NPORT-EX 2 d879741d8k.htm SCHEDULE F HTML
THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 Schedule of Investments

Mortgage-Backed Securities — 48.7%

      
     Principal
Amount ($)		      Value ($)    

AGENCY MORTGAGE-BACKED SECURITIES — 48.4%

     

FHLMC MTN

      

1.54%, 08/17/35

      2,500,000        1,780,827   

2.00%, 10/29/40

      1,000,000        654,741   

FHLMC, Series 2022-5253, Class PL

      

4.00%, 08/25/52

      2,000,000        1,736,760   

FHLMC

      

4.00%, 05/01/44

      319,635        298,892   

5.00%, 06/01/41

      60,443        59,846   

FHLMC Multifamily Structured Pass-Through Certificates, Series K735, Class AM

      

2.46%, 05/25/26

      2,000,000        1,893,981   

FNMA, Series 2016-104, Class QA

      

3.00%, 11/25/43

      3,618        3,601   

FNMA, Series 2012-98, Class WZ

      

4.00%, 09/25/42

      2,109,339        1,985,736   

FNMA, Series 2019-M12, Class A2

      

2.89%, 06/25/29 (a)

      1,470,121        1,351,627   

FNMA, Series M3, Class X1

      

2.03%, 11/25/33 (a)(b)

      9,295,951        687,770   

FNMA, Series 2015-45, Class ZY

      

2.50%, 07/25/45

      1,252,030        1,014,219   

FNMA, Series 2010-16, Class PA

      

4.50%, 02/25/40

      17,488        17,163   

FNMA, Series 2023-70, Class B

      

5.25%, 01/25/54

      955,826        934,783   

FNMA

      

3.00%, 02/01/43 to 06/01/43 (c)

      1,367,402        1,205,921   

3.50%, 11/01/42 to 02/01/43 (c)

      598,371        545,809   

4.00%, 01/01/41 to 03/01/44 (c)

      440,646        413,722   

4.50%, 10/01/39 to 04/01/41 (c)

      558,450        542,453   

5.00%, 06/01/41

      69,487        68,690   

FRESB Mortgage Trust, Series 2017-SB42, Class A10F

      

2.96%, 10/25/27 (a)

      817,736        767,856   

FRESB Mortgage Trust, Series 2018-SB52, Class A10F

      

3.48%, 06/25/28 (a)

      1,805,518        1,710,192   

FRESB Mortgage Trust, Series 2019-SB60, Class A10F

      

3.31%, 01/25/29 (a)

      623,599        587,192   

FRESB Mortgage Trust, Series 2019-SB63, Class A10H

      

2.89%, 03/25/39 (a)

      525,781        462,358   

 

1

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Mortgage-Backed Securities (continued)              
     Principal
Amount ($)		      Value ($)    

AGENCY MORTGAGE-BACKED SECURITIES (continued)

      

FRESB Mortgage Trust, Series 2018-SB53, Class A10F

      

3.66%, 06/25/28 (a)

      1,285,220        1,218,453   

FRESB Mortgage Trust, Series 2019-SB62, Class A10F

      

3.07%, 03/25/29 (a)

      1,298,349        1,197,774   

GNMA, Series 2018-68, Class B

      

3.00%, 02/16/59 (a)

      1,000,000        828,037   

GNMA, Series 2018-129, Class AG

      

3.10%, 05/16/59

      75,008        73,876   

GNMA, Series 2017-24, Class A

      

2.25%, 09/16/44

      91,111        86,761   

GNMA, Series 2018-3, Class AG

      

2.50%, 10/16/58

      204,142        170,679   

GNMA, Series 2017-106, Class AC

      

2.60%, 04/16/51

      155,639        140,050   

GNMA, Series 2017-70, Class AE

      

2.60%, 10/16/58

      521,359        436,639   

GNMA, Series 2017-69, Class AS

      

2.75%, 02/16/58

      501,986        451,819   

GNMA, Series 2022-146, Class PA

      

4.00%, 06/20/52

      1,254,983        1,203,235   

GNMA, Series 2018-156, Class AD

      

3.25%, 08/16/59 (a)

      322,051        294,856   

GNMA, Series 2023-1, Class AL

      

5.00%, 01/20/53

      1,500,000        1,433,708   

GNMA, Series 2024-45, Class JZ

      

5.50%, 03/20/54

      227,067        220,218   

GNMA, Series 2017-46, Class A

      

2.50%, 11/16/57

      306,243        247,202   

GNMA, Series 2024-45, Class DB

      

5.50%, 03/20/54

      1,500,000        1,475,039   

GNMA, Series 2023-150, Class DC

      

5.50%, 06/20/50

      3,000,000        2,962,152   

GNMA, Series 2020-3, Class AH

      

2.50%, 02/16/62

      965,591        780,926   

GNMA, Series 2023-111, Class ML

      

5.50%, 05/20/45

      1,000,000        982,549   

GNMA

      

2.50%, 06/20/51

      617,742        503,897   

3.50%, 05/20/43

      391,754        359,411   

4.00%, 01/20/41 to 04/20/43 (c)

      368,647        349,818   

 

2

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Mortgage-Backed Securities (continued)             
     Principal
Amount ($)		     Value ($)    

AGENCY MORTGAGE-BACKED SECURITIES (continued)

     

GNMA, Series 2019-55, Class AH

     

3.15%, 03/16/61 (a)

      713,365       611,584   

GNMA, Series 2019-2, Class AE

     

3.25%, 03/16/59

      646,792       599,854   

GNMA, Series 2012-83, Class AK

     

3.19%, 12/16/53 (a)

      555,681       489,276   

GNMA, Series 2020-8, Class AH

     

2.55%, 01/16/62

      1,186,577       961,704   

GNMA, Series 2023-147, Class BD

     

6.00%, 03/20/51

      1,932,944       1,946,768   

GNMA, Series 2012-100, Class BA

     

2.60%, 08/16/52 (a)

      2,500,000       2,052,883   
    

 

 

  
          40,803,307   
    

 

 

  

NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.3%

    

JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C

     

4.78%, 02/15/47 (a)

      100,000       91,089   

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class C

     

4.12%, 07/15/46 (a)

      191,000       156,725   

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class AS

     

4.12%, 07/15/46 (a)

      90       86   
    

 

 

  
       247,900   
    

 

 

  

Total Mortgage-Backed Securities

     

(Cost $44,602,986)

        41,051,207   
    

 

 

  
    

Corporate Obligations — 24.7%

     

COMMUNICATION SERVICES — 1.3%

    

ROBLOX

     

3.88%, 05/01/30 (d)

      1,250,000       1,110,619   
    

 

 

  

CONSUMER DISCRETIONARY — 0.4%

    

LKQ

     

6.25%, 06/15/33

      325,000       333,568   
    

 

 

  

CONSUMER STAPLES — 0.5%

    

Walgreens Boots Alliance

     

4.80%, 11/18/44

      500,000       392,625   
    

 

 

  

 

3

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Corporate Obligations (continued)

     
     Principal
Amount ($)		     Value ($)    

ENERGY — 2.7%

    

BP Capital Markets

     

H15T5Y + 4.398%, 4.88% (a)(e)

      1,000,000       942,762   

Enbridge

     

H15T5Y + 4.431%, 8.50%, 01/15/84 (a)

      1,250,000       1,347,540   
    

 

 

  
          2,290,302   
    

 

 

  

FINANCIALS — 9.6%

    

Arbor Realty Trust

     

4.50%, 03/15/27

      1,750,000       1,467,732   

Charles Schwab

     

H15T10Y + 3.079%, 4.00% (a)(e)

      500,000       427,007   

Endo Finance

     

