# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001624
**Filing Date:** 2025-10
**Character Count:** 95324
**Document Hash:** b0716b85d622fc97aa9aee78248a8d62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001624.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001004726-25-001624

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422637

**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:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $581198237.62

**Total Liabilities:** $2783024.63

**Net Assets:** $578415212.99

**Cash Not Reported:** $9581687.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066846 | 7.19%                | 0.55%                | 2.20%                |
| Class ID C000034897 | 7.17%                | 0.51%                | 2.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $701369.86               | $36020995.17                               |
| Month 2  | $28042750.70             | $-25942979.05                              |
| Month 3  | $3655356.40              | $8752817.49                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHROMA ATE INC.                                                    | CHROMA ATE INC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     54000 | NS      | $1022940.40   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Kajaria Ceramics Ltd                                               | KAJARIA CERAMICS                                   | CUSIP: N/A<br>LEI: 3358007XN6AXJ1V67M07       | Long             | EC               | CORP              | IN        |     37037 | NS      | $508936.23    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia S.A.                                                    | NEOENERGIA SA                                      | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |     96600 | NS      | $487151.66    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                              | BANK OF CHINA LTD                                  | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |   8719000 | NS      | $4785817.69   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI BANK LIMITED                                                 | ICICI BANK LTD                                     | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    534640 | NS      | $8471840.97   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CITY UNION BANK LIMITED                                            | CITY UNION BANK LTD                                | CUSIP: N/A<br>LEI: 33580024M7FWA847JI64       | Long             | EC               | CORP              | IN        |    191288 | NS      | $425345.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVATEK MICROELECTRONICS CORP.                                     | NOVATEK MICROELECTRONICS COR                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     93000 | NS      | $1318101.40   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSISTENT SYSTEMS LIMITED                                         | PERSISTENT SYSTEMS LTD                             | CUSIP: N/A<br>LEI: 3358006QYD77Z66S1J89       | Long             | EC               | CORP              | IN        |     46846 | NS      | $2815052.61   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| LIC HOUSING FINANCE LTD                                            | LIC HOUSING FINANCE LTD                            | CUSIP: N/A<br>LEI: 335800NFSMJ2ZKBCYP06       | Long             | EC               | CORP              | IN        |     71513 | NS      | $450487.29    | 0.08%             |  |  |  | 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      | $3550646.80   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM COMPANY                                              | HYUNDAI ROTEM CO LTD                               | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      8680 | NS      | $1197692.93   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                                             | EMAAR DEVELOPMENT PJSC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |   1255577 | NS      | $5036414.69   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Limited                                      | ALIBABA GROUP HOLDING LTD                          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |   1315004 | NS      | $21774231.90  | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| MATRIX CONCEPTS HOLDINGS BERHAD                                    | MATRIX CONCEPTS HOLDINGS BHD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1144900 | NS      | $355027.26    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KIA CORPORATION                                                    | KIA CORP                                           | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     42181 | NS      | $3192363.96   | 0.55%             |  |  |  | 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        |    124690 | NS      | $2492553.10   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| KUNLUN ENERGY COMPANY LIMITED                                      | KUNLUN ENERGY CO LTD                               | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | BM        |   2932000 | NS      | $2729387.52   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| LIFE HEALTHCARE GROUP HOLDINGS LIMITED                             | LIFE HEALTHCARE GROUP HOLDINGS PTE LTD             | CUSIP: N/A<br>LEI: 529900NEEWARTDD80135       | Long             | EC               | CORP              | ZA        |   1414344 | NS      | $1091306.70   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| INDUS TOWERS LIMITED                                               | INDUS TOWERS LTD                                   | CUSIP: N/A<br>LEI: 335800L6DI4VHODGDK41       | Long             | EC               | CORP              | IN        |    650726 | NS      | $2500218.10   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Limited                                                 | MAKEMYTRIP LTD                                     | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     16258 | NS      | $1605477.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ISU Petasys Co., Ltd.                                              | ISUPETASYS CO LTD                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     12420 | NS      | $586820.78    | 0.10%             |  |  |  | No            |                  2 | 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      | $2305109.36   | 0.40%             |  |  |  | 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        |     67775 | NS      | $3176625.67   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bora Pharmaceuticals Co., LTD.                                     | BORA PHARMACEUTICALS CO LTD                        | CUSIP: N/A<br>LEI: 254900MK7O5C2UX1SY03       | Long             | EC               | CORP              | TW        |    168158 | NS      | $3987715.51   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD COMPANY LIMITED                                                | BYD CO LTD                                         | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |    419500 | NS      | $5918452.85   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Brava Energia S.A.                                                 | BRAVA ENERGIA                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    131611 | NS      | $486737.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ANE (Cayman) Inc                                                   | ANE CAYMAN INC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    643000 | NS      | $693521.93    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co., Ltd.                                            | WEICHAI POWER CO LTD                               | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   1628000 | NS      | $3422467.78   | 0.59%             |  |  |  | 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      |
| PT Aneka Tambang Tbk                                               | ANEKA TAMBANG TBK                                  | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               | CORP              | ID        |   4340100 | NS      | $804711.29    | 0.14%             |  |  |  | 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      |
| SHARKNINJA, INC.                                                   | SHARKNINJA INC                                     | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8939 | NS      | $1045505.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA COMPUTER INC.                                               | QUANTA COMPUTER INC                                | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    596000 | NS      | $5075422.66   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corporation                               | HYOSUNG HEAVY INDUSTRIES CORP                      | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |      2106 | NS      | $1867531.89   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| SILICON 2 Co.,Ltd.                                                 | SILICON2 CO LTD                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     10900 | NS      | $350202.63    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Company SJSC                                       | ETIHAD ETISALAT CO                                 | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |    183146 | NS      | $3123552.57   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadyan Technology Corporation                                    | ARCADYAN TECHNOLOGY CORP                           | CUSIP: N/A<br>LEI: 254900R5W61G3GO1Q067       | Long             | EC               | CORP              | TW        |     53000 | NS      | $408854.63    | 0.07%             |  |  |  | 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        |    549403 | NS      | $5025485.20   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                                  | POWER FINANCE CORP LTD                             | CUSIP: N/A<br>LEI: 3358003Q6D9LIJJZ1614       | Long             | EC               |  | IN        |    744284 | NS      | $3205439.89   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Pepco Group N.V.                                                   | PEPCO GROUP NV                                     | CUSIP: N/A<br>LEI: 213800OVMJPFP79OB449       | Long             | EC               | CORP              | NL        |     74032 | NS      | $435878.05    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ROSNEFT PJSC                                                       | ROSNEFT PJSC                                       | CUSIP: 67812M207<br>LEI: N/A                  | Long             |  | CORP              | RU        |    457159 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD.                     | CHAROEN POKPHAND ENTERPRISE                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     93000 | NS      | $404206.28    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BAJAJ FINANCE LIMITED                                              | BAJAJ FINANCE LTD                                  | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    103116 | NS      | $1027277.42   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                             | ISHARES CORE MSCI EMERGING                         | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |     42785 | NS      | $2656520.65   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service Public Company Limited                       | ADVANCED INFO SERVICE NVDR                         | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             |  | CORP              | TH        |    341200 | NS      | $3103102.36   | 0.54%             |  |  |  | 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      |
| 3SBio Inc.                                                         | 3SBIO INC                                          | CUSIP: N/A<br>LEI: 529900P0TQC1E9Y7FN31       | Long             | EC               | CORP              | KY        |    216500 | NS      | $814437.34    | 0.14%             |  |  |  | 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      | $4223886.95   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM BIRLESIK MAGAZALAR ANONIM SIRKETI                              | BIM BIRLESIK MAGAZALAR AS                          | CUSIP: N/A<br>LEI: 7890001GCDJQD8DJKE29       | Long             | EC               | CORP              | TR        |    136149 | NS      | $1754872.12   | 0.30%             |  |  |  | No            |                  2 | On Loan: —       |
| Com7 PCL                                                           | COM7 PCL                                           | CUSIP: N/A<br>LEI: 984500C71C65E6KC5A42       | Long             |  | CORP              | TH        |    603200 | NS      | $475702.09    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| eClerx Services Limited                                            | ECLERX SERVICES LTD                                | CUSIP: N/A<br>LEI: 335800AL5EIRPWHMSY54       | Long             | EC               | CORP              | IN        |      9644 | NS      | $461715.03    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                                      | MAHINDRA MAHINDRA LTD                              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     89814 | NS      | $3258998.49   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Getac Holdings Corporation                                         | GETAC HOLDINGS CORP                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    119000 | NS      | $593350.57    | 0.10%             |  |  |  | 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        |   2386967 | NS      | $5832633.78   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencosud Shopping S.A.                                             | CENCOSUD SHOPPING SA                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |    175374 | NS      | $355669.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencosud S.A.                                                      | CENCOSUD SA                                        | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               | CORP              | CL        |   1495304 | NS      | $4740800.22   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KALPATARU PROJECTS INTERNATIONAL LIMITED                           | KALPATARU PROJECTS INTERNATIONAL LTD               | CUSIP: N/A<br>LEI: 3358005ZIDG7MGP6TY07       | Long             | EC               | CORP              | IN        |     38361 | NS      | $544306.28    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| VARUN BEVERAGES LIMITED                                            | VARUN BEVERAGES LTD                                | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    389142 | NS      | $2150985.90   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Titan SA                                                           | TITAN CEMENT INTERNATIONAL SA                      | CUSIP: N/A<br>LEI: 213800H2CDP9I374WH83       | Long             | EC               | CORP              | BE        |    115684 | NS      | $5023219.97   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIO S.A.                                                          | PETRO RIO SA                                       | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               | CORP              | BR        |    677800 | NS      | $4734623.16   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CGN Mining Co Ltd                                                  | CGN MINING CO LTD                                  | CUSIP: N/A<br>LEI: 529900LQYG057CZAZT41       | Long             | EC               | CORP              | KY        |   1395000 | NS      | $497548.47    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED BLENDERS AND DISTILLERS LIMITED                             | ALLIED BLENDERS DISTILLERS LTD                     | CUSIP: N/A<br>LEI: 335800XU2PVRYNZP8A55       | Long             | EC               | CORP              | IN        |     75103 | NS      | $430426.37    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIOR BANK SPOLKA AKCYJNA                                          | ALIOR BANK SA                                      | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     12930 | NS      | $368490.35    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KING YUAN ELECTRONICS CO., LTD.                                    | KING YUAN ELECTRONICS CO LTD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    297000 | NS      | $1502852.57   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Arabian Centres Company SJSC                                       | ARABIAN CENTRES CO LTD                             | CUSIP: N/A<br>LEI: 8945006MT4ZZ5EBVCI56       | Long             | EC               | CORP              | SA        |     69805 | NS      | $379670.56    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SANLAM LIMITED                                                     | SANLAM LTD                                         | CUSIP: N/A<br>LEI: 37890014418406D9FC23       | Long             | EC               | CORP              | ZA        |    562714 | NS      | $2902308.22   | 0.50%             |  |  |  | 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      | $5088041.96   | 0.88%             |  |  |  | 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      | $4944533.86   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Telkom Indonesia (Persero) Tbk                                  | TELEKOMUNIKASI INDONESIA PERSERO TBK PT            | CUSIP: 715684106<br>LEI: 529900M5SQZAOKV1PC81 | Long             |  | CORP              | ID        |    154818 | NS      | $3001921.02   | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Tres Tentos Agroindustrial S.A.                                    | TRES TENTOS AGROINDUSTRIAL S A                     | CUSIP: N/A<br>LEI: 549300QQ67YECUJQIV31       | Long             | EC               | CORP              | BR        |    147594 | NS      | $398291.99    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Kalbe Farma Tbk                                                 | KALBE FARMA TBK PT                                 | CUSIP: N/A<br>LEI: 529900PRQI8S32HOE387       | Long             | EC               | CORP              | ID        |   5424000 | NS      | $400429.08    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co., Ltd.                                              | MIDEA GROUP CO LTD                                 | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    183000 | NS      | $1891090.42   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD CIRCUIT ELECTRONICS LTD.                                      | GOLD CIRCUIT ELECTRONICS LTD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     43000 | NS      | $704745.80    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SINOPHARM GROUP CO. LTD.                                           | SINOPHARM GROUP CO LTD                             | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               | CORP              | CN        |    921999 | NS      | $2221946.23   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| THE KARUR VYSYA BANK LIMITED                                       | KARUR VYSYA BANK LTD                               | CUSIP: N/A<br>LEI: 335800GFMDHTPWI6JP97       | Long             | EC               | CORP              | IN        |    310462 | NS      | $753595.25    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Japfa Comfeed Indonesia Tbk.                                    | JAPFA COMFEED INDONESIA TBK PT                     | CUSIP: N/A<br>LEI: 549300VJMRP8O87R3147       | Long             | EC               | CORP              | ID        |   2903300 | NS      | $288624.75    | 0.05%             |  |  |  | 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      | $3840778.19   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Hugel, Inc.                                                        | HUGEL INC                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1729 | NS      | $391008.03    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| COFORGE LIMITED                                                    | COFORGE LTD                                        | CUSIP: N/A<br>LEI: 3358004YL9JGBNP4KF72       | Long             | EC               | CORP              | IN        |     26988 | NS      | $527323.58    | 0.09%             |  |  |  | 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        |  11375946 | NS      | $2793440.55   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| YAGEO CORPORATION                                                  | YAGEO CORP                                         | CUSIP: N/A<br>LEI: 5493001P0TOZH7GGNQ21       | Long             | EC               | CORP              | TW        |    418816 | NS      | $1896622.42   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CARLSBERG BREWERY MALAYSIA BERHAD                                  | CARLSBERG BREWERY MALAYSIA B                       | CUSIP: N/A<br>LEI: 5493003SDA6PQJEKHM83       | Long             | EC               | CORP              | MY        |     73600 | NS      | $281732.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASK Automotive Ltd                                                 | ASK AUTOMOTIVE LTD                                 | CUSIP: N/A<br>LEI: 335800JQETY6RD4Y6N79       | Long             | EC               | CORP              | IN        |    139301 | NS      | $762848.33    | 0.13%             |  |  |  | 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        |    170900 | NS      | $362201.83    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENBRO MICOM CO., LTD.                                            | CHENBRO MICOM CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     47000 | NS      | $929334.54    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PSK INC.                                                           | PSK INC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     14997 | NS      | $262069.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger N.V.                                                  | SCHLUMBERGER LTD                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     65048 | NS      | $2396368.32   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcopolo S.A.                                                     | MARCOPOLO SA                                       | CUSIP: N/A<br>LEI: 254900XL58LF2D2QUX37       | Long             | EC               | CORP              | BR        |    538220 | NS      | $920297.23    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                                                | KUAISHOU TECHNOLOGY                                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | KY        |    395100 | NS      | $3872657.74   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| DHANUKA AGRITECH LIMITED                                           | DHANUKA AGRITECH LTD                               | CUSIP: N/A<br>LEI: 335800E4DLZIC7MSG125       | Long             | EC               | CORP              | IN        |     35729 | NS      | $647951.42    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| POONGSAN CORPORATION                                               | POONGSAN CORP                                      | CUSIP: N/A<br>LEI: 2549007P08ZD5QJS1369       | Long             | EC               | CORP              | KR        |     10153 | NS      | $864733.63    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre, Inc.                                                 | MERCADOLIBRE INC                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1839 | NS      | $4547681.49   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVAMA WEALTH MANAGEMENT LIMITED                                   | NUVAMA WEALTH MANAGEMENT LTD                       | CUSIP: N/A<br>LEI: 3358002Y23HZBJW49C38       | Long             | EC               | CORP              | IN        |      5774 | NS      | $417993.05    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                               | PETROLEO BRASILEIRO S A ADR                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             |  | CORP              | BR        |    128174 | NS      | $1589357.60   | 0.27%             |  |  |  | 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        |    156200 | NS      | $945601.51    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 361 DEGREES INTERNATIONAL LIMITED                                  | 361 DEGREES INTERNATIONAL LTD                      | CUSIP: N/A<br>LEI: 2138008WRC2652IBSX12       | Long             | EC               | CORP              | KY        |    779000 | NS      | $637685.22    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Netease Cloud Music Inc                                            | NETEASE CLOUD MUSIC INC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     33600 | NS      | $1211731.31   | 0.21%             |  |  |  | No            |                  2 | On Loan: —       |
| HSBC US GOVERNMENT MONEY MARKET FUND                               | HSBC US GOVT MMKT-I                                | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    440938 | NS      | $440937.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Phison Electronics Corp.                                           | PHISON ELECTRONICS CORP                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     27000 | NS      | $427976.66    | 0.07%             |  |  |  | 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      |
| Riyadh Cables Group Company SJSC                                   | RIYADH CABLES GROUP CO                             | CUSIP: N/A<br>LEI: 558600VWEJBGFYTZ1S78       | Long             | EC               | CORP              | SA        |     17165 | NS      | $589957.26    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BIZLINK HOLDING INC.                                               | BIZLINK HOLDING INC                                | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |     48500 | NS      | $1688016.24   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt.                                                     | OTP BANK PLC                                       | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     37064 | NS      | $3235644.85   | 0.56%             |  |  |  | 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        |    163500 | NS      | $1011598.83   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LIMITED                                                        | SEA LTD ADR                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             |  | CORP              | KY        |     10458 | NS      | $1950835.32   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| China Airlines Ltd.                                                | CHINA AIRLINES LTD                                 | CUSIP: N/A<br>LEI: 25490032B2A0G6D0JP27       | Long             | EC               | CORP              | TW        |    539000 | NS      | $372277.50    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ELITE MATERIAL CO., LTD.                                           | ELITE MATERIAL CO LTD                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    225000 | NS      | $8906352.21   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Tripod Technology Corporation                                      | TRIPOD TECHNOLOGY CORP                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     91000 | NS      | $951678.49    | 0.16%             |  |  |  | No            |                  2 | 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        |     92500 | NS      | $479783.82    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS HOLDINGS LIMITED                                               | GDS HOLDINGS LTD                                   | CUSIP: N/A<br>LEI: 391200MGV8DDCHTN2R77       | Long             | EC               | CORP              | KY        |    157300 | NS      | $681604.91    | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| DB INSURANCE CO.,LTD                                               | DB INSURANCE CO LTD                                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     57880 | NS      | $5473639.85   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| ENNOCONN CORPORATION                                               | ENNOCONN CORP                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     38000 | NS      | $398121.12    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                       | TAIWAN SEMICONDUCTOR MANUFACTU                     | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1472000 | NS      | $55131144.22  | 9.53%             |  |  |  | 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        |     32000 | NS      | $473122.36    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.                          | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD             | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     32200 | NS      | $1381463.44   | 0.24%             |  |  |  | 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      |
| MALAYAN CEMENT BERHAD                                              | MALAYAN CEMENT BHD                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    585700 | NS      | $812313.20    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                                               | BANCO DO BRASIL SA                                 | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    625190 | NS      | $2466671.73   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ZENSAR TECHNOLOGIES LIMITED                                        | ZENSAR TECHNOLOGIES LTD                            | CUSIP: N/A<br>LEI: 335800SK9CAQHM1TJC97       | Long             | EC               | CORP              | IN        |     53614 | NS      | $466721.06    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORPORATION                                | CHINA CONSTRUCTION BANK CORP                       | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |   9350000 | NS      | $9049297.49   | 1.56%             |  |  |  | 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        |   6816480 | NS      | $1954214.24   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Vibra Energia S.A.                                                 | VIBRA ENERGIA SA                                   | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |    462500 | NS      | $2050854.02   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                                 | ICICI BANK LTD                                     | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             |  | CORP              | IN        |    120109 | NS      | $3812259.66   | 0.66%             |  |  |  | No            |                  1 | 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        |     79901 | NS      | $744997.67    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL S.A.                                                    | EQUATORIAL ENERGIA SA ORD                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    473100 | NS      | $3191291.37   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc.                                        | ARCOS DORADOS HOLDINGS INC                         | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    167259 | NS      | $1170813.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Hotels Ltd                                                     | ITC HOTELS LTD                                     | CUSIP: N/A<br>LEI: 335800IFHF7F1488ND22       | Long             | EC               | CORP              | IN        |    193748 | NS      | $524286.36    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SAGILITY LIMITED                                                   | SAGILITY INDIA LTD                                 | CUSIP: N/A<br>LEI: 9845009870B757E1WA45       | Long             | EC               | CORP              | IN        |   1431242 | NS      | $711975.99    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA ELECTRONICS, INC.                                            | DELTA ELECTRONICS INC                              | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    178000 | NS      | $4100921.37   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                              | BHARTI AIRTEL LTD                                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     83881 | NS      | $1798077.03   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Emerging Markets Small-Cap ETF                        | ISHARES MSCI EMERGING MKT SM                       | CUSIP: 464286475<br>LEI: N/A                  | Long             |  | RF                | US        |     15488 | NS      | $1027470.82   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co., Ltd.                                              | WUXI APPTEC CO LTD                                 | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |    245900 | NS      | $3426733.96   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                              | INVESCO GVT & AGNCY-INST                           | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    440938 | NS      | $440937.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                      | SAMSUNG ELECTRONICS CO LTD                         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    259849 | NS      | $12985272.34  | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MANILA WATER CO. INC.                                              | MANILA WATER CO INC                                | CUSIP: N/A<br>LEI: 5493004SJIK0GOUIZM45       | Long             | EC               | CORP              | PH        |    691700 | NS      | $508561.21    | 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        |     96711 | NS      | $677732.95    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HANWHA AEROSPACE CO., LTD.                                         | HANWHA AEROSPACE CO LTD                            | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |     13364 | NS      | $8477206.63   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex, S.A.B. de C.V.                                              | CEMEX DA ADR                                       | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             |  | CORP              | MX        |     63975 | NS      | $581532.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Leeno Industrial Inc                                               | LEENO INDUSTRIAL INC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     11836 | NS      | $396197.65    | 0.07%             |  |  |  | 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        |    108168 | NS      | $4216388.64   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDES PHARMA SCIENCE LIMITED                                     | STRIDES PHARMA SCIENCE LTD                         | CUSIP: N/A<br>LEI: 335800WHFYXUCHR9DD10       | Long             | EC               | CORP              | IN        |     46698 | NS      | $457305.40    | 0.08%             |  |  |  | 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        |    572000 | NS      | $3555504.80   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| EXXARO RESOURCES LIMITED                                           | EXXARO RESOURCES LTD                               | CUSIP: N/A<br>LEI: 378900BC3D9BFF4E4A37       | Long             | EC               | CORP              | ZA        |     41784 | NS      | $457951.02    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco S.A.                                                | BANCO BRADESCO SA                                  | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | BR        |   1277000 | NS      | $3964273.07   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TravelSky Technology Limited                                       | TRAVELSKY TECHNOLOGY LTD                           | CUSIP: N/A<br>LEI: 5299007TAWP4DZ6QFG73       | Long             | EC               | CORP              | CN        |    335000 | NS      | $468787.64    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co., Ltd.                                   | ASE TECHNOLOGY HOLDING ADR                         | CUSIP: 00215W100<br>LEI: 300300GO8QHPMV87NZ73 | Long             |  | CORP              | TW        |    310549 | NS      | $3077540.59   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDALCO INDUSTRIES LIMITED                                        | HINDALCO INDUSTRIES LTD                            | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |    574443 | NS      | $4590878.55   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| KIWOOM Securities Co., Ltd.                                        | KIWOOM SECURITIES CO LTD                           | CUSIP: N/A<br>LEI: 988400O27CNGJA2QWJ18       | Long             | EC               | CORP              | KR        |      5017 | NS      | $739143.49    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental, S.A.B. de C.V.                                   | ARCA CONTINENTAL SAB DE CV                         | CUSIP: N/A<br>LEI: 254900U2BSJCQHJCXN24       | Long             | EC               | CORP              | MX        |    323602 | NS      | $3301307.44   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag      | MAGYAR TELEKOM TELECOMMUNICATIONS PLC              | CUSIP: N/A<br>LEI: 529900CA1YDA41X76751       | Long             | EC               | CORP              | HU        |    148830 | NS      | $846230.64    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| China Jinmao Holdings Group Limited                                | CHINA JINMAO HOLDINGS GROUP LTD                    | CUSIP: N/A<br>LEI: 3003000CW9WBO3PJ7R66       | Long             | EC               | CORP              | HK        |   1746000 | NS      | $329677.23    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Ciputra Development Tbk                                         | PT CIPUTRA DEVELOPMENT TBK                         | CUSIP: N/A<br>LEI: 2549000JMJUYB9U5Y204       | Long             | EC               | CORP              | ID        |   8693300 | NS      | $535593.47    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MPI CORPORATION                                                    | MPI CORP                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     18000 | NS      | $809217.09    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MANGALORE REFINERY AND PETROCHEMICALS LIMITED                      | MANGALORE REFINERY AND PETROCHEMICALS LIMITED      | CUSIP: N/A<br>LEI: 335800IFZW2UY8KC5H11       | Long             | EC               | CORP              | IN        |    249277 | NS      | $345189.20    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JUBILANT PHARMOVA LIMITED                                          | JUBILANT LIFE SCIENCES LIMITED                     | CUSIP: N/A<br>LEI: 335800C6LDKWF4HQH833       | Long             | EC               | CORP              | IN        |     33665 | NS      | $390698.69    | 0.07%             |  |  |  | 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        |    634000 | NS      | $2002418.35   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| OCI Holdings Company Ltd.                                          | OCI CO LTD                                         | CUSIP: N/A<br>LEI: 988400XZQA7CG16LDK87       | Long             | EC               | CORP              | KR        |      3505 | NS      | $219653.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                                      | MEDIATEK INC                                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    173000 | NS      | $7687806.41   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| TONG YANG INDUSTRY CO., LTD                                        | TONG YANG INDUSTRY                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    285000 | NS      | $941667.35    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Limited                                               | LENOVO GROUP LTD                                   | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | HK        |   1296000 | NS      | $1860590.99   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                              | HYUNDAI MOBIS                                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8605 | NS      | $1965539.32   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| VALE S.A.                                                          | VALE SA ADR                                        | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             |  | CORP              | BR        |    165140 | NS      | $1697639.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivara Participacoes S.A.                                          | VIVARA PARTICIPACOES SA                            | CUSIP: P98017109<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |    124700 | NS      | $667041.72    | 0.12%             |  |  |  | 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        |    714802 | NS      | $5189546.37   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Gunkul Engineering Public Company Limited                          | GUNKUL ENGINEERING PCL                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |   7256800 | NS      | $403832.81    | 0.07%             |  |  |  | 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        |    277981 | NS      | $1822520.98   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Douzone Bizon Co Ltd                                               | DOUZONE BIZON CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     10875 | NS      | $620376.27    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| United Electronics Company JSC                                     | UNITED ELECTRONICS CO                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     17010 | NS      | $410054.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                                      | SK HYNIX INC                                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     70990 | NS      | $13529651.14  | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumrungrad Hospital Public Company Limited                         | BUMRUNGRAD HOSPITAL PCL NVDR                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |    100900 | NS      | $554205.38    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNTECK REALTY LIMITED                                             | SUNTECK REALTY LTD                                 | CUSIP: N/A<br>LEI: 335800TFT4V77I31F853       | Long             | EC               | CORP              | IN        |     86948 | NS      | $375161.26    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SECURITY BANK CORPORATION                                          | SECURITY BANK CORP                                 | CUSIP: N/A<br>LEI: 549300JSVDZIR2CPTP95       | Long             | EC               | CORP              | PH        |    294860 | NS      | $386850.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| XIAOMI CORPORATION                                                 | XIAOMI CORP                                        | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | KY        |    465600 | NS      | $3177770.82   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| UNILEVER PLC                                                       | UNILEVER PLC                                       | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     32700 | NS      | $2059106.77   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Just Dial Ltd                                                      | JUST DIAL LTD                                      | CUSIP: N/A<br>LEI: 894500VMGYJE9GSAZ158       | Long             | EC               | CORP              | IN        |     35775 | NS      | $328004.09    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung TNC Corporation                                            | HYOSUNG TNC CO LTD                                 | CUSIP: N/A<br>LEI: 988400BL3EUWYB39P076       | Long             | EC               | CORP              | KR        |      1884 | NS      | $295892.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| 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        |    870500 | NS      | $6338043.94   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                                        | STANDARD BANK GROUP LTD                            | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               | CORP              | ZA        |    200005 | NS      | $2815064.04   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| OBEROI REALTY LIMITED                                              | OBEROI REALTY LTD                                  | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    142030 | NS      | $2595755.16   | 0.45%             |  |  |  | No            |                  2 | 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        |    527783 | NS      | $4698064.23   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI GLOVIS Co., LTD.                                           | HYUNDAI GLOVIS CO LTD                              | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |      4439 | NS      | $587201.67    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property and Casualty Company Limited                         | PICC PROPERTY CASUALTY CO LTD                      | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |   3384000 | NS      | $8178658.81   | 1.41%             |  |  |  | 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      | $4223820.79   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Moil Ltd                                                           | MOIL LTD                                           | CUSIP: N/A<br>LEI: 335800KIMZB1TBYBFI12       | Long             | EC               | CORP              | IN        |    184445 | NS      | $691805.66    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                                         | MSILF GOVERNMENT-INST                              | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    440938 | NS      | $440937.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co., Ltd.                                   | ASE TECHNOLOGY HOLDING CO LTD                      | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    557000 | NS      | $2705186.86   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| MINTH GROUP LIMITED                                                | MINTH GROUP LTD                                    | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | KY        |    756000 | NS      | $3211838.51   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| KUMBA IRON ORE LIMITED                                             | KUMBA IRON ORE LTD                                 | CUSIP: N/A<br>LEI: 3789006C753402643048       | Long             | EC               | CORP              | ZA        |      2229 | NS      | $40918.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INFOSYS LIMITED                                                    | INFOSYS LIMITED                                    | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |    187495 | NS      | $3145051.50   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| WELSPUN CORP LIMITED                                               | WELSPUN CORP LTD                                   | CUSIP: N/A<br>LEI: 335800XKRIPYYRZNRQ31       | Long             | EC               | CORP              | IN        |     75339 | NS      | $721339.56    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO S.A.                                                         | JUMBO SA                                           | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     11701 | NS      | $417428.04    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIRTAC INTERNATIONAL GROUP                                         | AIRTAC INTERNATIONAL GROUP                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    200344 | NS      | $5132330.87   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                                        | RELIANCE INDUSTRIES LTD                            | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |    449644 | NS      | $6925241.69   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Netmarble Corporation                                              | NETMARBLE CORP                                     | CUSIP: N/A<br>LEI: 988400T1LQCQT8H5EO27       | Long             | EC               | CORP              | KR        |      9854 | NS      | $423532.63    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.                    | OPAP SA                                            | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |     89099 | NS      | $1999402.57   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| VRL Logistics Ltd                                                  | VRL LOGISTICS LTD                                  | CUSIP: N/A<br>LEI: 335800VZ9XWQRZKF6945       | Long             | EC               | CORP              | IN        |    177346 | NS      | $530947.63    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CONVERGE INFORMATION AND COMMUNICATIONS TECHNOLOGY SOLUTIONS, INC. | CONVERGE INFORMATION AND COMMUNICATIONS TECHNOLOGY | CUSIP: N/A<br>LEI: 254900CGJPNECN6ENN96       | Long             | EC               | CORP              | PH        |   1297100 | NS      | $317888.35    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTAM LIMITED                                                     | SANTAM LIMITED                                     | CUSIP: N/A<br>LEI: 37890092DC55C7D94B35       | Long             | EC               | CORP              | ZA        |     20861 | NS      | $517789.19    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Cartrade Tech Ltd                                                  | CARTRADE TECH LTD                                  | CUSIP: N/A<br>LEI: 984500F5CDO5D86C1326       | Long             | EC               | CORP              | IN        |     32958 | NS      | $896578.37    | 0.16%             |  |  |  | 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        |    440938 | NS      | $440937.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS BANK LIMITED                                                  | AXIS BANK LTD                                      | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |    135271 | NS      | $1603934.66   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN UNION TECHNOLOGY CORPORATION                                | TAIWAN UNION TECHNOLOGY CORPORATION                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     54000 | NS      | $644522.26    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Mexico Real Estate Management SA de CV                   | MEXICO REAL ESTATE MANAGEMENT                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    248446 | NS      | $414575.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PharmaResearch Co., Ltd.                                           | PHARMARESEARCH CO LTD                              | CUSIP: N/A<br>LEI: 988400WCI2SXC6H7SG23       | Long             | EC               | CORP              | KR        |      1744 | NS      | $848726.74    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| THE UNITED LABORATORIES INTERNATIONAL HOLDINGS LIMITED             | UNITED LABORATORIES INTERNATIONAL                  | CUSIP: N/A<br>LEI: 2549007JL3XIH77JXN70       | Long             | EC               | CORP              | KY        |    390000 | NS      | $769532.19    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR ARABIA PJSC                                                    | AIR ARABIA PJSC                                    | CUSIP: N/A<br>LEI: 21380058Y5RCZI2HBX17       | Long             | EC               | CORP              | AE        |    868201 | NS      | $891360.83    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| China Communications Services Corporation Limited                  | CHINA COMMUNICATIONS SERVICES CORP LTD             | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               | CORP              | CN        |    702000 | NS      | $418712.81    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Asmedia Technology Inc                                             | ASMEDIA TECHNOLOGY INC                             | CUSIP: N/A<br>LEI: 529900CQG67FQMMNX678       | Long             | EC               | CORP              | TW        |      8000 | NS      | $426718.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KPJ HEALTHCARE BERHAD                                              | KPJ HEALTHCARE BERHAD                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    895600 | NS      | $551184.27    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Limited                                           | TENCENT HOLDINGS LTD                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    330063 | NS      | $25562532.79  | 4.42%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BIDVEST GROUP LIMITED                                          | BIDVEST GROUP LTD                                  | CUSIP: N/A<br>LEI: 5299002ARE4TRMIRGM72       | Long             | EC               | CORP              | ZA        |    110092 | NS      | $1479861.20   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                                      | HYUNDAI ELECTRIC ENERGY SYSTEMS CO LTD             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |      1150 | NS      | $403374.81    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| PAGSEGURO DIGITAL LTD.                                             | PAGSEGURO DIGITAL LTD                              | CUSIP: G68707101<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |    274544 | NS      | $2459914.24   | 0.43%             |  |  |  | No            |                  1 | 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        |    304094 | NS      | $364524.97    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WHIRLPOOL OF INDIA LIMITED                                         | WHIRLPOOL OF INDIA LTD                             | CUSIP: N/A<br>LEI: 335800XP84MJSVAKMW93       | Long             | EC               | CORP              | IN        |     25024 | NS      | $369629.89    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ZETRIX AI BERHAD                                                   | ZETRIX AI BERHAD                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2589300 | NS      | $526650.91    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KOLMAR KOREA CO.,LTD                                               | KOLMAR KOREA CO LTD                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      7302 | NS      | $406984.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ONESOURCE SPECIALTY PHARMA LIMITED                                 | ONESOURCE SPECIALITY PHARMA LTD                    | CUSIP: N/A<br>LEI: 335800TP5C932B9IQT98       | Long             | EC               | CORP              | IN        |     21060 | NS      | $451530.77    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corporation                                                 | WIWYNN CORP                                        | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     51000 | NS      | $4895100.83   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL LIMITED                                                        | UPL LTD                                            | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    252733 | NS      | $2052194.24   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNIUM S.A.                                                       | TERNIUM SA                                         | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             |  | CORP              | LU        |     44337 | NS      | $1470214.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GROUP LIMITED                                  | CHINA WATER AFFAIRS GROUP LIMITED                  | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               | CORP              | BM        |    532000 | NS      | $424928.02    | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| MOTIVA INFRAESTRUTURA DE MOBILIDADE S.A.                           | MOTIVA INFRAESTRUTURA DE MOBILIDADE SA             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    582220 | NS      | $1546458.11   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WANT WANT CHINA HOLDINGS LIMITED                                   | WANT WANT CHINA HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 5299005HZCEKX4O1J230       | Long             | EC               | CORP              | KY        |   1258000 | NS      | $874688.12    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| VA TECH WABAG LIMITED                                              | VA TECH WABAG LTD                                  | CUSIP: N/A<br>LEI: 335800GM4KXSX7LLLI83       | Long             | EC               | CORP              | IN        |     28950 | NS      | $478699.18    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG E&A CO.,LTD                                                | SAMSUNG E A CO LTD                                 | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               | CORP              | KR        |    173527 | NS      | $3619515.95   | 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      | $5698148.15   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Health International Inc                                        | JD HEALTH INTERNATIONAL INC                        | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |    405000 | NS      | $3300478.48   | 0.57%             |  |  |  | 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        |    276100 | NS      | $950724.64    | 0.16%             |  |  |  | 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        |     14222 | NS      | $447736.49    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL ALUMINIUM CO LTD                                          | NATIONAL ALUMINIUM CO LTD                          | CUSIP: N/A<br>LEI: 335800OM1V78CX7SSC72       | Long             | EC               | CORP              | IN        |    335074 | NS      | $708552.43    | 0.12%             |  |  |  | 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      | $7190173.99   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NETEASE, INC.                                                      | NETEASE INC                                        | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | KY        |     76100 | NS      | $2086801.98   | 0.36%             |  |  |  | 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        |     79000 | NS      | $432347.73    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSPORT CORPORATION OF INDIA LIMITED                             | TRANSPORT CORP OF INDIA LTD                        | CUSIP: N/A<br>LEI: 3358002IVSDZYKSWCL91       | Long             | EC               | CORP              | IN        |     33361 | NS      | $431207.82    | 0.07%             |  |  |  | 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        |     33110 | NS      | $559031.60    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHANAGAR GAS LIMITED                                              | MAHANAGAR GAS LTD                                  | CUSIP: N/A<br>LEI: 3358001GYZI2KS7FHN90       | Long             | EC               | CORP              | IN        |     30820 | NS      | $437425.87    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| PAN AFRICAN RESOURCES PLC                                          | PAN AFRICAN RESOURCES PLC                          | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   1231621 | NS      | $1045697.09   | 0.18%             |  |  |  | No            |                  2 | On Loan: —       |
| FinVolution Group                                                  | FINVOLUTION GROUP                                  | CUSIP: 31810T101<br>LEI: 3003000RAVUT809U6P08 | Long             |  | CORP              | KY        |     42923 | NS      | $354114.75    | 0.06%             |  |  |  | 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        |   4085000 | NS      | $423729.59    | 0.07%             |  |  |  | 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        |     40000 | NS      | $529946.32    | 0.09%             |  |  |  | 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        |    227000 | NS      | $1004148.95   | 0.17%             |  |  |  | No            |                  2 | 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        |    902600 | NS      | $1695261.90   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGEL ONE LIMITED                                                  | ANGEL ONE LTD                                      | CUSIP: N/A<br>LEI: 3358003DRK7SFA3Q3214       | Long             | EC               | CORP              | IN        |     12706 | NS      | $318513.86    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CLASSYS Inc.                                                       | CLASSYS INC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     14352 | NS      | $537510.40    | 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      | $3021115.10   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| KING SLIDE WORKS CO.,LTD                                           | KING SLIDE WORKS CO LTD                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     10000 | NS      | $980303.66    | 0.17%             |  |  |  | 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        |   1126700 | NS      | $560276.63    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CEAT LIMITED                                                       | CEAT LTD                                           | CUSIP: N/A<br>LEI: 3358007DPAGLLYGSGB80       | Long             | EC               | CORP              | IN        |     10385 | NS      | $369036.17    | 0.06%             |  |  |  | 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        |     88000 | NS      | $457974.55    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer