# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-210933
**Filing Date:** 2025-8
**Character Count:** 77542
**Document Hash:** 274a832872376e162ad5ccb39c1324a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210933.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210933

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**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:** 251269800

**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

### DEMOCRACY INTERNATIONAL FUND (Series ID: S000071338)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000226322 | DEMOCRACY INTERNATIONAL FUND Shares | DMCY            |

## 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:** Democracy International Fund

- **b. EDGAR series identifier (if any):** S000071338

- **c. LEI of Series:** 549300FF6GUXODG6A157

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $10608352.77

**Total Liabilities:** $107068.88

**Net Assets:** $10501283.89

**Cash Not Reported:** $79871.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226322 | 3.27%                | 4.29%                | 3.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $576840.42               | $-232658.60                                |
| Month 2  | $0.00                    | $485846.71                                 |
| Month 3  | $0.00                    | $274717.84                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABB Ltd                                                                                     | ABB LTD-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               |  | CH        |       797 | NS      | $47369.43     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelleron Industries AG                                                                    | ACCELLERON INDUSTRIES AG COMMON STOCK          | CUSIP: N/A<br>LEI: 254900KS0MD2PAARXD14       | Long             | EC               |  | CH        |        85 | NS      | $5958.54      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                                                                   | ADIDAS AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               |  | DE        |        89 | NS      | $20680.30     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AGEAS SA                                                                                    | AGEAS COMMON STOCK                             | CUSIP: N/A<br>LEI: 5493005DJBML6LY3RV36       | Long             | EC               |  | BE        |       163 | NS      | $10973.18     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                                                                  | AGNICO EAGLE MINES LTD COMMON STOCK            | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               |  | CA        |       200 | NS      | $23780.14     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | AIR LIQUIDE SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               |  | FR        |       237 | NS      | $48724.24     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                                                   | AIRBUS SE COMMON STOCK                         | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               |  | FR        |       381 | NS      | $79276.98     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                                                             | AKZO NOBEL N.V. COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               |  | NL        |       121 | NS      | $8436.91      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                                                                    | ALCON INC COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               |  | CH        |       240 | NS      | $21165.83     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                                                               | ALIMENTATION COUCHE-TARD INC COMMON STOCK      | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               |  | CA        |       410 | NS      | $20339.25     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alleima AB                                                                                  | ALLEIMA AB COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900EBHTYGLA6PGP77       | Long             | EC               |  | SE        |       477 | NS      | $3741.26      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                                                  | ALLIANZ SE-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               |  | DE        |       229 | NS      | $92497.83     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group, S.A.                                                                      | AMADEUS IT GROUP SA COMMON STOCK               | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               |  | ES        |       265 | NS      | $22235.24     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize AG                                                                                   | AMRIZE LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               |  | CH        |       241 | NS      | $11983.39     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                          | ANGLO AMERICAN PLC COMMON STOCK                | CUSIP: G0376B104<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               |  | GB        |       574 | NS      | $16911.50     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA                                                                     | ANHEUSER-BUSCH INBEV SA/NV COMMON STOCK        | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               |  | BE        |       413 | NS      | $28234.68     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD GROUP PUBLIC LIMITED COMPANY                                                        | ASHTEAD GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               |  | GB        |       246 | NS      | $15739.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                           | ASML HOLDING NV COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |       198 | NS      | $157488.91    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                                                             | ASTRAZENECA PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |       629 | NS      | $87229.42     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco Aktiebolag                                                                      | ATLAS COPCO AB-A SHS COMMON STOCK              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               |  | SE        |      1433 | NS      | $22982.67     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco Aktiebolag                                                                      | ATLAS COPCO AB-B SHS COMMON STOCK              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               |  | SE        |       861 | NS      | $12146.55     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                                                      | AXA SA COMMON STOCK                            | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               |  | FR        |       860 | NS      | $42066.20     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                                                             | BAE SYSTEMS PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               |  | GB        |      1442 | NS      | $37278.11     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                                                                       | BANCO SANTANDER SA COMMON STOCK                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               |  | ES        |      7145 | NS      | $58936.40     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE DE MONTREAL                                                                          | BANK OF MONTREAL COMMON STOCK                  | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               |  | CA        |       302 | NS      | $33400.38     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                                     | BANK OF NOVA SCOTIA COMMON STOCK               | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               |  | CA        |       505 | NS      | $27868.45     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                                                                | BARCLAYS PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |      6694 | NS      | $30940.97     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRATT REDROW PLC                                                                          | BARRATT REDROW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 2138006R85VEOF5YNK29       | Long             | EC               |  | GB        |      1207 | NS      | $7540.64      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                                                                     | BARRICK MINING CORP COMMON STOCK               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | CA        |       722 | NS      | $15000.88     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                                                     | BASF SE COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               |  | DE        |       403 | NS      | $19802.30     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                                                                    | BAYER AG-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |       536 | NS      | $16066.16     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft                                                 | BAYERISCHE MOTOREN WERKE AG COMMON STOCK       | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |       148 | NS      | $13109.61     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE INC.                                                                                    | BCE INC COMMON STOCK                           | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               |  | CA        |       434 | NS      | $9605.57      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LIMITED                                                                           | BHP GROUP LTD-DI COMMON STOCK                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               |  | GB        |       684 | NS      | $16370.30     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                                                                 | BIONTECH SE-ADR DEPOSITARY RECEIPT             | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               |  | US        |        34 | NS      | $3619.98      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                                                              | BNP PARIBAS COMMON STOCK                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |       550 | NS      | $49273.39     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BP P.L.C.                                                                                   | BP PLC COMMON STOCK                            | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               |  | GB        |      6227 | NS      | $31205.83     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.                                                             | BRITISH AMERICAN TOBACCO PLC COMMON STOCK      | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |       948 | NS      | $44987.58     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.                                                            | BROOKFIELD ASSET MGMT-A COMMON STOCK           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |       178 | NS      | $9832.07      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corporation                                                                      | BROOKFIELD CORP COMMON STOCK                   | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               |  | CA        |       679 | NS      | $41939.26     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE                                                     | CAN IMPERIAL BK OF COMMERCE COMMON STOCK       | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               |  | CA        |       449 | NS      | $31806.77     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie des chemins de fer nationaux du Canada                                            | CANADIAN NATL RAILWAY CO COMMON STOCK          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               |  | CA        |       276 | NS      | $28700.36     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                                                          | CANADIAN NATURAL RESOURCES COMMON STOCK        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               |  | CA        |      1126 | NS      | $35319.02     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadien Pacifique Kansas City Limitee                                                      | CANADIAN PACIFIC KANSAS CITY COMMON STOCK      | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               |  | CA        |       508 | NS      | $40275.15     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SE                                                                                | CAPGEMINI SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               |  | FR        |        93 | NS      | $15834.78     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Castellum Aktiebolag                                                                        | CASTELLUM AB COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300GU5OHTR1T5IY68       | Long             | EC               |  | SE        |       477 | NS      | $6208.75      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                                                         | CENOVUS ENERGY INC COMMON STOCK                | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               |  | CA        |       576 | NS      | $7822.12      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI INC.                                                                                    | CGI INC COMMON STOCK                           | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               |  | CA        |       150 | NS      | $15721.14     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE FINANCIERE RICHEMONT SA                                                           | CIE FINANCIERE RICHEMO-A REG COMMON STOCK      | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               |  | CH        |       262 | NS      | $49190.83     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOPLAST A/S                                                                               | COLOPLAST-B COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900NN7SOJ5QG82X67       | Long             | EC               |  | DK        |        92 | NS      | $8708.14      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE DE SAINT-GOBAIN SA                                                                | COMPAGNIE DE SAINT GOBAIN COMMON STOCK         | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               |  | FR        |       265 | NS      | $30994.95     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                                                                           | COMPASS GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               |  | GB        |       804 | NS      | $27180.48     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                                                                  | CRH PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               |  | GB        |       387 | NS      | $35595.47     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY                                                  | CRODA INTERNATIONAL PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 2138004WCNBFJEEOXV26       | Long             | EC               |  | GB        |       139 | NS      | $5569.60      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                                                                    | DAIMLER TRUCK HOLDING AG COMMON STOCK          | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               |  | DE        |       231 | NS      | $10892.44     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                                                                   | DANONE COMMON STOCK                            | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               |  | FR        |       329 | NS      | $26786.52     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DASSAULT SYSTEMES SE                                                                        | DASSAULT SYSTEMES SE COMMON STOCK              | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               |  | FR        |       438 | NS      | $15799.67     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                                                                            | DELIVERY HERO SE COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               |  | DE        |       100 | NS      | $2696.33      | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft                                                            | DEUTSCHE BANK AG-REGISTERED COMMON STOCK       | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               |  | DE        |      1123 | NS      | $33179.85     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse Aktiengesellschaft                                                          | DEUTSCHE BOERSE AG COMMON STOCK                | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               |  | DE        |        88 | NS      | $28603.36     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                                                         | DEUTSCHE TELEKOM AG-REG COMMON STOCK           | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |      1733 | NS      | $63001.54     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Wohnen SE                                                                          | DEUTSCHE WOHNEN SE COMMON STOCK                | CUSIP: N/A<br>LEI: 529900QE24Q67I3FWZ10       | Long             | EC               |  | DE        |       104 | NS      | $2942.13      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                                                            | DHL GROUP COMMON STOCK                         | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               |  | DE        |       684 | NS      | $31482.15     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAGEO PLC                                                                                  | DIAGEO PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               |  | GB        |      1017 | NS      | $25475.87     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                                                     | DSV A/S COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               |  | DK        |       105 | NS      | $25143.96     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                                                     | E.ON SE COMMON STOCK                           | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |      1602 | NS      | $29382.85     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                               | ENBRIDGE INC COMMON STOCK                      | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |      1093 | NS      | $49463.36     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                                                                  | ENEL SPA COMMON STOCK                          | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |      2843 | NS      | $26884.86     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                                                                    | ENGIE COMMON STOCK                             | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               |  | FR        |      1134 | NS      | $26523.01     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                                                                  | ENI SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |      1176 | NS      | $18994.91     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                                                             | ERICSSON LM-B SHS COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               |  | SE        |      1550 | NS      | $13163.88     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSILORLUXOTTICA SA                                                                         | ESSILORLUXOTTICA COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               |  | FR        |       123 | NS      | $33626.83     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity Aktiebolag (publ)                                                                    | ESSITY AKTIEBOLAG-B COMMON STOCK               | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               |  | SE        |       311 | NS      | $8549.69      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROAPI SA                                                                                  | EUROAPI SASU COMMON STOCK                      | CUSIP: N/A<br>LEI: 9695002FT7GGI3CKKJ14       | Long             | EC               |  | FR        |       129 | NS      | $437.01       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB (publ)                                                                         | EVOLUTION AB COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               |  | SE        |        93 | NS      | $7334.30      | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| EXPERIAN PLC                                                                                | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |       504 | NS      | $25913.45     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N.V.                                                                                | FERRARI NV COMMON STOCK                        | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               |  | IT        |        94 | NS      | $45913.14     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY                                                | FLUTTER ENTERTAINMENT PLC-DI COMMON STOCK      | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               |  | GB        |        85 | NS      | $24041.44     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc.                                                                                 | FORTIS INC COMMON STOCK                        | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               |  | CA        |       292 | NS      | $13914.14     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA                                                                     | FRESENIUS SE & CO KGAA COMMON STOCK            | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               |  | DE        |       203 | NS      | $10170.25     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/GBP SETTLE 2025-07-01 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $0.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENMAB A/S                                                                                  | GENMAB A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               |  | DK        |        31 | NS      | $6413.83      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                                                                                | GLENCORE PLC COMMON STOCK                      | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |      4695 | NS      | $18246.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                                                     | GSK PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               |  | GB        |      1899 | NS      | $36171.92     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HALEON PLC                                                                                  | HALEON PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               |  | GB        |      3382 | NS      | $17351.67     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken N.V.                                                                               | HEINEKEN NV COMMON STOCK                       | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               |  | NL        |       113 | NS      | $9818.36      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                                                                   | HENNES & MAURITZ AB-B SHS COMMON STOCK         | CUSIP: N/A<br>LEI: 529900O5RR7R39FRDM42       | Long             | EC               |  | SE        |       609 | NS      | $8492.41      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HERMES INTERNATIONAL S.C.A.                                                                 | HERMES INTERNATIONAL COMMON STOCK              | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               |  | FR        |        18 | NS      | $48576.12     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon Aktiebolag                                                                          | HEXAGON AB-B SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300WJFW6ILNI4TA80       | Long             | EC               |  | SE        |      1554 | NS      | $15516.52     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                                                                   | HOLCIM LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               |  | CH        |       241 | NS      | $17832.79     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                           | HSBC HOLDINGS PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |      8259 | NS      | $99799.74     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co. KGaA                                                                        | Henkel AG & Co KGaA PREFERRED STOCK            | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EP               |  | DE        |       127 | NS      | $9937.57      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                                                             | IBERDROLA SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |      2491 | NS      | $47632.81     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                                                                 | ICON PLC COMMON STOCK                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               |  | US        |        40 | NS      | $5818.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil, S.A.                                                            | INDUSTRIA DE DISENO TEXTIL COMMON STOCK        | CUSIP: E6282N100<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               |  | ES        |       605 | NS      | $31375.63     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                                                                    | INFINEON TECHNOLOGIES AG COMMON STOCK          | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               |  | DE        |       596 | NS      | $25266.51     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INFORMA PLC                                                                                 | INFORMA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               |  | GB        |      1211 | NS      | $13372.21     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                                                              | ING GROEP NV COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               |  | NL        |      1641 | NS      | $35878.94     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA                                                                         | INTESA SANPAOLO COMMON STOCK                   | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               |  | IT        |      9496 | NS      | $54524.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor Aktiebolag                                                                         | INVESTOR AB-B SHS COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               |  | SE        |      2582 | NS      | $75790.58     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Australia ETF                                                    | ISHARES MSCI AUSTRALIA ETF MUTUAL FUND         | CUSIP: 464286103<br>LEI: 549300X7CW3B8850WA94 | Long             | EC               | RF                | US        |     19625 | NS      | $516530.00    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Austria ETF                                                                    | ISHARES MSCI AUSTRIA ETF MUTUAL FUND           | CUSIP: 464286202<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1379 | NS      | $40542.60     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Brazil ETF                                                                     | ISHARES MSCI BRAZIL ETF MUTUAL FUND            | CUSIP: 464286400<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1905 | NS      | $54959.25     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Chile ETF                                                        | ISHARES MSCI CHILE ETF MUTUAL FUND             | CUSIP: 464286640<br>LEI: 5493008SR8ZGY2IJU464 | Long             | EC               | RF                | US        |       553 | NS      | $17391.85     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI China ETF                                                      | ISHARES MSCI CHINA ETF MUTUAL FUND             | CUSIP: 46429B671<br>LEI: 549300Q0IWAYMYXW0R77 | Long             | EC               | RF                | US        |       366 | NS      | $20166.60     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI India ETF                                                      | ISHARES MSCI INDIA ETF MUTUAL FUND             | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |      5984 | NS      | $333189.12    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI Indonesia ETF                                                  | ISHARES MSCI INDONESIA ETF MUTUAL FUND         | CUSIP: 46429B309<br>LEI: 549300FG1ZHYGIRCFP28 | Long             | EC               | RF                | US        |      1035 | NS      | $18247.05     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Israel ETF                                                                     | ISHARES MSCI ISRAEL ETF MUTUAL FUND            | CUSIP: 464286632<br>LEI: N/A                  | Long             | EC               | RF                | US        |       929 | NS      | $88143.52     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc - iShares MSCI Japan ETF                                                       | ISHARES MSCI JAPAN ETF MUTUAL FUND             | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |      7482 | NS      | $560925.54    | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Malaysia ETF                                                                   | ISHARES MSCI MALAYSIA ETF MUTUAL FUND          | CUSIP: 46434G814<br>LEI: N/A                  | Long             | EC               | RF                | US        |       625 | NS      | $15212.50     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc. - iShares MSCI Mexico ETF                                                     | ISHARES MSCI MEXICO ETF MUTUAL FUND            | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |       455 | NS      | $27554.80     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Philippines ETF                                                                | ISHARES MSCI PHILIPPINES ETF MUTUAL FUND       | CUSIP: 46429B408<br>LEI: N/A                  | Long             | EC               | RF                | US        |       629 | NS      | $17058.48     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Poland ETF                                                                     | ISHARES MSCI POLAND ETF MUTUAL FUND            | CUSIP: 46429B606<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1375 | NS      | $44357.50     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI South Africa ETF                                                               | ISHARES MSCI SOUTH AFRICA ET MUTUAL FUND       | CUSIP: 464286780<br>LEI: N/A                  | Long             | EC               | RF                | US        |       906 | NS      | $48697.