5.38%, 01/15/23 (f)

      187,000       —   

Everest Reinsurance Holdings

     

US0003M + 2.385%, 7.97%, 05/15/37 (a)

      1,000,000       975,268   

Lincoln National

     

TSFR3M + 2.302%, 7.63%, 04/20/67 to 04/20/67 (a)(c)

      2,170,000       1,645,444   

TSFR3M + 2.619%, 7.95%, 05/17/66 (a)

      1,750,000       1,424,321   

H15T5Y + 5.318%, 9.25% (a)(e)

      500,000       538,993   

LPL Holdings

     

6.00%, 05/20/34

      500,000       499,250   

PNC Financial Services Group

     

H15T7Y + 2.808%, 6.25% (a)(e)

      500,000       487,235   

Prudential Financial

     

H15T5Y + 3.035%, 3.70%, 10/01/50 (a)

      750,000       652,386   
    

 

 

  
       8,117,636   
    

 

 

  

HEALTHCARE — 0.0%

    

CVS Pass-Through Trust

     

6.04%, 12/10/28

      33,432       33,515   
    

 

 

  

INDUSTRIALS — 3.4%

    

BNSF Funding Trust I

     

US0003M + 2.350%, 6.61%, 12/15/55 (a)

      750,000       749,430   

Southwest Airlines

     

7.38%, 03/01/27

      2,000,000       2,097,279   
    

 

 

  
       2,846,709   
    

 

 

  

MATERIALS — 1.2%

    

Dow Chemical

     

5.60%, 02/15/54

      1,000,000       961,358   
    

 

 

  

REAL ESTATE — 0.6%

    

Retail Opportunity Investments Partnership

     

6.75%, 10/15/28

      500,000       517,553   
    

 

 

  

 

4

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Corporate Obligations (continued)

     
     Principal
Amount ($)		     Value ($)    

UTILITIES — 5.0%

    

Dominion Energy

     

6.30%, 03/15/33

      250,000       259,221   

Edison International

     

H15T5Y + 4.698%, 5.38% (a)(e)

      2,125,000       2,070,068   

Pacific Gas and Electric

     

2.50%, 02/01/31

      250,000       206,079   

4.95%, 07/01/50

      2,000,000       1,652,442   
    

 

 

  
          4,187,810   
    

 

 

  

Total Corporate Obligations

     

(Cost $21,379,966)

        20,791,695   
    

 

 

  
    

U.S. Government Agency Obligations — 9.8%

     

FFCB

     

1.88%, 2/11/2036

      1,000,000       728,919   

2.71%, 12/1/2036

      389,000       308,841   

2.74%, 4/1/2041

      500,000       368,663   

4.00%, 4/19/2032

      450,000       424,899   

4.55%, 2/17/2033

      1,000,000       959,733   

4.70%, 8/16/2032

      175,000       169,119   

5.37%, 4/19/2033

      750,000       739,607   

FHLB

     

2.00%, 2/25/2036

      1,000,000       736,137   

3.00%, 2/24/2037

      500,000       412,924   

5.00%, 2/8/2029

      500,000       501,183   

5.70%, 3/25/2044

      250,000       250,427   

5.78%, 3/13/2034

      500,000       499,933   

5.97%, 1/26/2039

      450,000       446,938   

6.00%, 8/16/2033

      1,700,000       1,696,894   
    

 

 

  

Total U.S. Government Agency Obligations

     

(Cost $8,509,572)

        8,244,217   
    

 

 

  
    

U.S. Treasury Obligations — 6.1%

     

U.S. Treasury Bonds

     

1.25%, 5/15/2050

      7,250,000       3,593,281   

2.25%, 2/15/2052

      1,500,000       955,547   

 

5

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

U.S. Treasury Obligations (continued)

     
     Principal
Amount ($)		     Value ($)    

U.S. Treasury Bonds (continued)

     

3.63%, 2/15/2053

      725,000       616,760   
    

 

 

  

Total U.S. Treasury Obligations

     

(Cost $5,408,235)

           5,165,588   
    

 

 

  
    

Asset-Backed Securities — 4.2%

     

SBA Small Business Investment Company, Series 2023-10B, Class 1

     

5.69%, 9/10/2033

      1,464,813       1,498,074   

SBA Small Business Investment Company, Series 2018-10B, Class 1

     

3.55%, 9/10/2028

      834,177       783,991   

SBA Small Business Investment Company, Series 2018-10A, Class 1

     

3.19%, 3/10/2028

      467,952       443,165   

Small Business Administration, Series 2018-20H, Class 1

     

3.58%, 8/1/2038

      758,235       698,587   

Small Business Administration

     

PRIME + -2.650%, 5.85%, 6/25/2034 (a)

      159,585       159,078   
    

 

 

  

Total Asset-Backed Securities

     

(Cost $3,706,110)

        3,582,895   
    

 

 

  
    

Municipal Bonds — 2.6%

     

CALIFORNIA — 1.1%

    

Modesto Irrigation District RB

     

7.20%, 10/01/40

      500,000       572,682   

San Francisco City & County Redevelopment Financing Authority TA

     

8.26%, 08/01/29

      300,000       329,084   
    

 

 

  
       901,766   
    

 

 

  

MARYLAND — 0.6%

    

Maryland Economic Development RB

     

3.70%, 06/01/25

      500,000       492,634   
    

 

 

  

MICHIGAN — 0.2%

    

Comstock Park Public Schools GO
Insured: Q-SBLF

     

6.30%, 05/01/26

      135,000       135,110   
    

 

 

  

 

6

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Municipal Bonds (continued)

     
     Principal
Amount ($)		     Value ($)    

NEW YORK — 0.3%

    

Port Authority of New York & New Jersey RB

     

4.46%, 10/01/62

      320,000       277,859   
    

 

 

  

OREGON — 0.4%

    

Multnomah County School District No. 1 Portland GO
Insured: ST INTERCEPT

     

2.40%, 06/30/38

      500,000       366,248   
    

 

 

  

Total Municipal Bonds

     

(Cost $2,220,232)

           2,173,617   
    

 

 

  
    

Preferred Stock — 2.0%

     
     Shares        

COMMUNICATION SERVICES — 0.2%

    

Telephone and Data Systems 6.00% (e)

      10,385       185,995   
    

 

 

  

FINANCIALS — 0.3%

    

Arbor Realty Trust 6.38% (e)

      11,335       209,584   

RiverNorth DoubleLine Strategic Opportunity Fund 4.38% (e)

      976       18,345   
    

 

 

  
       227,929   
    

 

 

  

REAL ESTATE — 0.8%

    

CTO Realty Growth, REIT 6.38% (e)

      34,565       695,793   
    

 

 

  

UTILITIES — 0.7%

    

SCE Trust III 8.59% (a)(e)

      22,051       554,362   

SCE Trust VI 5.00% (e)

      25       495   
    

 

 

  
       554,857   
    

 

 

  

Total Preferred Stock

     

(Cost $1,936,000)

        1,664,574   
    

 

 

  
    

Registered Investment Companies — 1.4%

     

DoubleLine Income Solutions Fund

      9,193       115,097   

DoubleLine Opportunistic Credit Fund

      295       4,531   

PIMCO Dynamic Income Fund

      10,000       188,100   

PIMCO Dynamic Income Opportunities Fund

      20,000       265,800   

RiverNorth DoubleLine Strategic Opportunity Fund

      65,948       570,450   
    

 

 

  

Total Registered Investment Companies

     

(Cost $1,361,278)

        1,143,978   
    

 

 

  

 

7

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

FIXED INCOME FUND

JUNE 30, 2024 (Unaudited)

 

 

Common Stock — 0.2%

     
     Shares     Value ($)    

REAL ESTATE — 0.2%

    

Creative Media & Community Trust, REIT

      66,596       179,143   
    

 

 

  

Total Common Stock

     

(Cost $412,012)

        179,143   
    

 

 

  

Total Investments - 99.7%

        83,996,914   
    

 

 

  

(Cost $89,536,391)

     

Other Assets & Liabilities, Net - 0.3%

        272,132   
    

 

 

  

Net Assets - 100.0%

           84,269,046   
    

 

 

  

 

(a)

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.

(b)

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.

(c)

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

(d)

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 June 30, 2024, these securities amounted to $1,110,619 or 1.3% of Net Assets of the Fund.

(e)

Perpetual security with no stated maturity date.

(f)

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

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

GO — General Obligation

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

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

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

MTN — Medium Term Note

RB — Revenue Bond

REIT — Real Estate Investment Trust

TA — Tax Allocation

TSFR3M — Term Secured Overnight Financing Rate 3 Month

US0003M — ICE LIBOR USD 3 Month

 

8

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

 Schedule of Investments

Foreign Common Stock — 43.1%

     
     Shares     Value ($)    

CANADA — 10.8%

    

Brookfield

      34,593       1,436,993   

PrairieSky Royalty Ltd.

      262,775       4,992,985   

Suncor Energy

      132,430       5,045,583   
    

 

 

  
       11,475,561   
    

 

 

  

FRANCE — 20.4%

    

Bollore SA

      1,239,539       7,280,075   

Cie de L’Odet

      4,398       6,146,500   

Cie du Cambodge

      1       7,234   

Financiere Moncey

      1       7,127   

Lagardere

      141,601       3,141,462   

Societe Industrielle et Financiere de l’Artois

      6       31,381   

Vivendi SA

      368,224       3,850,162   

Vivendi SA ADR

      115,850       1,203,681   
    

 

 

  
       21,667,622   
    

 

 

  

INDIA — 1.0%

    

Fairfax India Holdings, Class G (a)(b)

      72,500       1,044,725   
    

 

 

  

JAPAN — 4.6%

    

Nintendo Co, Ltd.

      6,000       319,135   

Nintendo Co, Ltd. ADR

      342,650       4,557,245   
    

 

 

  
       4,876,380   
    

 

 

  

MEXICO — 1.9%

    

Becle

      1,083,297       1,955,035   
    

 

 

  

NETHERLANDS — 2.5%

    

EXOR

      25,100       2,628,230   
    

 

 

  

UNITED KINGDOM — 1.9%

    

AstraZeneca, Inc. ADR

      26,100       2,035,539   
    

 

 

  

Total Foreign Common Stock

     

(Cost $36,933,899)

           45,683,092   
    

 

 

  
    

Common Stock — 33.3%

     

COMMUNICATION SERVICES — 4.8%

    

Alphabet, Inc., Class A

      11,620       2,116,583   

Alphabet, Inc., Class C

      1,000       183,420   

Liberty Global, Class A (a)

      43,750       762,562   

Liberty Media - Liberty Formula One, Class A (a)

      31,199       2,003,912   
    

 

 

  
       5,066,477   
    

 

 

  

CONSUMER DISCRETIONARY — 3.9%

    

Entain

      194,588       1,549,659   

 

9

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

Common Stock (continued)

     
     Shares     Value ($)    

CONSUMER DISCRETIONARY (continued)

     

Tandy Leather Factory (a)

      560,237       2,521,066   
    

 

 

  
       4,070,725   
    

 

 

  

CONSUMER STAPLES — 3.0%

    

JG Boswell Co

      250       141,250   

Philip Morris International, Inc.

      30,284       3,068,678   
    

 

 

  
       3,209,928   
    

 

 

  

ENERGY — 0.2%

    

Natural Resource Partners

      2,165       194,071   

Pardee Resources

      101       29,088   
    

 

 

  
       223,159   
    

 

 

  

FINANCIALS — 9.9%

    

Berkshire Hathaway, Inc., Class B (a)

      5,055       2,056,374   

Burford Capital (c)

      461,068       6,016,937   

Charles Schwab

      25,630       1,888,675   

First Citizens BancShares, Inc., Class B

      75       112,575   

FRMO (a)

      2,000       15,280   

Southern BancShares NC

      65       381,875   
    

 

 

  
       10,471,716   
    

 

 

  

HEALTHCARE — 3.0%

    

Joint (a)

      191,209       2,688,398   

Labcorp Holdings

      2,500       508,775   
    

 

 

  
       3,197,173   
    

 

 

  

INDUSTRIALS — 1.9%

    

DSV

      13,074       2,004,823   
    

 

 

  

MATERIALS — 1.5%

    

Keweenaw Land Association Ltd. (a)

      52,595       1,577,850   
    

 

 

  

REAL ESTATE — 5.1%

    

Creative Media & Community Trust, REIT

      216,978       583,671   

International Workplace Group

      2,240,364       4,896,584   
    

 

 

  
       5,480,255   
    

 

 

  

Total Common Stock

     

(Cost $29,421,240)

           35,302,106   
    

 

 

  
    

U.S. Treasury Obligations — 17.9%

     
     Principal
Amount ($)		        

U.S. Treasury Bills

     

5.26%, 8/1/2024 (d)

      2,010,000       2,000,910   

5.28%, 7/16/2024 (d)

      1,005,000       1,002,799   

5.29%, 10/8/2024 (d)

      2,030,000       2,000,898   

5.29%, 7/18/2024 (d)

      1,005,000       1,002,504   

 

10

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

U.S. Treasury Obligations (continued)

        
     Principal
Amount ($)		            Value ($)    

U.S. Treasury Bills (continued)

        

5.31%, 8/13/2024 (d)

      1,008,000          1,001,689   

U.S. Treasury Bonds

        

3.00%, 2/15/2049 to 8/15/2052 (e)

      2,125,000          1,605,608   

U.S. Treasury Notes

        

0.88%, 11/15/2030

      5,815,000          4,703,563   

1.88%, 2/15/2032

      1,200,000          1,007,344   

2.63%, 4/15/2025

      1,029,000          1,008,691   

3.50%, 9/15/2025

      1,030,000          1,011,452   

3.88%, 8/15/2033

      2,750,000          2,645,586   
       

 

 

  

Total U.S. Treasury Obligations

        

(Cost $18,835,461)

           18,991,044   
       

 

 

  
       

U.S. Government Agency Obligations — 3.3%

        

FFCB

        

2.87%, 2/25/2030

      500,000          455,871   

6.45%, 9/27/2035

      2,800,000          2,801,819   

FHLB

        

2.50%, 3/18/2038

      300,000          229,462   
       

 

 

  

Total U.S. Government Agency Obligations

        

(Cost $3,479,859)

           3,487,152   
       

 

 

  
       

Registered Investment Companies — 0.8%

        
     Shares               

BlackRock Taxable Municipal Bond Trust

      32,250        527,288   

TCW Strategic Income Fund

      70,000        331,800   
       

 

 

  

Total Registered Investment Companies

        

(Cost $836,377)

              859,088   
       

 

 

  
       

Mortgage-Backed Securities — 0.4%

        
     Principal
Amount ($)		               

AGENCY MORTGAGE-BACKED SECURITIES — 0.4%

       

FHLMC

        

5.00%, 06/01/41

      19,113          18,925   

 

11

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

Mortgage-Backed Securities (continued)

         
     Principal
Amount ($)		             Value ($)  
        

AGENCY MORTGAGE-BACKED SECURITIES (continued)

         

FNMA

         

3.00%, 02/01/43 to 06/01/43 (e)

      177,147           156,227   

3.50%, 11/01/42 to 02/01/43 (e)

      81,133           73,995   

4.00%, 02/01/44

      21,268           19,941   

4.50%, 02/01/40 to 01/01/41 (e)

      40,120           38,970   

5.00%, 06/01/41

      21,974           21,722   

FNMA, Series 2012-93, Class SW

         

SOFR30A + 5.986%, 0.65%, 09/25/42 (f)(g)

      13,394           1,404   

FNMA, Series 2004-354, Class 1

      1,266           1,115   

0.00%, 12/25/34 (h)(i)

         

GNMA

         

3.00%, 04/20/43 to 06/20/43 (e)

      33,732           29,983   

3.50%, 05/20/43

      34,902           32,020   

4.00%, 01/20/41 to 04/20/43 (e)

      38,287           36,247   

4.50%, 05/20/40 to 03/20/41 (e)

      13,195           12,874   
        

 

 

  
              443,423   
        

 

 

  

Total Mortgage-Backed Securities

(Cost $512,995)

            443,423   
        

 

 

  
        

Special Purpose Acquisition Company — 0.0%

         
     Shares                

Pershing Square Tontine (a)

      42,443           —   
        

 

 

  

Total Special Purpose Acquisition Company

(Cost $–)

            —   
        

 

 

  
        

Warrants — 0.0%

         
     Units                

Pershing Square Tontine (a)

      10,610           —   
        

 

 

  

Total Warrants

(Cost $–)

            —   
        

 

 

  
        

Preferred Stock — 0.0%

         
     Shares                

COMMUNICATION SERVICES — 0.0%

        

Liberty Broadband 7.00% (j)

      –           10   
        

 

 

  

 

12

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

Preferred Stock (continued)

     
     Shares     Value ($)  

FINANCIALS — 0.0%

    

First Internet Bancorp 6.00%, 06/30/2029 (f)

      1,000       24,680   
    

 

 

  

Total Preferred Stock

     

(Cost $22,175)

        24,690   
    

 

 

  
    

Asset-Backed Security — 0.0%

     
     Principal
Amount ($)		        

Bear Stearns Asset-Backed Securities Trust, Series 2003-ABF1, Class A

     

TSFR1M + 0.854%, 6.20%, 1/25/2034 (f)

      1       1   
    

 

 

  

Total Asset-Backed Security

     

(Cost $–)

        1   
    

 

 

  
    

Corporate Obligations — 0.0%

     

COMMUNICATION SERVICES — 0.0%

    

iHeartCommunications, Inc.

     

6.38%, 05/01/26

      545       423   

8.38%, 05/01/27

      132       49   
    

 

 

  
       472   
    

 

 

  

Total Corporate Obligations

     

(Cost $832)

        472   
    

 

 

  

Total Investments - 98.8%

        104,791,068   
    

 

 

  

(Cost $90,042,838)

     

Other Assets & Liabilities, Net - 1.2%

        1,299,057   
    

 

 

  

Net Assets - 100.0%

           106,090,125   
    

 

 

  

 

(a)

Non-income producing security.

(b)

Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At June 30, 2024, these securities amounted to $1,044,725 or 1.0% of Net Assets of the Fund.

(c)

Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.

(d)

Interest rate represents the security’s effective yield at the time of purchase.

(e)

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

 

13

THE ADVISORS’ INNER CIRCLE FUND III   

FIRST FOUNDATION

TOTAL RETURN FUND

JUNE 30, 2024 (Unaudited)

 

 

(f)

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.

(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)

Zero coupon security.

(i)

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.

(j)

Perpetual security with no stated maturity date.

ADR — American Depositary Receipt

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

Ltd. — Limited

REIT — Real Estate Investment Trust

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M— Term Secured Overnight Financing Rate 1 Month

Amounts designated as “—” are zero or have been rounded to zero.

BRK-QH-001-0800

 

14