# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-045843
**Filing Date:** 2023-2
**Character Count:** 131916
**Document Hash:** 1506287e6a585a8c67f85d2d3105ca2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045843.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045843

**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:** 23681439

**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 Fixed Income Fund (Series ID: S000070256)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223439 | Class Y      | FFBYX           |
| C000223440 | Class A      | FFBAX           |

## 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 Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000070256

- **c. LEI of Series:** 549300ZX1F6RSOYD3766

**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:** $135269277.50

**Total Liabilities:** $1109739.57

**Net Assets:** $134159537.93

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -93.24470204 | **1-Year:** -3417.14059189 | **5-Year:** -14320.96617455 | **10-Year:** -15442.60518916 | **30-Year:** -8977.41413543

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -122.27916476 | **1-Year:** -2816.36724087 | **5-Year:** -7977.98063055 | **10-Year:** -3656.84274840 | **30-Year:** -1110.01585519

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223439 | -1.34%               | 3.30%                | -0.89%               |
| Class ID C000223440 | -5.53%               | -1.14%               | -5.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-519634.44              | $-2064221.82                               |
| Month 2  | $-40739.74               | $4100035.85                                |
| Month 3  | $-495452.75              | $-1254341.78                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EDISON INTERNATIONAL                                         | EDISON INTERNATIONAL 5.375000% MATURITY: PERPETUAL                                | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $1739078.75   | 1.30%             | 2171-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-69 AS                           | CUSIP: 38379RXX6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    644620 | PA      | $589027.82    | 0.44%             | 2058-02-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.250000% 11/30/2026                                              | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1250000 | PA      | $1121630.86   | 0.84%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Ares Dynamic Credit Allocation Fund Inc                      | ARES DYNAMIC CREDIT ALLOCATI MUTUAL FUND                                          | CUSIP: 04014F102<br>LEI: 549300BZI16VZUT2N044 | Long             | EC               |  | US        |      7808 | NS      | $90494.72     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                | Enbridge Inc PREFERRED STOCK                                                      | CUSIP: 29250N477<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               |  | CA        |     10022 | NS      | $244536.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS P.L.C.                                    | BP CAPITAL MARKETS PLC 4.875000% MATURITY: PERPETUAL                              | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | NUSS              | GB        |   1725000 | PA      | $1509375.00   | 1.13%             | 2170-12-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2019-SB63 MORTGAGE TRUST FRESB 2019-SB63 A10H                               | CUSIP: 30298BAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    538519 | PA      | $488886.00    | 0.36%             | 2039-03-25      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                  | FEDERAL HOME LOAN MORTGAGE CORP MTN 2.000000% 10/29/2040                          | CUSIP: 3134GW6D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $636769.24    | 0.47%             | 2040-10-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AS2009                                                         | CUSIP: 3138WBGT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    250262 | PA      | $240368.52    | 0.18%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                                 | MARRIOTT INTERNATIONAL INC/MD 3.500000% 10/15/2032                                | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $831863.50    | 0.62%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AI4818                                                         | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     84254 | PA      | $85089.74     | 0.06%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVS LEASE BACKED PASS THROUGH SERIES TRUST                   | CVS PASS-THROUGH TRUST 6.036000% 12/10/2028                                       | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40725 | PA      | $40115.57     | 0.03%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                  | FREDDIE MAC GOLD POOL FG Q26366                                                   | CUSIP: 3132M6W30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    388685 | PA      | $372297.37    | 0.28%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                                      | UBER TECHNOLOGIES INC 144A 6.250000% 01/15/2028                                   | CUSIP: 90353TAG5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479999.94    | 0.36%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CLARK CNTY KY SCH DIST FIN CORP SCH BLDG REV                 | CLARK CNTY KY SCH DIST FIN COR CLARK COUNTY SCHOOL DISTRICT FINANCE CORP          | CUSIP: 180782EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763771.65    | 0.57%             | 2026-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS L.P.                            | Brookfield Property Partners LP PREFERRED STOCK                                   | CUSIP: G16249149<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               |  | US        |     20600 | NS      | $326098.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                          | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                                 | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    985280 | PA      | $931259.45    | 0.69%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KINDRED N D PUB SCH DIST NO 2                                | KINDRED ND PUBLIC SCH DIST #2 KINDRED PUBLIC SCHOOL DISTRICT NO 2                 | CUSIP: 494590DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784474.80    | 0.58%             | 2027-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC.       | RIVERNRTH/DOUBLELNE STR OPP MUTUAL FUND                                           | CUSIP: 76882G107<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EC               |  | US        |     97148 | NS      | $843244.64    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT             | NEW YORK ST DORM AUTH REVENUES NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 649907P22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $719648.50    | 0.54%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AL0065                                                         | CUSIP: 3138EGCB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     85098 | PA      | $84359.92     | 0.06%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    546557 | PA      | $546557.07    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AE3049                                                         | CUSIP: 31419DL74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    411454 | PA      | $406705.23    | 0.30%             | 2040-09-01      | 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        |    349314 | PA      | $336178.87    | 0.25%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 2.250000% 08/15/2046                                              | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $707695.31    | 0.53%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| B. RILEY FINANCIAL, INC.                                     | B Riley Financial Inc PREFERRED STOCK                                             | CUSIP: 05580M793<br>LEI: N/A                  | Long             | EP               |  | US        |     80000 | NS      | $1679600.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AB7964                                                         | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    379167 | PA      | $355142.41    | 0.26%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-24 A                            | CUSIP: 38379U6D3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    104827 | PA      | $101042.83    | 0.08%             | 2044-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS, L.P.                                        | REGENCY CENTERS LP 2.950000% 09/15/2029                                           | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    750000 | PA      | $629487.26    | 0.47%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                        | LAS VEGAS SANDS CORP 3.200000% 08/08/2024                                         | CUSIP: 517834AG2<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1417786.38   | 1.06%             | 2024-08-08      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TELEPHONE AND DATA SYSTEMS, INC.                             | Telephone and Data Systems Inc PREFERRED STOCK                                    | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               |  | US        |     80000 | NS      | $1048000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                   | PRUDENTIAL FINANCIAL INC 5.625000% 06/15/2043                                     | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    895000 | PA      | $879337.50    | 0.66%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | 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        |     21000 | NS      | $378420.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                       | UBS AG 5.125000% 05/15/2024                                                       | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | Long             | DBT              | NUSS              | CH        |    500000 | PA      | $493093.00    | 0.37%             | 2024-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                         | EDISON INTERNATIONAL 4.125000% 03/15/2028                                         | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2319226.58   | 1.73%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD.                                          | Athene Holding Ltd PREFERRED STOCK                                                | CUSIP: 04686J309<br>LEI: 549300H316CT32FQXI76 | Long             | EP               |  | US        |      3703 | NS      | $88649.82     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.125000% 05/15/2040                                              | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $1564648.45   | 1.17%             | 2040-05-15      | Fixed         | 1.12%                 | No            |                  1 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                            | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2018-20H 1                       | CUSIP: 83162CZR7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    895531 | PA      | $848287.97    | 0.63%             | 2038-08-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                          | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358WJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $277676.96    | 0.21%             | 2062-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                                      | UBER TECHNOLOGIES INC 144A 4.500000% 08/15/2029                                   | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $871255.00    | 0.65%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                         | BNSF FUNDING TRUST I 6.613000% 12/15/2055                                         | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1554000 | PA      | $1462780.20   | 1.09%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 0.625000% 05/15/2030                                              | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2500000 | PA      | $1978613.28   | 1.47%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  1 | On Loan: No      |
| N/A                                                          | ARBOR REALTY TRUST INC 4.500000% 03/15/2027                                       | CUSIP: 038923AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1462640.73   | 1.09%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Fund                                    | PIMCO DYNAMIC INCOME FUND MUTUAL FUND                                             | CUSIP: 72201Y101<br>LEI: F0MWMXS5YG3P711FB044 | Long             | EC               |  | US        |     34714 | NS      | $641514.72    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET MORTGAGE, LLC                                         | ROCKET MORTGAGE LLC / ROCKET MORTGAGE CO-ISSUER IN 2.875000% 10/15/2026           | CUSIP: 77313LAA1<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1714324.74   | 1.28%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2018-SB52 MORTGAGE TRUST FRESB 2018-SB52 A10F                               | CUSIP: 30297CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2093937 | PA      | $1988219.80   | 1.48%             | 2028-06-25      | Floating      | 3.48%                 | 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        |    453589 | PA      | $427853.71    | 0.32%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                              | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C19 WFRBS 2014-C19 B                         | CUSIP: 92938VAT2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    140000 | PA      | $133828.39    | 0.10%             | 2047-03-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.250000% 05/15/2050                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $269082.03    | 0.20%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P. | PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSH 2.625000% 11/15/2031           | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $731771.00    | 0.55%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.125000% 08/15/2040                                              | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $1863046.86   | 1.39%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  1 | On Loan: No      |
| BALL CORPORATION                                             | BALL CORP 4.875000% 03/15/2026                                                    | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1695102.78   | 1.26%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                         | JPMORGAN CHASE & CO 6.750000% MATURITY: PERPETUAL                                 | CUSIP: 46625HJQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2988420.00   | 2.23%             | 2171-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-3 AH                            | CUSIP: 38382BM83<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    998872 | PA      | $852042.07    | 0.64%             | 2062-02-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                           | BOEING CO/THE 3.450000% 11/01/2028                                                | CUSIP: 097023CA1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1923336.62   | 1.43%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AC5400                                                         | CUSIP: 31417SAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     26712 | PA      | $26391.08     | 0.02%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.750000% 08/15/2041                                              | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $650119.14    | 0.48%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| B. RILEY FINANCIAL, INC.                                     | B Riley Financial Inc PREFERRED STOCK                                             | CUSIP: 05580M835<br>LEI: N/A                  | Long             | EP               |  | US        |     40000 | NS      | $777600.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE REMICS FNR 2010-16 PA                                                  | CUSIP: 31398MRQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     24659 | PA      | $24024.76     | 0.02%             | 2040-02-25      | Fixed         | 4.50%                 | 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        |    153000 | PA      | $146290.81    | 0.11%             | 2047-01-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                             | PACIFIC GAS AND ELECTRIC CO 4.950000% 07/01/2050                                  | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1162260.92   | 0.87%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                        | LAS VEGAS SANDS CORP 3.900000% 08/08/2029                                         | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    160000 | PA      | $134794.08    | 0.10%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HOLDINGS, INC.                           | EVEREST REINSURANCE HOLDINGS INC VARIABLE RATE 05/15/2037                         | CUSIP: 299808AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1260000.00   | 0.94%             | 2037-05-15      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                          | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10A 1                                 | CUSIP: 831641FK6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    671377 | PA      | $636167.79    | 0.47%             | 2028-03-10      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2019-SB62 MORTGAGE TRUST FRESB 2019-SB62 A10F                               | CUSIP: 30298AAM7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1492174 | PA      | $1370116.18   | 1.02%             | 2029-03-25      | Floating      | 3.07%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                           | Energy Transfer LP PREFERRED STOCK                                                | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               |  | US        |      1394 | NS      | $30514.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-70 AE                           | CUSIP: 38379RYP2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    553733 | PA      | $480310.59    | 0.36%             | 2058-10-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                               | CHARLES SCHWAB CORP/THE 5.375000% MATURITY: PERPETUAL                             | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1369200.00   | 1.02%             | 2171-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                     | STATE STREET CORP VARIABLE RATE 06/15/2047                                        | CUSIP: 857477AY9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $575282.93    | 0.43%             | 2047-06-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-100 BA                          | CUSIP: 38378BC23<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2500000 | PA      | $2104719.25   | 1.57%             | 2052-08-16      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AH7284                                                         | CUSIP: 3138A9CW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     56687 | PA      | $54439.77     | 0.04%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DoubleLine Income Solutions Fund                             | DOUBLELINE INCOME SOLUTIONS MUTUAL FUND                                           | CUSIP: 258622109<br>LEI: 549300RGXFCKJWYUTL28 | Long             | EC               |  | US        |     57789 | NS      | $640880.01    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                           | Energy Transfer LP PREFERRED STOCK                                                | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               |  | US        |     32862 | NS      | $715405.74    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                                 | FISERV INC 3.500000% 07/01/2029                                                   | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900918.20    | 0.67%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                   | PACIFICORP 6.250000% 10/15/2037                                                   | CUSIP: 695114CG1<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     42000 | PA      | $44726.74     | 0.03%             | 2037-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-3 AG                            | CUSIP: 38380JNJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    221902 | PA      | $193308.98    | 0.14%             | 2058-10-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                           | BOEING CO/THE 3.250000% 02/01/2035                                                | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    625000 | PA      | $475311.12    | 0.35%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                           | BOEING CO/THE 3.250000% 03/01/2028                                                | CUSIP: 097023BX2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1340763.51   | 1.00%             | 2028-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-83 AK                           | CUSIP: 38378BXN4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    582872 | PA      | $522111.09    | 0.39%             | 2053-12-16      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                        | WELLS FARGO & CO VARIABLE RATE 01/15/2027                                         | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    795000 | PA      | $737728.14    | 0.55%             | 2027-01-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE-ACES FNA 2019-M12 A2                                                   | CUSIP: 3136B5NV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1351476.30   | 1.01%             | 2029-06-25      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                             | PACIFIC GAS AND ELECTRIC CO 3.500000% 08/01/2050                                  | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1863347.58   | 1.39%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-68 B                            | CUSIP: 38380JK56<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $849059.30    | 0.63%             | 2059-02-16      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Orion Office Reit Inc                                        | ORION OFFICE REIT INC REIT                                                        | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               |  | US        |       726 | NS      | $6200.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2018-SB53 MORTGAGE TRUST FRESB 2018-SB53 A10F                               | CUSIP: 30297DAJ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1530737 | PA      | $1469120.83   | 1.10%             | 2028-06-25      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                           | SOUTHERN CALIFORNIA EDISON CO 3.900000% 12/01/2041                                | CUSIP: 842400FT5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11257.67     | 0.01%             | 2041-12-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BALL CORPORATION                                             | BALL CORP 2.875000% 08/15/2030                                                    | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1795770.00   | 1.34%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST           | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C10 C               | CUSIP: 61762MCB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    191000 | PA      | $165196.61    | 0.12%             | 2046-07-15      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                                 | LINCOLN NATIONAL CORP VARIABLE RATE 04/20/2067                                    | CUSIP: 534187AU3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    400000 | PA      | $264464.56    | 0.20%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| BELDING MICH AREA SCHS                                       | BELDING MI AREA SCHS BELDING AREA SCHOOLS                                         | CUSIP: 077527JE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751003.95    | 0.56%             | 2025-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WARNER MEDIA, LLC                                            | WARNER MEDIA LLC 5.350000% 12/15/2043                                             | CUSIP: 887317AS4<br>LEI: 5493004RSX004WU3UT62 | Long             | DBT              | CORP              | US        |    168000 | PA      | $132235.97    | 0.10%             | 2043-12-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV               | MARYLAND ST ECON DEV CORP ECON MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57420NCZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477520.55    | 0.36%             | 2025-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MANUFACTURERS AND TRADERS TRUST COMPANY.                     | M&T BANK CORP 4.000000% 07/15/2024                                                | CUSIP: 71270QEB8<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245443.67    | 0.18%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AR6834                                                         | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    290323 | PA      | $264183.22    | 0.20%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AH3401                                                         | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     80340 | PA      | $79891.12     | 0.06%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | 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        |   2560000 | PA      | $2141542.40   | 1.60%             | 2067-05-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                  | FREDDIE MAC GOLD POOL FG Q01533                                                   | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     71346 | PA      | $72135.03     | 0.05%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Opportunities Fund                      | PIMCO DYNAMIC INCOME OPPORT MUTUAL FUND                                           | CUSIP: 69355M107<br>LEI: 549300MWJBXCL907ZB49 | Long             | EC               |  | US        |    134945 | NS      | $1723247.65   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                        | OAKTREE SPECIALTY LENDING CORP 3.500000% 02/25/2025                               | CUSIP: 67401PAB4<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2608611.89   | 1.94%             | 2025-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                       | SOUTHWEST AIRLINES CO 7.375000% 03/01/2027                                        | CUSIP: 844741AN8<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3292911.20   | 2.45%             | 2027-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION.                | CREATIVE MEDIA & COMMUNITY T REIT                                                 | CUSIP: 125525584<br>LEI: 549300X9XL9BLF80OY48 | Long             | EC               |  | US        |     69150 | NS      | $338835.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                       | SOUTHWEST AIRLINES CO 2.625000% 02/10/2030                                        | CUSIP: 844741BF4<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $829724.80    | 0.62%             | 2030-02-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NETFLIX, INC.                                                | NETFLIX INC 4.875000% 04/15/2028                                                  | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    750000 | PA      | $724189.78    | 0.54%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                                 | TRUIST FINANCIAL CORP 4.950000% MATURITY: PERPETUAL                               | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1577565.00   | 1.18%             | 2171-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AS1770                                                         | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    161955 | PA      | $155125.81    | 0.12%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                           | BOEING CO/THE 3.600000% 05/01/2034                                                | CUSIP: 097023CJ2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    750000 | PA      | $599678.76    | 0.45%             | 2034-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST           | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C10 AS              | CUSIP: 61762MBY6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    210000 | PA      | $207013.04    | 0.15%             | 2046-07-15      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AE7731                                                         | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     61094 | PA      | $60388.86     | 0.05%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                          | COMM 2013-LC13 MORTGAGE TRUST COMM 2013-LC13 AM                                   | CUSIP: 12626GAM5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $98323.24     | 0.07%             | 2046-08-10      | Floating      | 4.56%                 | Yes           |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                              | REXFORD INDUSTRIAL REALTY LP 2.125000% 12/01/2030                                 | CUSIP: 76169XAA2<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1170795.93   | 0.87%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                                 | MARRIOTT INTERNATIONAL INC/MD 4.000000% 04/15/2028                                | CUSIP: 571903AY9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1857365.32   | 1.38%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2019-SB60 MORTGAGE TRUST FRESB 2019-SB60 A10F                               | CUSIP: 30308GAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    734372 | PA      | $684942.00    | 0.51%             | 2029-01-25      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                           | BOEING CO/THE 3.625000% 02/01/2031                                                | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $876166.98    | 0.65%             | 2031-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP               | RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP LP 4.000000% 12/15/2024                | CUSIP: 76132FAB3<br>LEI: 549300KH0PNTJK9NTE57 | Long             | DBT              | CORP              | US        |    850000 | PA      | $812465.88    | 0.61%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY REDEV FING AUTH TAX          | SAN FRANCISCO CITY & CNTY CA R SAN FRANCISCO CITY & COUNTY REDEVELOPMENT FINANCIN | CUSIP: 79771PU78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $342359.61    | 0.26%             | 2029-08-01      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-46 A                            | CUSIP: 38379U7H3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    363323 | PA      | $309220.60    | 0.23%             | 2057-11-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VI                                                 | SCE Trust VI PREFERRED STOCK                                                      | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               |  | US        |     12348 | NS      | $214978.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                  | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K735 AM                   | CUSIP: 3137FMU75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2000000 | PA      | $1849513.00   | 1.38%             | 2026-05-25      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| CTO REALTY GROWTH, INC.                                      | CTO Realty Growth Inc PREFERRED STOCK                                             | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               |  | US        |     80000 | NS      | $1636000.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AB6858                                                         | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    311794 | PA      | $291658.60    | 0.22%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 0.625000% 08/15/2030                                              | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2250000 | PA      | $1771083.99   | 1.32%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL INC.                                     | Ellington Financial Inc PREFERRED STOCK                                           | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               |  | US        |     80000 | NS      | $1404800.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-106 AC                          | CUSIP: 38379RS95<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    178004 | PA      | $163665.42    | 0.12%             | 2051-04-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| QWEST CORPORATION                                            | Qwest Corp PREFERRED STOCK                                                        | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               |  | US        |     55790 | NS      | $931693.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY OP LP                                         | FEDERAL REALTY INVESTMENT TRUST 3.500000% 06/01/2030                              | CUSIP: 313747BA4<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2139043.58   | 1.59%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE, L.P.                           | PLAINS ALL AMERICAN PIPELINE LP MATURITY: PERPETUAL                               | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860000.00    | 0.64%             | 2171-11-15      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-129 AG                          | CUSIP: 38380MMK4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     94260 | PA      | $93153.97     | 0.07%             | 2059-05-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AB9550                                                         | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    721714 | PA      | $656667.76    | 0.49%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| QWEST CORPORATION                                            | Qwest Corp PREFERRED STOCK                                                        | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               |  | US        |     45187 | NS      | $786253.80    | 0.59%             |  |  |  | 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        |     83691 | PA      | $80862.62     | 0.06%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AH3394                                                         | CUSIP: 3138A4XY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     41817 | PA      | $40159.82     | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                       | PNC FINANCIAL SERVICES GROUP INC/THE 6.200000% MATURITY: PERPETUAL                | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146587.50    | 0.11%             | 2171-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ROBLOX CORPORATION                                           | ROBLOX CORP 144A 3.875000% 05/01/2030                                             | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1576400.00   | 1.18%             | 2030-05-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY TRUST, INC.                                     | Arbor Realty Trust Inc PREFERRED STOCK                                            | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               |  | US        |     34000 | NS      | $586840.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-55 AH                           | CUSIP: 38380M7B1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    732958 | PA      | $642884.04    | 0.48%             | 2061-03-16      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                  | BANK OF AMERICA CORP 6.300000% MATURITY: PERPETUAL                                | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496286.85    | 0.37%             | 2171-09-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-156 AD                          | CUSIP: 38380MVQ1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    332138 | PA      | $307760.10    | 0.23%             | 2059-08-16      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST                   | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C1 JPMBB 2014-C18 C               | CUSIP: 46641JBC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $91471.40     | 0.07%             | 2047-02-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| B. RILEY FINANCIAL, INC.                                     | RILY 6.75 05/31/24 PFD PREFERRED STOCK                                            | CUSIP: 05580M702<br>LEI: N/A                  | Long             | EP               |  | US        |      8892 | NS      | $216964.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                             | PACIFIC GAS AND ELECTRIC CO 2.500000% 02/01/2031                                  | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $3297517.46   | 2.46%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-2 AE                            | CUSIP: 38380MZX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    714782 | PA      | $668039.56    | 0.50%             | 2059-03-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                                     | GENERAL ELECTRIC CO MTN VARIABLE RATE 05/13/2024                                  | CUSIP: 36962GL36<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    750000 | PA      | $735826.75    | 0.55%             | 2024-05-13      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK GROUP, INC.                                 | INDEPENDENT BANK GROUP INC 5.000000% 12/31/2027                                   | CUSIP: 45384BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.37%             | 2027-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX, INC.                                                | NETFLIX INC 144A 4.875000% 06/15/2030                                             | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    750000 | PA      | $699449.27    | 0.52%             | 2030-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PGIM High Yield Bond Fund Inc                                | PGIM HIGH YIELD BOND FUND MUTUAL FUND                                             | CUSIP: 69346H100<br>LEI: P63V0W84H2Z3IOKHSM44 | Long             | EC               |  | US        |     25596 | NS      | $303824.52    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                           | ENERGY TRANSFER LP 6.500000% 02/01/2042                                           | CUSIP: 29273RAR0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    259000 | PA      | $255989.86    | 0.19%             | 2042-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD.                                          | ATHENE HOLDING LTD 3.500000% 01/15/2031                                           | CUSIP: 04686JAC5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1642189.54   | 1.22%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                          | COMM 2014-CR14 MORTGAGE TRUST COMM 2014-CR14 AM                                   | CUSIP: 12630DBA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $117186.77    | 0.09%             | 2047-02-10      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| United States of America                                     | US TREASURY N/B 1.375000% 11/15/2031                                              | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $1627812.50   | 1.21%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                           | Energy Transfer LP PREFERRED STOCK                                                | CUSIP: 29273V506<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               |  | US        |     53750 | NS      | $1182500.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-8 AH                            | CUSIP: 38380NM48<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1220081 | PA      | $1031871.63   | 0.77%             | 2062-01-16      | Fixed         | 2.55%                 | 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        |    263000 | PA      | $255329.11    | 0.19%             | 2047-03-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                      | BANK OF NEW YORK MELLON CORP/THE 4.700000% MATURITY: PERPETUAL                    | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $960130.00    | 0.72%             | 2171-09-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SCE TRUST III                                                | SCE Trust III PREFERRED STOCK                                                     | CUSIP: 78409B207<br>LEI: N/A                  | Long             | EP               |  | US        |     61167 | NS      | $1134036.18   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE REMICS FNR 2016-104 QA                                                 | CUSIP: 3136AUS77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    139412 | PA      | $135179.54    | 0.10%             | 2043-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                        | WFRBS COMMERCIAL MORTGAGE TRUST 2013-C17 WFRBS 2013-C17 AS                        | CUSIP: 92938GAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    115000 | PA      | $112329.47    | 0.08%             | 2046-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                 | GS MORTGAGE SECURITIES TRUST 2014-GC20 GSMS 2014-GC20 AS                          | CUSIP: 36252WBB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    105000 | PA      | $101779.39    | 0.08%             | 2047-04-10      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| UNIT CORPORATION                                             | UNIT CORP COMMON STOCK                                                            | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               |  | US        |      2231 | NS      | $129085.66    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESB MORTGAGE TRUST                                         | FRESB 2017-SB42 MORTGAGE TRUST FRESB 2017-SB42 A10F                               | CUSIP: 30306BAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    909525 | PA      | $841694.27    | 0.63%             | 2027-10-25      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                      | DUKE ENERGY CORP 4.875000% MATURITY: PERPETUAL                                    | CUSIP: 26441CBG9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1368750.00   | 1.02%             | 2171-03-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Doubleline Opportunistic Credit Fund                         | DOUBLELINE OPPORT CREDIT MUTUAL FUND                                              | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               |  | US        |       295 | NS      | $4380.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDO FINANCE LLC                                             | ENDO FINANCE LLC / ENDO FINCO INC 144A 5.375000% 01/15/2023                       | CUSIP: 29271LAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $9350.00      | 0.01%             | 2023-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| UNITED WHOLESALE MORTGAGE, LLC                               | UNITED WHOLESALE MORTGAGE LLC 144A 5.500000% 04/15/2029                           | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    500000 | PA      | $397740.10    | 0.30%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                                | FORD MOTOR CREDIT CO LLC 3.375000% 11/13/2025                                     | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    750000 | PA      | $678009.63    | 0.51%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                                     | GENERAL ELECTRIC CO MATURITY: PERPETUAL                                           | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1468751.55   | 1.09%             | 2171-06-15      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                        | FANNIE MAE POOL FN AT2721                                                         | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    607859 | PA      | $553074.65    | 0.41%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                                 | LINCOLN NATIONAL CORP 9.250000% MATURITY: PERPETUAL                               | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531250.00    | 0.40%             | 2171-03-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| COMSTOCK PARK MICH PUB SCHS PLAINFIELD                       | COMSTOCK PARK MI PUBLIC SCHS COMSTOCK PARK PUBLIC SCHOOLS                         | CUSIP: 205759GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $635588.65    | 0.47%             | 2026-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                        | OAKTREE SPECIALTY LENDING CORP 2.700000% 01/15/2027                               | CUSIP: 67401PAC2<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    400000 | PA      | $339649.72    | 0.25%             | 2027-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                  | BANK OF AMERICA CORP 6.100000% MATURITY: PERPETUAL                                | CUSIP: 060505EN0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1688750.00   | 1.26%             | 2171-09-17      | Fixed         | 6.10%                 | No            |                  2 | 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