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Taiwan ETF                                                       | ISHARES MSCI TAIWAN ETF MUTUAL FUND            | CUSIP: 46434G772<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7901 | NS      | $453517.40    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Thailand ETF                                                                   | ISHARES MSCI THAILAND ETF MUTUAL FUND          | CUSIP: 464286624<br>LEI: N/A                  | Long             | EC               | RF                | US        |       338 | NS      | $17058.86     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com N.V.                                                                  | JUST EAT TAKEAWAY COMMON STOCK                 | CUSIP: N/A<br>LEI: 724500FVZIBSSQ7SHI95       | Long             | EC               |  | NL        |       128 | NS      | $2918.65      | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kinnevik AB                                                                                 | KINNEVIK AB - B COMMON STOCK                   | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               |  | SE        |      1445 | NS      | $12687.57     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KONE Oyj                                                                                    | KONE OYJ-B COMMON STOCK                        | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               |  | FI        |       242 | NS      | $15873.88     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                                                             | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK      | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |       455 | NS      | $18960.56     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                                                                    | KONINKLIJKE PHILIPS NV COMMON STOCK            | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               |  | NL        |       560 | NS      | $13416.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| L'OREAL SA                                                                                  | L'OREAL COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               |  | FR        |       103 | NS      | $43901.04     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                                                                   | LEGAL & GENERAL GROUP PLC COMMON STOCK         | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               |  | GB        |      4161 | NS      | $14517.38     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGRAND SA                                                                                  | LEGRAND SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               |  | FR        |       190 | NS      | $25314.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                                    | LLOYDS BANKING GROUP PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               |  | GB        |     30803 | NS      | $32375.78     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDON STOCK EXCHANGE GROUP PLC                                                             | LONDON STOCK EXCHANGE GROUP COMMON STOCK       | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               |  | GB        |       182 | NS      | $26524.10     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                                                              | LONZA GROUP AG-REG COMMON STOCK                | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               |  | CH        |        36 | NS      | $25552.76     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE                                                         | LVMH MOET HENNESSY LOUIS VUI COMMON STOCK      | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               |  | FR        |       110 | NS      | $57408.15     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORPORATION                                                              | MANULIFE FINANCIAL CORP COMMON STOCK           | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               |  | CA        |      1494 | NS      | $47672.23     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                                                                      | MERCEDES-BENZ GROUP AG COMMON STOCK            | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |       536 | NS      | $31264.05     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDI PLC                                                                                   | MONDI PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               |  | GB        |       443 | NS      | $7221.05      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                                                           | NATIONAL GRID PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |      1585 | NS      | $23055.86     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Neste Oyj                                                                                   | NESTE OYJ COMMON STOCK                         | CUSIP: N/A<br>LEI: 5493009GY1X8GQ66AM14       | Long             | EC               |  | FI        |       217 | NS      | $2934.43      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                                                                 | NESTLE SA-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |      1128 | NS      | $111708.84    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                                                                          | NIBE INDUSTRIER AB-B SHS COMMON STOCK          | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67       | Long             | EC               |  | SE        |      1097 | NS      | $4643.35      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                                                   | NOKIA OYJ COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               |  | FI        |      2482 | NS      | $12836.82     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                                                             | NORDEA BANK ABP COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               |  | FI        |      1572 | NS      | $23269.07     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                                                                 | NOVARTIS AG-REG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |       844 | NS      | $101969.20    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                                                            | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |      1402 | NS      | $96969.57     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                                                                | NUTRIEN LTD COMMON STOCK                       | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | CA        |       254 | NS      | $14770.91     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                                                                     | NXP SEMICONDUCTORS NV COMMON STOCK             | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |       196 | NS      | $42824.04     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE SA                                                                                   | ORANGE COMMON STOCK                            | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               |  | FR        |      1019 | NS      | $15448.28     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oersted A/S                                                                                 | ORSTED A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | EC               |  | DK        |       106 | NS      | $4536.33      | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Prosus N.V.                                                                                 | PROSUS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               |  | NL        |       666 | NS      | $37111.19     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL PUBLIC LIMITED COMPANY                                                           | PRUDENTIAL PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               |  | GB        |      1187 | NS      | $14844.41     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                                                                 | RECKITT BENCKISER GROUP PLC COMMON STOCK       | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               |  | GB        |       292 | NS      | $19827.06     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PUBLIC LIMITED COMPANY                                                                 | RELX PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |       900 | NS      | $48555.65     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                                                            | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |       305 | NS      | $99010.05     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC.                                                                  | ROGERS COMMUNICATIONS INC-B COMMON STOCK       | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               |  | CA        |       224 | NS      | $6630.53      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                                     | ROYAL BANK OF CANADA COMMON STOCK              | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               |  | CA        |       640 | NS      | $84177.94     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE Aktiengesellschaft                                                                      | RWE AG COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               |  | DE        |       467 | NS      | $19422.24     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFRAN SA                                                                                   | SAFRAN SA COMMON STOCK                         | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               |  | FR        |       150 | NS      | $48579.65     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                                                             | SANDOZ GROUP AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               |  | CH        |       145 | NS      | $7909.42      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik Aktiebolag                                                                          | SANDVIK AB COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               |  | SE        |       758 | NS      | $17251.13     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                                                                   | SANOFI COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |       441 | NS      | $42557.35     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                                                      | SAP SE COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |       518 | NS      | $156968.78    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                                                   | SHELL PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | GB        |      2730 | NS      | $95527.93     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                                                                | SHOPIFY INC - CLASS A COMMON STOCK             | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               |  | CA        |       568 | NS      | $65379.32     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                                                                  | SIEMENS AG-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |       402 | NS      | $102706.07    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sika AG                                                                                     | SIKA AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300R3N69ECGYPU434       | Long             | EC               |  | CH        |        85 | NS      | $23001.26     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                                                                          | SMITH & NEPHEW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |       663 | NS      | $10112.08     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM S.P.A.                                                                                 | SNAM SPA COMMON STOCK                          | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               |  | IT        |      1697 | NS      | $10242.95     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corporation                                                                       | SOUTH BOW CORP COMMON STOCK                    | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               |  | CA        |        87 | NS      | $2253.90      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                                                                     | SSE PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               |  | GB        |       618 | NS      | $15506.32     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED PLC                                                                      | STANDARD CHARTERED PLC COMMON STOCK            | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               |  | GB        |      1328 | NS      | $21965.30     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V.                                                                             | STELLANTIS NV COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               |  | IT        |      1723 | NS      | $17209.78     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                                                                     | STMICROELECTRONICS NV COMMON STOCK             | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               |  | IT        |       394 | NS      | $11999.45     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN LIFE FINANCIAL INC                                                                      | SUN LIFE FINANCIAL INC COMMON STOCK            | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               |  | CA        |       386 | NS      | $25632.44     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                                                          | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | CA        |       615 | NS      | $22990.95     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                                                                 | SWEDBANK AB - A SHARES COMMON STOCK            | CUSIP: N/A<br>LEI: M312WZV08Y7LYUC71685       | Long             | EC               |  | SE        |       562 | NS      | $14771.78     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                                                                 | SWISS RE AG COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |       126 | NS      | $21709.67     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR WIMPEY PLC                                                                           | TAYLOR WIMPEY PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               |  | GB        |      4223 | NS      | $6872.05      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corporation                                                                       | TC ENERGY CORP COMMON STOCK                    | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               |  | CA        |       435 | NS      | $21193.