# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-000419
**Filing Date:** 2026-1
**Character Count:** 98794
**Document Hash:** 8b92e08c76e45c0b974415aad939138f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-000419.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001004726-26-000419

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26563036

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory Emerging Markets Fund (Formerly USAA Emerging Markets Fund) (Series ID: S000012927)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000034897 | Victory Emerging Markets Fund Shares               | USEMX           |
| C000066846 | Victory Emerging Markets Fund Institutional Shares | UIEMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Portfolios III

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

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

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

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

- **a. Name of Series:** Victory Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000012927

- **c. LEI of Series:** 549300QVU13OKCKSH254

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $646477528.98

**Total Liabilities:** $7949451.49

**Net Assets:** $638528077.49

**Cash Not Reported:** $15220217.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066846 | 6.07%                | 5.14%                | -1.11%               |
| Class ID C000034897 | 6.02%                | 5.13%                | -1.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3376485.02              | $30919875.87                               |
| Month 2  | $2366924.11              | $29492709.90                               |
| Month 3  | $2508949.42              | $-10512004.33                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ASE Technology Holding Co., Ltd.                              | ASE TECHNOLOGY HOLDING CO LTD                      | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    548000 | NS      | $4020323.81   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| Zijin Mining Group Company Limited                            | ZIJIN MINING GROUP CO LTD                          | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   1716000 | NS      | $6824195.38   | 1.07%             |  |  |  | No            | 2                  | On Loan: No      |
| ALIOR BANK SPOLKA AKCYJNA                                     | ALIOR BANK SA                                      | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     13145 | NS      | $372331.69    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| BOSIDENG INTERNATIONAL HOLDINGS LIMITED                       | BOSIDENG INTERNATIONAL HOLDINGS LTD                | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               | CORP              | KY        |    620000 | NS      | $395774.19    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| WELSPUN CORP LIMITED                                          | WELSPUN CORP LTD                                   | CUSIP: N/A<br>LEI: 335800XKRIPYYRZNRQ31       | Long             | EC               | CORP              | IN        |     76590 | NS      | $735635.11    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Nan Pao Resins Chemical Co Ltd                                | NAN PAO RESINS CHEMICAL CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     41000 | NS      | $431123.53    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| JD Health International Inc                                   | JD HEALTH INTERNATIONAL INC                        | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |    405000 | NS      | $3204245.38   | 0.50%             |  |  |  | Yes           | 2                  | On Loan: No      |
| LIC HOUSING FINANCE LTD                                       | LIC HOUSING FINANCE LTD                            | CUSIP: N/A<br>LEI: 335800NFSMJ2ZKBCYP06       | Long             | EC               | CORP              | IN        |     90725 | NS      | $558725.13    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| LG INNOTEK CO.,LTD                                            | LG INNOTEK CO LTD                                  | CUSIP: N/A<br>LEI: 988400KTHH2LMUX7EB48       | Long             | EC               | CORP              | KR        |      2796 | NS      | $452330.29    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| SANLAM LIMITED                                                | SANLAM LTD                                         | CUSIP: N/A<br>LEI: 37890014418406D9FC23       | Long             | EC               | CORP              | ZA        |    562714 | NS      | $3021060.09   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| AGRICULTURAL BANK OF CHINA LIMITED                            | AGRICULTURAL BANK OF CHINA LTD                     | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               | CORP              | CN        |   6246000 | NS      | $4685727.40   | 0.73%             |  |  |  | No            | 2                  | On Loan: No      |
| ASE Technology Holding Co., Ltd.                              | ASE TECHNOLOGY HOLDING ADR                         | CUSIP: 00215W100<br>LEI: 300300GO8QHPMV87NZ73 | Long             |  | CORP              | TW        |    318066 | NS      | $4755086.70   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Cencosud S.A.                                                 | CENCOSUD SA                                        | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               | CORP              | CL        |   1458220 | NS      | $4588782.20   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Alibaba Group Holding Limited                                 | ALIBABA GROUP HOLDING LTD                          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |   1306404 | NS      | $25704712.61  | 4.03%             |  |  |  | No            | 2                  | On Loan: No      |
| KALPATARU PROJECTS INTERNATIONAL LIMITED                      | KALPATARU PROJECTS INTERNATIONAL LTD               | CUSIP: N/A<br>LEI: 3358005ZIDG7MGP6TY07       | Long             | EC               | CORP              | IN        |     65355 | NS      | $879872.40    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| CHILEAN PESO                                                  | CHILEAN PESO                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | CL        |   9216733 | NS      | $9939.53      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ROSNEFT PJSC                                                  | ROSNEFT PJSC                                       | CUSIP: 67812M207<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |    457159 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PAN AFRICAN RESOURCES PLC                                     | PAN AFRICAN RESOURCES PLC                          | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   1252070 | NS      | $1662819.81   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| Titan SA                                                      | TITAN CEMENT INTERNATIONAL SA                      | CUSIP: N/A<br>LEI: 213800H2CDP9I374WH83       | Long             | EC               | CORP              | BE        |    116067 | NS      | $6125813.55   | 0.96%             |  |  |  | No            | 2                  | On Loan: No      |
| SBERBANK OF RUSSIA ADR                                        | SBERBANK OF RUSSIA ADR                             | CUSIP: 80585Y308<br>LEI: N/A                  | Long             |  | CORP              | RU        |    329652 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Leeno Industrial Inc                                          | LEENO INDUSTRIAL INC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     12033 | NS      | $560911.37    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| NOVATEK MICROELECTRONICS CORP.                                | NOVATEK MICROELECTRONICS COR                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     93000 | NS      | $1156170.31   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Grupo Mexico, S.A.B. de C.V.                                  | GRUPO MEXICO SAB DE CV SERIES B                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    137041 | NS      | $1194565.47   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| PT Perusahaan Gas Negara Tbk                                  | PERUSAHAAN GAS NEGARA TBK PT                       | CUSIP: N/A<br>LEI: 549300OX1VFDX7ZPN240       | Long             | EC               | CORP              | ID        |   4152900 | NS      | $450582.05    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| MOTIVA INFRAESTRUTURA DE MOBILIDADE S.A.                      | MOTIVA INFRAESTRUTURA DE MOBILIDADE SA             | CUSIP: N/A<br>LEI: 254900H4EUL83CCQ6781       | Long             | EC               | CORP              | BR        |    574720 | NS      | $1719648.21   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| PT Japfa Comfeed Indonesia Tbk.                               | JAPFA COMFEED INDONESIA TBK PT                     | CUSIP: N/A<br>LEI: 549300VJMRP8O87R3147       | Long             | EC               | CORP              | ID        |   5391800 | NS      | $791060.71    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Just Dial Ltd                                                 | JUST DIAL LTD                                      | CUSIP: N/A<br>LEI: 894500VMGYJE9GSAZ158       | Long             | EC               | CORP              | IN        |     36370 | NS      | $300343.11    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| ZETRIX AI BERHAD                                              | ZETRIX AI BERHAD                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   3481300 | NS      | $696407.87    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| STRIDES PHARMA SCIENCE LIMITED                                | STRIDES PHARMA SCIENCE LTD                         | CUSIP: N/A<br>LEI: 335800WHFYXUCHR9DD10       | Long             | EC               | CORP              | IN        |     47473 | NS      | $467669.31    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| ASK Automotive Ltd                                            | ASK AUTOMOTIVE LTD                                 | CUSIP: N/A<br>LEI: 335800JQETY6RD4Y6N79       | Long             | EC               | CORP              | IN        |    141615 | NS      | $790590.60    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| MakeMyTrip Limited                                            | MAKEMYTRIP LTD                                     | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     15981 | NS      | $1140883.59   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Netease Cloud Music Inc                                       | NETEASE CLOUD MUSIC INC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     19650 | NS      | $489116.25    | 0.08%             |  |  |  | Yes           | 2                  | On Loan: No      |
| EXXARO RESOURCES LIMITED                                      | EXXARO RESOURCES LTD                               | CUSIP: N/A<br>LEI: 378900BC3D9BFF4E4A37       | Long             | EC               | CORP              | ZA        |     42478 | NS      | $431335.99    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF CHINA LIMITED                                         | BANK OF CHINA LTD                                  | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |   8719000 | NS      | $5253630.83   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| Bumrungrad Hospital Public Company Limited                    | BUMRUNGRAD HOSPITAL PCL NVDR                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |    102600 | NS      | $541387.78    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| ZENSAR TECHNOLOGIES LIMITED                                   | ZENSAR TECHNOLOGIES LTD                            | CUSIP: N/A<br>LEI: 335800SK9CAQHM1TJC97       | Long             | EC               | CORP              | IN        |     54505 | NS      | $458113.95    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Lotus Pharmaceutical Co.,Ltd.                                 | LOTUS PHARMACEUTICAL CO LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     54000 | NS      | $537498.98    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| JB FINANCIAL GROUP CO.,LTD                                    | JB FINANCIAL GROUP CO LTD                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     39707 | NS      | $652560.74    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| BANCO DO ESTADO DO RIO GRANDE DO SUL S.A.                     | BANCO DO ESTADO DO RIO GRANDE DO SUL SA            | CUSIP: N/A<br>LEI: 254900W2BN097WLYIM20       | Long             | EC               | CORP              | BR        |    173700 | NS      | $476126.69    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ICICI BANK LIMITED                                            | ICICI BANK LTD                                     | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    533523 | NS      | $8308664.81   | 1.30%             |  |  |  | No            | 2                  | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                                 | MAHINDRA MAHINDRA LTD                              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     89814 | NS      | $3781334.64   | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| SHARKNINJA, INC.                                              | SHARKNINJA INC                                     | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8787 | NS      | $857347.59    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes     | CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E PARTICIP | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     94000 | NS      | $629273.23    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                                   | RELIANCE INDUSTRIES LTD                            | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |    449644 | NS      | $7910955.35   | 1.24%             |  |  |  | No            | 2                  | On Loan: No      |
| MercadoLibre, Inc.                                            | MERCADOLIBRE INC                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       651 | NS      | $1348728.78   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED                 | ADANI PORTS SPECIAL ECONOMIC ZONE LTD              | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |    222833 | NS      | $3791335.12   | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| eClerx Services Limited                                       | ECLERX SERVICES LTD                                | CUSIP: N/A<br>LEI: 335800AL5EIRPWHMSY54       | Long             | EC               | CORP              | IN        |      9804 | NS      | $499580.96    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Concentradora Fibra Danhos, S.A. de C.V.                      | CONCENTRADORA FIBRA DANHOS SA DE CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    324999 | NS      | $520946.16    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| THE KARUR VYSYA BANK LIMITED                                  | KARUR VYSYA BANK LTD                               | CUSIP: N/A<br>LEI: 335800GFMDHTPWI6JP97       | Long             | EC               | CORP              | IN        |    315617 | NS      | $876990.11    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| MOSCOW EXCHANGE MICEX                                         | MOSCOW EXCHANGE MICEX                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |    196760 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED                    | NIPPON LIFE INDIA ASSET MANAGEMENT LTD             | CUSIP: N/A<br>LEI: 335800ZQXV958RZSRU89       | Long             | EC               | CORP              | IN        |    529517 | NS      | $5198594.43   | 0.81%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Zylox-Tonbridge Medical Technology Co Ltd                     | ZYLOX TONBRIDGE MEDICAL TECHNOLOGY CO LTD          | CUSIP: N/A<br>LEI: 254900QSIU3I0P3OEJ92       | Long             | EC               | CORP              | CN        |    146500 | NS      | $473217.00    | 0.07%             |  |  |  | Yes           | 2                  | On Loan: No      |
| AXIS BANK LIMITED                                             | AXIS BANK LTD                                      | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |    133508 | NS      | $1916165.77   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                          | PETROLEO BRASILEIRO S A ADR                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             |  | CORP              | BR        |    126502 | NS      | $1586335.08   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimberly-Clark de Mexico, S.A.B. de C.V.                      | KIMBERLY CLARK DE MEXICO SAB DE CV                 | CUSIP: N/A<br>LEI: 549300JGHL56QT00KT54       | Long             | EC               | CORP              | MX        |    890800 | NS      | $1897670.44   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                                 | HYUNDAI ELECTRIC ENERGY SYSTEMS CO LTD             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |      6872 | NS      | $3641175.28   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| PT Bank Rakyat Indonesia (Persero) Tbk                        | PT BANK RAKYAT INDONESIA                           | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |  11182546 | NS      | $2477744.32   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| SINOPHARM GROUP CO. LTD.                                      | SINOPHARM GROUP CO LTD                             | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               | CORP              | CN        |    909999 | NS      | $2347473.63   | 0.37%             |  |  |  | No            | 2                  | On Loan: No      |
| CITY UNION BANK LIMITED                                       | CITY UNION BANK LTD                                | CUSIP: N/A<br>LEI: 33580024M7FWA847JI64       | Long             | EC               | CORP              | IN        |    194465 | NS      | $590798.09    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| J. KUMAR INFRAPROJECTS LIMITED                                | J KUMAR INFRAPROJECTS LTD                          | CUSIP: N/A<br>LEI: 33580016NIMGU988MM71       | Long             | EC               | CORP              | IN        |     98318 | NS      | $645936.08    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| MediaTek Inc.                                                 | MEDIATEK INC                                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    181000 | NS      | $8067175.02   | 1.26%             |  |  |  | No            | 2                  | On Loan: No      |
