NPORT-P
    false
    
      
      
        
          0001593547
          XXXXXXXX
        
      
      
      
      
        S000070257
        C000223442
        C000223441
      
      
      
    
  
  
    
      ADVISORS' INNER CIRCLE III
      811-22920
      0001593547
      549300TG800HOPJVWT31
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      First Foundation Total Return Fund
      S000070257
      549300SJF67OSDFU9488
      2022-09-30
      2022-03-31
      N
    
    
      101832503.14
      481736.44
      101350766.70
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        MOLSON COORS BEVERAGE COMPANY
        54930073LBBH6ZCBE225
        MOLSON COORS BEVERAGE CO 3.500000% 05/01/2022
        60871RAC4
        
          
        
        150000.00000000
        PA
        USD
        150187.53000000
        0.148185884419
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-05-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2013-C1 JPMBB 2013-C17 C
        46640UAK8
        
          
        
        60000.00000000
        PA
        USD
        59370.45000000
        0.058579181917
        Long
        ABS-MBS
        
        US
        
        N
        
        2
        
          2047-01-15
          Floating
          4.88632320
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHWEST GAS CORPORATION
        OQQR1IQTGBKH0UR88X59
        SOUTHWEST GAS CORP 3.875000% 04/01/2022
        844895AV4
        
          
        
        392000.00000000
        PA
        USD
        392000.00000000
        0.386775564471
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-04-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR Acquisition Holdings I Corp
        N/A
        KKR ACQUISITION HOLDINGS I C SPECIAL PURPOSE ACQUISITION COMPANIES
        48253T208
        
          
        
        22500.00000000
        NS
        USD
        224100.00000000
        0.221113275505
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BROOKFIELD ASSET MANAGEMENT INC.
        C6J3FGIWG6MBDGTE8F80
        BROOKFIELD ASSET MANAGE-CL A COMMON STOCK
        112585104
        
          
        
        49018.00000000
        NS
        USD
        2772948.26000000
        2.735991399263
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CREATIVE MEDIA & COMMUNITY TRUST CORPORATION.
        549300X9XL9BLF80OY48
        CREATIVE MEDIA & COMMUNITY T REIT
        125525584
        
          
        
        149684.00000000
        NS
        USD
        1158554.16000000
        1.143113365318
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TELEPHONE AND DATA SYSTEMS, INC.
        N/A
        Telephone and Data Systems Inc PREFERRED STOCK
        879433761
        
          
        
        27000.00000000
        NS
        USD
        623970.00000000
        0.615653951436
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INTUITIVE SURGICAL, INC.
        54930052SRG011710797
        INTUITIVE SURGICAL INC COMMON STOCK
        46120E602
        
          
        
        825.00000000
        NS
        USD
        248886.00000000
        0.245568936579
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE REMICS FNR 2012-93 SW
        3136A8FY1
        
          
        
        19207.15000000
        PA
        USD
        3213.82000000
        0.003170987358
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2042-09-25
          Floating
          5.64342840
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IHEARTCOMMUNICATIONS, INC.
        54930076J6KDZL504O62
        IHEARTCOMMUNICATIONS INC 8.375000% 05/01/2027
        45174HBD8
        
          
        
        132.00000000
        PA
        USD
        136.48000000
        0.000134661043
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-01
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITALBRIDGE GROUP, INC.
        549300XG87L902AGBO89
        DIGITALBRIDGE GROUP INC REIT
        25401T108
        
          
        
        80000.00000000
        NS
        USD
        576000.00000000
        0.568323278406
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP 6.500000% MATURITY: PERPETUAL
        060505EL4
        
          
        
        340000.00000000
        PA
        USD
        355300.01000000
        0.350564698786
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2170-04-23
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZimVie Inc
        549300GFKURT1J6XR665
        ZIMVIE INC COMMON STOCK
        98888T107
        
          
        
        67.50000000
        NS
        USD
        1541.70000000
        0.001521152774
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Keweenaw Land Association Ltd
        N/A
        KEWEENAW LAND ASSOCIATION LT COMMON STOCK
        493026108
        
          
        
        52595.00000000
        NS
        USD
        1122903.25000000
        1.107937597871
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AI4818
        3138AJK84
        
          
        
        31894.82000000
        PA
        USD
        34415.36000000
        0.033956684414
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2041-06-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE & CO COMMON STOCK
        46625H100
        
          
        
        11100.00000000
        NS
        USD
        1513152.00000000
        1.492985252375
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AS1770
        3138WA6G7
        
          
        
        27511.88000000
        PA
        USD
        28718.19000000
        0.028335444254
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2044-02-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WEC ENERGY GROUP, INC.
        549300IGLYTZUK3PVP70
        WEC ENERGY GROUP INC VARIABLE RATE 05/15/2067
        976657AH9
        
          
        
        250000.00000000
        PA
        USD
        212000.00000000
        0.209174539969
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2067-05-15
          Floating
          2.61893160
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AT2721
        3138WQAX0
        
          
        
        84694.86000000
        PA
        USD
        84416.92000000
        0.083291841540
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-05-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LINCOLN EDUCATIONAL SERVICES CORPORATION
        549300BJ55KUY6RG7L98
        LINCOLN EDUCATIONAL SERVICES COMMON STOCK
        533535100
        
          
        
        72000.00000000
        NS
        USD
        514800.00000000
        0.507938930076
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp PREFERRED STOCK
        060505682
        
          
        
        635.00000000
        NS
        USD
        833437.50000000
        0.822329743658
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        B.A.T CAPITAL CORPORATION
        2138005GYEXN7XRHFA84
        BAT CAPITAL CORP 2.764000% 08/15/2022
        05526DAV7
        
          
        
        894000.00000000
        PA
        USD
        896541.11000000
        0.884592331357
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2022-08-15
          Fixed
          2.76400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENTERPRISE PRODUCTS PARTNERS L.P.
        K4CDIF4M54DJZ6TB4Q48
        ENTERPRISE PRODUCTS PARTNERS PARTNERSHIP SHARES
        293792107
        
          
        
        43000.00000000
        NS
        USD
        1109830.00000000
        1.095038583462
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AH3401
        3138A4X75
        
          
        
        27918.20000000
        PA
        USD
        29608.04000000
        0.029213434652
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2041-01-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHILLIPS 66
        5493005JBO5YSIGK1814
        PHILLIPS 66 4.300000% 04/01/2022
        718546AC8
        
          
        
        83000.00000000
        PA
        USD
        83000.00000000
        0.081893805742
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-04-01
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITY COMMONWEALTH
        549300YPGVU9PR4L0606
        Equity Commonwealth PREFERRED STOCK
        294628201
        
          
        
        4000.00000000
        NS
        USD
        110200.00000000
        0.108731293889
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CTO REALTY GROWTH, INC.
        N/A
        CTO Realty Growth Inc PREFERRED STOCK
        22948Q200
        
          
        
        56847.00000000
        NS
        USD
        1429702.05000000
        1.410647493404
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY MUTUAL GROUP INC.
        QUR0DG15Z6FFGYCHH861
        LIBERTY MUTUAL GROUP INC 144A 4.950000% 05/01/2022
        53079EAW4
        
          
        
        310000.00000000
        PA
        USD
        310732.57000000
        0.306591237656
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2022-05-01
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Windrock Land Co
        N/A
        WINDROCK LTD CO COMMON STOCK
        97349V107
        
          
        
        23.00000000
        NS
        USD
        12650.00000000
        0.012481405333
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AE7731
        31419JSV1
        
          
        
        20980.48000000
        PA
        USD
        22249.20000000
        0.021952670635
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2040-11-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRUDENTIAL FINANCIAL, INC.
        5PRBRS5FEH7NREC8OR45
        PRUDENTIAL FINANCIAL INC 5.625000% 06/15/2043
        744320AM4
        
          
        
        500000.00000000
        PA
        USD
        503125.00000000
        0.496419530292
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2043-06-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Doubleline Opportunistic Credit Fund
        5493003RT2VL4QLFXN55
        DOUBLELINE OPPORT CREDIT MUTUAL FUND
        258623107
        
          
        
        26409.00000000
        NS
        USD
        442614.84000000
        0.436715828021
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A COMMON STOCK
        02079K305
        
          
        
        581.00000000
        NS
        USD
        1615964.35000000
        1.594427356216
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC.
        N/A
        RiverNorth/DoubleLine Strategic Opportunity Fund I PREFERRED STOCK
        76882G206
        
          
        
        4000.00000000
        NS
        USD
        84320.00000000
        0.083196213255
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NIKE, INC.
        787RXPR0UX0O0XUXPZ81
        NIKE INC -CL B COMMON STOCK
        654106103
        
          
        
        3350.00000000
        NS
        USD
        450776.00000000
        0.444768219005
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ADOBE INC.
        FU4LY2G4933NH2E1CP29
        ADOBE INC COMMON STOCK
        00724F101
        
          
        
        430.00000000
        NS
        USD
        195916.60000000
        0.193305493761
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WFRBS COMMERCIAL MORTGAGE TRUST
        N/A
        WFRBS COMMERCIAL MORTGAGE TRUST 2014-LC14 WFRBS 2014-LC14 AS
        96221TAG2
        
          
        
        40000.00000000
        PA
        USD
        40465.65000000
        0.039926338317
        Long
        ABS-MBS
        
        US
        
        N
        
        2
        
          2047-03-15
          Floating
          4.35099960
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Financiere Moncey SA
        969500YFD17UM03R2F09
        MONCEY FINANCIERE COMMON STOCK
        N/A
        
          
        
        1.00000000
        NS
        
        7065.29000000
        0.006971126346
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 4978
        36202FQ74
        
          
        
        7788.72000000
        PA
        USD
        8292.71000000
        0.008182187732
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2041-03-20
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CTO REALTY GROWTH, INC.
        N/A
        CTO REALTY GROWTH INC COMMON STOCK
        22948Q101
        
          
        
        24878.00000000
        NS
        USD
        1649908.96000000
        1.627919564618
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Acquisition Corp
        N/A
        LIBERTY MEDIA ACQUISITION CO SPECIAL PURPOSE ACQUISITION COMPANIES
        53073L203
        
          
        
        33500.00000000
        NS
        USD
        336005.00000000
        0.331526845765
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA-COLA EUROPACIFIC PARTNERS PLC
        549300LTH67W4GWMRF57
        COCA-COLA EUROPACIFIC PARTNERS PLC COMMON STOCK
        G25839104
        
          
        
        15000.00000000
        NS
        USD
        729150.00000000
        0.719432150087
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP 3.000000% 06/15/2023
        03027XAQ3
        
          
        
        26000.00000000
        PA
        USD
        26082.84000000
        0.025735217255
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIBERTY BROADBAND CORPORATION
        549300MIX43II8JLN536
        LIBERTY BROADBAND-C COMMON STOCK
        530307305
        
          
        
        0.56000000
        NS
        USD
        75.78000000
        0.000074770031
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Acquisition Corp
        N/A
        LIBERTY MEDIA ACQUISITION -A SPECIAL PURPOSE ACQUISITION COMPANIES
        53073L104
        
          
        
        100000.00000000
        NS
        USD
        991000.00000000
        0.977792307120
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LIBERTY BROADBAND CORPORATION
        549300MIX43II8JLN536
        LIBERTY BROADBAND CORP CUM RED PFD SR A PREFERRED STOCK
        530307503
        
          
        
        6250.00000000
        NS
        USD
        169687.50000000
        0.167425965806
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LVMH MOET HENNESSY LOUIS VUITTON SE
        IOG4E947OATN0KJYSD45
        LVMH MOET HENNESSY-UNSP ADR DEPOSITARY RECEIPT
        502441306
        
          
        
        5400.00000000
        NS
        USD
        769932.00000000
        0.759670622205
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TCW Strategic Income Fund Inc
        54930062BZFVP7F6WJ47
        TCW STRATEGIC INCOME FUND MUTUAL FUND
        872340104
        
          
        
        80000.00000000
        NS
        USD
        412000.00000000
        0.406509011638
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VIVENDI SE
        969500FU4DRAEVJW7U54
        VIVENDI SE-UNSPON ADR DEPOSITARY RECEIPT
        92852T201
        
          
        
        42025.00000000
        NS
        USD
        545484.50000000
        0.538214478055
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMAZON.COM, INC.
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC COMMON STOCK
        023135106
        
          
        
        545.00000000
        NS
        USD
        1776672.75000000
        1.752993892250
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE CHARLES SCHWAB CORPORATION
        549300VSGCJ7E698NM85
        CHARLES SCHWAB CORP/THE MATURITY: PERPETUAL
        808513AE5
        
          
        
        100000.00000000
        PA
        USD
        99750.00000000
        0.098420567744
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2170-08-01
          Floating
          5.13657000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TANDY LEATHER FACTORY, INC.
        549300XB36MQTBM8UQ34
        TANDY LEATHER FACTORY INC COMMON STOCK
        87538X105
        
          
        
        436453.00000000
        NS
        USD
        2182265.00000000
        2.153180554084
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHARTER COMMUNICATIONS OPERATING, LLC
        549300TPZNMN50BJ3745
        CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 4.464000% 07/23/2022
        161175BB9
        
          
        
        328000.00000000
        PA
        USD
        329202.53000000
        0.324815036648
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-07-23
          Fixed
          4.46400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        TREASURY BILL 0.000000% 07/14/2022
        912796K57
        
          
        
        1000000.00000000
        PA
        USD
        998245.00000000
        0.984940748356
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2022-07-14
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Compagnie du Cambodge SA
        9695003TCT79VIR5GB55
        COMPAGNIE DU CAMBODGE COMMON STOCK
        N/A
        
          
        
        1.00000000
        NS
        
        6731.50000000
        0.006641784980
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Music Group NV
        724500GJBUL3D9TW9Y18
        UNIVERSAL MUSIC GROUP NV COMMON STOCK
        N/A
        
          
        
        123560.00000000
        NS
        
        3326287.55000000
        3.281955981493
        Long
        EC
        
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        COMPAGNIE DE L'ODET SE
        9695005PEG4IL375U849
        COMPAGNIE DE L'ODET SA COMMON STOCK
        N/A
        
          
        
        897.00000000
        NS
        
        1107826.34000000
        1.093061627524
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 MA1012
        36179NDR6
        
          
        
        45846.84000000
        PA
        USD
        47060.51000000
        0.046433304386
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-05-20
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS FINANCIAL COMPANY, INC.
        5493008B6JBRUJ90QL97
        GENERAL MOTORS FINANCIAL CO INC 3.450000% 04/10/2022
        37045XAW6
        
          
        
        746000.00000000
        PA
        USD
        746253.34000000
        0.736307542900
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-04-10
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 4696
        36202FGD2
        
          
        
        10025.51000000
        PA
        USD
        10674.12000000
        0.010531859153
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2040-05-20
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE BOEING COMPANY
        RVHJWBXLJ1RFUBSY1F30
        BOEING CO/THE 2.700000% 05/01/2022
        097023CG8
        
          
        
        180000.00000000
        PA
        USD
        180195.76000000
        0.177794175483
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-05-01
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AD1593
        31418NXX3
        
          
        
        5890.18000000
        PA
        USD
        6221.05000000
        0.006138138074
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2040-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Orion Office Reit Inc
        N/A
        ORION OFFICE REIT INC REIT
        68629Y103
        
          
        
        0.82000000
        NS
        USD
        11.48000000
        0.000011326998
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EXOR N.V.
        5493002ENHZ6NYET7405
        EXOR NV COMMON STOCK
        N/A
        
          
        
        42500.00000000
        NS
        
        3286472.47000000
        3.242671542612
        Long
        EC
        
        IT
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nintendo Co., Ltd.
        353800FEEXU6I9M0ZF27
        NINTENDO CO LTD-UNSPONS ADR DEPOSITARY RECEIPT
        654445303
        
          
        
        5250.00000000
        NS
        USD
        330277.50000000
        0.325875679833
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 MA0935
        36179NBC1
        
          
        
        27896.19000000
        PA
        USD
        29309.23000000
        0.028918607085
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-04-20
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AerCap Ireland Capital Designated Activity Company
        549300TI38531ODB1G63
        AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 4.625000% 07/01/2022
        00772BAP6
        
          
        
        414000.00000000
        PA
        USD
        416268.53000000
        0.410720652200
        Long
        DBT
        NUSS
        IE
        
        N
        
        2
        
          2022-07-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE INTEREST STRIP FNS 354 1
        3136FCMA1
        
          
        
        1910.23000000
        PA
        USD
        1800.71000000
        0.001776710782
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2034-12-25
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pershing Square Tontine Holdings Ltd
        549300ZDVEYEVCF35B08
        PERSHING SQUARE TONTINE HOLDINGS LTD WT EXPIRATION: 07/24/25
        71531R117
        
          
        
        0.55000000
        NC
        USD
        0.52000000
        0.000000513069
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              PERSHING SQUARE TONTINE HOLDINGS LTD WT
              N/A
            
            Call
            Purchased
            
              
                Pershing Square Tontine Holdings Ltd
                Pershing Square Tontine Holdings Equity Warrants Exp 24 July 2025
                
                  
                  
                  
                  
                
              
            
            0.55000000
            23.00000000
            USD
            2025-07-27
            XXXX
            -2.60000000
          
        
        
          N
          N
          N
        
      
      
        ENERGY TRANSFER LP
        MTLVN9N7JE8MIBIJ1H73
        Energy Transfer LP PREFERRED STOCK
        29273V407
        
          
        
        9850.00000000
        NS
        USD
        234922.50000000
        0.231791537103
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookfield Asset Management Reinsurance Partners Ltd.
        9845004583U3B8E06924
        BROOKFIELD ASSET MGMT REINS COMMON STOCK
        G16169107
        
          
        
        0.50000000
        NS
        USD
        28.60000000
        0.000028218829
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP REIT
        756109104
        
          
        
        0.22500000
        NS
        USD
        15.59000000
        0.000015382222
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 783755
        3622A2E40
        
          
        
        25234.99000000
        PA
        USD
        25167.19000000
        0.024831770710
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-04-20
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NISSAN MOTOR ACCEPTANCE COMPANY LLC
        N/A
        NISSAN MOTOR ACCEPTANCE CO LLC MTN 2.650000% 07/13/2022
        654740AZ2
        
          
        
        583000.00000000
        PA
        USD
        583999.33000000
        0.576215996203
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2022-07-13
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REXFORD INDUSTRIAL REALTY, INC
        549300MSLO0DF0EMX355
        Rexford Industrial Realty Inc PREFERRED STOCK
        76169C308
        
          
        
        900.00000000
        NS
        USD
        22635.00000000
        0.022333328831
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY INC.
        5493000C01ZX7D35SD85
        BERKSHIRE HATHAWAY INC-CL B COMMON STOCK
        084670702
        
          
        
        5055.00000000
        NS
        USD
        1783960.05000000
        1.760184069727
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FORMULA ONE GROUP
        549300ZKUTPIBZLWLL89
        LIBERTY MEDIA CORP-LIBERTY-A COMMON STOCK
        531229870
        
          
        
        53000.00000000
        NS
        USD
        3345890.00000000
        3.301297177064
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNIT CORPORATION
        549300XGK22FZCTN8B67
        UNIT CORP COMMON STOCK
        909218406
        
          
        
        18417.00000000
        NS
        USD
        1133566.35000000
        1.118458583895
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC GOLD POOL FG Q01533
        3132GEV23
        
          
        
        25460.85000000
        PA
        USD
        27493.54000000
        0.027127115951
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2041-06-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Madison Square Garden Entertainment Corp
        N/A
        MADISON SQUARE GARDEN ENTERT COMMON STOCK
        55826T102
        
          
        
        51990.00000000
        NS
        USD
        4331286.90000000
        4.273561060293
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Davide Campari-Milano N.V.
        213800ED5AN2J56N6Z02
        DAVIDE CAMPARI-MILANO NV COMMON STOCK
        N/A
        
          
        
        40500.00000000
        NS
        
        475630.31000000
        0.469291279668
        Long
        EC
        
        IT
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VIVENDI SE
        969500FU4DRAEVJW7U54
        VIVENDI SE COMMON STOCK
        N/A
        
          
        
        200210.00000000
        NS
        
        2637507.68000000
        2.602355922779
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO COMMON STOCK
        844741108
        
          
        
        9350.00000000
        NS
        USD
        428230.00000000
        0.422522704014
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AB7964
        31417EZ61
        
          
        
        56797.02000000
        PA
        USD
        57938.18000000
        0.057166000698
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-02-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GreenFirst Forest Products Inc.
        529900V0JJIF234KWF29
        GREENFIRST FOREST PRODUCTS I COMMON STOCK
        39526A100
        
          
        
        235000.00000000
        NS
        
        374404.55000000
        0.369414620323
        Long
        EC
        
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nintendo Co., Ltd.
        353800FEEXU6I9M0ZF27
        NINTENDO CO LTD COMMON STOCK
        N/A
        
          
        
        1600.00000000
        NS
        
        812951.60000000
        0.802116872392
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AR6834
        3138W4SY8
        
          
        
        47147.69000000
        PA
        USD
        47084.19000000
        0.046456668788
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        B.A.T. INTERNATIONAL FINANCE P.L.C.
        21380041YBGOQDFAC823
        BAT INTERNATIONAL FINANCE PLC 144A 3.250000% 06/07/2022
        05530QAF7
        
          
        
        225000.00000000
        PA
        USD
        225493.82000000
        0.222488519171
        Long
        DBT
        NUSS
        GB
        
        Y
        
        2
        
          2022-06-07
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADVANCED MICRO DEVICES, INC.
        R2I72C950HOYXII45366
        ADVANCED MICRO DEVICES INC 7.500000% 08/15/2022
        007903AX5
        
          
        
        38000.00000000
        PA
        USD
        38798.00000000
        0.038280914159
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-08-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Co PREFERRED STOCK
        949746556
        
          
        
        3200.00000000
        NS
        USD
        80960.00000000
        0.079880994131
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VIDLER WATER RESOURCES, INC.
        N/A
        VIDLER WATER RESOUCES INC COMMON STOCK
        92660E107
        
          
        
        611721.00000000
        NS
        USD
        9444972.24000000
        9.319093034547
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PIMCO 25+ Year Zero Coupon US Treasury Index ETF
        N/A
        PIMCO 25+ YR ZERO CPN US TIF MUTUAL FUND
        72201R882
        
          
        
        3750.00000000
        NS
        USD
        497212.50000000
        0.490585829973
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International Inc.
        HL3H1H2BGXWVG3BSWR90
        PHILIP MORRIS INTERNATIONAL COMMON STOCK
        718172109
        
          
        
        18220.00000000
        NS
        USD
        1711586.80000000
        1.688775384468
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL C COMMON STOCK
        02079K107
        
          
        
        193.00000000
        NS
        USD
        539047.07000000
        0.531862843816
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AB6858
        31417DTQ6
        
          
        
        48897.17000000
        PA
        USD
        49878.08000000
        0.049213322823
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2042-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUITY LIFESTYLE PROPERTIES, INC.
        529900PEQG66LENB6798
        EQUITY LIFESTYLE PROPERTIES REIT
        29472R108
        
          
        
        4755.00000000
        NS
        USD
        363662.40000000
        0.358815637849
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE WALT DISNEY COMPANY
        549300GZKULIZ0WOW665
        WALT DISNEY CO/THE COMMON STOCK
        254687106
        
          
        
        15250.00000000
        NS
        USD
        2091690.00000000
        2.063812705227
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Societe Industrielle et Financiere de l'Artois SA
        969500V4IV4RL0H6RP42
        STE IND & FIN DE L'ARTOIS SA COMMON STOCK
        N/A
        
          
        
        1.00000000
        NS
        
        5618.85000000
        0.005543963980
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BEAR STEARNS ASSET BACKED SECURITIES INC
        N/A
        BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-AB BSABS 2003-ABF1 A
        07384YLE4
        
          
        
        0.86000000
        PA
        USD
        0.81000000
        0.000000799204
        Long
        ABS-MBS
        
        US
        
        N
        
        2
        
          2034-01-25
          Floating
          1.19657160
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS FINANCIAL COMPANY, INC.
        5493008B6JBRUJ90QL97
        GENERAL MOTORS FINANCIAL CO INC 3.150000% 06/30/2022
        37045XBY1
        
          
        
        798000.00000000
        PA
        USD
        799974.97000000
        0.789313190267
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-06-30
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sony Group Corporation
        529900R5WX9N2OI2N910
        SONY GROUP CORP - SP ADR DEPOSITARY RECEIPT
        835699307
        
          
        
        13300.00000000
        NS
        USD
        1366043.00000000
        1.347836868411
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcon AG
        549300LDT5AP8S0NBM78
        ALCON INC COMMON STOCK
        H01301128
        
          
        
        6000.00000000
        NS
        USD
        475980.00000000
        0.469636309125
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KINDER MORGAN, INC.
        549300WR7IX8XE0TBO16
        KINDER MORGAN INC 144A 5.625000% 11/15/2023
        49456BAB7
        
          
        
        42000.00000000
        PA
        USD
        43355.73000000
        0.042777900366
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2023-11-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE & CO MATURITY: PERPETUAL
        46625HHA1
        
          
        
        181000.00000000
        PA
        USD
        181000.00000000
        0.178587696860
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2170-10-30
          Floating
          3.76899840
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corp
        N/A
        TEXAS PACIFIC LAND CORP COMMON STOCK
        88262P102
        
          
        
        4370.00000000
        NS
        USD
        5908720.70000000
        5.829971387873
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HARLEY-DAVIDSON FINANCIAL SERVICES, INC.
        RLUFFFFW4GRYU77BTS24
        HARLEY-DAVIDSON FINANCIAL SERVICES INC MTN 2.550000% 06/09/2022
        41283LAQ8
        
          
        
        300000.00000000
        PA
        USD
        300203.61000000
        0.296202603862
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2022-06-09
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IHEARTCOMMUNICATIONS, INC.
        54930076J6KDZL504O62
        IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026
        45174HBC0
        
          
        
        545.00000000
        PA
        USD
        559.99000000
        0.000552526653
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE POOL FN AB9550
        31417GTG1
        
          
        
        100337.99000000
        PA
        USD
        100171.18000000
        0.098836134408
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-06-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Becle, S.A.B. de C.V.
        529900JY55CZKMJLCE09
        BECLE SAB DE CV COMMON STOCK
        N/A
        
          
        
        1168714.00000000
        NS
        
        2856439.69000000
        2.818370085403
        Long
        EC
        
        MX
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hasbro, Inc.
        549300NUB6D2R1ITYR45
        HASBRO INC COMMON STOCK
        418056107
        
          
        
        10000.00000000
        NS
        USD
        819200.00000000
        0.808281995956
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE ESTEE LAUDER COMPANIES INC.
        549300VFZ8XJ9NUPU221
        ESTEE LAUDER COMPANIES-CL A COMMON STOCK
        518439104
        
          
        
        735.00000000
        NS
        USD
        200155.20000000
        0.197487603219
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        BROWN BROTHERS HARRIMAN SWEEP INTEREST
        N/A
        
          
        
        7680708.00000000
        PA
        USD
        7680708.00000000
        7.578342276122
        Long
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        THE SHERWIN-WILLIAMS COMPANY
        Z15BMIOX8DDH0X2OBP21
        SHERWIN-WILLIAMS CO/THE 2.750000% 06/01/2022
        824348AU0
        
          
        
        205000.00000000
        PA
        USD
        205270.39000000
        0.202534619799
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-06-01
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRITISH AMERICAN TOBACCO P.L.C.
        213800FKA5MF17RJKT63
        BRITISH AMERICAN TOB-SP ADR DEPOSITARY RECEIPT
        110448107
        
          
        
        12910.00000000
        NS
        USD
        544285.60000000
        0.537031556565
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 4922
        36202FPF7
        
          
        
        22976.31000000
        PA
        USD
        24027.98000000
        0.023707743692
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2041-01-20
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association 2
        N/A
        GINNIE MAE II POOL G2 MA1089
        36179NF60
        
          
        
        18961.48000000
        PA
        USD
        18910.91000000
        0.018658872168
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2043-06-20
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOLLORE SE
        969500LEKCHH6VV86P94
        BOLLORE SE COMMON STOCK
        N/A
        
          
        
        1239539.00000000
        NS
        
        6556553.93000000
        6.469170528731
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pershing Square Tontine Holdings Ltd
        549300ZDVEYEVCF35B08
        PERSHING SQUARE TONTINE -A SPECIAL PURPOSE ACQUISITION COMPANIES
        71531R109
        
          
        
        153000.00000000
        NS
        USD
        3043170.00000000
        3.002611720745
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-03-31
      THE ADVISORS' INNER CIRCLE III
      Andy Metzger
      Andy Metzger
      CFO