# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001414
**Filing Date:** 2026-2
**Character Count:** 125045
**Document Hash:** 9d4f178f29fd2e4dfd8da164f211a320
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001414.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001414

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26695502

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### Rayliant Wilshire NxtGen Emerging Markets Equity ETF (Series ID: S000074753)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000232916 | Rayliant Wilshire NxtGen Emerging Markets Equity ETF | RWEM            |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 99.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **BRAZIL — 2.2%** |  |  |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 114000 | $456021 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 52300 | 345024 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding | 40891 | 271251 |
| &nbsp;&nbsp;&nbsp;Porto Seguro | 14700 | 129731 |
|  |  | 1202027 |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale | 36300 | 476691 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CPFL Energia | 15100 | 146846 |
|  |  | 1825564 |
| **CHILE — 0.5%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cencosud | 50515 | 162206 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Quinenco | 19967 | 97003 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 91836 | 144033 |
|  |  | 403242 |
| **CHINA — 31.2%** |  |  |
| **Communication Services — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 3100 | 52374 |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 375000 | 556947 |
| &nbsp;&nbsp;&nbsp;Hello Group ADR | 10846 | 71041 |
| &nbsp;&nbsp;&nbsp;Kingnet Network, Cl A | 8600 | 26946 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 36800 | 134463 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 26700 | 219370 |
| &nbsp;&nbsp;&nbsp;Meitu | 111000 | 99827 |
| &nbsp;&nbsp;&nbsp;NetEase | 69200 | 1907923 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music \* | 4350 | 103951 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 37300 | 2870521 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 12600 | 111698 |
| &nbsp;&nbsp;&nbsp;XD | 21400 | 178299 |
|  |  | 6333360 |
| **Consumer Discretionary — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 67900 | 1245727 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 10000 | 103488 |
| &nbsp;&nbsp;&nbsp;Atour Lifestyle Holdings ADR | 8630 | 340022 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 36200 | 443460 |
| &nbsp;&nbsp;&nbsp;Dongfeng Motor Group, Cl H \* | 174000 | 197171 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl H | 21600 | 186487 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group, Cl H | 55000 | $163795 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 14200 | 203600 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 2861 | 324409 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 25000 | 602878 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 34836 | 616249 |
| &nbsp;&nbsp;&nbsp;Zhejiang Cfmoto Power, Cl A | 700 | 27948 |
|  |  | 4455234 |
| **Consumer Staples — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 2300 | 88109 |
| &nbsp;&nbsp;&nbsp;Fujian Wanchen Biotechnology Group, Cl A | 800 | 23045 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \* | 73000 | 132054 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 94000 | 98185 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 54000 | 32191 |
|  |  | 373584 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 220000 | 236860 |
| **Financials — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 353500 | 388954 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 1822000 | 1353011 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 206200 | 169274 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 875000 | 501381 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 66400 | 68969 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl H | 1305000 | 1081422 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 64100 | 92753 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 572000 | 510012 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 45300 | 60227 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl H | 248000 | 115979 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl H | 542000 | 273663 |
| &nbsp;&nbsp;&nbsp;China Reinsurance Group, Cl H | 509000 | 109863 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 111400 | 267497 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 178000 | 140644 |
| &nbsp;&nbsp;&nbsp;Far East Horizon | 189000 | 195228 |
| &nbsp;&nbsp;&nbsp;FinVolution Group ADR | 11160 | 58367 |
| &nbsp;&nbsp;&nbsp;LexinFintech Holdings ADR | 10165 | 33240 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 552000 | 1160239 |
| &nbsp;&nbsp;&nbsp;Qfin Holdings ADR | 5246 | 101090 |
|  |  | 6681813 |
| **Health Care — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 145000 | 82900 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 86000 | 93143 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 92000 | 426461 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **CHINA (continued)** |  |  |
| **Health Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 780000 | $619310 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 107600 | 268741 |
|  |  | 1490555 |
| **Industrials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AviChina Industry & Technology, Cl H | 198000 | 100991 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 190000 | 109360 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings | 92000 | 178953 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 322000 | 158445 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 184900 | 135895 |
| &nbsp;&nbsp;&nbsp;China State Construction International Holdings | 148000 | 173223 |
| &nbsp;&nbsp;&nbsp;CITIC | 384000 | 594982 |
| &nbsp;&nbsp;&nbsp;Fosun International | 171000 | 96227 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group, Cl H | 113500 | 111699 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong | 15000 | 53228 |
| &nbsp;&nbsp;&nbsp;Xiamen C & D, Cl A | 12900 | 17095 |
| &nbsp;&nbsp;&nbsp;Yutong Bus, Cl A | 9900 | 46380 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 132000 | 121596 |
|  |  | 1898074 |
| **Information Technology — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings | 47000 | 177288 |
| &nbsp;&nbsp;&nbsp;Rockchip Electronics, Cl A | 1900 | 48529 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 359400 | 1814662 |
| &nbsp;&nbsp;&nbsp;ZTE, Cl H | 59000 | 205725 |
|  |  | 2246204 |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 97000 | 103532 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 274000 | 180238 |
| &nbsp;&nbsp;&nbsp;China Nonferrous Mining | 29000 | 54956 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper, Cl H | 92000 | 506836 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum, Cl A | 54000 | 41622 |
|  |  | 887184 |
| **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings | 77000 | 83791 |
| **Utilities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 38000 | 155349 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 220000 | 191919 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 302000 | 288284 |
|  |  | 635552 |
|  |  | 25322211 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **COLOMBIA — 0.2%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ecopetrol | 256403 | $126925 |
| **CZECH REPUBLIC — 0.4%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 5912 | 333782 |
| **EGYPT — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 112587 | 243112 |
| **GREECE — 1.2%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 11053 | 218863 |
| **Consumer Discretionary — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 8946 | 293136 |
| &nbsp;&nbsp;&nbsp;OPAP | 13671 | 306669 |
|  |  | 599805 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Athens International Airport | 9863 | 124408 |
|  |  | 943076 |
| **HONG KONG — 0.1%** |  |  |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings | 68000 | 115234 |
| **HUNGARY — 0.6%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications | 23091 | 126576 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 30420 | 273576 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 3270 | 98677 |
|  |  | 498829 |
| **INDIA — 14.9%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 9828 | 230240 |
| &nbsp;&nbsp;&nbsp;Bharti Hexacom | 5993 | 121468 |
|  |  | 351708 |
| **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bosch | 313 | 125507 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 6300 | 404512 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDIA (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Page Industries | 431 | $172847 |
|  |  | 702866 |
| **Consumer Staples — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Britannia Industries | 9406 | 631152 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India | 10554 | 243737 |
| &nbsp;&nbsp;&nbsp;ITC | 18443 | 82694 |
| &nbsp;&nbsp;&nbsp;Marico | 42665 | 356304 |
| &nbsp;&nbsp;&nbsp;Nestle India | 14663 | 210125 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Hygiene & Health Care | 754 | 108814 |
| &nbsp;&nbsp;&nbsp;United Spirits | 18323 | 294316 |
|  |  | 1927142 |
| **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 76072 | 422385 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 121423 | 224880 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 167469 | 447891 |
| &nbsp;&nbsp;&nbsp;Petronet LNG | 35105 | 110963 |
|  |  | 1206119 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment | 2135 | 269086 |
| &nbsp;&nbsp;&nbsp;General Insurance Corp of India | 24680 | 104564 |
| &nbsp;&nbsp;&nbsp;Life Insurance Corp of India | 17691 | 168270 |
| &nbsp;&nbsp;&nbsp;Max Financial Services \* | 20880 | 388378 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 7013 | 297415 |
| &nbsp;&nbsp;&nbsp;SBI Cards & Payment Services | 23872 | 228868 |
|  |  | 1456581 |
| **Health Care — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott India | 416 | 134340 |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories | 2909 | 178221 |
| &nbsp;&nbsp;&nbsp;Cipla | 29810 | 501248 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare | 37327 | 367126 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Pharmaceuticals | 3166 | 87132 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals | 4001 | 90597 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 34880 | 667374 |
| &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals | 8454 | 362129 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences | 19973 | 203187 |
|  |  | 2591354 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;3M India | 212 | 82826 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDIA (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 2401 | $107322 |
|  |  | 190148 |
| **Information Technology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 84219 | 1521068 |
| &nbsp;&nbsp;&nbsp;Infosys | 16993 | 305415 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 8047 | 287055 |
|  |  | 2113538 |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Coromandel International | 9600 | 242074 |
| &nbsp;&nbsp;&nbsp;JK Cement | 3336 | 205291 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries | 22300 | 367799 |
| &nbsp;&nbsp;&nbsp;Solar Industries India | 1481 | 201884 |
|  |  | 1017048 |
| **Real Estate — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Embassy Office Parks REIT ‡ | 46342 | 224452 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 73031 | 214999 |
| &nbsp;&nbsp;&nbsp;Torrent Power | 5889 | 85616 |
|  |  | 300615 |
|  |  | 12081571 |
| **INDONESIA — 1.4%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur | 347200 | 141066 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia | 886200 | 96193 |
| &nbsp;&nbsp;&nbsp;United Tractors | 110800 | 196018 |
|  |  | 292211 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 1463600 | 588073 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 554100 | 104673 |
|  |  | 1126023 |
| **MEXICO — 1.9%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico, Cl A | 119900 | 256145 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 23470 | 614858 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **MEXICO (continued)** |  |  |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fresnillo | 14080 | $631400 |
|  |  | 1502403 |
| **PERU — 0.9%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 2080 | 596960 |
| &nbsp;&nbsp;&nbsp;Intercorp Financial Services | 2426 | 102765 |
|  |  | 699725 |
| **PHILIPPINES — 0.3%** |  |  |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 23410 | 228400 |
| **POLAND — 1.9%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 5963 | 159408 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 45248 | 839967 |
| **Information Technology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 3074 | 195289 |
| **Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna \* | 69921 | 171224 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 83091 | 199731 |
|  |  | 370955 |
|  |  | 1565619 |
| **QATAR — 0.4%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ooredoo QPSC | 40492 | 144908 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Fuel QSC | 47246 | 196848 |
|  |  | 341756 |
| **RUSSIA — 0.0%** |  |  |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC \*(A) | 111970 | – |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC \*(A) | 98630 |  |
| &nbsp;&nbsp;&nbsp;PhosAgro PJSC GDR \*(A) | 22934 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO \*(A) | 11625 | – |
|  |  | – |
|  |  | – |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SAUDI ARABIA — 1.1%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Telecom | 25795 | $295582 |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Jarir Marketing | 46645 | 158932 |
| **Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Co for Cooperative Insurance | 2584 | 80604 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients | 5382 | 158843 |
| &nbsp;&nbsp;&nbsp;Yanbu National Petrochemical | 12699 | 93038 |
|  |  | 251881 |
| **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Electricity | 26509 | 99299 |
|  |  | 886298 |
| **SOUTH AFRICA — 3.9%** |  |  |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 7266 | 484331 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group | 9502 | 193005 |
| **Financials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1213 | 304224 |
| &nbsp;&nbsp;&nbsp;Discovery | 16827 | 231110 |
| &nbsp;&nbsp;&nbsp;Investec | 20216 | 149064 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 183949 | 165410 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group | 68542 | 296422 |
| &nbsp;&nbsp;&nbsp;Remgro | 42123 | 461675 |
| &nbsp;&nbsp;&nbsp;Sanlam | 144887 | 861190 |
|  |  | 2469095 |
|  |  | 3146431 |
| **SOUTH KOREA — 13.3%** |  |  |
| **Communication Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KT ADR | 19782 | 375265 |
| &nbsp;&nbsp;&nbsp;LG Uplus | 16675 | 170391 |
| &nbsp;&nbsp;&nbsp;SK Telecom | 8510 | 316049 |
|  |  | 861705 |
| **Consumer Discretionary — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 4087 | 246545 |
| &nbsp;&nbsp;&nbsp;Kia | 14998 | 1268097 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 4598 | 293330 |
|  |  | 1807972 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Samyang Foods | 142 | 121344 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **SOUTH KOREA (continued)** |  |  |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 3365 | $440320 |
| **Financials — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 4250 | 386779 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 19584 | 284811 |
| &nbsp;&nbsp;&nbsp;Mirae Asset Securities | 10250 | 166143 |
| &nbsp;&nbsp;&nbsp;NH Investment & Securities | 9160 | 134168 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 1293 | 446094 |
| &nbsp;&nbsp;&nbsp;Samsung Securities \* | 4984 | 260868 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 51061 | 992474 |
|  |  | 2671337 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;PharmaResearch \* | 428 | 119735 |
| **Industrials — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Doosan | 528 | 286257 |
| &nbsp;&nbsp;&nbsp;Hanwha | 2590 | 146711 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries | 1852 | 654381 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 2211 | 624676 |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries | 418 | 516787 |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction | 5662 | 275524 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2900 | 363569 |
| &nbsp;&nbsp;&nbsp;LG | 2383 | 133496 |
| &nbsp;&nbsp;&nbsp;Samsung E&A | 12375 | 206601 |
|  |  | 3208002 |
| **Information Technology — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 12645 | 1052470 |
| **Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 15813 | 518117 |
|  |  | 10801002 |
| **TAIWAN — 21.6%** |  |  |
| **Communication Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;International Games System | 18000 | 413043 |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry | 144000 | 135198 |
| &nbsp;&nbsp;&nbsp;Nien Made Enterprise | 13000 | 149361 |
| &nbsp;&nbsp;&nbsp;Pou Chen | 200000 | 191913 |
|  |  | 476472 |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;United Integrated Services | 14000 | 422845 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **TAIWAN (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | 15000 | $26591 |
|  |  | 449436 |
| **Information Technology — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 6000 | 226285 |
| &nbsp;&nbsp;&nbsp;Advantech | 38000 | 348308 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components | 8000 | 384462 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 29000 | 505784 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 43000 | 284655 |
| &nbsp;&nbsp;&nbsp;Chicony Electronics | 52000 | 193632 |
| &nbsp;&nbsp;&nbsp;Compal Electronics | 320000 | 309607 |
| &nbsp;&nbsp;&nbsp;Elite Material | 1000 | 52354 |
| &nbsp;&nbsp;&nbsp;eMemory Technology | 5000 | 275298 |
| &nbsp;&nbsp;&nbsp;Global Unichip | 2000 | 135262 |
| &nbsp;&nbsp;&nbsp;Innolux | 602000 | 326669 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 100000 | 520361 |
| &nbsp;&nbsp;&nbsp;MediaTek | 47000 | 2139049 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 47000 | 559444 |
| &nbsp;&nbsp;&nbsp;Pegatron | 164000 | 358059 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 36000 | 560271 |
| &nbsp;&nbsp;&nbsp;Synnex Technology International | 100000 | 184275 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 159000 | 7843605 |
| &nbsp;&nbsp;&nbsp;Tripod Technology | 39000 | 394090 |
| &nbsp;&nbsp;&nbsp;Wistron | 36000 | 172435 |
| &nbsp;&nbsp;&nbsp;WPG Holdings | 127000 | 235241 |
|  |  | 16009146 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 171000 | 202454 |
|  |  | 17550551 |
| **THAILAND — 0.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank | 34200 | 211138 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 277500 | 248829 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank | 3071700 | 196948 |
|  |  | 656915 |
| **TURKEY — 0.2%** |  |  |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KOC Holding | 38290 | 150436 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED ARAB EMIRATES — 0.5%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi National Oil for Distribution PJSC | 229146 | $243314 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas | 188499 | 182192 |
|  |  | 425506 |
| **UNITED SATES — 0.0%** |  |  |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Cl A \* | 600 | 23089 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,864,328) |  | 80997700 |
| **PREFERRED STOCK†† — 1.9%** | **PREFERRED STOCK†† — 1.9%** | **PREFERRED STOCK†† — 1.9%** |
| **BRAZIL — 0.3%** |  |  |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau (B) | 65000 | 241863 |
| **CHILE — 0.1%** |  |  |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina (B) | 29065 | 136044 |
| **COLOMBIA — 0.7%** |  |  |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest (B) | 36234 | 573779 |
| **SOUTH KOREA — 0.8%** |  |  |
| **Consumer Discretionary — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor (B) | 4420 | 644712 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,469,217) |  | 1596398 |
| TOTAL INVESTMENTS— 101.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $76,333,545) |  | $82594098 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $81,185,242. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | There is currently no rate available. |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN EMERGING MARKETS EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| |
|:---|
| ADR — American Depositary Receipt |
| Cl — Class |
| GDR — Global Depositary Receipt |
| PJSC — Public Joint Stock Company |

---

RAY-QH-002-0900

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 113.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES — 113.9%** |  |  |
| **Communication Services — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 5518 | $1727134 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 9357 | 2936227 |
| &nbsp;&nbsp;&nbsp;AT&T | 8446 | 209799 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 4221 | 862477 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 3881 | 283585 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 2463 | 159922 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5494 | 3626534 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 11929 | 1118463 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 393 | 90339 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 11133 | 902107 |
|  |  | 11916587 |
| **Consumer Discretionary — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 14788 | 3413366 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 312 | 1058148 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 405 | 2168909 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 330 | 139266 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 4520 | 1023690 |
| &nbsp;&nbsp;&nbsp;eBay | 8519 | 742005 |
| &nbsp;&nbsp;&nbsp;General Motors | 17762 | 1444406 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1138 | 391586 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1752 | 422512 |
| &nbsp;&nbsp;&nbsp;NVR \* | 52 | 379224 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 14010 | 1277852 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 602 | 270731 |
|  |  | 12731695 |
| **Consumer Staples — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 31359 | 1808160 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4941 | 390438 |
| &nbsp;&nbsp;&nbsp;Kroger | 12263 | 766192 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 12732 | 2042213 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 2430 | 142446 |
| &nbsp;&nbsp;&nbsp;Walmart | 4921 | 548249 |
|  |  | 5697698 |
| **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 2052 | 398888 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 2982 | 313140 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 13333 | 1604493 |
| &nbsp;&nbsp;&nbsp;Williams | 19514 | 1172987 |
|  |  | 3489508 |
| **Financials — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 4890 | 1017853 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group | 2253 | $192744 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 13151 | 1526700 |
| &nbsp;&nbsp;&nbsp;Citigroup | 2845 | 331983 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 310 | 84655 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group | 5236 | 721521 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 7121 | 457952 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 3187 | 591252 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 4717 | 2692841 |
| &nbsp;&nbsp;&nbsp;MetLife | 2873 | 226795 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 1369 | 785436 |
| &nbsp;&nbsp;&nbsp;Progressive | 7629 | 1737276 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 7684 | 869060 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 6924 | 577669 |
| &nbsp;&nbsp;&nbsp;Travelers | 1801 | 522398 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 5549 | 389096 |
|  |  | 12725231 |
| **Health Care — 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 5075 | 1159587 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 554 | 220298 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 10320 | 556661 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 4451 | 914681 |
| &nbsp;&nbsp;&nbsp;Cencora | 3380 | 1141595 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 468 | 502950 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 19962 | 2450136 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 9356 | 1936224 |
| &nbsp;&nbsp;&nbsp;Merck | 1197 | 125996 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 2767 | 617677 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals \* | 3354 | 1520569 |
|  |  | 11146374 |
| **Industrials — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;3M | 8920 | 1428092 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 1826 | 407508 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 3991 | 2608398 |
| &nbsp;&nbsp;&nbsp;General Electric | 7123 | 2194098 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 3775 | 800036 |
| &nbsp;&nbsp;&nbsp;RTX | 1668 | 305911 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 5539 | 452592 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 779 | 180198 |
| &nbsp;&nbsp;&nbsp;Veralto | 2156 | 215126 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 1367 | 305784 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **UNITED STATES (continued)** |  |  |
| **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management | 662 | $145448 |
|  |  | 9043191 |
| **Information Technology — 41.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 34961 | 9504498 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 713 | 480434 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 2941 | 385359 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 2984 | 483826 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 3968 | 1174568 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2352 | 814027 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 4694 | 361579 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 705 | 95873 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 184 | 311074 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 4231 | 335984 |
| &nbsp;&nbsp;&nbsp;HP | 5340 | 118975 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 751 | 301376 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 6896 | 2042664 |
| &nbsp;&nbsp;&nbsp;KLA | 2117 | 2572324 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6160 | 1054469 |
| &nbsp;&nbsp;&nbsp;Microsoft | 9706 | 4694016 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 2901 | 1112011 |
| &nbsp;&nbsp;&nbsp;NetApp | 3713 | 397625 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 36596 | 6825154 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 7634 | 1356943 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 5042 | 862434 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 3902 | 1074572 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 8354 | 1279749 |
| &nbsp;&nbsp;&nbsp;VeriSign | 1730 | 420304 |
| &nbsp;&nbsp;&nbsp;Western Digital | 1011 | 174165 |
|  |  | 38234003 |
| **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Corteva | 9804 | 657162 |
| **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 515 | 95332 |
|  |  | 105736781 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $97,982,035) |  | 105736781 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT WILSHIRE** |
|  | **NXTGEN US LARGE CAP EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **WARRANTS — 0.0%** | | |
|  |<br>**Number of<br> Warrants** |<br>**Value**  |
| **CANADA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Expires 03/31/2040 (A) | 202 | $– |
| TOTAL WARRANTS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | – |
| TOTAL INVESTMENTS— 113.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $97,982,035) |  | $105736781 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $92,818,634. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |

---

Cl — Class

RAY-QH-003-0900

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM** |
|  | **JAPAN EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† — 101.3%** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN — 101.3%** |  |  |
| **Communication Services — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan | 27286 | $481415 |
|  |  | 481415 |
| **Consumer Discretionary — 30.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Asics | 22907 | 548763 |
| &nbsp;&nbsp;&nbsp;Fast Retailing | 1321 | 479873 |
| &nbsp;&nbsp;&nbsp;Food & Life | 13363 | 674608 |
| &nbsp;&nbsp;&nbsp;Resorttrust | 31994 | 400576 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku | 25048 | 444566 |
| &nbsp;&nbsp;&nbsp;Sanrio | 7577 | 237686 |
| &nbsp;&nbsp;&nbsp;Seiren | 23109 | 451137 |
| &nbsp;&nbsp;&nbsp;Sony Group | 24532 | 629792 |
| &nbsp;&nbsp;&nbsp;Toyota Motor | 38683 | 828225 |
|  |  | 4695226 |
| **Consumer Staples — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ariake Japan | 4801 | 162029 |
| &nbsp;&nbsp;&nbsp;Kao | 7839 | 313120 |
| &nbsp;&nbsp;&nbsp;Lifedrink | 22243 | 246774 |
|  |  | 721923 |
| **Financials — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 61756 | 982218 |
| &nbsp;&nbsp;&nbsp;Premium Group | 28599 | 353599 |
|  |  | 1335817 |
| **Health Care — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo | 19967 | 426486 |
|  |  | 426486 |
| **Industrials — 27.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Daifuku | 16900 | 531329 |
| &nbsp;&nbsp;&nbsp;Ebara | 18135 | 426230 |
| &nbsp;&nbsp;&nbsp;Fujikura | 4691 | 521937 |
| &nbsp;&nbsp;&nbsp;Hitachi | 21428 | 670133 |
| &nbsp;&nbsp;&nbsp;Hoshizaki | 12291 | 408772 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries | 8003 | 529976 |
| &nbsp;&nbsp;&nbsp;Kinden | 12900 | 559059 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho | 18100 | 609011 |
|  |  | 4256447 |
| **Information Technology — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Disco | 931 | 286110 |
| &nbsp;&nbsp;&nbsp;Maruwa | 1658 | 450610 |
| &nbsp;&nbsp;&nbsp;NEC | 24462 | 828691 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **RAYLIANT SMDAM** |
|  | **JAPAN EQUITY ETF** |
|  | **DECEMBER 31, 2025** |
|  | **(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK†† (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| **JAPAN (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Simplex Holdings | 71300 | $478078 |
|  |  | 2043489 |
| **Materials — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Osaka Soda | 42421 | 586200 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings | 13800 | 574556 |
|  |  | 1160756 |
| **Real Estate — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan | 48000 | 545242 |
|  |  | 545242 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,370,032) |  | 15666801 |
| TOTAL INVESTMENTS— 101.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,370,032) |  | $15666801 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $15,463,081. |
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

RAY-QH-004-0400

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rayliant Quantamental Emerging Market ex-China Equity ETF

- **b. EDGAR series identifier (if any):** S000074753

- **c. LEI of Series:** 549300Z1LULUOF7IIE68

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $83121346.23

**Total Liabilities:** $1936103.80

**Net Assets:** $81185242.43

**Cash Not Reported:** $440768.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232916 | 3.87%                | -2.84%               | 6.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10057782.51             | $-7248310.33                               |
| Month 2  | $1047595.19              | $-3335957.80                               |
| Month 3  | $832395.98               | $4497458.43                                |

### Schedule of Portfolio Investments

| Name                                                             | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3M INDIA LIMITED                                                 | 3M INDIA LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 25490097AWWG536G0N08       | Long             | EC               |  | IN        |       212 | NS      | $82826.32     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT INDIA LIMITED                                             | ABBOTT INDIA LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493008KZ9E3HFRN6T46       | Long             | EC               |  | IN        |       416 | NS      | $134340.02    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC             | ABU DHABI NATIONAL OIL CO FO COMMON STOCK       | CUSIP: N/A<br>LEI: 213800YI1ZIOJB3HLB11       | Long             | EC               |  | AE        |    229146 | NS      | $243314.38    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                          | ACCTON TECHNOLOGY CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               |  | TW        |      6000 | NS      | $226285.39    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                                    | ADNOC GAS PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |    188499 | NS      | $182191.58    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANTECH Co., Ltd.                                              | ADVANTECH CO LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 2549002OSTKE9HB9IY03       | Long             | EC               |  | TW        |     38000 | NS      | $348307.63    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICULTURAL BANK OF CHINA LIMITED                               | AGRICULTURAL BANK OF CHINA-A COMMON STOCK       | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               |  | CN        |    353500 | NS      | $388954.08    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICULTURAL BANK OF CHINA LIMITED                               | AGRICULTURAL BANK OF CHINA-H COMMON STOCK       | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               |  | HK        |   1822000 | NS      | $1353010.86   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Engineering Ltd                                              | AIA ENGINEERING LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 3358009DFG4JFX1O8H85       | Long             | EC               |  | IN        |      2401 | NS      | $107321.78    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Alamtri Resources Indonesia Tbk                               | ALAMTRI RESOURCES INDONESIA TBK COMMON STOCK    | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               |  | ID        |    886200 | NS      | $96193.22     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                                    | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |     67900 | NS      | $1245727.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKEM LABORATORIES LIMITED                                       | ALKEM LABORATORIES LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 335800GCAE5WIF4PSG69       | Long             | EC               |  | IN        |      2909 | NS      | $178221.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Aneka Tambang Tbk                                             | ANEKA TAMBANG TBK COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               |  | ID        |    554100 | NS      | $104672.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA SPORTS PRODUCTS LIMITED                                     | ANTA SPORTS PRODUCTS LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               |  | HK        |     10000 | NS      | $103488.15    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Cement Corporation                                          | ASIA CEMENT CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800EFQXH43HMGJL59       | Long             | EC               |  | TW        |    171000 | NS      | $202453.81    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co., Ltd.                                  | ASIA VITAL COMPONENTS COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      8000 | NS      | $384462.37    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSECO POLAND SPOLKA AKCYJNA                                     | ASSECO POLAND SA COMMON STOCK                   | CUSIP: N/A<br>LEI: 259400O79EWIK4XZPL40       | Long             | EC               |  | PL        |      3074 | NS      | $195288.61    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Astra International Tbk                                       | ASTRA INTERNATIONAL TBK PT COMMON STOCK         | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               |  | ID        |   1463600 | NS      | $588073.16    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ASUSTEK COMPUTER INCORPORATION                                   | ASUSTEK COMPUTER INC COMMON STOCK               | CUSIP: N/A<br>LEI: 254900B3WB4OGRB7HM13       | Long             | EC               |  | TW        |     29000 | NS      | $505784.44    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Athens International Airport S.A.                                | ATHENS INTERNATIONAL AIRPORT COMMON STOCK       | CUSIP: N/A<br>LEI: 213800BC45UCMQYR4995       | Long             | EC               |  | GR        |      9863 | NS      | $124408.22    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Atour Lifestyle Holdings Ltd                                     | ATOUR LIFESTYLE HOLDINGS-ADR DEPOSITARY RECEIPT | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               |  | US        |      8630 | NS      | $340022.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AviChina Industry & Technology Company Limited                   | AVICHINA INDUSTRY & TECH-H COMMON STOCK         | CUSIP: N/A<br>LEI: 5299003TVA3JVDKJGF39       | Long             | EC               |  | HK        |    198000 | NS      | $100990.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                                      | BAIDU INC-CLASS A COMMON STOCK                  | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | HK        |      3100 | NS      | $52373.61     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ HOLDINGS & INVESTMENT LIMITED.                             | BAJAJ HOLDINGS AND INVESTMEN COMMON STOCK       | CUSIP: N/A<br>LEI: 335800NL7NWD9IPOHL48       | Long             | EC               |  | IN        |      2135 | NS      | $269085.91    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil S.A.                                             | BANCO DO BRASIL S.A. COMMON STOCK               | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |    114000 | NS      | $456020.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                            | BANK OF CHINA LTD-A COMMON STOCK                | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | CN        |    206200 | NS      | $169274.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                            | BANK OF CHINA LTD-H COMMON STOCK                | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | HK        |    875000 | NS      | $501381.13    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Communications Co., Ltd.                                 | BANK OF COMMUNICATIONS CO-A COMMON STOCK        | CUSIP: N/A<br>LEI: 549300AX1UM10U30HK09       | Long             | EC               |  | CN        |     66400 | NS      | $68968.98     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Communications Co., Ltd.                                 | BANK OF COMMUNICATIONS CO-H COMMON STOCK        | CUSIP: N/A<br>LEI: 549300AX1UM10U30HK09       | Long             | EC               |  | HK        |   1305000 | NS      | $1081422.24   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Shanghai Co., Ltd.                                       | BANK OF SHANGHAI CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: 300300C1091231000098       | Long             | EC               |  | CN        |     64100 | NS      | $92752.81     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Baoshan Iron & Steel Co.,Ltd.                                    | BAOSHAN IRON & STEEL CO-A COMMON STOCK          | CUSIP: N/A<br>LEI: 300300PYAP4PEHORZT21       | Long             | EC               |  | CN        |     97000 | NS      | $103532.26    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes S.A.                                 | BB SEGURIDADE PARTICIPACOES COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     52300 | NS      | $345023.95    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BEIJING ENTERPRISES HOLDINGS LIMITED                             | BEIJING ENTERPRISES HLDGS COMMON STOCK          | CUSIP: N/A<br>LEI: 529900896ODARUEY2V26       | Long             | EC               |  | HK        |     38000 | NS      | $155349.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines AG                                               | BEONE MEDICINES LTD COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |       600 | NS      | $23088.99     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                            | BHARTI AIRTEL LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |      9828 | NS      | $230240.04    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI HEXACOM LIMITED                                           | BHARTI HEXACOM LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 335800GJ4U5YVWJGAP02       | Long             | EC               |  | IN        |      5993 | NS      | $121467.75    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSCH LIMITED                                                    | BOSCH LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 3358008TVK7S8BSVVW82       | Long             | EC               |  | IN        |       313 | NS      | $125507.29    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITANNIA INDUSTRIES LTD                                         | BRITANNIA INDUSTRIES LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 335800RRN5EVHNNAXN80       | Long             | EC               |  | IN        |      9406 | NS      | $631152.26    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                                              | BYD CO LTD-H COMMON STOCK                       | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | HK        |     36200 | NS      | $443459.88    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LIMITED                                    | CAPITEC BANK HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |      1213 | NS      | $304223.62    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CATCHER TECHNOLOGY CO., LTD.                                     | CATCHER TECHNOLOGY CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               |  | TW        |     43000 | NS      | $284654.92    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencosud S.A.                                                    | CENCOSUD SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               |  | CL        |     50515 | NS      | $162206.06    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheng Shin Rubber Ind., Co., Ltd.                                | CHENG SHIN RUBBER IND CO LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 3003006VZBNKJZLNJ718       | Long             | EC               |  | TW        |    144000 | NS      | $135198.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICONY ELECTRONICS CO., LTD.                                    | CHICONY ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900JBP5GB5B1IHS51       | Long             | EC               |  | TW        |     52000 | NS      | $193631.55    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CITIC BANK CORPORATION LIMITED                             | CHINA CITIC BANK CORP LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               |  | HK        |    572000 | NS      | $510012.21    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| China Communications Services Corporation Limited                | CHINA COMMUNICATIONS SERVI-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               |  | HK        |    190000 | NS      | $109359.54    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORPORATION                              | CHINA CONSTRUCTION BANK-A COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               |  | CN        |     45300 | NS      | $60227.37     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA EVERBRIGHT BANK COMPANY LIMITED                            | CHINA EVERBRIGHT BANK CO L-H COMMON STOCK       | CUSIP: N/A<br>LEI: 549300U6PKQ4H1P34E17       | Long             | EC               |  | HK        |    248000 | NS      | $115978.67    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Port Holdings Company Limited                    | CHINA MERCHANTS PORT HOLDING COMMON STOCK       | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               |  | HK        |     92000 | NS      | $178952.91    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MINSHENG BANKING CORP., LTD.                               | CHINA MINSHENG BANKING COR-H COMMON STOCK       | CUSIP: N/A<br>LEI: 549300HBUGSQD1VCXG94       | Long             | EC               |  | HK        |    542000 | NS      | $273663.52    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| China National Building Material Company Limited                 | CHINA NATIONAL BUILDING MA-H COMMON STOCK       | CUSIP: N/A<br>LEI: 52990085PGF8YEPLBZ26       | Long             | EC               |  | HK        |    274000 | NS      | $180237.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| China Nonferrous Mining Corp Ltd                                 | CHINA NONFERROUS MINING CORP COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |     29000 | NS      | $54956.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Railway Group Limited                                      | CHINA RAILWAY GROUP LTD-H COMMON STOCK          | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               |  | HK        |    322000 | NS      | $158445.43    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA REINSURANCE (GROUP) CORPORATION                            | CHINA REINSURANCE GROUP CO-H COMMON STOCK       | CUSIP: N/A<br>LEI: 300300F3000111000079       | Long             | EC               |  | HK        |    509000 | NS      | $109863.17    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RESOURCES PHARMACEUTICAL GROUP LIMITED                     | CHINA RESOURCES PHARMACEUTIC COMMON STOCK       | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               |  | HK        |    145000 | NS      | $82899.72     | 0.10%             |  |  |  | Yes           |                  1 | On Loan: No      |
| China State Construction Engineering Corporation Limited         | CHINA STATE CONSTRUCTION -A COMMON STOCK        | CUSIP: N/A<br>LEI: 300300CWW8WOEV3BR645       | Long             | EC               |  | CN        |    184900 | NS      | $135894.53    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LIMITED          | CHINA STATE CONSTRUCTION INT COMMON STOCK       | CUSIP: N/A<br>LEI: 529900QVUUH13RIZIR85       | Long             | EC               |  | HK        |    148000 | NS      | $173222.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Taiping Insurance Holdings Company Limited                 | CHINA TAIPING INSURANCE HOLD COMMON STOCK       | CUSIP: N/A<br>LEI: 529900C2G37NOIADYW07       | Long             | EC               |  | HK        |    111400 | NS      | $267497.40    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corporation Limited                                  | CHINA TOWER CORP LTD-H COMMON STOCK             | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               |  | HK        |    375000 | NS      | $556947.39    | 0.69%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Chongqing Rural Commercial Bank Co., Ltd.                        | CHONGQING RURAL COMMERCIAL-H COMMON STOCK       | CUSIP: N/A<br>LEI: 300300C1126750000027       | Long             | EC               |  | HK        |    178000 | NS      | $140643.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CIPLA LIMITED                                                    | CIPLA LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 335800KMJJYEDDK82Q34       | Long             | EC               |  | IN        |     29810 | NS      | $501247.82    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC Limited                                                    | CITIC LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 2549006I3Q3M98KHOT11       | Long             | EC               |  | HK        |    384000 | NS      | $594981.69    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CLICKS GROUP LIMITED                                             | CLICKS GROUP LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 378900E967958A677472       | Long             | EC               |  | ZA        |      9502 | NS      | $193004.72    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance SJSC                       | CO FOR COOPERATIVE INSURANCE COMMON STOCK       | CUSIP: N/A<br>LEI: 549300J2GTNKWJRJ8581       | Long             | EC               |  | SA        |      2584 | NS      | $80603.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive (India) Ltd                                    | COLGATE PALMOLIVE (INDIA) COMMON STOCK          | CUSIP: N/A<br>LEI: 335800YWKI47DGFKWB26       | Long             | EC               |  | IN        |     10554 | NS      | $243737.03    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial International Bank - Egypt (CIB)                      | COMMERCIAL INTERNATIONAL BAN COMMON STOCK       | CUSIP: N/A<br>LEI: 213800FIIXJAMEVRIH48       | Long             | EC               |  | EG        |    112587 | NS      | $243112.39    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics, Inc.                                         | COMPAL ELECTRONICS COMMON STOCK                 | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               |  | TW        |    320000 | NS      | $309606.79    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| COROMANDEL INTERNATIONAL LIMITED                                 | COROMANDEL INTERNATIONAL LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 335800U73K3HJSQKT249       | Long             | EC               |  | IN        |      9600 | NS      | $242073.71    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| COWAY Co., Ltd.                                                  | COWAY CO LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      4087 | NS      | $246544.93    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL ENERGIA S.A.                                                | CPFL ENERGIA SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900GBWSBDXN8GGM28       | Long             | EC               |  | BR        |     15100 | NS      | $146845.93    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                   | CREDICORP LTD COMMON STOCK                      | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |      2080 | NS      | $596960.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC PHARMACEUTICAL GROUP LIMITED                                | CSPC PHARMACEUTICAL GROUP LT COMMON STOCK       | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               |  | HK        |     86000 | NS      | $93143.19     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DB INSURANCE CO.,LTD                                             | DB INSURANCE CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               |  | KR        |      4250 | NS      | $386779.36    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVERY LIMITED                                                | DISCOVERY LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 378900245A26169C8132       | Long             | EC               |  | ZA        |     16827 | NS      | $231109.76    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DONGFENG MOTOR GROUP COMPANY LIMITED                             | DONGFENG MOTOR GRP CO LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 3003002JNYOYPX54GE50       | Long             | EC               |  | HK        |    174000 | NS      | $197170.94    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Corporation                                               | DOOSAN CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 988400GNQKLXZRRQQE60       | Long             | EC               |  | KR        |       528 | NS      | $286257.33    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastroc Beverage (Group) Co Ltd                                  | EASTROC BEVERAGE GROUP CO -A COMMON STOCK       | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               |  | CN        |      2300 | NS      | $88109.08     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol S.A.                                                   | ECOPETROL SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900IDGKCJICKBPA66       | Long             | EC               |  | CO        |    256403 | NS      | $126924.79    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ELITE MATERIAL CO., LTD.                                         | ELITE MATERIAL CO LTD COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      1000 | NS      | $52354.35     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBASSY OFFICE PARKS REIT                                        | EMBASSY OFFICE PARKS REIT REIT                  | CUSIP: N/A<br>LEI: 335800O555A557E43Z08       | Long             | EC               |  | IN        |     46342 | NS      | $224451.87    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc                                           | EMEMORY TECHNOLOGY INC COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      5000 | NS      | $275297.97    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Empresas CMPC S.A.                                               | EMPRESAS CMPC SA COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CL        |     91836 | NS      | $144032.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Embotelladora Andina S.A                                         | Embotelladora Andina SA PREFERRED STOCK         | CUSIP: N/A<br>LEI: 254900NNPKP1J9XTSA53       | Long             | EP               |  | CL        |     29065 | NS      | $136044.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Far East Horizon Limited                                         | FAR EAST HORIZON LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 549300S9XRGO1ZPUHE62       | Long             | EC               |  | HK        |    189000 | NS      | $195228.37    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FinVolution Group                                                | FINVOLUTION GROUP-ADR DEPOSITARY RECEIPT        | CUSIP: 31810T101<br>LEI: 3003000RAVUT809U6P08 | Long             | EC               |  | US        |     11160 | NS      | $58366.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIS HEALTHCARE LIMITED                                        | FORTIS HEALTHCARE LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 3358001Q5ZJC4M83WH02       | Long             | EC               |  | IN        |     37327 | NS      | $367126.04    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FOSUN INTERNATIONAL LIMITED                                      | FOSUN INTERNATIONAL LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 213800Z99WQEXDF82F09       | Long             | EC               |  | HK        |    171000 | NS      | $96226.63     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESNILLO PLC                                                    | FRESNILLO PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               |  | GB        |     14080 | NS      | $631400.33    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujian Wanchen Biotechnology Group Co.,Ltd.                      | FUJIAN WANCHEN BIOTECHNOLO-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |       800 | NS      | $23045.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FUYAO GLASS INDUSTRY GROUP CO., LTD.                             | FUYAO GLASS INDUSTRY GROUP-H COMMON STOCK       | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               |  | HK        |     21600 | NS      | $186486.80    | 0.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                    | FX Forward Contract: USD/ZAR SETTLE 2026-01-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-127.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM NEFT' PAO                                                | GAZPROM NEFT PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               |  | RU        |    111970 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GENERAL INSURANCE CORPORATION OF INDIA                           | GENERAL INS CORP OF INDIA COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001L5RU4INMMUJ95       | Long             | EC               |  | IN        |     24680 | NS      | $104563.94    | 0.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| GLAXOSMITHKLINE PHARMACEUTICALS LIMITED                          | GLAXOSMITHKLINE PHARMACEUTIC COMMON STOCK       | CUSIP: N/A<br>LEI: 3358002TNSC1U2DWNY52       | Long             | EC               |  | IN        |      3166 | NS      | $87132.51     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENMARK PHARMACEUTICALS LIMITED                                 | GLENMARK PHARMACEUTICALS LTD COMMON STOCK       | CUSIP: Y2711C144<br>LEI: 335800WKECZXIIT9GK20 | Long             | EC               |  | IN        |      4001 | NS      | $90597.35     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Unichip Corp                                              | GLOBAL UNICHIP CORP COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      2000 | NS      | $135262.01    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENTOWN CHINA HOLDINGS LIMITED                                 | GREENTOWN CHINA HOLDINGS COMMON STOCK           | CUSIP: N/A<br>LEI: 529900BLBC6YDNWS8530       | Long             | EC               |  | HK        |     77000 | NS      | $83791.35     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V.                 | GRUPO AEROPORT DEL PACIFIC-B COMMON STOCK       | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               |  | MX        |     23470 | NS      | $614858.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GUANGDONG INVESTMENT LIMITED                                     | GUANGDONG INVESTMENT LTD COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    220000 | NS      | $191918.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU S.A.                                                      | Gerdau SA PREFERRED STOCK                       | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               |  | BR        |     65000 | NS      | $241863.22    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest S.A.                                                | Grupo Cibest SA PREFERRED STOCK                 | CUSIP: P49500112<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EP               |  | CO        |     36234 | NS      | $573778.70    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED                      | HANSOH PHARMACEUTICAL GROUP COMMON STOCK        | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               |  | HK        |     92000 | NS      | $426461.10    | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HANWHA CORP                                                      | HANWHA CORPORATION COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400JE9FIHQS7TX614       | Long             | EC               |  | KR        |      2590 | NS      | $146710.63    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL TECHNOLOGIES LIMITED                                         | HCL TECHNOLOGIES LTD COMMON STOCK               | CUSIP: Y3121G147<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               |  | IN        |     84219 | NS      | $1521068.26   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI CO.,LTD.                                              | HD HYUNDAI COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      3365 | NS      | $440319.67    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRIES CO.,LTD.                             | HD HYUNDAI HEAVY INDUSTRIES CO COMMON STOCK     | CUSIP: N/A<br>LEI: 988400CAR8W9URQLGF30       | Long             | EC               |  | KR        |      1852 | NS      | $654380.62    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.           | HD KOREA SHIPBUILDING & OFFS COMMON STOCK       | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               |  | KR        |      2211 | NS      | $624675.99    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.                    | HELLENIC TELECOMMUN ORGANIZA COMMON STOCK       | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               |  | GR        |     11053 | NS      | $218863.58    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hello Group Inc.                                                 | HELLO GROUP INC -SPN ADR DEPOSITARY RECEIPT     | CUSIP: 423403104<br>LEI: 549300YMGLID32W48529 | Long             | EC               |  | US        |     10846 | NS      | $71041.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HERO MOTOCORP LIMITED                                            | HERO MOTOCORP LTD COMMON STOCK                  | CUSIP: Y3179Z146<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               |  | IN        |      6300 | NS      | $404512.05    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN PETROLEUM CORPORATION LIMITED                          | HINDUSTAN PETROLEUM CORP COMMON STOCK           | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               |  | IN        |     76072 | NS      | $422385.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HISENSE HOME APPLIANCES GROUP CO., LTD.                          | HISENSE HOME APPLIANCES GR-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900PRGESPUBUBN103       | Long             | EC               |  | HK        |     55000 | NS      | $163795.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Heavy Industries Corporation                             | HYOSUNG HEAVY INDUSTRIES COR COMMON STOCK       | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               |  | KR        |       418 | NS      | $516787.34    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI ENGINEERING & CONSTRUCTION CO.,LTD                       | HYUNDAI ENGINEERING & CONST COMMON STOCK        | CUSIP: N/A<br>LEI: 988400CEQG9N710HN313       | Long             | EC               |  | KR        |      5662 | NS      | $275524.07    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI GLOVIS Co., LTD.                                         | HYUNDAI GLOVIS CO LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               |  | KR        |      2900 | NS      | $363569.47    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                            | Hyundai Motor Co PREFERRED STOCK                | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      2803 | NS      | $413479.23    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                            | Hyundai Motor Co PREFERRED STOCK                | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      1617 | NS      | $231232.52    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN OIL CORPORATION LIMITED                                   | INDIAN OIL CORP LTD COMMON STOCK                | CUSIP: Y3925Y112<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               |  | IN        |    121423 | NS      | $224879.92    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Indofood Sukses Makmur Tbk                                    | INDOFOOD SUKSES MAKMUR TBK P COMMON STOCK       | CUSIP: N/A<br>LEI: 529900E61EV2GTYWZ485       | Long             | EC               |  | ID        |    347200 | NS      | $141066.27    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL BANK OF KOREA                                         | INDUSTRIAL BANK OF KOREA COMMON STOCK           | CUSIP: N/A<br>LEI: 988400RBIWE3YA18PK12       | Long             | EC               |  | KR        |     19584 | NS      | $284811.22    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| INFOSYS LIMITED                                                  | INFOSYS LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               |  | IN        |     16993 | NS      | $305414.72    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Innolux Corporation                                              | INNOLUX CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: 3003007EXL0825P1MJ10       | Long             | EC               |  | TW        |    602000 | NS      | $326668.89    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc.                                | INTERCORP FINANCIAL SERVICES COMMON STOCK       | CUSIP: P5626F128<br>LEI: 5299004181WFTEWB1398 | Long             | EC               |  | US        |      2426 | NS      | $102765.36    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| International Games System Co Ltd                                | INTERNATIONAL GAMES SYSTEM C COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     18000 | NS      | $413042.44    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTEC LIMITED                                                 | INVESTEC LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800CU7SM6O4UWOZ70       | Long             | EC               |  | ZA        |     20216 | NS      | $149064.02    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                                       | ITAU UNIBANCO HOLDING SA COMMON STOCK           | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               |  | BR        |     40891 | NS      | $271251.03    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                                      | ITC LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |     18443 | NS      | $82694.47     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jarir Marketing Company SJSC                                     | JARIR MARKETING CO COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |     46645 | NS      | $158932.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM, INC.                                                     | JD.COM INC-CLASS A COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               |  | HK        |     14200 | NS      | $203599.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Copper Company Limited                                   | JIANGXI COPPER CO LTD-H COMMON STOCK            | CUSIP: N/A<br>LEI: 3003002E74YFQ6MEZY56       | Long             | EC               |  | HK        |     92000 | NS      | $506836.26    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| J. K. CEMENT LIMITED.                                            | JK CEMENT LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               |  | IN        |      3336 | NS      | $205290.82    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO S.A.                                                       | JUMBO SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               |  | GR        |      8946 | NS      | $293135.79    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                              | KASIKORNBANK PCL COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |     34200 | NS      | $211137.91    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                                  | KIA CORP COMMON STOCK                           | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |     14998 | NS      | $1268096.49   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico, S.A.B. de C.V.                         | KIMBERLY-CLARK DE MEXICO-A COMMON STOCK         | CUSIP: N/A<br>LEI: 549300JGHL56QT00KT54       | Long             | EC               |  | MX        |    119900 | NS      | $256145.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGBOARD HOLDINGS LIMITED                                       | KINGBOARD HOLDINGS LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 529900G89MY26MMSDR76       | Long             | EC               |  | HK        |     47000 | NS      | $177287.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGBOARD LAMINATES HOLDINGS LIMITED                             | KINGBOARD LAMINATES HLDG LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 529900B76JV9QCZINB33       | Long             | EC               |  | HK        |     68000 | NS      | $115233.51    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingnet Network Co Ltd                                           | KINGNET NETWORK CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      8600 | NS      | $26946.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGSOFT CORPORATION LIMITED                                     | KINGSOFT CORP LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900UVT35D3Q7YQY41       | Long             | EC               |  | HK        |     36800 | NS      | $134462.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC HOLDING ANONIM SIRKETI                                       | KOC HOLDING AS COMMON STOCK                     | CUSIP: N/A<br>LEI: 7890005U0H950VH19H45       | Long             | EC               |  | TR        |     38290 | NS      | $150436.46    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni banka, a.s.                                             | KOMERCNI BANKA AS COMMON STOCK                  | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               |  | CZ        |      5912 | NS      | $333781.66    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                 | KOREA ELECTRIC POWER CORP COMMON STOCK          | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               |  | KR        |     15813 | NS      | $518117.11    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Company Limited                           | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK       | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |    277500 | NS      | $248829.55    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| KT CORPORATION                                                   | KT CORP-SP ADR DEPOSITARY RECEIPT               | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               |  | US        |     19782 | NS      | $375264.54    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                                              | KUAISHOU TECHNOLOGY COMMON STOCK                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |     26700 | NS      | $219369.82    | 0.27%             |  |  |  | Yes           |                  1 | On Loan: No      |
| KUNLUN ENERGY COMPANY LIMITED                                    | KUNLUN ENERGY CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               |  | HK        |    302000 | NS      | $288284.19    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LEXINFINTECH HOLDINGS LTD.                                       | LEXINFINTECH HOLDINGS L-ADR DEPOSITARY RECEIPT  | CUSIP: 528877103<br>LEI: 549300F9QU71NQ28CS19 | Long             | EC               |  | US        |     10165 | NS      | $33239.55     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                         | LG CORP COMMON STOCK                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      2383 | NS      | $133496.30    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LG ELECTRONICS INC.                                              | LG ELECTRONICS INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400RMQFTGZIOG0609       | Long             | EC               |  | KR        |      4598 | NS      | $293329.77    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                    | LG UPLUS CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     16675 | NS      | $170390.48    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Insurance Corporation of India                              | LIFE INSURANCE CORPORATION COMMON STOCK         | CUSIP: N/A<br>LEI: 21380068NOA8WMH89Z35       | Long             | EC               |  | IN        |     17691 | NS      | $168270.33    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LITE-ON TECHNOLOGY CORPORATION                                   | LITE-ON TECHNOLOGY CORP COMMON STOCK            | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               |  | TW        |    100000 | NS      | $520360.91    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag    | MAGYAR TELEKOM TELECOMMUNICA COMMON STOCK       | CUSIP: N/A<br>LEI: 529900CA1YDA41X76751       | Long             | EC               |  | HU        |     23091 | NS      | $126576.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MANILA ELECTRIC CO.                                              | MANILA ELECTRIC COMPANY COMMON STOCK            | CUSIP: N/A<br>LEI: 254900RDFLCM12O8SK69       | Long             | EC               |  | PH        |     23410 | NS      | $228399.95    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MARICO LIMITED                                                   | MARICO LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 3358003SFDQFGJPC5O84       | Long             | EC               |  | IN        |     42665 | NS      | $356303.55    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MAX FINANCIAL SERVICES LIMITED                                   | MAX FINANCIAL SERVICES LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 335800Y9FX8XGFB64S40       | Long             | EC               |  | IN        |     20880 | NS      | $388378.03    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                                    | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |     47000 | NS      | $2139049.35   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITU, INC.                                                      | MEITU INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 529900P2POH56W116T02       | Long             | EC               |  | HK        |    111000 | NS      | $99826.56     | 0.12%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MIRAE ASSET SECURITIES CO.,LTD.                                  | MIRAE ASSET SECURITIES CO LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 98840072S6T63E2V1291       | Long             | EC               |  | KR        |     10250 | NS      | $166143.14    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag | MOL HUNGARIAN OIL AND GAS PL COMMON STOCK       | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               |  | HU        |     30420 | NS      | $273575.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MUTHOOT FINANCE LIMITED                                          | MUTHOOT FINANCE LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               |  | IN        |      7013 | NS      | $297414.67    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LIMITED                                                  | NASPERS LTD-N SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |      7266 | NS      | $484331.30    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle India Ltd                                                 | NESTLE INDIA LTD COMMON STOCK                   | CUSIP: Y6268T145<br>LEI: 3358008SYYY9CPWH5D94 | Long             | EC               |  | IN        |     14663 | NS      | $210125.39    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Netease Cloud Music Inc                                          | NETEASE CLOUD MUSIC INC COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |      4350 | NS      | $103950.66    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NETEASE, INC.                                                    | NETEASE INC COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               |  | HK        |     69200 | NS      | $1907923.17   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NH INVESTMENT & SECURITIES CO.,LTD                               | NH INVESTMENT & SECURITIES C COMMON STOCK       | CUSIP: N/A<br>LEI: 549300LQ6NXDW1B8NT42       | Long             | EC               |  | KR        |      9160 | NS      | $134168.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co., Ltd.                                   | NIEN MADE ENTERPRISE CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     13000 | NS      | $149361.09    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVATEK MICROELECTRONICS CORP.                                   | NOVATEK MICROELECTRONICS COR COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     47000 | NS      | $559443.68    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOLIPETSK STEEL PAO                                            | NOVOLIPETSK STEEL PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               |  | RU        |     98630 | NS      | $0.12         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OIL AND NATURAL GAS CORPORATION LIMITED                          | OIL & NATURAL GAS CORP LTD COMMON STOCK         | CUSIP: Y64606133<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               |  | IN        |    167469 | NS      | $447891.27    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD MUTUAL LIMITED                                               | OLD MUTUAL LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 213800MON84ZWWPQCN47       | Long             | EC               |  | ZA        |    183949 | NS      | $165409.78    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo Q.P.S.C.                                                 | OOREDOO QPSC COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300D3EIDZJB62TR20       | Long             | EC               |  | QA        |     40492 | NS      | $144908.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Organization of Football Prognostics S.A                         | OPAP SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |     13671 | NS      | $306668.66    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ORLEN SPOLKA AKCYJNA                                             | ORLEN SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               |  | PL        |      5963 | NS      | $159408.08    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTsurance Group Limited                                         | OUTSURANCE GROUP LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 984500AC307E8L2D9X52       | Long             | EC               |  | ZA        |     68542 | NS      | $296422.43    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PAGE INDUSTRIES LIMITED                                          | PAGE INDUSTRIES LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               |  | IN        |       431 | NS      | $172847.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                                | PDD HOLDINGS INC DEPOSITARY RECEIPT             | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               |  | US        |      2861 | NS      | $324408.79    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegatron Corporation                                             | PEGATRON CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900M87JQS8TUO0L66       | Long             | EC               |  | TW        |    164000 | NS      | $358059.23    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Company Limited                                       | PETROCHINA CO LTD-H COMMON STOCK                | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               |  | HK        |    220000 | NS      | $236860.02    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PETRONET LNG LIMITED                                             | PETRONET LNG LTD COMMON STOCK                   | CUSIP: Y68259103<br>LEI: 335800KIIKNA7GRD9351 | Long             | EC               |  | IN        |     35105 | NS      | $110963.47    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PGE POLSKA GRUPA ENERGETYCZNA SPOLKA AKCYJNA                     | PGE SA COMMON STOCK                             | CUSIP: N/A<br>LEI: 259400MP9VXR0E69MJ89       | Long             | EC               |  | PL        |     69921 | NS      | $171223.99    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PharmaResearch Co., Ltd.                                         | PHARMARESEARCH CO LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 988400WCI2SXC6H7SG23       | Long             | EC               |  | KR        |       428 | NS      | $119734.82    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOSAGRO PAO                                                     | PHOSAGRO PJSC-GDR REG S DEPOSITARY RECEIPT      | CUSIP: 71922G209<br>LEI: 25340053KRUNNYUWF472 | Long             | EC               |  | GB        |     22934 | NS      | $2.29         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PICC Property and Casualty Company Limited                       | PICC PROPERTY & CASUALTY-H COMMON STOCK         | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |    552000 | NS      | $1160238.97   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PIDILITE INDUSTRIES LIMITED                                      | PIDILITE INDUSTRIES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 335800APXGEBZ349GN74       | Long             | EC               |  | IN        |     22300 | NS      | $367798.63    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED                | PING AN HEALTHCARE AND TECHN COMMON STOCK       | CUSIP: N/A<br>LEI: 2549009NW1LO017CP285       | Long             | EC               |  | HK        |     73000 | NS      | $132053.70    | 0.16%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pop Mart International Group Ltd                                 | POP MART INTERNATIONAL GROUP COMMON STOCK       | CUSIP: N/A<br>LEI: 9845000A05E8F937E337       | Long             | EC               |  | HK        |     25000 | NS      | $602877.88    | 0.74%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PORTO SEGURO S.A.                                                | PORTO SEGURO SA COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     14700 | NS      | $129730.74    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pou Chen Corporation                                             | POU CHEN COMMON STOCK                           | CUSIP: N/A<br>LEI: 25490027LIXQ7W4PBH18       | Long             | EC               |  | TW        |    200000 | NS      | $191912.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER GRID CORPORATION OF INDIA LIMITED                          | POWER GRID CORP OF INDIA LTD COMMON STOCK       | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               |  | IN        |     73031 | NS      | $214999.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA                     | POWSZECHNY ZAKLAD UBEZPIECZE COMMON STOCK       | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               |  | PL        |     45248 | NS      | $839967.60    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Hygiene and Health Care Ltd                     | PROCTER & GAMBLE HYGIENE COMMON STOCK           | CUSIP: N/A<br>LEI: 335800NLDWOEI66HEE70       | Long             | EC               |  | IN        |       754 | NS      | $108813.97    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Fuel Company QPSC                                          | QATAR FUEL QSC COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | QA        |     47246 | NS      | $196847.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Qfin Holdings, Inc.                                              | QFIN HOLDINGS INC-ADR DEPOSITARY RECEIPT        | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               |  | US        |      5246 | NS      | $101090.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Quinenco S.A.                                                    | QUINENCO S.A. COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549000T5LJBJNWU8390       | Long             | EC               |  | CL        |     19967 | NS      | $97002.98     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                                      | REALTEK SEMICONDUCTOR CORP COMMON STOCK         | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               |  | TW        |     36000 | NS      | $560271.16    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| REMGRO LIMITED                                                   | REMGRO LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |     42123 | NS      | $461675.20    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt.            | RICHTER GEDEON NYRT COMMON STOCK                | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               |  | HU        |      3270 | NS      | $98677.01     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockchip Electronics Co Ltd                                      | ROCKCHIP ELECTRONICS CO L-A COMMON STOCK        | CUSIP: N/A<br>LEI: 8368002HC3QUMAKOPK03       | Long             | EC               |  | CN        |      1900 | NS      | $48529.29     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SABIC Agri-Nutrients Company SJSC                                | SABIC AGRI-NUTRIENTS CO COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |      5382 | NS      | $158842.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG E&A CO.,LTD                                              | SAMSUNG E&A CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               |  | KR        |     12375 | NS      | $206600.78    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     12645 | NS      | $1052469.89   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.                        | SAMSUNG FIRE & MARINE INS COMMON STOCK          | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |      1293 | NS      | $446094.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG SECURITIES CO.,LTD                                       | SAMSUNG SECURITIES CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 988400RBTJTHNUOHE716       | Long             | EC               |  | KR        |      4984 | NS      | $260868.14    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Inc.                                               | SAMYANG FOODS CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |       142 | NS      | $121343.93    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SANLAM LIMITED                                                   | SANLAM LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 37890014418406D9FC23       | Long             | EC               |  | ZA        |    144887 | NS      | $861190.14    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Electricity Company SJSC                                   | SAUDI ELECTRICITY CO COMMON STOCK               | CUSIP: N/A<br>LEI: 549300FXO4ZXUIAXGP41       | Long             | EC               |  | SA        |     26509 | NS      | $99299.20     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company SJSC                                       | SAUDI TELECOM CO COMMON STOCK                   | CUSIP: N/A<br>LEI: 21380028ATJ79OTA9W17       | Long             | EC               |  | SA        |     25795 | NS      | $295582.04    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI CARDS AND PAYMENT SERVICES LIMITED                           | SBI CARDS & PAYMENT SERVICES COMMON STOCK       | CUSIP: N/A<br>LEI: 335800HN4Y9OTCFH4236       | Long             | EC               |  | IN        |     23872 | NS      | $228867.82    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERSTAL' PAO                                                   | SEVERSTAL PJSC COMMON STOCK                     | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |     11625 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shandong Nanshan Aluminium Co., Ltd.                             | SHANDONG NANSHAN ALUMINUM-A COMMON STOCK        | CUSIP: N/A<br>LEI: 836800YU5J3RT2VPUO65       | Long             | EC               |  | CN        |     54000 | NS      | $41622.07     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SINO BIOPHARMACEUTICAL LIMITED                                   | SINO BIOPHARMACEUTICAL COMMON STOCK             | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               |  | HK        |    780000 | NS      | $619310.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SINOPEC ENGINEERING (GROUP) CO., LTD.                            | SINOPEC ENGINEERING GROUP-H COMMON STOCK        | CUSIP: N/A<br>LEI: 529900MZVFFC7D57VV51       | Long             | EC               |  | HK        |    113500 | NS      | $111699.11    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SINOPHARM GROUP CO. LTD.                                         | SINOPHARM GROUP CO-H COMMON STOCK               | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               |  | HK        |    107600 | NS      | $268740.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinotruk (Hong Kong) Limited                                     | SINOTRUK HONG KONG LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 529900BB4WA4W576X724       | Long             | EC               |  | HK        |     15000 | NS      | $53227.98     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SK TELECOM CO.,LTD                                               | SK TELECOM COMMON STOCK                         | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               |  | KR        |      8510 | NS      | $316049.43    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAR INDUSTRIES INDIA LIMITED                                   | SOLAR INDUSTRIES INDIA LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 3358002ANWRT2YJ79L60       | Long             | EC               |  | IN        |      1481 | NS      | $201883.99    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED                            | SUN PHARMACEUTICAL INDUS COMMON STOCK           | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               |  | IN        |     34880 | NS      | $667373.57    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Synnex Technology International Corp.                            | SYNNEX TECHNOLOGY INTL CORP COMMON STOCK        | CUSIP: N/A<br>LEI: 529900GMBJ3R4A2WBC71       | Long             | EC               |  | TW        |    100000 | NS      | $184274.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    159000 | NS      | $7843605.29   | 9.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA CONSULTANCY SERVICES LIMITED                                | TATA CONSULTANCY SVCS LTD COMMON STOCK          | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               |  | IN        |      8047 | NS      | $287054.56    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TAURON POLSKA ENERGIA SPOLKA AKCYJNA                             | TAURON POLSKA ENERGIA SA COMMON STOCK           | CUSIP: N/A<br>LEI: 259400NAPDFBOTNCRL54       | Long             | EC               |  | PL        |     83091 | NS      | $199730.87    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                         | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     37300 | NS      | $2870520.97   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTAINMENT GROUP                                | TENCENT MUSIC ENT - CLASS A COMMON STOCK        | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               |  | HK        |     12600 | NS      | $111697.82    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TMBTHANACHART BANK PUBLIC COMPANY LIMITED                        | TMBTHANACHART BANK PCL COMMON STOCK             | CUSIP: N/A<br>LEI: 549300WKGLXEV3DB7I54       | Long             | EC               |  | TH        |   3071700 | NS      | $196947.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TORRENT PHARMACEUTICALS LTD                                      | TORRENT PHARMACEUTICALS LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 335800NA6HK275RIJE13       | Long             | EC               |  | IN        |      8454 | NS      | $362128.59    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TORRENT POWER LIMITED                                            | TORRENT POWER LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800DJYYJQGAH3OX89       | Long             | EC               |  | IN        |      5889 | NS      | $85616.46     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripod Technology Corporation                                    | TRIPOD TECHNOLOGY CORP COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     39000 | NS      | $394089.85    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UNI-PRESIDENT CHINA HOLDINGS LTD.                                | UNI-PRESIDENT CHINA HOLDINGS COMMON STOCK       | CUSIP: N/A<br>LEI: 529900JUA05094TOKA73       | Long             | EC               |  | HK        |     94000 | NS      | $98184.62     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United Integrated Services Co Ltd                                | UNITED INTEGRATED SERVICES COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     14000 | NS      | $422844.96    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED SPIRITS LIMITED                                           | UNITED SPIRITS LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 3358004YFWQVX2EZDE82       | Long             | EC               |  | IN        |     18323 | NS      | $294315.66    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                           | UNITED TRACTORS TBK PT COMMON STOCK             | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |    110800 | NS      | $196017.99    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                        | VALE SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |     36300 | NS      | $476691.09    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPSHOP HOLDINGS LIMITED                                         | VIPSHOP HOLDINGS LTD - ADR DEPOSITARY RECEIPT   | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               |  | US        |     34836 | NS      | $616248.84    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WANT WANT CHINA HOLDINGS LIMITED                                 | WANT WANT CHINA HOLDINGS LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 5299005HZCEKX4O1J230       | Long             | EC               |  | HK        |     54000 | NS      | $32191.17     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corporation                                              | WISTRON CORP COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900DIEONKUALBFM06       | Long             | EC               |  | TW        |     36000 | NS      | $172435.19    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Woori Financial Group Inc.                                       | WOORI FINANCIAL GROUP INC COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     51061 | NS      | $992473.71    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WPG HOLDINGS LIMITED                                             | WPG HOLDINGS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |    127000 | NS      | $235241.32    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| XD INC.                                                          | XD INC COMMON STOCK                             | CUSIP: N/A<br>LEI: 655600SO97YJOKFJGL95       | Long             | EC               |  | HK        |     21400 | NS      | $178298.97    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAMEN C&D INC.                                                  | XIAMEN C & D INC-A COMMON STOCK                 | CUSIP: N/A<br>LEI: 300300NQXZDZZ0OSCN43       | Long             | EC               |  | CN        |     12900 | NS      | $17095.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAOMI CORPORATION                                               | XIAOMI CORP-CLASS B COMMON STOCK                | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               |  | HK        |    359400 | NS      | $1814661.78   | 2.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB) SJSC               | YANBU NATIONAL PETROCHEMICAL COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |     12699 | NS      | $93038.42     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| YANG MING MARINE TRANSPORT CORPORATION                           | YANG MING MARINE TRANSPORT COMMON STOCK         | CUSIP: N/A<br>LEI: 254900WG2ACWNVSP6E13       | Long             | EC               |  | TW        |     15000 | NS      | $26590.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| YUTONG BUS CO., LTD.                                             | YUTONG BUS CO LTD-A COMMON STOCK                | CUSIP: N/A<br>LEI: 300300OMPRVW0Q75F037       | Long             | EC               |  | CN        |      9900 | NS      | $46379.99     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang CFMOTO Power Co Ltd                                     | ZHEJIANG CFMOTO POWER CO L-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |       700 | NS      | $27948.05     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ZHEJIANG EXPRESSWAY CO., LTD.                                    | ZHEJIANG EXPRESSWAY CO-H COMMON STOCK           | CUSIP: N/A<br>LEI: 213800X1ZRKM85U9H438       | Long             | EC               |  | HK        |    132000 | NS      | $121595.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTE Corporation                                                  | ZTE CORP-H COMMON STOCK                         | CUSIP: N/A<br>LEI: 3003004FBGVVG1CW5U45       | Long             | EC               |  | HK        |     59000 | NS      | $205724.93    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZYDUS LIFESCIENCES LIMITED                                       | ZYDUS LIFESCIENCES LTD COMMON STOCK             | CUSIP: Y1R73U123<br>LEI: 335800R9O14ORBXLPN13 | Long             | EC               |  | IN        |     19973 | NS      | $203186.85    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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