Advisors' Inner Circle Fund III NPORT-P First Foundation Total Return Fund (Dec 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Schedule of Investments

Mortgage-Backed Securities — 45.0%

	Principal Amount ($)		Value ($)
AGENCY MORTGAGE-BACKED SECURITIES — 44.7%
FHLMC MTN
1.54%, 08/17/35		2,500,000		1,788,959
2.00%, 10/29/40		1,000,000		648,674
FHLMC
4.00%, 05/01/44		303,628		283,455
5.00%, 06/01/41		58,422		58,292
FHLMC, Series 2022-5253, Class PL
4.00%, 08/25/52		2,000,000		1,724,855
FNMA, Series 2010-16, Class PA
4.50%, 02/25/40		15,224		15,112
FNMA, Series 2019-M12, Class A2
2.89%, 06/25/29 (a)		1,455,503		1,348,711
FNMA, Series M3, Class X1
1.91%, 11/25/33 (a)(b)		9,167,254		629,966
FNMA
3.00%, 02/01/43 to 06/01/43 (c)		1,291,452		1,139,396
3.50%, 11/01/42 to 02/01/43 (c)		562,467		513,315
4.00%, 01/01/41 to 03/01/44 (c)		420,765		394,692
4.50%, 10/01/39 to 04/01/41 (c)		525,380		509,356
5.00%, 06/01/41		65,260		65,028
FNMA, Series 2023-70, Class B
5.25%, 01/25/54		866,653		861,380
FNMA, Series 2015-45, Class ZY
2.50%, 07/25/45		1,265,126		1,031,471
FNMA, Series 2012-98, Class WZ
4.00%, 09/25/42		2,049,044		1,935,301
FRESB Mortgage Trust, Series 2019-SB63, Class A10H
2.89%, 03/25/39 (a)		419,685		367,247
FRESB Mortgage Trust, Series 2017-SB42, Class A10F
2.96%, 10/25/27 (a)		793,644		756,994
FRESB Mortgage Trust, Series 2019-SB60, Class A10F
3.31%, 01/25/29 (a)		615,772		583,819
FRESB Mortgage Trust, Series 2018-SB52, Class A10F
3.46%, 06/25/28 (a)		1,697,537		1,623,751
GNMA, Series 2012-100, Class BA
2.60%, 08/16/52 (a)		2,284,940		1,894,304
GNMA, Series 2018-129, Class AG
3.10%, 05/16/59		68,379		67,653
GNMA, Series 2017-24, Class A
2.25%, 09/16/44		52,224		50,876

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Mortgage-Backed Securities (continued)

	Principal Amount ($)		Value ($)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA, Series 2017-70, Class AE
2.60%, 10/16/58		509,453		426,745
GNMA, Series 2023-147, Class BD
6.00%, 03/20/51		1,285,542		1,299,474
GNMA, Series 2018-3, Class AG
2.50%, 10/16/58		189,932		160,046
GNMA, Series 2017-106, Class AC
2.60%, 04/16/51		152,703		139,456
GNMA, Series 2020-8, Class AH
2.55%, 01/16/62		1,175,036		951,463
GNMA, Series 2022-146, Class PA
4.00%, 06/20/52		1,141,442		1,104,951
GNMA, Series 2018-156, Class AD
3.25%, 08/16/59 (a)		318,554		294,218
GNMA, Series 2023-111, Class ML
5.50%, 05/20/45		1,000,000		995,234
GNMA, Series 2019-2, Class AE
3.25%, 03/16/59		637,749		597,062
GNMA, Series 2024-45, Class JZ
5.50%, 03/20/54		233,384		225,482
GNMA, Series 2017-46, Class A
2.50%, 11/16/57		298,790		240,977
GNMA, Series 2024-45, Class DB
5.50%, 03/20/54		1,500,000		1,469,452
GNMA, Series 2020-3, Class AH
2.50%, 02/16/62		955,748		771,472
GNMA, Series 2019-55, Class AH
3.15%, 03/16/61 (a)		707,578		604,851
GNMA
2.50%, 06/20/51		603,401		489,873
3.50%, 05/20/43		370,858		338,956
4.00%, 01/20/41 to 04/20/43 (c)		348,404		329,747
GNMA, Series 2018-68, Class B
3.00%, 02/16/59 (a)		1,000,000		826,253
GNMA, Series 2017-69, Class AS
2.75%, 02/16/58		490,110		445,735
GNMA, Series 2012-83, Class AK
3.19%, 12/16/53 (a)		546,334		483,881
GNMA, Series 2023-1, Class AL
5.00%, 01/20/53		1,500,000		1,423,278

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Mortgage-Backed Securities (continued)

	Principal Amount ($)		Value ($)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA, Series 2023-150, Class DC
5.50%, 06/20/50		3,000,000		2,983,981
				34,895,194
NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.3%
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C
4.54%, 02/15/47 (a)		100,000		93,298
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C10, Class C
3.98%, 07/15/46 (a)		191,000		158,063
				251,361
Total Mortgage-Backed Securities
(Cost $38,176,039)				35,146,555
Corporate Obligations — 34.2%
COMMUNICATION SERVICES — 0.6%
ROBLOX
3.88%, 05/01/30 (d)		500,000		450,573
CONSUMER DISCRETIONARY — 0.7%
Aptiv Swiss Holdings
H15T5Y + 3.385%, 6.88%, 12/15/54 (a)		250,000		243,744
LKQ
6.25%, 06/15/33		325,000		335,219
				578,963
CONSUMER STAPLES — 0.2%
Walgreens Boots Alliance
4.65%, 06/01/46		250,000		159,223
ENERGY — 4.0%
BP Capital Markets
H15T5Y + 4.398%, 4.88% (a) (e)		1,000,000		952,881
Enbridge
H15T5Y + 4.431%, 8.50%, 01/15/84 (a)		1,250,000		1,388,316
Energy Transfer
5.95%, 10/01/43		250,000		242,612
H15T5Y + 4.020%, 8.00%, 05/15/54 (a)		500,000		523,974
				3,107,783
FINANCIALS — 11.0%
Arbor Realty Trust
4.50%, 03/15/27		1,750,000		1,592,791

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Corporate Obligations (continued)

	Principal Amount ($)		Value ($)
FINANCIALS (continued)
Citigroup
H15T10Y + 2.757%, 7.00% (a) (e)		500,000		527,288
Endo Finance
5.38%, 01/15/23		187,000		—
Everest Reinsurance Holdings
TSFR3M + 2.647%, 7.17%, 05/15/37 (a)		1,000,000		978,531
Lincoln National
TSFR3M + 2.302%, 6.92%, 04/20/67 to 04/20/67 (a)(c)		2,170,000		1,749,243
TSFR3M + 2.619%, 7.10%, 05/17/66 (a)		1,750,000		1,489,145
H15T5Y + 5.318%, 9.25% (a) (e)		500,000		545,913
LPL Holdings
6.00%, 05/20/34		500,000		509,073
PNC Financial Services Group
H15T7Y + 2.808%, 6.25% (a) (e)		500,000		504,707
Prudential Financial
H15T5Y + 3.035%, 3.70%, 10/01/50 (a)		750,000		667,195
				8,563,886
HEALTH CARE — 3.3%
Bayer US Finance II
4.88%, 06/25/48 (d)		250,000		194,779
CVS Health
6.13%, 09/15/39		225,000		219,770
H15T5Y + 2.886%, 7.00%, 03/10/55 (a)		250,000		250,839
CVS Pass-Through Trust
6.04%, 12/10/28		28,343		28,498
Elevance Health
5.85%, 11/01/64		500,000		482,353
Humana
5.75%, 04/15/54		1,525,000		1,413,328
				2,589,567
INDUSTRIALS — 3.9%
BNSF Funding Trust I
US0003M + 2.350%, 6.61%, 12/15/55 (a)		500,000		501,249
Boeing
3.30%, 03/01/35		225,000		176,515
5.81%, 05/01/50		750,000		697,615
6.63%, 02/15/38		250,000		259,582
Leidos Holdings
5.95%, 12/01/40		90,000		86,377

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Corporate Obligations (continued) 

	Principal Amount ($)		Value ($)
INDUSTRIALS (continued)
Southwest Airlines
7.38%, 03/01/27		1,250,000		1,304,903
				3,026,241
INFORMATION TECHNOLOGY — 2.8%
Intel
4.90%, 07/29/45		250,000		201,720
5.60%, 02/21/54		2,250,000		1,973,098
				2,174,818
MATERIALS — 0.6%
Dow Chemical
5.60%, 02/15/54		500,000		472,274
UTILITIES — 7.1%
American Electric Power
H15T5Y + 2.750%, 7.05%, 12/15/54 (a)		500,000		518,032
Dominion Energy
6.30%, 03/15/33		250,000		263,303
H15T5Y + 2.386%, 6.88%, 02/01/55 (a)		1,250,000		1,298,940
Duke Energy
H15T5Y + 2.588%, 6.45%, 09/01/54 (a)		500,000		506,074
Edison International
H15T5Y + 4.698%, 5.38% (a) (e)		750,000		739,559
NextEra Energy Capital Holdings
H15T5Y + 2.457%, 6.75%, 06/15/54 (a)		250,000		256,120
NiSource
H15T5Y + 2.451%, 6.95%, 11/30/54 (a)		250,000		254,527
Pacific Gas and Electric
4.95%, 07/01/50		2,000,000		1,735,578
				5,572,133
Total Corporate Obligations
(Cost $27,225,452)				26,695,461
U.S. Government Agency Obligations — 5.6%
FFCB
1.88%, 2/11/2036		1,000,000		732,219
2.71%, 12/1/2036		389,000		308,771
2.74%, 4/1/2041		500,000		360,401
4.00%, 4/19/2032		450,000		423,598
4.55%, 2/17/2033		1,000,000		959,487
4.70%, 8/16/2032		175,000		171,374

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

U.S. Government Agency Obligations (continued)
	Principal Amount ($)		Value ($)
FHLB
2.00%, 2/25/2036		1,000,000		736,719
3.00%, 2/24/2037		500,000		405,438
5.70%, 3/25/2044		250,000		249,595
Total U.S. Government Agency Obligations
(Cost $4,633,695)				4,347,602
U.S. Treasury Obligations — 4.3%
U.S. Treasury Bonds
1.25%, 5/15/2050		3,000,000		1,422,255
2.75%, 11/15/2047		1,500,000		1,052,524
3.00%, 8/15/2052		1,250,000		896,833
Total U.S. Treasury Obligations
(Cost $3,660,372)				3,371,612
Asset-Backed Securities — 4.2%
SBA Small Business Investment Company, Series 2023-10B, Class 1
5.69%, 9/10/2033		1,411,893		1,439,807
SBA Small Business Investment Company, Series 2018-10B, Class 1
3.55%, 9/10/2028		643,451		620,966
SBA Small Business Investment Company, Series 2018-10A, Class 1
3.19%, 3/10/2028		428,828		412,606
Small Business Administration, Series 2018-20H, Class 1
3.58%, 8/1/2038		722,519		675,826
Small Business Administration
PRIME + -2.650%, 5.35%, 6/25/2034 (a)		123,621		122,244
Total Asset-Backed Securities
(Cost $3,349,257)				3,271,449
Municipal Bonds — 2.8%
CALIFORNIA — 1.1%
Modesto Irrigation District RB
7.20%, 10/01/40		500,000		566,886

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Municipal Bonds (continued)
	Principal Amount ($)		Value ($)
CALIFORNIA (continued)
San Francisco City & County Redevelopment Financing Authority TA
8.26%, 08/01/29		300,000		322,782
				889,668
MARYLAND — 0.6%
Maryland Economic Development RB
3.70%, 06/01/25		500,000		497,642
MICHIGAN — 0.2%
Comstock Park Public Schools GO Insured: Q-SBLF
6.30%, 05/01/26		135,000		135,191
NEW YORK — 0.4%
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		320,000		268,797
OREGON — 0.5%
Multnomah County School District No. 1 Portland GO ST INTERCEPT
2.40%, 06/30/38		500,000		361,884
Total Municipal Bonds
(Cost $2,223,936)				2,153,182
Preferred Stock — 2.0%
		Shares
COMMUNICATION SERVICES — 0.3%
Telephone and Data Systems 6.00%		10,385		179,661
FINANCIALS — 0.9%
Arbor Realty Trust 6.38%		1,335		24,751
Bank of Hawaii 8.00%		25,389		663,160
Reinsurance Group of America 7.13%, 10/15/2052 (a)		51		1,316
RiverNorth DoubleLine Strategic Opportunity Fund 4.38%		976		17,090
				706,317
REAL ESTATE — 0.8%
CTO Realty Growth 6.38%		27,486		635,201
UTILITIES — 0.0%
SCE Trust VI 5.00%		25		478
Total Preferred Stock
(Cost $1,660,874)				1,521,657

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Registered Investment Companies — 1.4%
	Shares		Value ($)
DoubleLine Income Solutions Fund		9,193		115,556
DoubleLine Opportunistic Credit Fund		295		4,573
PIMCO Dynamic Income Fund		10,000		183,400
PIMCO Dynamic Income Opportunities Fund		20,000		271,800
RiverNorth DoubleLine Strategic Opportunity Fund		61,339		511,567
Total Registered Investment Companies
(Cost $1,312,135)				1,086,896
Common Stock — 0.0%
HEALTH CARE — 0.0%
Endo Inc (f)		226		5,356
REAL ESTATE — 0.0%
Creative Media & Community Trust		67,938		15,286
Total Common Stock
(Cost $408,948)				20,642
Total Investments - 99.5%				77,615,056
(Cost $82,650,708)
Other Assets & Liabilities, Net - 0.5%				413,871
Net Assets - 100.0%				78,028,927

^(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 December 31, 2024, these securities amounted to $645,352 or 0.8% of Net Assets of the Fund.

^(e) Perpetual security with no stated maturity date.

^(f) Non-income producing security.

FFCB — Federal Farm Credit Bank 

FHLB — Federal Home Loan Bank 

FHLMC — Federal Home Loan Mortgage Corporation

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	FIXED INCOME FUND
	DECEMBER 31, 2024
	(UNAUDITED)

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 

TA — Tax Allocation 

TSFR3M — Term Secured Overnight Financing Rate 3 Month

US0003M — ICE LIBOR USD 3 Month

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	TOTAL RETURN FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Schedule of Investments
Foreign Common Stock — 41.2%
	Shares		Value ($)
CANADA — 8.6%
PrairieSky Royalty Ltd.		199,375		3,885,747
Suncor Energy		116,980		4,173,846
				8,059,593
FRANCE — 21.8%
Bollore SA		1,239,539		7,624,220
Cie de L'Odet		4,398		7,195,502
Lagardere		203,745		4,282,839
Vivendi SA		441,673		1,176,764
Vivendi SA ADR		30,339		198,114
				20,477,439
INDIA — 1.2%
Fairfax India Holdings, Class G (a)(b)		72,500		1,160,290
JAPAN — 4.5%
Nintendo Co, Ltd.		6,000		353,678
Nintendo Co, Ltd. ADR		265,250		3,880,607
				4,234,285
MEXICO — 0.8%
Becle		613,814		694,914
NETHERLANDS — 3.4%
EXOR		25,100		2,301,501
Koninklijke Philips (a)		34,050		862,146
				3,163,647
UNITED KINGDOM — 0.9%
AstraZeneca, Inc. ADR		12,450		815,724
Total Foreign Common Stock
(Cost $33,452,673)				38,605,892
Common Stock — 37.2%
COMMUNICATION SERVICES — 7.1%
Alphabet, Inc., Class A		11,620		2,199,666
CANAL+ S.A. (a)		846,173		2,151,278
Liberty Global, Class A (a)		35,700		455,532
Liberty Media - Liberty Formula One, Class A (a)		21,599		1,815,180
				6,621,656
CONSUMER DISCRETIONARY — 5.9%
Entain		341,938		2,942,876
Tandy Leather Factory (a)		560,237		2,661,126
				5,604,002

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	TOTAL RETURN FUND
	DECEMBER 31, 2024
	(UNAUDITED)

Common Stock (continued)

	Shares		Value ($)
CONSUMER STAPLES — 0.1%
JG Boswell Co		150		82,050
ENERGY — 0.9%
Natural Resource Partners		7,240		803,640
Pardee Resources		101		31,714
				835,354
FINANCIALS — 9.6%
Berkshire Hathaway, Inc., Class B (a)		5,055		2,291,330
Burford Capital (c)		461,068		5,878,617
CME Group, Inc., Class A		3,500		812,805
FRMO (a)		2,000		19,540
				9,002,292
HEALTH CARE — 3.1%
Biogen (a)		11,200		1,712,704
Joint (a)		109,315		1,162,019
				2,874,723
INDUSTRIALS — 4.0%
Delta Air Lines		15,150		916,575
DSV		13,074		2,775,792
				3,692,367
MATERIALS — 1.9%
Keweenaw Land Association Ltd. (a)		52,595		1,840,825
Vox Royalty		4,142		9,692
				1,850,517
REAL ESTATE — 4.6%
International Workplace Group		2,170,748		4,325,347
Total Common Stock
(Cost $29,180,568)				34,888,308