| HANWHA AEROSPACE CO., LTD.                                    | HANWHA AEROSPACE CO LTD                            | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |     10586 | NS      | $6146078.14   | 0.96%             |  |  |  | No            | 2                  | On Loan: No      |
| GAZPROM PJSC                                                  | GAZPROM PJSC                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |   1087480 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| SEA LIMITED                                                   | SEA LTD ADR                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             |  | CORP              | KY        |     12220 | NS      | $1698702.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| ANGEL ONE LIMITED                                             | ANGEL ONE LTD                                      | CUSIP: N/A<br>LEI: 3358003DRK7SFA3Q3214       | Long             | EC               | CORP              | IN        |     12917 | NS      | $391624.49    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| BAJAJ FINANCE LIMITED                                         | BAJAJ FINANCE LTD                                  | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    101363 | NS      | $1180113.18   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                                  | NATIONAL BANK OF GREECE SA                         | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |    357068 | NS      | $5594457.72   | 0.88%             |  |  |  | No            | 2                  | On Loan: No      |
| KUMBA IRON ORE LIMITED                                        | KUMBA IRON ORE LTD                                 | CUSIP: N/A<br>LEI: 3789006C753402643048       | Long             | EC               | CORP              | ZA        |     55674 | NS      | $1086361.33   | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| CEAT LIMITED                                                  | CEAT LTD                                           | CUSIP: N/A<br>LEI: 3358007DPAGLLYGSGB80       | Long             | EC               | CORP              | IN        |     10557 | NS      | $454529.84    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| BYD COMPANY LIMITED                                           | BYD CO LTD                                         | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |    418000 | NS      | $5253663.54   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| KUAISHOU TECHNOLOGY                                           | KUAISHOU TECHNOLOGY                                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | KY        |    395100 | NS      | $3468555.06   | 0.54%             |  |  |  | Yes           | 2                  | On Loan: No      |
| SAMSUNG E&A CO.,LTD                                           | SAMSUNG E A CO LTD                                 | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               | CORP              | KR        |     26189 | NS      | $456489.38    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| MEXICAN NUEVO PESO                                            | MEXICAN NUEVO PESO                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | MX        |       260 | NS      | $14.20        | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| POONGSAN CORPORATION                                          | POONGSAN CORP                                      | CUSIP: N/A<br>LEI: 2549007P08ZD5QJS1369       | Long             | EC               | CORP              | KR        |     10322 | NS      | $698401.28    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Hyosung Heavy Industries Corporation                          | HYOSUNG HEAVY INDUSTRIES CORP                      | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |       548 | NS      | $712377.38    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| ANHUI CONCH CEMENT COMPANY LIMITED                            | ANHUI CONCH CEMENT CO LTD                          | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | CN        |    626000 | NS      | $1887262.95   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| VRL Logistics Ltd                                             | VRL LOGISTICS LTD                                  | CUSIP: N/A<br>LEI: 335800VZ9XWQRZKF6945       | Long             | EC               | CORP              | IN        |    180291 | NS      | $547913.07    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| SANIL ELECTRIC CO., LTD.                                      | SANIL ELECTRIC CO LTD                              | CUSIP: N/A<br>LEI: 988400KW0ZAP6QNYIX16       | Long             | EC               | CORP              | KR        |      7048 | NS      | $691179.74    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag | MAGYAR TELEKOM TELECOMMUNICATIONS PLC              | CUSIP: N/A<br>LEI: 529900CA1YDA41X76751       | Long             | EC               | CORP              | HU        |    151302 | NS      | $810543.69    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| OCI Holdings Company Ltd.                                     | OCI CO LTD                                         | CUSIP: N/A<br>LEI: 988400XZQA7CG16LDK87       | Long             | EC               | CORP              | KR        |      3563 | NS      | $253127.51    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| OBEROI REALTY LIMITED                                         | OBEROI REALTY LTD                                  | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    142399 | NS      | $2629383.53   | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND                          | HSBC US GOVT MMKT-I                                | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1427875 | NS      | $1427875.14   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Lenovo Group Limited                                          | LENOVO GROUP LTD                                   | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | HK        |   1280000 | NS      | $1603039.43   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| KIA CORPORATION                                               | KIA CORP                                           | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     42181 | NS      | $3277999.39   | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| WANT WANT CHINA HOLDINGS LIMITED                              | WANT WANT CHINA HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 5299005HZCEKX4O1J230       | Long             | EC               | CORP              | KY        |   1242000 | NS      | $744422.18    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Moil Ltd                                                      | MOIL LTD                                           | CUSIP: N/A<br>LEI: 335800KIMZB1TBYBFI12       | Long             | EC               | CORP              | IN        |    187508 | NS      | $712555.28    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| FORTIS HEALTHCARE LIMITED                                     | FORTIS HEALTHCARE LTD                              | CUSIP: N/A<br>LEI: 3358001Q5ZJC4M83WH02       | Long             | EC               | CORP              | IN        |     47633 | NS      | $490693.97    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| MOBILE TELESYSTEMS PJSC                                       | MOBILE TELESYSTEMS PJSC                            | CUSIP: 607409109<br>LEI: N/A                  | Long             |  | CORP              | RU        |    253826 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| HD HYUNDAI MIPO CO.,LTD                                       | HD HYUNDAI MIPO                                    | CUSIP: Y3844T103<br>LEI: 988400L1JDH871AJTA03 | Long             | EC               | CORP              | KR        |      3206 | NS      | $478335.67    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| PT Kalbe Farma Tbk                                            | KALBE FARMA TBK PT                                 | CUSIP: N/A<br>LEI: 529900PRQI8S32HOE387       | Long             | EC               | CORP              | ID        |   5514200 | NS      | $398019.13    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| SUNONWEALTH ELECTRIC MACHINE INDUSTRY CO., LTD.               | SUNONWEALTH ELECTRIC MACHINE INDUSTRY CO LTD       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    231000 | NS      | $1232432.46   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| JUBILANT PHARMOVA LIMITED                                     | JUBILANT LIFE SCIENCES LIMITED                     | CUSIP: N/A<br>LEI: 335800C6LDKWF4HQH833       | Long             | EC               | CORP              | IN        |     34224 | NS      | $418069.36    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| CHENBRO MICOM CO., LTD.                                       | CHENBRO MICOM CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     58000 | NS      | $1787105.51   | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| ALLIED BLENDERS AND DISTILLERS LIMITED                        | ALLIED BLENDERS DISTILLERS LTD                     | CUSIP: N/A<br>LEI: 335800XU2PVRYNZP8A55       | Long             | EC               | CORP              | IN        |     76351 | NS      | $560194.29    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                          | HON HAI PRECISION INDUSTRY CO LTD                  | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |    535000 | NS      | $3855788.89   | 0.60%             |  |  |  | No            | 2                  | On Loan: No      |
| SHOPRITE HOLDINGS LIMITED                                     | SHOPRITE HOLDINGS LTD                              | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |    221945 | NS      | $3562553.74   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                             | POWER FINANCE CORP LTD                             | CUSIP: N/A<br>LEI: 3358003Q6D9LIJJZ1614       | Long             | EC               |  | IN        |    744284 | NS      | $3029282.27   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| VALE S.A.                                                     | VALE SA ADR                                        | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             |  | CORP              | BR        |    162986 | NS      | $2055253.46   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| XIAOMI CORPORATION                                            | XIAOMI CORP                                        | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | KY        |    779200 | NS      | $4142253.96   | 0.65%             |  |  |  | Yes           | 2                  | On Loan: No      |
| UNILEVER PLC                                                  | UNILEVER PLC                                       | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     32273 | NS      | $1949444.40   | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| NUVAMA WEALTH MANAGEMENT LIMITED                              | NUVAMA WEALTH MANAGEMENT LTD                       | CUSIP: N/A<br>LEI: 3358002Y23HZBJW49C38       | Long             | EC               | CORP              | IN        |      5870 | NS      | $490560.24    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| PT Ciputra Development Tbk                                    | PT CIPUTRA DEVELOPMENT TBK                         | CUSIP: N/A<br>LEI: 2549000JMJUYB9U5Y204       | Long             | EC               | CORP              | ID        |   8837700 | NS      | $462042.79    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| DB INSURANCE CO.,LTD                                          | DB INSURANCE CO LTD                                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     57952 | NS      | $4922708.22   | 0.77%             |  |  |  | No            | 2                  | On Loan: No      |
| GDS HOLDINGS LIMITED                                          | GDS HOLDINGS LTD                                   | CUSIP: N/A<br>LEI: 391200MGV8DDCHTN2R77       | Long             | EC               | CORP              | KY        |    159900 | NS      | $680940.21    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| GE VERNOVA T&D INDIA LIMITED                                  | GE VERNOVA T D INDIA LTD                           | CUSIP: N/A<br>LEI: 549300NMRD6VZDFLN355       | Long             | EC               | CORP              | IN        |     22261 | NS      | $717423.12    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| COFORGE LIMITED                                               | COFORGE LTD                                        | CUSIP: N/A<br>LEI: 3358004YL9JGBNP4KF72       | Long             | EC               | CORP              | IN        |     27436 | NS      | $588298.34    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| DELTA ELECTRONICS, INC.                                       | DELTA ELECTRONICS INC                              | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    178000 | NS      | $5307107.14   | 0.83%             |  |  |  | No            | 2                  | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                               | SHINHAN FINANCIAL GROUP CO LTD                     | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     66890 | NS      | $3576008.46   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Banco do Brasil S.A.                                          | BANCO DO BRASIL SA                                 | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    616990 | NS      | $2597524.09   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Cisarua Mountain Dairy Tbk PT                                 | CISARUA MOUNTAIN DAIRY PT TBK                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        |   1287900 | NS      | $479386.55    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                      | GRUPO FINANCIERO BANORTE SAB DE CV                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    541103 | NS      | $5174780.38   | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| 3SBio Inc.                                                    | 3SBIO INC                                          | CUSIP: N/A<br>LEI: 529900P0TQC1E9Y7FN31       | Long             | EC               | CORP              | KY        |    171000 | NS      | $689254.81    | 0.11%             |  |  |  | Yes           | 2                  | On Loan: —       |
| KOREAN WON                                                    | KOREAN WON                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | KR        | 122590190 | NS      | $83372.00     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| TONG YANG INDUSTRY CO., LTD                                   | TONG YANG INDUSTRY                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    290000 | NS      | $896012.97    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Emaar Development PJSC                                        | EMAAR DEVELOPMENT PJSC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |   1255577 | NS      | $5027014.91   | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| Tres Tentos Agroindustrial S.A.                               | TRES TENTOS AGROINDUSTRIAL S A                     | CUSIP: N/A<br>LEI: 549300QQ67YECUJQIV31       | Long             | EC               | CORP              | BR        |    150045 | NS      | $430402.82    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ICICI BANK LIMITED                                            | ICICI BANK LTD                                     | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             |  | CORP              | IN        |    118068 | NS      | $3687263.64   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| China Airlines Ltd.                                           | CHINA AIRLINES LTD                                 | CUSIP: N/A<br>LEI: 25490032B2A0G6D0JP27       | Long             | EC               | CORP              | TW        |    549000 | NS      | $336463.48    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.                     | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD             | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     36200 | NS      | $1918811.05   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| POWER GRID CORPORATION OF INDIA LIMITED                       | POWER GRID CORP OF INDIA LTD                       | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               |  | IN        |   1351531 | NS      | $4090829.25   | 0.64%             |  |  |  | No            | 2                  | On Loan: No      |
| BIM BIRLESIK MAGAZALAR ANONIM SIRKETI                         | BIM BIRLESIK MAGAZALAR AS                          | CUSIP: N/A<br>LEI: 7890001GCDJQD8DJKE29       | Long             | EC               | CORP              | TR        |    134373 | NS      | $1700012.92   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Cartrade Tech Ltd                                             | CARTRADE TECH LTD                                  | CUSIP: N/A<br>LEI: 984500F5CDO5D86C1326       | Long             | EC               | CORP              | IN        |     33505 | NS      | $1159847.32   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                         | INVESCO GVT & AGNCY-INST                           | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1427875 | NS      | $1427875.14   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| PERSISTENT SYSTEMS LIMITED                                    | PERSISTENT SYSTEMS LTD                             | CUSIP: N/A<br>LEI: 3358006QYD77Z66S1J89       | Long             | EC               | CORP              | IN        |     46846 | NS      | $3342638.21   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| Etihad Etisalat Company SJSC                                  | ETIHAD ETISALAT CO                                 | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |    183146 | NS      | $3070621.16   | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| Netmarble Corporation                                         | NETMARBLE CORP                                     | CUSIP: N/A<br>LEI: 988400T1LQCQT8H5EO27       | Long             | EC               | CORP              | KR        |     10018 | NS      | $362081.81    | 0.06%             |  |  |  | Yes           | 2                  | On Loan: No      |
| United Electronics Company JSC                                | UNITED ELECTRONICS CO                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     17292 | NS      | $415677.34    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| SOUTH AFRICAN RAND                                            | SOUTH AFRICAN RAND                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | ZA        |    -22501 | NS      | $-1315.46     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| PT Telkom Indonesia (Persero) Tbk                             | TELEKOMUNIKASI INDONESIA PERSERO TBK PT            | CUSIP: 715684106<br>LEI: 529900M5SQZAOKV1PC81 | Long             |  | CORP              | ID        |    152799 | NS      | $3292818.45   | 0.52%             |  |  |  | No            | 1                  | On Loan: —       |
| PT Aneka Tambang Tbk                                          | ANEKA TAMBANG TBK                                  | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               | CORP              | ID        |   4412300 | NS      | $771347.67    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| WuXi AppTec Co., Ltd.                                         | WUXI APPTEC CO LTD                                 | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |    245900 | NS      | $3213001.63   | 0.50%             |  |  |  | Yes           | 2                  | On Loan: No      |
| PRIO S.A.                                                     | PETRO RIO SA                                       | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               | CORP              | BR        |    675800 | NS      | $4711467.97   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| KUNLUN ENERGY COMPANY LIMITED                                 | KUNLUN ENERGY CO LTD                               | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | BM        |   2932000 | NS      | $2800653.47   | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| YAGEO CORPORATION                                             | YAGEO CORP                                         | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               | CORP              | TW        |    273816 | NS      | $2057400.50   | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Kanzhun Ltd                                                   | KANZHUN LTD                                        | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             |  | CORP              | KY        |    144670 | NS      | $3197207.00   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Raia Drogasil S/A                                             | RAIA DROGASIL SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1079500 | NS      | $4856162.29   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| MATRIX CONCEPTS HOLDINGS BERHAD                               | MATRIX CONCEPTS HOLDINGS BHD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1164000 | NS      | $383337.90    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| QUANTA COMPUTER INC.                                          | QUANTA COMPUTER INC                                | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    350000 | NS      | $3155298.72   | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| SANTAM LIMITED                                                | SANTAM LIMITED                                     | CUSIP: N/A<br>LEI: 37890092DC55C7D94B35       | Long             | EC               | CORP              | ZA        |     21207 | NS      | $519522.43    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| SAGILITY LIMITED                                              | SAGILITY LTD                                       | CUSIP: N/A<br>LEI: 9845009870B757E1WA45       | Long             | EC               | CORP              | IN        |   1455007 | NS      | $818792.78    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLD CIRCUIT ELECTRONICS LTD.                                 | GOLD CIRCUIT ELECTRONICS LTD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     68000 | NS      | $1378890.81   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| HK inno.N Corporation                                         | HK INNO N CORP                                     | CUSIP: Y166C3102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13881 | NS      | $494219.51    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Gentera, S.A.B. de C.V.                                       | GENTERA SAB DE CV                                  | CUSIP: N/A<br>LEI: 4469000001ECOWXFNE33       | Long             | EC               | CORP              | MX        |   2428669 | NS      | $5720636.46   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| SILICON 2 Co.,Ltd.                                            | SILICON2 CO LTD                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     11081 | NS      | $342677.00    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| NANYA TECHNOLOGY CORPORATION                                  | NANYA TECHNOLOGY CORP                              | CUSIP: N/A<br>LEI: 254900STKVKJBRRO0835       | Long             | EC               | CORP              | TW        |    169000 | NS      | $790354.30    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Vista Energy, S.A.B. de C.V.                                  | VISTA OIL GAS SAB DE CV ADR                        | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             |  | CORP              | MX        |    108348 | NS      | $5326387.68   | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Vibra Energia S.A.                                            | VIBRA ENERGIA SA                                   | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |    488957 | NS      | $2279289.88   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Sky Gold and Diamonds Ltd                                     | SKY GOLD AND DIAMONDS LTD                          | CUSIP: Y8T6PB100<br>LEI: 3358007KOI9O42YQGU13 | Long             | EC               | CORP              | IN        |    115722 | NS      | $429335.12    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                        | ISHARES CORE MSCI EMERGING                         | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |     66879 | NS      | $4487580.90   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| TINGYI (CAYMAN ISLANDS) HOLDING CORP.                         | TINGYI CAYMAN ISLANDS HOLDING CORP                 | CUSIP: N/A<br>LEI: 5299009MPI9B60VN4P25       | Long             | EC               | CORP              | KY        |   1622000 | NS      | $2489834.42   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Brava Energia S.A.                                            | BRAVA ENERGIA                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    133797 | NS      | $341931.52    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Rede D'Or Sao Luiz S.A.                                       | REDE D OR SAO LUIZ SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    637502 | NS      | $5569617.27   | 0.87%             |  |  |  | Yes           | 1                  | On Loan: No      |
| HUNGARIAN FORINT                                              | HUNGARIAN FORINT                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | HU        |        11 | NS      | $0.03         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Arabian Centres Company SJSC                                  | ARABIAN CENTRES CO LTD                             | CUSIP: N/A<br>LEI: 8945006MT4ZZ5EBVCI56       | Long             | EC               | CORP              | SA        |     70965 | NS      | $377429.76    | 0.06%             |  |  |  | Yes           | 2                  | On Loan: No      |
| TATA CONSULTANCY SERVICES LIMITED                             | TATA CONSULTANCY SERVICES LTD                      | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |     62788 | NS      | $2211751.03   | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| MINTH GROUP LIMITED                                           | MINTH GROUP LTD                                    | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | KY        |    748000 | NS      | $3280977.64   | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| Hana Financial Group Inc.                                     | HANA FINANCIAL GROUP INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    121937 | NS      | $7759552.73   | 1.22%             |  |  |  | No            | 2                  | On Loan: No      |
| ELITE MATERIAL CO., LTD.                                      | ELITE MATERIAL CO LTD                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    161000 | NS      | $7866752.45   | 1.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Northam Platinum Holdings Limited                             | NORTHAM PLATINUM HOLDINGS LTD                      | CUSIP: N/A<br>LEI: 3789009D0712C7101695       | Long             | EC               | CORP              | ZA        |     34630 | NS      | $617902.80    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Kajaria Ceramics Ltd                                          | KAJARIA CERAMICS                                   | CUSIP: N/A<br>LEI: 3358007XN6AXJ1V67M07       | Long             | EC               | CORP              | IN        |     37652 | NS      | $450619.44    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| POLISH ZLOTY                                                  | POLISH ZLOTY                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | PL        |       241 | NS      | $66.00        | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Phison Electronics Corp.                                      | PHISON ELECTRONICS CORP                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     27000 | NS      | $970492.96    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| UPL LIMITED                                                   | UPL LTD                                            | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    249437 | NS      | $2122848.91   | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| NATIONAL ALUMINIUM CO LTD                                     | NATIONAL ALUMINIUM CO LTD                          | CUSIP: N/A<br>LEI: 335800OM1V78CX7SSC72       | Long             | EC               | CORP              | IN        |    340638 | NS      | $993592.29    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| TravelSky Technology Limited                                  | TRAVELSKY TECHNOLOGY LTD                           | CUSIP: N/A<br>LEI: 5299007TAWP4DZ6QFG73       | Long             | EC               | CORP              | CN        |    342000 | NS      | $463825.75    | 0.07%             |  |  |  | No            | 2                  | On Loan: —       |
| Ping An Insurance (Group) Company of China, Ltd.              | PING AN INSURANCE GROUP CO OF CHINA LTD            | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    856000 | NS      | $6264932.24   | 0.98%             |  |  |  | No            | 2                  | On Loan: No      |
| Tripod Technology Corporation                                 | TRIPOD TECHNOLOGY CORP                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     93000 | NS      | $909633.94    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Lion Travel Service Co., Ltd.                                 | LION TRAVEL SERVICE CO LTD                         | CUSIP: N/A<br>LEI: 9845006A8B49DZDBJD37       | Long             | EC               | CORP              | TW        |     89000 | NS      | $492600.58    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Bora Pharmaceuticals Co., LTD.                                | BORA PHARMACEUTICALS CO LTD                        | CUSIP: N/A<br>LEI: 254900MK7O5C2UX1SY03       | Long             | EC               | CORP              | TW        |    169170 | NS      | $2947902.66   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| PAGSEGURO DIGITAL LTD.                                        | PAGSEGURO DIGITAL LTD                              | CUSIP: G68707101<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |    271160 | NS      | $2841756.80   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| BRAZILIAN REAL                                                | BRAZILIAN REAL                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | BR        |    324573 | NS      | $60812.18     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| HINDALCO INDUSTRIES LIMITED                                   | HINDALCO INDUSTRIES LTD                            | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |    574443 | NS      | $5215034.76   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| Samsung Electronics Co., Ltd.                                 | SAMSUNG ELECTRONICS CO LTD                         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    249168 | NS      | $17116477.39  | 2.68%             |  |  |  | No            | 2                  | On Loan: No      |
| America Movil, S.A.B. de C.V.                                 | AMERICA MOVIL SAB DE CV                            | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             |  | CORP              | MX        |    123063 | NS      | $2840294.04   | 0.44%             |  |  |  | No            | 1                  | On Loan: —       |
| MANILA WATER CO. INC.                                         | MANILA WATER CO INC                                | CUSIP: N/A<br>LEI: 5493004SJIK0GOUIZM45       | Long             | EC               | CORP              | PH        |    703300 | NS      | $460673.47    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| CTBC Financial Holding Co., Ltd.                              | CTBC FINANCIAL HOLDING CO LTD                      | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |   2647000 | NS      | $3668073.92   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| ECO WORLD DEVELOPMENT GROUP BERHAD                            | ECO WORLD DEVELOPMENT GROUP                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1145500 | NS      | $610999.02    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| SLB N.V.                                                      | SLB LTD                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     64199 | NS      | $2326571.76   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| ISU Petasys Co., Ltd.                                         | ISUPETASYS CO LTD                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     12626 | NS      | $1242338.64   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| ONESOURCE SPECIALTY PHARMA LIMITED                            | ONESOURCE SPECIALITY PHARMA LTD                    | CUSIP: N/A<br>LEI: 335800TP5C932B9IQT98       | Long             | EC               | CORP              | IN        |     21410 | NS      | $367810.91    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| OTP Bank Nyrt.                                                | OTP BANK PLC                                       | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     32924 | NS      | $3430274.79   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcos Dorados Holdings Inc.                                   | ARCOS DORADOS HOLDINGS INC                         | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    165078 | NS      | $1252942.02   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| ENNOCONN CORPORATION                                          | ENNOCONN CORP                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     39000 | NS      | $371186.24    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Shanghai Conant Optical Co Ltd                                | SHANGHAI CONANT OPTICAL CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    166000 | NS      | $1038176.72   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| 361 DEGREES INTERNATIONAL LIMITED                             | 361 DEGREES INTERNATIONAL LTD                      | CUSIP: N/A<br>LEI: 2138008WRC2652IBSX12       | Long             | EC               | CORP              | KY        |    793000 | NS      | $612491.96    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| BHARTI AIRTEL LIMITED                                         | BHARTI AIRTEL LTD                                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     82455 | NS      | $1945403.12   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| MSILF Government Portfolio                                    | MSILF GOVERNMENT-INST                              | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1427875 | NS      | $1427875.13   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| BENEFIT SYSTEMS SPOLKA AKCYJNA                                | BENEFIT SYSTEMS SA                                 | CUSIP: N/A<br>LEI: 2594007UY43JEUOLID52       | Long             | EC               | CORP              | PL        |      1686 | NS      | $1638366.23   | 0.26%             |  |  |  | No            | 2                  | On Loan: —       |
| CHINA WATER AFFAIRS GROUP LIMITED                             | CHINA WATER AFFAIRS GROUP LIMITED                  | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               | CORP              | BM        |    542000 | NS      | $409777.95    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| CESC LTD                                                      | CESC LTD                                           | CUSIP: N/A<br>LEI: 3358009RW8LFOENISG12       | Long             | EC               | CORP              | IN        |    234623 | NS      | $448600.66    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Tencent Holdings Limited                                      | TENCENT HOLDINGS LTD                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    315263 | NS      | $24910853.41  | 3.90%             |  |  |  | No            | 2                  | On Loan: No      |
| SUNTECK REALTY LIMITED                                        | SUNTECK REALTY LTD                                 | CUSIP: N/A<br>LEI: 335800TFT4V77I31F853       | Long             | EC               | CORP              | IN        |     88393 | NS      | $419363.27    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Vivara Participacoes S.A.                                     | VIVARA PARTICIPACOES SA                            | CUSIP: P98017109<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |    126800 | NS      | $834357.45    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                  | TAIWAN SEMICONDUCTOR MANUFACTU                     | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1411000 | NS      | $65066470.90  | 10.19%            |  |  |  | No            | 2                  | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                         | HYUNDAI MOBIS                                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8492 | NS      | $1790960.31   | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| INDUS TOWERS LIMITED                                          | INDUS TOWERS LTD                                   | CUSIP: N/A<br>LEI: 335800L6DI4VHODGDK41       | Long             | EC               | CORP              | IN        |    642242 | NS      | $2889600.33   | 0.45%             |  |  |  | No            | 2                  | On Loan: No      |
| Midea Group Co., Ltd.                                         | MIDEA GROUP CO LTD                                 | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    207100 | NS      | $2340507.90   | 0.37%             |  |  |  | No            | 2                  | On Loan: No      |
| Gunkul Engineering Public Company Limited                     | GUNKUL ENGINEERING PCL                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |   7377400 | NS      | $411140.46    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| AIR ARABIA PJSC                                               | AIR ARABIA PJSC                                    | CUSIP: N/A<br>LEI: 21380058Y5RCZI2HBX17       | Long             | EC               | CORP              | AE        |    882617 | NS      | $1033811.73   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| TAIWAN UNION TECHNOLOGY CORPORATION                           | TAIWAN UNION TECHNOLOGY CORPORATION                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     55000 | NS      | $775786.60    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| PharmaResearch Co., Ltd.                                      | PHARMARESEARCH CO LTD                              | CUSIP: N/A<br>LEI: 988400WCI2SXC6H7SG23       | Long             | EC               | CORP              | KR        |      1773 | NS      | $567447.05    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| SECURITY BANK CORPORATION                                     | SECURITY BANK CORP                                 | CUSIP: N/A<br>LEI: 549300JSVDZIR2CPTP95       | Long             | EC               | CORP              | PH        |    299770 | NS      | $352932.71    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| CHROMA ATE INC.                                               | CHROMA ATE INC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     55000 | NS      | $1439571.02   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Neoenergia S.A.                                               | NEOENERGIA SA                                      | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |     98200 | NS      | $594097.76    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ANE (Cayman) Inc                                              | ANE CAYMAN INC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    405500 | NS      | $602276.82    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| BIZLINK HOLDING INC.                                          | BIZLINK HOLDING INC                                | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |     49504 | NS      | $2550319.09   | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| FUYAO GLASS INDUSTRY GROUP CO., LTD.                          | FUYAO GLASS INDUSTRY GROUP CO LTD                  | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |    435200 | NS      | $3768569.01   | 0.59%             |  |  |  | Yes           | 2                  | On Loan: No      |
| MANGALORE REFINERY AND PETROCHEMICALS LIMITED                 | MANGALORE REFINERY AND PETROCHEMICALS LIMITED      | CUSIP: N/A<br>LEI: 335800IFZW2UY8KC5H11       | Long             | EC               | CORP              | IN        |    253417 | NS      | $449040.22    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| LEELA PALACES HOTELS & RESORTS LIMITED                        | LEELA PALACES HOTELS RESORTS LTD                   | CUSIP: N/A<br>LEI: 335800TFGALVLBYPR703       | Long             | EC               | CORP              | IN        |    100477 | NS      | $463385.17    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Parque Arauco S.A.                                            | PARQUE ARAUCO SA                                   | CUSIP: N/A<br>LEI: 2549001WW2PV1Y0UEU97       | Long             | EC               | CORP              | CL        |    166871 | NS      | $539872.53    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Getac Holdings Corporation                                    | GETAC HOLDINGS CORP                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    121000 | NS      | $484650.22    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| GCC, S.A.B. de C.V                                            | GRUPO CEMENTOS DE CHIHUAHUA SAB DE CV              | CUSIP: N/A<br>LEI: 254900WY9XL8033CKX68       | Long             | EC               | CORP              | MX        |     81229 | NS      | $809098.18    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| CAN FIN HOMES LIMITED                                         | CAN FIN HOMES LTD                                  | CUSIP: N/A<br>LEI: 335800EJ9Y3XDP5ZDH81       | Long             | EC               | CORP              | IN        |     58936 | NS      | $585294.09    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| TRANSPORT CORPORATION OF INDIA LIMITED                        | TRANSPORT CORP OF INDIA LTD                        | CUSIP: N/A<br>LEI: 3358002IVSDZYKSWCL91       | Long             | EC               | CORP              | IN        |     33915 | NS      | $414927.59    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| CHINA CONSTRUCTION BANK CORPORATION                           | CHINA CONSTRUCTION BANK CORP                       | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |   9144000 | NS      | $9633788.84   | 1.51%             |  |  |  | No            | 2                  | On Loan: No      |
| SBERBANK OF RUSSIA PJSC                                       | SBERBANK OF RUSSIA PJSC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |    687954 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MALAYAN CEMENT BERHAD                                         | MALAYAN CEMENT BHD                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    595500 | NS      | $968380.75    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED         | PTT EXPLORATION PROD FOR                           | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |    272500 | NS      | $902403.10    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                | GLDMN SCHS FIN SQ GV-FST                           | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1427875 | NS      | $1427875.14   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| KING SLIDE WORKS CO.,LTD                                      | KING SLIDE WORKS CO LTD                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      5000 | NS      | $609977.53    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Pop Mart International Group Ltd                              | POP MART INTERNATIONAL GROUP LTD                   | CUSIP: N/A<br>LEI: 9845000A05E8F937E337       | Long             | EC               | CORP              | KY        |    122400 | NS      | $3552312.58   | 0.56%             |  |  |  | Yes           | 2                  | On Loan: No      |
| NETEASE, INC.                                                 | NETEASE INC                                        | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | KY        |     75100 | NS      | $2077610.15   | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Hyosung TNC Corporation                                       | HYOSUNG TNC CO LTD                                 | CUSIP: N/A<br>LEI: 988400BL3EUWYB39P076       | Long             | EC               | CORP              | KR        |      1915 | NS      | $289128.77    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO                                                          | EURO                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | XX        |         0 | NS      | $0.14         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| MPI CORPORATION                                               | MPI CORP                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     18000 | NS      | $1310672.39   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| CGN Mining Co Ltd                                             | CGN MINING CO LTD                                  | CUSIP: N/A<br>LEI: 529900LQYG057CZAZT41       | Long             | EC               | CORP              | KY        |   1425000 | NS      | $550595.42    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| HYUNDAI GLOVIS Co., LTD.                                      | HYUNDAI GLOVIS CO LTD                              | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |      4513 | NS      | $505658.66    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Organization of Football Prognostics S.A                      | OPAP SA                                            | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |     88591 | NS      | $1810402.83   | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| INFOSYS LIMITED                                               | INFOSYS LIMITED                                    | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |    187495 | NS      | $3289936.72   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| Wiwynn Corporation                                            | WIWYNN CORP                                        | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     51000 | NS      | $7452773.48   | 1.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Genomma Lab Internacional, S.A.B. de C.V.                     | GENOMMA LAB INTERNACIONAL SAB DE CV                | CUSIP: N/A<br>LEI: 984500B7084AA76ACF85       | Long             | EC               | CORP              | MX        |    309145 | NS      | $317628.03    | 0.05%             |  |  |  | No            | 1                  | On Loan: —       |
| PICC Property and Casualty Company Limited                    | PICC PROPERTY CASUALTY CO LTD                      | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |   3064000 | NS      | $6969400.58   | 1.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Banco Bradesco S.A.                                           | BANCO BRADESCO SA                                  | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | BR        |   1277000 | NS      | $4701450.17   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| China Communications Services Corporation Limited             | CHINA COMMUNICATIONS SERVICES CORP LTD             | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               | CORP              | CN        |    716000 | NS      | $448599.43    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD.                | CHAROEN POKPHAND ENTERPRISE                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     95000 | NS      | $433122.10    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Pepco Group N.V.                                              | PEPCO GROUP NV                                     | CUSIP: N/A<br>LEI: 213800OVMJPFP79OB449       | Long             | EC               | CORP              | NL        |     75262 | NS      | $552323.62    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Saudi Awwal Bank SJSC                                         | SAUDI AWWAL BANK                                   | CUSIP: M8234F111<br>LEI: 558600TQS0WENZUC5190 | Long             | EC               | CORP              | SA        |    376417 | NS      | $3075758.93   | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| M. Dias Branco S.A. Industria e Comercio de Alimentos         | M DIAS BRANCO SA                                   | CUSIP: N/A<br>LEI: 894500SZMRHGUL2PHQ60       | Long             | EC               | CORP              | BR        |     80300 | NS      | $387861.65    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BB Seguridade Participacoes S.A.                              | BB SEGURIDADE PARTICIPACOES SA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    154200 | NS      | $985472.43    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| JUMBO S.A.                                                    | JUMBO SA                                           | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     11895 | NS      | $377668.19    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| VA TECH WABAG LIMITED                                         | VA TECH WABAG LTD                                  | CUSIP: N/A<br>LEI: 335800GM4KXSX7LLLI83       | Long             | EC               | CORP              | IN        |     29431 | NS      | $447381.92    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Riyadh Cables Group Company SJSC                              | RIYADH CABLES GROUP CO                             | CUSIP: N/A<br>LEI: 558600VWEJBGFYTZ1S78       | Long             | EC               | CORP              | SA        |     17450 | NS      | $570204.47    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| HYUNDAI ROTEM COMPANY                                         | HYUNDAI ROTEM CO LTD                               | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      6434 | NS      | $770641.36    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| SK hynix Inc.                                                 | SK HYNIX INC                                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     69518 | NS      | $25185037.21  | 3.94%             |  |  |  | No            | 2                  | On Loan: No      |
| CHINA MEDICAL SYSTEM HOLDINGS LIMITED                         | CHINA MEDICA SYSTEM HOLDINGS LTD                   | CUSIP: N/A<br>LEI: 529900Z57DVJXUBLHX66       | Long             | EC               | CORP              | KY        |    299000 | NS      | $512093.35    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Marcopolo S.A.                                                | MARCOPOLO SA                                       | CUSIP: N/A<br>LEI: 254900XL58LF2D2QUX37       | Long             | EC               | CORP              | BR        |    547220 | NS      | $663352.89    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| PSK INC.                                                      | PSK INC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     15246 | NS      | $309572.67    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| HONG KONG DOLLAR                                              | HONG KONG DOLLAR                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | HK        |         1 | NS      | $0.18         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Com7 PCL                                                      | COM7 PCL                                           | CUSIP: N/A<br>LEI: 984500C71C65E6KC5A42       | Long             |  | CORP              | TH        |    954400 | NS      | $651261.44    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                                 | PT BANK MANDIRI PERSERO TBK                        | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   8661280 | NS      | $2516526.35   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| CLASSYS Inc.                                                  | CLASSYS INC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     14590 | NS      | $583633.72    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| China Merchants Bank Co., Ltd.                                | CHINA MERCHANTS BANK CO LTD                        | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    564500 | NS      | $3806484.06   | 0.60%             |  |  |  | No            | 2                  | On Loan: No      |
| THE BIDVEST GROUP LIMITED                                     | BIDVEST GROUP LTD                                  | CUSIP: N/A<br>LEI: 5299002ARE4TRMIRGM72       | Long             | EC               | CORP              | ZA        |    125832 | NS      | $1689897.57   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| KIWOOM Securities Co., Ltd.                                   | KIWOOM SECURITIES CO LTD                           | CUSIP: N/A<br>LEI: 988400O27CNGJA2QWJ18       | Long             | EC               | CORP              | KR        |      5100 | NS      | $950799.62    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Genius Electronic Optical Co Ltd                              | GENIUS ELECTRONIC OPTICAL CO LTD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     33000 | NS      | $471650.77    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Douzone Bizon Co Ltd                                          | DOUZONE BIZON CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     11056 | NS      | $703111.14    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| TERNIUM S.A.                                                  | TERNIUM SA                                         | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             |  | CORP              | LU        |     43758 | NS      | $1611607.14   | 0.25%             |  |  |  | No            | 1                  | On Loan: —       |
| EQUATORIAL S.A.                                               | EQUATORIAL ENERGIA SA ORD                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    474200 | NS      | $3532533.68   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| SAUDI ARABIAN RIYAL                                           | SAUDI ARABIAN RYAL                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | SA        |     31945 | NS      | $8515.76      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| KING YUAN ELECTRONICS CO., LTD.                               | KING YUAN ELECTRONICS CO LTD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    302000 | NS      | $2212363.98   | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| INDIAN RUPEE                                                  | INDIA RUPEE                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | IN        |    962471 | NS      | $10760.78     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| China Jinmao Holdings Group Limited                           | CHINA JINMAO HOLDINGS GROUP LTD                    | CUSIP: N/A<br>LEI: 3003000CW9WBO3PJ7R66       | Long             | EC               | CORP              | HK        |   1776000 | NS      | $315699.55    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Advanced Info Service Public Company Limited                  | ADVANCED INFO SERVICE NVDR                         | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             |  | CORP              | TH        |    341200 | NS      | $3261759.09   | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| STANDARD BANK GROUP LIMITED                                   | STANDARD BANK GROUP LTD                            | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               | CORP              | ZA        |    197398 | NS      | $3052616.43   | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer