTY MEDIA CORP-FORMULA-A COMMON STOCK                              | CUSIP: 531229771<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               |  | US        |     21599 | NS      | $1930518.62   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NATURAL RESOURCE PARTNERS L.P.                | NATURAL RESOURCE PARTNERS LP PARTNERSHIP SHARES                        | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               |  | US        |      5296 | NS      | $552902.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               |  | JP        |      6000 | NS      | $405563.18    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD-UNSPONS ADR DEPOSITARY RECEIPT                         | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               |  | US        |     22739 | NS      | $383379.54    | 0.50%             |  |  |  | No            |                  1 | 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            |                  3 | On Loan: No      |
| PERSHING SQUARE WARRANTS                      | PERSHING SQUARE WARRANTS EXPIRE 12/31/2049                             | CUSIP: 714920113<br>LEI: N/A                  | Long             | EC               |  | US        |     10610 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PRAIRIESKY ROYALTY LTD.                       | PRAIRIESKY ROYALTY LTD COMMON STOCK                                    | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               |  | CA        |    175978 | NS      | $3470133.39   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHOLASTIC CORPORATION                        | SCHOLASTIC CORP COMMON STOCK                                           | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               |  | US        |     12111 | NS      | $358848.93    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| The Swatch Group AG                           | SWATCH GROUP AG/THE-BR COMMON STOCK                                    | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               |  | CH        |      4000 | NS      | $849479.33    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TANDY LEATHER FACTORY, INC.                   | TANDY LEATHER FACTORY INC COMMON STOCK                                 | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               |  | US        |    395175 | NS      | $1082779.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 01/06/2026                                     | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    760000 | PA      | $759708.24    | 0.99%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 01/22/2026                                     | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998025.93    | 1.30%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 02/05/2026                                     | CUSIP: 912797RL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $323913.01    | 0.42%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 03/12/2026                                     | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    765000 | PA      | $759800.13    | 0.99%             | 2026-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 03/26/2026                                     | CUSIP: 912797SC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $843107.05    | 1.10%             | 2026-03-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 0.875000% 11/15/2030                                   | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5815000 | PA      | $5083354.90   | 6.62%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.375000% 08/15/2050                                   | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $983359.38    | 1.28%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | 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        |   1200000 | PA      | $1070203.13   | 1.39%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 3.875000% 08/15/2033                                   | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2750000 | PA      | $2727119.15   | 3.55%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 4.625000% 04/30/2031                                   | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    525000 | PA      | $546471.68    | 0.71%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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