U.S. Treasury Obligations — 15.6%

	Principal Amount ($)
U.S. Treasury Bills
2.41%, 1/30/2025 (d)		2,615,000	2,606,397
U.S. Treasury Bonds
3.00%, 2/15/2049 to 8/15/2052 (e)		2,125,000	1,538,218
U.S. Treasury Notes
0.88%, 11/15/2030		5,815,000	4,757,743
1.88%, 2/15/2032		1,200,000	1,009,309
2.63%, 4/15/2025		1,029,000	1,024,202
3.50%, 9/15/2025		1,030,000	1,024,518

THE ADVISORS’ INNER CIRCLE FUND III	FIRST FOUNDATION
	TOTAL RETURN FUND
	DECEMBER 31, 2024
	(UNAUDITED)

U.S. Treasury Obligations (continued)

	Principal Amount ($)		Value ($)
U.S. Treasury Notes (continued)
3.88%, 8/15/2033		2,750,000		2,617,228
Total U.S. Treasury Obligations
(Cost $14,553,586)				14,577,615
U.S. Government Agency Obligations — 0.7%
FFCB
2.87%, 2/25/2030		500,000		460,960
FHLB
2.50%, 3/18/2038		300,000		225,899
Total U.S. Government Agency Obligations
(Cost $689,409)				686,859

Exchange-Traded Fund — 0.5%

	Shares
iShares 0-3 Month Treasury Bond ETF, Class 3		4,950	496,584
Total Exchange-Traded Fund
(Cost $496,688)			496,584

Mortgage-Backed Securities — 0.4%

	Principal Amount ($)
AGENCY MORTGAGE-BACKED SECURITIES — 0.4%
FHLMC
5.00%, 06/01/41		18,474	18,433
FNMA
3.00%, 02/01/43 to 06/01/43 (e)		167,133	147,455
3.50%, 11/01/42 to 02/01/43 (e)		76,354	69,671
4.00%, 02/01/44		20,508	19,196
4.50%, 02/01/40 to 01/01/41 (e)		37,488	36,346
5.00%, 06/01/41		20,637	20,563
FNMA, Series 2004-354, Class 1
0.00%, 12/25/34 (f)(g)		1,173	1,039
FNMA, Series 2012-93, Class SW
SOFR30A + 5.986%, 1.42%, 09/25/42 (h)(i)		12,321	1,174

THE ADVISORS’ INNER CIRCLE FUND III FIRST FOUNDATION TOTAL RETURN FUND DECEMBER 31, 2024 (UNAUDITED)

Mortgage-Backed Securities (continued)

	Principal   Amount ($)		Value ($)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA
3.00%, 04/20/43 to 06/20/43 (e)		32,043		28,420
3.50%, 05/20/43		33,040		30,198
4.00%, 01/20/41 to 04/20/43 (e)		36,186		34,169
4.50%, 05/20/40 to 03/20/41 (e)		12,465		12,100
				418,764
Total Mortgage-Backed Securities
(Cost $485,540)				418,764
Corporate Obligations — 0.0%
COMMUNICATION SERVICES — 0.0%
iHeartCommunications, Inc.
6.38%, 05/01/26		545		490
8.38%, 05/01/27		132		107
				597
Total Corporate Obligations
(Cost $798)				597
Special Purpose Acquisition Company — 0.0%
	Shares
Pershing Square Tontine (a)(j)		42,443		—
Total Special Purpose Acquisition Company
(Cost $–)				—
Warrants — 0.0%
	Units
Pershing Square Tontine (a)(j)		10,610		—
Total Warrants
(Cost $–)				—

THE ADVISORS’ INNER CIRCLE FUND III FIRST FOUNDATION TOTAL RETURN FUND DECEMBER 31, 2024 (UNAUDITED)

Asset-Backed Security — 0.0%

	Principal Amount ($)		Value ($)
Bear Stearns Asset-Backed Securities Trust, Series 2003-ABF1, Class A
TSFR1M + 0.854%, 5.19%, 1/25/2034 (h)		1		1
Total Asset-Backed Security
(Cost $–)				1
Total Investments - 95.6%				89,674,620
(Cost $78,859,262)
Other Assets & Liabilities, Net - 4.4%				4,089,095
Net Assets - 100.0%				93,763,715

(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 December 31, 2024, these securities amounted to $1,160,290 or 1.2% 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.
(f)	Zero coupon security.
(g)	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.
(h)	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.
(i)	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.
(j)	Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

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

THE ADVISORS’ INNER CIRCLE FUND III FIRST FOUNDATION TOTAL RETURN FUND DECEMBER 31, 2024 (UNAUDITED)

Ltd. — Limited

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M— Term Secured Overnight Financing Rate 1 Month

BRK-QH-001-0900