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica S.A.                                                                             | TELEFONICA SA COMMON STOCK                     | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               |  | ES        |      2411 | NS      | $12616.79     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corporation                                                                           | TELUS CORP COMMON STOCK                        | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               |  | CA        |       780 | NS      | $12501.72     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                                                                  | TORONTO-DOMINION BANK COMMON STOCK             | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               |  | CA        |       790 | NS      | $57989.30     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                                                            | TOTALENERGIES SE COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |       992 | NS      | $60668.15     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                                                                     | TOWER SEMICONDUCTOR LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               |  | IL        |        60 | NS      | $2604.90      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                                | UBS GROUP AG-REG COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               |  | CH        |      1445 | NS      | $48741.52     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                                                               | UNICREDIT SPA COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |       704 | NS      | $47029.75     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                                                | UNILEVER PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |      1050 | NS      | $63669.94     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                                                                             | UPM-KYMMENE OYJ COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               |  | FI        |       334 | NS      | $9080.22      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                                                   | VALE SA-SP ADR DEPOSITARY RECEIPT              | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               |  | US        |       875 | NS      | $8496.25      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                                                                   | VALTERRA PLATINUM LIMITED COMMON STOCK         | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | GB        |        76 | NS      | $3332.69      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Inde            | VANGUARD FTSE EMERGING MARKE MUTUAL FUND       | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             | EC               | RF                | US        |     17233 | NS      | $852344.18    | 8.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Pacific Stock Index Fund                                                           | VANGUARD FTSE PACIFIC ETF MUTUAL FUND          | CUSIP: 922042866<br>LEI: N/A                  | Long             | EC               | RF                | US        |     25347 | NS      | $2083016.46   | 19.84%            |  |  |  | No            |                  1 | On Loan: No      |
| VESTAS WIND SYSTEMS A/S                                                                     | VESTAS WIND SYSTEMS A/S COMMON STOCK           | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               |  | DK        |       509 | NS      | $7609.61      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                                                                    | VINCI SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               |  | FR        |       242 | NS      | $35537.27     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                                                       | VODAFONE GROUP PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |     11813 | NS      | $12590.99     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aktiebolaget Volvo                                                                          | VOLVO AB-B SHS COMMON STOCK                    | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               |  | SE        |       927 | NS      | $25814.85     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                                                                  | VONOVIA SE COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               |  | DE        |       360 | NS      | $12639.51     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN AKTIENGESELLSCHAFT                                                               | Volkswagen AG PREFERRED STOCK                  | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               |  | DE        |        91 | NS      | $9573.21      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS, INC.                                                                     | WASTE CONNECTIONS INC COMMON STOCK             | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               |  | CA        |       129 | NS      | $24049.12     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                                                               | WHEATON PRECIOUS METALS CORP COMMON STOCK      | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               |  | CA        |       219 | NS      | $19654.63     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer N.V.                                                                         | WOLTERS KLUWER COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               |  | NL        |       129 | NS      | $21494.95     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODSIDE ENERGY GROUP LTD                                                                   | WOODSIDE ENERGY GROUP LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               |  | AU        |        34 | NS      | $526.52       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLDLINE SA                                                                                | WORLDLINE SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300CJMQNCA0U4TS33       | Long             | EC               |  | FR        |       159 | NS      | $669.12       | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zalando SE                                                                                  | ZALANDO SE COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               |  | DE        |       182 | NS      | $5971.24      | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zurich Insurance Group AG                                                                   | ZURICH INSURANCE GROUP AG COMMON STOCK         | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               |  | CH        |        76 | NS      | $52951.76     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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