# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002714
**Filing Date:** 2025-11
**Character Count:** 101255
**Document Hash:** 8e80dd9114593ab68aa444051e6b771f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002714.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251532814

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 49.6%** | **COMMON STOCK — 49.6%** | **COMMON STOCK — 49.6%** |
|  | Shares | Fair Value |
| **Australia — 0.2%** | **Australia — 0.2%** |  |
| **Materials — 0.2%** | **Materials — 0.2%** |  |
| &nbsp;&nbsp;BHP Group | 684 | $18905 |
| **Energy — 0.0%** | **Energy — 0.0%** |  |
| &nbsp;&nbsp;Woodside Energy Group | 34 | 519 |
|  |  | 19424 |
| **Belgium — 0.3%** | **Belgium — 0.3%** |  |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |  |
| &nbsp;&nbsp;Anheuser-Busch InBev | 391 | 23339 |
| **Financials — 0.1%** | **Financials — 0.1%** |  |
| &nbsp;&nbsp;Ageas | 163 | 11281 |
|  |  | 34620 |
| **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| **Materials — 0.3%** | **Materials — 0.3%** |  |
| &nbsp;&nbsp;Vale ADR, Cl B | 875 | 9502 |
| &nbsp;&nbsp;Wheaton Precious Metals | 207 | 23170 |
|  |  | 32672 |
| **Canada — 7.9%** | **Canada — 7.9%** |  |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |  |
| &nbsp;&nbsp;Alimentation Couche-Tard | 388 | 20705 |
| **Materials — 0.7%** | **Materials — 0.7%** |  |
| &nbsp;&nbsp;Agnico Eagle Mines | 190 | 32008 |
| &nbsp;&nbsp;Barrick Gold | 682 | 22405 |
| &nbsp;&nbsp;Nutrien | 254 | 14920 |
|  |  | 69333 |
| **Industrials — 0.7%** | **Industrials — 0.7%** |  |
| &nbsp;&nbsp;Canadian National Railway | 262 | 24712 |
| &nbsp;&nbsp;Canadian Pacific Kansas City | 480 | 35757 |
| &nbsp;&nbsp;Waste Connections | 123 | 21628 |
|  |  | 82097 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| &nbsp;&nbsp;Fortis | 292 | 14814 |
| **Financials — 3.6%** | **Financials — 3.6%** |  |
| &nbsp;&nbsp;Bank of Montreal | 286 | 37276 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Canada (continued)** | **Canada (continued)** |  |
| **Financials (continued)** | **Financials (continued)** |  |
| &nbsp;&nbsp;Bank of Nova Scotia | 477 | $30850 |
| &nbsp;&nbsp;Brookfield, Cl A | 643 | 44128 |
| &nbsp;&nbsp;Brookfield Asset Management, Cl A | 178 | 10132 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 425 | 33969 |
| &nbsp;&nbsp;Manulife Financial | 1414 | 44064 |
| &nbsp;&nbsp;Royal Bank of Canada | 606 | 89337 |
| &nbsp;&nbsp;Sun Life Financial | 366 | 21983 |
| &nbsp;&nbsp;Toronto-Dominion Bank | 748 | 59823 |
|  |  | 371562 |
| **Energy — 1.3%** | **Energy — 1.3%** |  |
| &nbsp;&nbsp;Canadian Natural Resources | 1066 | 34093 |
| &nbsp;&nbsp;Cenovus Energy | 576 | 9782 |
| &nbsp;&nbsp;Enbridge | 1033 | 52125 |
| &nbsp;&nbsp;South Bow, Cl W | 87 | 2462 |
| &nbsp;&nbsp;Suncor Energy | 581 | 24319 |
| &nbsp;&nbsp;TC Energy | 411 | 22352 |
|  |  | 145133 |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** |  |
| &nbsp;&nbsp;BCE | 434 | 10143 |
| &nbsp;&nbsp;Rogers Communications, Cl B | 224 | 7713 |
| &nbsp;&nbsp;TELUS | 780 | 12288 |
|  |  | 30144 |
| **Information Technology — 0.9%** | **Information Technology — 0.9%** |  |
| &nbsp;&nbsp;CGI, Cl A | 150 | 13364 |
| &nbsp;&nbsp;Shopify, Cl A\* | 538 | 79946 |
|  |  | 93310 |
|  |  | 827098 |
| **China — 0.8%** | **China — 0.8%** |  |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |  |
| &nbsp;&nbsp;Prosus | 630 | 44371 |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** |  |
| &nbsp;&nbsp;NXP Semiconductors | 186 | 42358 |
|  |  | 86729 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Denmark — 1.2%** | **Denmark — 1.2%** |  |
| **Industrials — 0.3%** | **Industrials — 0.3%** |  |
| &nbsp;&nbsp;DSV | 99 | $19705 |
| &nbsp;&nbsp;Vestas Wind Systems | 509 | 9599 |
|  |  | 29304 |
| **Health Care — 0.9%** | **Health Care — 0.9%** |  |
| &nbsp;&nbsp;Coloplast, Cl B | 92 | 7863 |
| &nbsp;&nbsp;Genmab\* | 31 | 9406 |
| &nbsp;&nbsp;Novo Nordisk, Cl B | 1326 | 71938 |
|  |  | 89207 |
| **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| &nbsp;&nbsp;Orsted\* | 193 | 3450 |
|  |  | 121961 |
| **Finland — 0.6%** | **Finland — 0.6%** |  |
| **Financials — 0.2%** | **Financials — 0.2%** |  |
| &nbsp;&nbsp;Nordea Bank | 1488 | 24434 |
| **Industrials — 0.1%** | **Industrials — 0.1%** |  |
| &nbsp;&nbsp;Kone, Cl B | 242 | 16492 |
| **Energy — 0.1%** | **Energy — 0.1%** |  |
| &nbsp;&nbsp;Neste | 217 | 3974 |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** |  |
| &nbsp;&nbsp;Nokia | 2482 | 11896 |
| **Materials — 0.1%** | **Materials — 0.1%** |  |
| &nbsp;&nbsp;UPM-Kymmene | 334 | 9132 |
|  |  | 65928 |
| **France — 6.7%** | **France — 6.7%** |  |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| &nbsp;&nbsp;Engie | 1072 | 22994 |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** |  |
| &nbsp;&nbsp;Orange | 1019 | 16535 |
| **Materials — 0.4%** | **Materials — 0.4%** |  |
| &nbsp;&nbsp;Air Liquide | 225 | 46757 |
| **Financials — 0.8%** | **Financials — 0.8%** |  |
| &nbsp;&nbsp;AXA | 814 | 38870 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **France (continued)** | **France (continued)** |  |
| **Financials (continued)** | **Financials (continued)** |  |
| &nbsp;&nbsp;BNP Paribas | 520 | $47249 |
| &nbsp;&nbsp;Worldline\* | 159 | 514 |
|  |  | 86633 |
| **Health Care — 0.8%** | **Health Care — 0.8%** |  |
| &nbsp;&nbsp;EssilorLuxottica | 117 | 37943 |
| &nbsp;&nbsp;Euroapi\* | 129 | 468 |
| &nbsp;&nbsp;Sanofi | 417 | 38488 |
|  |  | 76899 |
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |  |
| &nbsp;&nbsp;Hermes International SCA | 18 | 44056 |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 53 | 32414 |
|  |  | 76470 |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |  |
| &nbsp;&nbsp;Danone | 311 | 27100 |
| &nbsp;&nbsp;L'Oreal | 97 | 42000 |
|  |  | 69100 |
| **Industrials — 2.2%** | **Industrials — 2.2%** |  |
| &nbsp;&nbsp;Airbus | 361 | 83732 |
| &nbsp;&nbsp;Cie de Saint-Gobain | 251 | 27033 |
| &nbsp;&nbsp;Legrand | 180 | 29737 |
| &nbsp;&nbsp;Safran | 142 | 50072 |
| &nbsp;&nbsp;Vinci | 228 | 31599 |
|  |  | 222173 |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** |  |
| &nbsp;&nbsp;Capgemini | 93 | 13501 |
| &nbsp;&nbsp;Dassault Systemes | 438 | 14673 |
|  |  | 28174 |
| **Energy — 0.5%** | **Energy — 0.5%** |  |
| &nbsp;&nbsp;TotalEnergies | 938 | 57015 |
|  |  | 702750 |
| **Germany — 6.5%** | **Germany — 6.5%** |  |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |  |
| &nbsp;&nbsp;adidas | 85 | 17918 |
| &nbsp;&nbsp;Bayerische Motoren Werke | 148 | 14858 |
| &nbsp;&nbsp;Mercedes-Benz Group | 508 | 31916 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Germany (continued)** | **Germany (continued)** |  |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |  |
| &nbsp;&nbsp;Zalando\* | 182 | $5562 |
|  |  | 70254 |
| **Materials — 0.2%** | **Materials — 0.2%** |  |
| &nbsp;&nbsp;BASF | 381 | 18977 |
| **Health Care — 0.3%** | **Health Care — 0.3%** |  |
| &nbsp;&nbsp;Bayer | 536 | 17779 |
| &nbsp;&nbsp;BioNTech ADR\* | 34 | 3353 |
| &nbsp;&nbsp;Fresenius & Co | 203 | 11306 |
|  |  | 32438 |
| **Financials — 1.5%** | **Financials — 1.5%** |  |
| &nbsp;&nbsp;Allianz | 217 | 91129 |
| &nbsp;&nbsp;Deutsche Bank | 1063 | 37408 |
| &nbsp;&nbsp;Deutsche Boerse | 84 | 22514 |
|  |  | 151051 |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** |  |
| &nbsp;&nbsp;Infineon Technologies | 564 | 22002 |
| &nbsp;&nbsp;SAP | 490 | 131214 |
|  |  | 153216 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| &nbsp;&nbsp;E.ON | 1516 | 28528 |
| &nbsp;&nbsp;RWE | 441 | 19597 |
|  |  | 48125 |
| **Industrials — 1.4%** | **Industrials — 1.4%** |  |
| &nbsp;&nbsp;Daimler Truck Holding | 231 | 9505 |
| &nbsp;&nbsp;Deutsche Post | 648 | 28888 |
| &nbsp;&nbsp;Siemens | 380 | 102338 |
|  |  | 140731 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| &nbsp;&nbsp;Deutsche Wohnen | 104 | 2646 |
| &nbsp;&nbsp;Vonovia | 360 | 11231 |
|  |  | 13877 |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** |  |
| &nbsp;&nbsp;Deutsche Telekom | 1639 | 55868 |
|  |  | 684537 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Ireland — 0.4%** | **Ireland — 0.4%** |  |
| **Materials — 0.3%** | **Materials — 0.3%** |  |
| &nbsp;&nbsp;CRH PLC | 287 | $34326 |
| **Health Care — 0.1%** | **Health Care — 0.1%** |  |
| &nbsp;&nbsp;ICON PLC\* | 20 | 3500 |
|  |  | 37826 |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** |  |
| &nbsp;&nbsp;Tower Semiconductor\* | 60 | 4275 |
| **Italy — 2.1%** | **Italy — 2.1%** |  |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| &nbsp;&nbsp;Enel | 2689 | 25485 |
| &nbsp;&nbsp;Snam | 1697 | 10205 |
|  |  | 35690 |
| **Energy — 0.2%** | **Energy — 0.2%** |  |
| &nbsp;&nbsp;Eni | 1112 | 19424 |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |  |
| &nbsp;&nbsp;Ferrari | 88 | 42560 |
| &nbsp;&nbsp;Stellantis | 1645 | 15200 |
|  |  | 57760 |
| **Financials — 1.0%** | **Financials — 1.0%** |  |
| &nbsp;&nbsp;Intesa Sanpaolo | 8982 | 59250 |
| &nbsp;&nbsp;UniCredit | 666 | 50451 |
|  |  | 109701 |
|  |  | 222575 |
| **Netherlands — 2.8%** | **Netherlands — 2.8%** |  |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |  |
| &nbsp;&nbsp;Heineken | 113 | 8819 |
| &nbsp;&nbsp;Koninklijke Ahold Delhaize | 455 | 18418 |
|  |  | 27237 |
| **Industrials — 0.2%** | **Industrials — 0.2%** |  |
| &nbsp;&nbsp;Wolters Kluwer | 129 | 17606 |
| **Financials — 0.4%** | **Financials — 0.4%** |  |
| &nbsp;&nbsp;ING Groep | 1553 | 40282 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Netherlands (continued)** | **Netherlands (continued)** |  |
| **Materials — 0.1%** | **Materials — 0.1%** |  |
| &nbsp;&nbsp;Akzo Nobel | 121 | $8616 |
| **Health Care — 0.1%** | **Health Care — 0.1%** |  |
| &nbsp;&nbsp;Koninklijke Philips | 560 | 15160 |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** |  |
| &nbsp;&nbsp;ASML Holding | 188 | 182928 |
|  |  | 291829 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** |  |
| &nbsp;&nbsp;STMicroelectronics | 394 | 11039 |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |  |
| &nbsp;&nbsp;Delivery Hero, Cl A\* | 100 | 2868 |
| **Spain — 1.7%** | **Spain — 1.7%** |  |
| **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** |  |
| &nbsp;&nbsp;Amadeus IT Group | 251 | 19908 |
| &nbsp;&nbsp;Industria de Diseno Textil | 573 | 31624 |
|  |  | 51532 |
| **Utilities — 0.4%** | **Utilities — 0.4%** |  |
| &nbsp;&nbsp;Iberdrola | 2416 | 45719 |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** |  |
| &nbsp;&nbsp;Telefonica | 2411 | 12459 |
| **Financials — 0.7%** | **Financials — 0.7%** |  |
| &nbsp;&nbsp;Banco Santander | 6759 | 70476 |
|  |  | 180186 |
| **Sweden — 2.5%** | **Sweden — 2.5%** |  |
| **Industrials — 0.8%** | **Industrials — 0.8%** |  |
| &nbsp;&nbsp;Atlas Copco, Cl A | 1355 | 22893 |
| &nbsp;&nbsp;Atlas Copco, Cl B | 861 | 12903 |
| &nbsp;&nbsp;Nibe Industrier, Cl B | 1097 | 4320 |
| &nbsp;&nbsp;Sandvik | 718 | 19986 |
| &nbsp;&nbsp;Volvo, Cl B | 877 | 25130 |
|  |  | 85232 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Sweden (continued)** | **Sweden (continued)** |  |
| **Information Technology — 0.3%** | **Information Technology — 0.3%** |  |
| &nbsp;&nbsp;Hexagon, Cl B | 1470 | $17490 |
| &nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Cl B | 1550 | 12828 |
|  |  | 30318 |
| **Financials — 1.0%** | **Financials — 1.0%** |  |
| &nbsp;&nbsp;Investor, Cl B | 2442 | 76349 |
| &nbsp;&nbsp;Kinnevik\* | 1445 | 12844 |
| &nbsp;&nbsp;Swedbank | 562 | 16923 |
|  |  | 106116 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| &nbsp;&nbsp;Castellum | 477 | 5391 |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |  |
| &nbsp;&nbsp;Essity, Cl B | 311 | 8128 |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |  |
| &nbsp;&nbsp;Evolution | 93 | 7648 |
| &nbsp;&nbsp;H & M Hennes & Mauritz, Cl B | 609 | 11348 |
|  |  | 18996 |
| **Materials — 0.0%** | **Materials — 0.0%** |  |
| &nbsp;&nbsp;Alleima | 477 | 3614 |
|  |  | 257795 |
| **Switzerland — 6.0%** | **Switzerland — 6.0%** |  |
| **Health Care — 2.4%** | **Health Care — 2.4%** |  |
| &nbsp;&nbsp;Alcon | 228 | 16982 |
| &nbsp;&nbsp;Lonza Group | 34 | 22529 |
| &nbsp;&nbsp;Novartis | 798 | 100416 |
| &nbsp;&nbsp;Roche Holding | 289 | 94402 |
| &nbsp;&nbsp;Sandoz Group | 145 | 8596 |
|  |  | 242925 |
| **Materials — 0.5%** | **Materials — 0.5%** |  |
| &nbsp;&nbsp;Amrize Ltd\* | 241 | 11628 |
| &nbsp;&nbsp;Holcim | 227 | 19212 |
| &nbsp;&nbsp;Sika | 81 | 18029 |
|  |  | 48869 |
| **Financials — 1.2%** | **Financials — 1.2%** |  |
| &nbsp;&nbsp;Swiss Re | 120 | 22178 |
| &nbsp;&nbsp;UBS Group | 1367 | 55855 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **Switzerland (continued)** | **Switzerland (continued)** |  |
| **Financials (continued)** | **Financials (continued)** |  |
| &nbsp;&nbsp;Zurich Insurance Group | 72 | $51273 |
|  |  | 129306 |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |  |
| &nbsp;&nbsp;Cie Financiere Richemont, Cl A | 248 | 47253 |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |  |
| &nbsp;&nbsp;Nestle | 1068 | 98082 |
| **Industrials — 0.6%** | **Industrials — 0.6%** |  |
| &nbsp;&nbsp;ABB | 753 | 54248 |
| &nbsp;&nbsp;Accelleron Industries | 85 | 7152 |
|  |  | 61400 |
|  |  | 627835 |
| **United Kingdom — 9.4%** | **United Kingdom — 9.4%** |  |
| **Materials — 0.6%** | **Materials — 0.6%** |  |
| &nbsp;&nbsp;Anglo American | 542 | 20321 |
| &nbsp;&nbsp;Croda International PLC | 139 | 5060 |
| &nbsp;&nbsp;Glencore PLC | 4441 | 20423 |
| &nbsp;&nbsp;Mondi PLC | 443 | 6107 |
| &nbsp;&nbsp;Valterra Platinum Limited | 76 | 5423 |
|  |  | 57334 |
| **Industrials — 1.2%** | **Industrials — 1.2%** |  |
| &nbsp;&nbsp;Ashtead Group PLC | 246 | 16443 |
| &nbsp;&nbsp;BAE Systems PLC | 1364 | 37809 |
| &nbsp;&nbsp;Experian PLC | 476 | 23851 |
| &nbsp;&nbsp;RELX PLC | 852 | 40799 |
|  |  | 118902 |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |  |
| &nbsp;&nbsp;Barratt Developments PLC | 1207 | 6336 |
| &nbsp;&nbsp;Compass Group PLC | 760 | 25876 |
| &nbsp;&nbsp;Flutter Entertainment PLC\* | 79 | 20569 |
| &nbsp;&nbsp;Just Eat Takeaway.com\* | 128 | 3037 |
| &nbsp;&nbsp;Taylor Wimpey PLC | 4223 | 5859 |
|  |  | 61677 |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |  |
| &nbsp;&nbsp;British American Tobacco PLC | 896 | 47611 |
| &nbsp;&nbsp;Diageo PLC | 963 | 23018 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | Shares | Fair Value |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| **Consumer Staples (continued)** | **Consumer Staples (continued)** |  |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | 276 | $21246 |
| &nbsp;&nbsp;Unilever PLC | 994 | 58880 |
|  |  | 150755 |
| **Financials — 2.3%** | **Financials — 2.3%** |  |
| &nbsp;&nbsp;Barclays PLC | 6332 | 32359 |
| &nbsp;&nbsp;HSBC Holdings PLC | 7813 | 109916 |
| &nbsp;&nbsp;Legal & General Group PLC | 4161 | 13332 |
| &nbsp;&nbsp;Lloyds Banking Group PLC | 29137 | 32879 |
| &nbsp;&nbsp;London Stock Exchange Group PLC | 172 | 19719 |
| &nbsp;&nbsp;Prudential PLC | 1187 | 16635 |
| &nbsp;&nbsp;Standard Chartered PLC | 1256 | 24273 |
|  |  | 249113 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| &nbsp;&nbsp;National Grid PLC | 1499 | 21543 |
| &nbsp;&nbsp;SSE PLC | 618 | 14489 |
|  |  | 36032 |
| **Health Care — 1.5%** | **Health Care — 1.5%** |  |
| &nbsp;&nbsp;AstraZeneca PLC | 595 | 89571 |
| &nbsp;&nbsp;GSK PLC | 1797 | 38091 |
| &nbsp;&nbsp;Haleon PLC | 3382 | 15134 |
| &nbsp;&nbsp;Smith & Nephew PLC | 663 | 11938 |
|  |  | 154734 |
| **Energy — 1.2%** | **Energy — 1.2%** |  |
| &nbsp;&nbsp;BP PLC | 5891 | 33766 |
| &nbsp;&nbsp;Shell PLC | 2582 | 91993 |
|  |  | 125759 |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** |  |
| &nbsp;&nbsp;Informa PLC | 1211 | 14960 |
| &nbsp;&nbsp;Vodafone Group PLC | 11813 | 13702 |
|  |  | 28662 |
|  |  | 982968 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;(Cost $4,286,773)  |  | 5194915 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 50.0%** | **EXCHANGE-TRADED FUNDS — 50.0%** | **EXCHANGE-TRADED FUNDS — 50.0%** |
|  | Shares | Fair Value |
| **Equity Funds — 50.0%** | **Equity Funds — 50.0%** | **Equity Funds — 50.0%** |
| &nbsp;&nbsp;iShares MSCI Australia ETF | 18565 | $501255 |
| &nbsp;&nbsp;iShares MSCI Austria ETF | 1305 | 40442 |
| &nbsp;&nbsp;iShares MSCI Brazil ETF | 1803 | 55893 |
| &nbsp;&nbsp;iShares MSCI Chile ETF | 523 | 17238 |
| &nbsp;&nbsp;iShares MSCI China ETF | 346 | 22784 |
| &nbsp;&nbsp;iShares MSCI India ETF | 5660 | 294660 |
| &nbsp;&nbsp;iShares MSCI Indonesia ETF | 979 | 17181 |
| &nbsp;&nbsp;iShares MSCI Israel ETF | 879 | 88164 |
| &nbsp;&nbsp;iShares MSCI Japan ETF | 7078 | 567726 |
| &nbsp;&nbsp;iShares MSCI Malaysia ETF | 625 | 16200 |
| &nbsp;&nbsp;iShares MSCI Mexico ETF | 431 | 29399 |
| &nbsp;&nbsp;iShares MSCI Philippines ETF | 629 | 15624 |
| &nbsp;&nbsp;iShares MSCI Poland ETF | 1301 | 41892 |
| &nbsp;&nbsp;iShares MSCI South Africa ETF | 858 | 54998 |
| &nbsp;&nbsp;iShares MSCI Taiwan ETF | 7473 | 475432 |
| &nbsp;&nbsp;iShares MSCI Thailand ETF | 320 | 18845 |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | 16301 | 883188 |
| &nbsp;&nbsp;Vanguard FTSE Pacific ETF<sup>1</sup> | 23977 | 2106140 |
| Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp;(Cost $4,400,936)  |  | 5247061 |
| **PREFERRED STOCK — 0.2%** | **PREFERRED STOCK — 0.2%** | **PREFERRED STOCK — 0.2%** |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |  |
| &nbsp;&nbsp;Volkswagen<sup>#</sup> | 91 | 9833 |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |  |
| &nbsp;&nbsp;Henkel & Co<sup>#</sup> | 127 | 10252 |
|  |  | 20085 |
| Total Preferred Stock |  |  |
| &nbsp;&nbsp;(Cost $21,611)  |  | 20085 |
| Total Investments - 99.8% |  |  |
| &nbsp;&nbsp;(Cost $8,709,320) |  | $10462061 |

---

Percentages are based on Net Assets of $10,482,175.<br>

\* Non-income producing security.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **DEMOCRACY** |
|  | **INTERNATIONAL FUND** |
|  | **September 30, 2025** |
|  | **(Unaudited)** |

---

---

| | |
|:---|:---|
| 1 | Represents greater than 10% of the Fund's total investments. For further information, please go to the Fund's website at https://www.SEC.gov. |
| # | There is currently no rate available. |

---

---

| |
|:---|
| ADR — American Depositary Receipt |
| Cl — Class |
| ETF — Exchange-Traded Fund |
| FTSE — Financial Times Stock Exchange |
| MSCI — Morgan Stanley Capital International |
| PLC — Public Limited Company |

---

 

*For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.* 

DEM-QH-001-1000

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Democracy International Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11113398.86

**Total Liabilities:** $631221.65

**Net Assets:** $10482177.21

**Cash Not Reported:** $54085.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226322 | 2.72%                | 4.13%                | -1.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $139871.94               | $135148.46                                 |
| Month 2  | $0.00                    | $421228.11                                 |
| Month 3  | $-13643.13               | $-100822.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mercedes-Benz Group AG                                                                      | MERCEDES-BENZ GROUP AG COMMON STOCK            | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |       508 | NS      | $31916.39     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                                                               | WHEATON PRECIOUS METALS CORP COMMON STOCK      | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               |  | CA        |       207 | NS      | $23169.60     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI Indonesia ETF                                                  | ISHARES MSCI INDONESIA ETF MUTUAL FUND         | CUSIP: 46429B309<br>LEI: 549300FG1ZHYGIRCFP28 | Long             | EC               | RF                | US        |       979 | NS      | $17181.45     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize AG                                                                                   | AMRIZE LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               |  | CH        |       241 | NS      | $11628.22     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                           | HSBC HOLDINGS PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |      7813 | NS      | $109916.33    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                                                                    | KONINKLIJKE PHILIPS NV COMMON STOCK            | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               |  | NL        |       560 | NS      | $15160.39     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                                                   | NOKIA OYJ COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               |  | FI        |      2482 | NS      | $11895.85     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLDLINE SA                                                                                | WORLDLINE SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300CJMQNCA0U4TS33       | Long             | EC               |  | FR        |       159 | NS      | $513.77       | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| UBS Group AG                                                                                | UBS GROUP AG-REG COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               |  | CH        |      1367 | NS      | $55855.18     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS, INC.                                                                     | WASTE CONNECTIONS INC COMMON STOCK             | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               |  | CA        |       123 | NS      | $21627.99     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BP P.L.C.                                                                                   | BP PLC COMMON STOCK                            | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               |  | GB        |      5891 | NS      | $33765.39     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                                                                     | STMICROELECTRONICS NV COMMON STOCK             | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               |  | IT        |       394 | NS      | $11039.09     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                                                            | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |       289 | NS      | $94402.19     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N.V.                                                                                | FERRARI NV COMMON STOCK                        | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               |  | IT        |        88 | NS      | $42559.63     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA                                                                         | INTESA SANPAOLO COMMON STOCK                   | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               |  | IT        |      8982 | NS      | $59249.58     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                                                                    | ENGIE COMMON STOCK                             | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               |  | FR        |      1072 | NS      | $22994.10     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                                                                 | SWEDBANK AB - A SHARES COMMON STOCK            | CUSIP: N/A<br>LEI: M312WZV08Y7LYUC71685       | Long             | EC               |  | SE        |       562 | NS      | $16922.56     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadien Pacifique Kansas City Limitee                                                      | CANADIAN PACIFIC KANSAS CITY COMMON STOCK      | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               |  | CA        |       480 | NS      | $35756.79     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                                                                     | SSE PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               |  | GB        |       618 | NS      | $14489.05     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alleima AB                                                                                  | ALLEIMA AB COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900EBHTYGLA6PGP77       | Long             | EC               |  | SE        |       477 | NS      | $3613.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                                                              | LONZA GROUP AG-REG COMMON STOCK                | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               |  | CH        |        34 | NS      | $22528.50     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer Aktiengesellschaft                                                                    | BAYER AG-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               |  | DE        |       536 | NS      | $17779.33     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                                                                 | ICON PLC COMMON STOCK                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               |  | US        |        20 | NS      | $3500.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA                                                                     | ANHEUSER-BUSCH INBEV SA/NV COMMON STOCK        | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               |  | BE        |       391 | NS      | $23338.90     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                                                               | UNICREDIT SPA COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |       666 | NS      | $50451.23     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE INC.                                                                                    | BCE INC COMMON STOCK                           | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               |  | CA        |       434 | NS      | $10143.51     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                                                      | SAP SE COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |       490 | NS      | $131214.02    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon Aktiebolag                                                                          | HEXAGON AB-B SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300WJFW6ILNI4TA80       | Long             | EC               |  | SE        |      1470 | NS      | $17489.77     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                                                                  | SIEMENS AG-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |       380 | NS      | $102338.26    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODSIDE ENERGY GROUP LTD                                                                   | WOODSIDE ENERGY GROUP LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               |  | AU        |        34 | NS      | $518.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                                                                  | VONOVIA SE COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               |  | DE        |       360 | NS      | $11230.70     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFRAN SA                                                                                   | SAFRAN SA COMMON STOCK                         | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               |  | FR        |       142 | NS      | $50071.91     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                                                      | AXA SA COMMON STOCK                            | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               |  | FR        |       814 | NS      | $38870.30     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE DE MONTREAL                                                                          | BANK OF MONTREAL COMMON STOCK                  | CUSIP: N/A<br>LEI: NQQ6HPCNCCU6TUTQYE16       | Long             | EC               |  | CA        |       286 | NS      | $37276.20     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE FINANCIERE RICHEMONT SA                                                           | CIE FINANCIERE RICHEMO-A REG COMMON STOCK      | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               |  | CH        |       248 | NS      | $47252.94     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                                                                     | ABB LTD-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               |  | CH        |       753 | NS      | $54247.42     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc. - iShares MSCI Mexico ETF                                                     | ISHARES MSCI MEXICO ETF MUTUAL FUND            | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |       431 | NS      | $29398.51     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                                                     | BASF SE COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               |  | DE        |       381 | NS      | $18977.03     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft                                                            | DEUTSCHE BANK AG-REGISTERED COMMON STOCK       | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               |  | DE        |      1063 | NS      | $37408.47     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE DE SAINT-GOBAIN SA                                                                | COMPAGNIE DE SAINT GOBAIN COMMON STOCK         | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               |  | FR        |       251 | NS      | $27032.95     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                                                                   | HOLCIM LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               |  | CH        |       227 | NS      | $19212.19     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                                                                   | HENNES & MAURITZ AB-B SHS COMMON STOCK         | CUSIP: N/A<br>LEI: 529900O5RR7R39FRDM42       | Long             | EC               |  | SE        |       609 | NS      | $11347.81     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGRAND SA                                                                                  | LEGRAND SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               |  | FR        |       180 | NS      | $29737.03     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                                                     | GSK PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               |  | GB        |      1797 | NS      | $38090.70     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco Aktiebolag                                                                      | ATLAS COPCO AB-A SHS COMMON STOCK              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               |  | SE        |      1355 | NS      | $22892.85     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Neste Oyj                                                                                   | NESTE OYJ COMMON STOCK                         | CUSIP: N/A<br>LEI: 5493009GY1X8GQ66AM14       | Long             | EC               |  | FI        |       217 | NS      | $3973.81      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                                                     | DSV A/S COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               |  | DK        |        99 | NS      | $19705.56     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED PLC                                                                      | STANDARD CHARTERED PLC COMMON STOCK            | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               |  | GB        |      1256 | NS      | $24272.86     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDI PLC                                                                                   | MONDI PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               |  | GB        |       443 | NS      | $6107.05      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                                                                | BARCLAYS PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |      6332 | NS      | $32359.01     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                                                                | NUTRIEN LTD COMMON STOCK                       | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | CA        |       254 | NS      | $14919.81     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.09        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Austria ETF                                                                    | ISHARES MSCI AUSTRIA ETF MUTUAL FUND           | CUSIP: 464286202<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1305 | NS      | $40441.95     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken N.V.                                                                               | HEINEKEN NV COMMON STOCK                       | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               |  | NL        |       113 | NS      | $8818.96      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HERMES INTERNATIONAL S.C.A.                                                                 | HERMES INTERNATIONAL COMMON STOCK              | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               |  | FR        |        18 | NS      | $44055.65     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN LIFE FINANCIAL INC                                                                      | SUN LIFE FINANCIAL INC COMMON STOCK            | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               |  | CA        |       366 | NS      | $21982.62     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Israel ETF                                                                     | ISHARES MSCI ISRAEL ETF MUTUAL FUND            | CUSIP: 464286632<br>LEI: N/A                  | Long             | EC               | RF                | US        |       879 | NS      | $88163.70     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSILORLUXOTTICA SA                                                                         | ESSILORLUXOTTICA COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               |  | FR        |       117 | NS      | $37943.27     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.22        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                                                             | ASTRAZENECA PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |       595 | NS      | $89570.41     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DASSAULT SYSTEMES SE                                                                        | DASSAULT SYSTEMES SE COMMON STOCK              | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               |  | FR        |       438 | NS      | $14672.74     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                           | ASML HOLDING NV COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |       188 | NS      | $182928.11    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Inde            | VANGUARD FTSE EMERGING MARKE MUTUAL FUND       | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             | EC               | RF                | US        |     16301 | NS      | $883188.18    | 8.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                                                                   | VALTERRA PLATINUM LIMITED COMMON STOCK         | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | GB        |        76 | NS      | $5422.72      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corporation                                                                       | TC ENERGY CORP COMMON STOCK                    | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               |  | CA        |       411 | NS      | $22351.85     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                               | ENBRIDGE INC COMMON STOCK                      | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |      1033 | NS      | $52125.15     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                                                                    | ALCON INC COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               |  | CH        |       228 | NS      | $16981.44     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI India ETF                                                      | ISHARES MSCI INDIA ETF MUTUAL FUND             | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |      5660 | NS      | $294659.60    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                                                                           | COMPASS GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               |  | GB        |       760 | NS      | $25875.61     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITH & NEPHEW PLC                                                                          | SMITH & NEPHEW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |       663 | NS      | $11938.11     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD GROUP PUBLIC LIMITED COMPANY                                                        | ASHTEAD GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               |  | GB        |       246 | NS      | $16443.05     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Castellum Aktiebolag                                                                        | CASTELLUM AB COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300GU5OHTR1T5IY68       | Long             | EC               |  | SE        |       477 | NS      | $5391.23      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                                                          | SUNCOR ENERGY INC COMMON STOCK                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | CA        |       581 | NS      | $24318.99     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                                                                                | GLENCORE PLC COMMON STOCK                      | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |      4441 | NS      | $20423.34     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft                                                 | BAYERISCHE MOTOREN WERKE AG COMMON STOCK       | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |       148 | NS      | $14858.08     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Taiwan ETF                                                       | ISHARES MSCI TAIWAN ETF MUTUAL FUND            | CUSIP: 46434G772<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7473 | NS      | $475432.26    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelleron Industries AG                                                                    | ACCELLERON INDUSTRIES AG COMMON STOCK          | CUSIP: N/A<br>LEI: 254900KS0MD2PAARXD14       | Long             | EC               |  | CH        |        85 | NS      | $7152.33      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                                                            | DHL GROUP COMMON STOCK                         | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               |  | DE        |       648 | NS      | $28887.65     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                                                         | CENOVUS ENERGY INC COMMON STOCK                | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               |  | CA        |       576 | NS      | $9782.15      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB (publ)                                                                         | EVOLUTION AB COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               |  | SE        |        93 | NS      | $7647.57      | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| INFORMA PLC                                                                                 | INFORMA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               |  | GB        |      1211 | NS      | $14959.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA                                                                     | FRESENIUS SE & CO KGAA COMMON STOCK            | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               |  | DE        |       203 | NS      | $11306.14     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares MSCI China ETF                                                      | ISHARES MSCI CHINA ETF MUTUAL FUND             | CUSIP: 46429B671<br>LEI: 549300Q0IWAYMYXW0R77 | Long             | EC               | RF                | US        |       346 | NS      | $22784.10     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Wohnen SE                                                                          | DEUTSCHE WOHNEN SE COMMON STOCK                | CUSIP: N/A<br>LEI: 529900QE24Q67I3FWZ10       | Long             | EC               |  | DE        |       104 | NS      | $2645.64      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co. KGaA                                                                        | Henkel AG & Co KGaA PREFERRED STOCK            | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EP               |  | DE        |       127 | NS      | $10251.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                                                            | TOTALENERGIES SE COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |       938 | NS      | $57014.48     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Oersted A/S                                                                                 | ORSTED A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | EC               |  | DK        |       193 | NS      | $3449.68      | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                                                                  | TORONTO-DOMINION BANK COMMON STOCK             | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               |  | CA        |       748 | NS      | $59822.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                                                                | SHOPIFY INC - CLASS A COMMON STOCK             | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               |  | CA        |       538 | NS      | $79946.01     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                                                                    | VINCI SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               |  | FR        |       228 | NS      | $31598.95     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                                                                 | SWISS RE AG COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |       120 | NS      | $22178.09     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                                                   | AIRBUS SE COMMON STOCK                         | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               |  | FR        |       361 | NS      | $83732.52     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.26        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY                                                  | CRODA INTERNATIONAL PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 2138004WCNBFJEEOXV26       | Long             | EC               |  | GB        |       139 | NS      | $5059.99      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                                                                   | DANONE COMMON STOCK                            | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               |  | FR        |       311 | NS      | $27100.04     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                                                         | DEUTSCHE TELEKOM AG-REG COMMON STOCK           | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |      1639 | NS      | $55868.43     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                                                                            | DELIVERY HERO SE COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               |  | DE        |       100 | NS      | $2868.19      | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Wolters Kluwer N.V.                                                                         | WOLTERS KLUWER COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               |  | NL        |       129 | NS      | $17605.52     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                                                                    | INFINEON TECHNOLOGIES AG COMMON STOCK          | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               |  | DE        |       564 | NS      | $22001.74     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE Aktiengesellschaft                                                                      | RWE AG COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               |  | DE        |       441 | NS      | $19597.47     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                                                                     | BARRICK MINING CORP COMMON STOCK               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | CA        |       682 | NS      | $22404.93     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                                                                     | TOWER SEMICONDUCTOR LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               |  | IL        |        60 | NS      | $4275.47      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                                                          | CANADIAN NATURAL RESOURCES COMMON STOCK        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               |  | CA        |      1066 | NS      | $34093.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI INC.                                                                                    | CGI INC COMMON STOCK                           | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               |  | CA        |       150 | NS      | $13363.52     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse Aktiengesellschaft                                                          | DEUTSCHE BOERSE AG COMMON STOCK                | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               |  | DE        |        84 | NS      | $22513.57     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                                                             | SANDOZ GROUP AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               |  | CH        |       145 | NS      | $8596.30      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROAPI SA                                                                                  | EUROAPI SASU COMMON STOCK                      | CUSIP: N/A<br>LEI: 9695002FT7GGI3CKKJ14       | Long             | EC               |  | FR        |       129 | NS      | $468.06       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                                                             | ERICSSON LM-B SHS COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               |  | SE        |      1550 | NS      | $12828.36     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Chile ETF                                                        | ISHARES MSCI CHILE ETF MUTUAL FUND             | CUSIP: 464286640<br>LEI: 5493008SR8ZGY2IJU464 | Long             | EC               | RF                | US        |       523 | NS      | $17238.08     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                                                | UNILEVER PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |       994 | NS      | $58879.91     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                                                             | IBERDROLA SA COMMON STOCK                      | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |      2416 | NS      | $45719.08     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.                                                             | BRITISH AMERICAN TOBACCO PLC COMMON STOCK      | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |       896 | NS      | $47610.55     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN AKTIENGESELLSCHAFT                                                               | Volkswagen AG PREFERRED STOCK                  | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               |  | DE        |        91 | NS      | $9832.87      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                                                                                  | ZALANDO SE COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               |  | DE        |       182 | NS      | $5562.26      | 0.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SNAM S.P.A.                                                                                 | SNAM SPA COMMON STOCK                          | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               |  | IT        |      1697 | NS      | $10205.21     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC.                                                                  | ROGERS COMMUNICATIONS INC-B COMMON STOCK       | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               |  | CA        |       224 | NS      | $7712.98      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.07        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Investor Aktiebolag                                                                         | INVESTOR AB-B SHS COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               |  | SE        |      2442 | NS      | $76349.01     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | AIR LIQUIDE SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               |  | FR        |       225 | NS      | $46757.57     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Pacific Stock Index Fund                                                           | VANGUARD FTSE PACIFIC ETF MUTUAL FUND          | CUSIP: 922042866<br>LEI: N/A                  | Long             | EC               | RF                | US        |     23977 | NS      | $2106139.68   | 20.09%            |  |  |  | No            |                  1 | On Loan: No      |
| KONE Oyj                                                                                    | KONE OYJ-B COMMON STOCK                        | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               |  | FI        |       242 | NS      | $16492.37     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                                                  | ALLIANZ SE-REG COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               |  | DE        |       217 | NS      | $91128.48     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDON STOCK EXCHANGE GROUP PLC                                                             | LONDON STOCK EXCHANGE GROUP COMMON STOCK       | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               |  | GB        |       172 | NS      | $19719.33     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                                                             | BAE SYSTEMS PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               |  | GB        |      1364 | NS      | $37809.32     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinnevik AB                                                                                 | KINNEVIK AB - B COMMON STOCK                   | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               |  | SE        |      1445 | NS      | $12844.31     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LIMITED                                                                           | BHP GROUP LTD-DI COMMON STOCK                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               |  | GB        |       684 | NS      | $18904.85     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                                                            | NOVO NORDISK A/S-B COMMON STOCK                | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |      1326 | NS      | $71937.71     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                                                             | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK      | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |       455 | NS      | $18417.91     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG                                                                   | ZURICH INSURANCE GROUP AG COMMON STOCK         | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               |  | CH        |        72 | NS      | $51272.80     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                                                           | NATIONAL GRID PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |      1499 | NS      | $21542.58     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Poland ETF                                                                     | ISHARES MSCI POLAND ETF MUTUAL FUND            | CUSIP: 46429B606<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1301 | NS      | $41892.20     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc.                                                                                 | FORTIS INC COMMON STOCK                        | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               |  | CA        |       292 | NS      | $14814.06     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity Aktiebolag (publ)                                                                    | ESSITY AKTIEBOLAG-B COMMON STOCK               | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               |  | SE        |       311 | NS      | $8127.91      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Thailand ETF                                                                   | ISHARES MSCI THAILAND ETF MUTUAL FUND          | CUSIP: 464286624<br>LEI: N/A                  | Long             | EC               | RF                | US        |       320 | NS      | $18844.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Australia ETF                                                    | ISHARES MSCI AUSTRALIA ETF MUTUAL FUND         | CUSIP: 464286103<br>LEI: 549300X7CW3B8850WA94 | Long             | EC               | RF                | US        |     18565 | NS      | $501255.00    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRATT REDROW PLC                                                                          | BARRATT REDROW PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 2138006R85VEOF5YNK29       | Long             | EC               |  | GB        |      1207 | NS      | $6335.61      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HALEON PLC                                                                                  | HALEON PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               |  | GB        |      3382 | NS      | $15134.32     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                                     | BANK OF NOVA SCOTIA COMMON STOCK               | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | EC               |  | CA        |       477 | NS      | $30850.39     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                                                              | BNP PARIBAS COMMON STOCK                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |       520 | NS      | $47248.84     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                                                                  | ENI SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |      1112 | NS      | $19424.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc - iShares MSCI Japan ETF                                                       | ISHARES MSCI JAPAN ETF MUTUAL FUND             | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |      7078 | NS      | $567726.38    | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL PUBLIC LIMITED COMPANY                                                           | PRUDENTIAL PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               |  | GB        |      1187 | NS      | $16635.26     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                                    | LLOYDS BANKING GROUP PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               |  | GB        |     29137 | NS      | $32879.15     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                                                                  | AGNICO EAGLE MINES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               |  | CA        |       190 | NS      | $32008.05     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORPORATION                                                              | MANULIFE FINANCIAL CORP COMMON STOCK           | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               |  | CA        |      1414 | NS      | $44064.28     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GENMAB A/S                                                                                  | GENMAB A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               |  | DK        |        31 | NS      | $9405.70      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                                                                   | LEGAL & GENERAL GROUP PLC COMMON STOCK         | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               |  | GB        |      4161 | NS      | $13332.23     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                                     | ROYAL BANK OF CANADA COMMON STOCK              | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               |  | CA        |       606 | NS      | $89336.44     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR WIMPEY PLC                                                                           | TAYLOR WIMPEY PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               |  | GB        |      4223 | NS      | $5858.64      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica S.A.                                                                             | TELEFONICA SA COMMON STOCK                     | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               |  | ES        |      2411 | NS      | $12459.26     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| L'OREAL SA                                                                                  | L'OREAL COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               |  | FR        |        97 | NS      | $41999.98     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik Aktiebolag                                                                          | SANDVIK AB COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               |  | SE        |       718 | NS      | $19986.22     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                                                                 | RECKITT BENCKISER GROUP PLC COMMON STOCK       | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               |  | GB        |       276 | NS      | $21246.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AGEAS SA                                                                                    | AGEAS COMMON STOCK                             | CUSIP: N/A<br>LEI: 5493005DJBML6LY3RV36       | Long             | EC               |  | BE        |       163 | NS      | $11280.87     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Malaysia ETF                                                                   | ISHARES MSCI MALAYSIA ETF MUTUAL FUND          | CUSIP: 46434G814<br>LEI: N/A                  | Long             | EC               | RF                | US        |       625 | NS      | $16200.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS CORPORATION                                                                           | TELUS CORP COMMON STOCK                        | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               |  | CA        |       780 | NS      | $12288.06     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY                                                | FLUTTER ENTERTAINMENT PLC-DI COMMON STOCK      | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               |  | GB        |        79 | NS      | $20568.93     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V.                                                                             | STELLANTIS NV COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               |  | IT        |      1645 | NS      | $15200.20     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                                                               | FX Forward Contract: USD/CAD SETTLE 2025-10-02 | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-0.08        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO PLC                                                                                  | DIAGEO PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               |  | GB        |       963 | NS      | $23018.40     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SE                                                                                | CAPGEMINI SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               |  | FR        |        93 | NS      | $13500.99     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                                                                 | BIONTECH SE-ADR DEPOSITARY RECEIPT             | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               |  | US        |        34 | NS      | $3353.08      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corporation                                                                      | BROOKFIELD CORP COMMON STOCK                   | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               |  | CA        |       643 | NS      | $44128.27     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                                                       | VODAFONE GROUP PLC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |     11813 | NS      | $13702.32     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                                                                  | CRH PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               |  | GB        |       287 | NS      | $34325.63     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                                                   | SHELL PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | GB        |      2582 | NS      | $91993.31     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPERIAN PLC                                                                                | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |       476 | NS      | $23851.27     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aktiebolaget Volvo                                                                          | VOLVO AB-B SHS COMMON STOCK                    | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               |  | SE        |       877 | NS      | $25130.14     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VESTAS WIND SYSTEMS A/S                                                                     | VESTAS WIND SYSTEMS A/S COMMON STOCK           | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               |  | DK        |       509 | NS      | $9598.63      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                                                             | NORDEA BANK ABP COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               |  | FI        |      1488 | NS      | $24434.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                                                                   | ADIDAS AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               |  | DE        |        85 | NS      | $17917.66     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sika AG                                                                                     | SIKA AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300R3N69ECGYPU434       | Long             | EC               |  | CH        |        81 | NS      | $18029.41     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                                                                    | DAIMLER TRUCK HOLDING AG COMMON STOCK          | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               |  | DE        |       231 | NS      | $9505.35      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil, S.A.                                                            | INDUSTRIA DE DISENO TEXTIL COMMON STOCK        | CUSIP: E6282N100<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               |  | ES        |       573 | NS      | $31623.87     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PUBLIC LIMITED COMPANY                                                                 | RELX PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               |  | GB        |       852 | NS      | $40799.19     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corporation                                                                       | SOUTH BOW CORP COMMON STOCK                    | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               |  | CA        |        87 | NS      | $2462.31      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                                                                 | NOVARTIS AG-REG COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |       798 | NS      | $100415.71    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco Aktiebolag                                                                      | ATLAS COPCO AB-B SHS COMMON STOCK              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               |  | SE        |       861 | NS      | $12903.42     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE SA                                                                                   | ORANGE COMMON STOCK                            | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               |  | FR        |      1019 | NS      | $16535.13     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                                                                       | BANCO SANTANDER SA COMMON STOCK                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               |  | ES        |      6759 | NS      | $70476.08     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE                                                         | LVMH MOET HENNESSY LOUIS VUI COMMON STOCK      | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               |  | FR        |        53 | NS      | $32414.28     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI South Africa ETF                                                               | ISHARES MSCI SOUTH AFRICA ET MUTUAL FUND       | CUSIP: 464286780<br>LEI: N/A                  | Long             | EC               | RF                | US        |       858 | NS      | $54997.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie des chemins de fer nationaux du Canada                                            | CANADIAN NATL RAILWAY CO COMMON STOCK          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               |  | CA        |       262 | NS      | $24712.43     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                                                     | E.ON SE COMMON STOCK                           | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |      1516 | NS      | $28527.65     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                                                   | VALE SA-SP ADR DEPOSITARY RECEIPT              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |       875 | NS      | $9502.50      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                                                                             | UPM-KYMMENE OYJ COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               |  | FI        |       334 | NS      | $9132.35      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE                                                     | CAN IMPERIAL BK OF COMMERCE COMMON STOCK       | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               |  | CA        |       425 | NS      | $33968.84     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus N.V.                                                                                 | PROSUS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               |  | NL        |       630 | NS      | $44370.78     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                                                                  | ENEL SPA COMMON STOCK                          | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |      2689 | NS      | $25485.24     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                                                                 | NESTLE SA-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |      1068 | NS      | $98081.77     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group, S.A.                                                                      | AMADEUS IT GROUP SA COMMON STOCK               | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               |  | ES        |       251 | NS      | $19907.53     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                                                                   | SANOFI COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |       417 | NS      | $38487.71     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                                                                     | NXP SEMICONDUCTORS NV COMMON STOCK             | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |       186 | NS      | $42357.78     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.                                                            | BROOKFIELD ASSET MGMT-A COMMON STOCK           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               |  | CA        |       178 | NS      | $10131.95     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOPLAST A/S                                                                               | COLOPLAST-B COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900NN7SOJ5QG82X67       | Long             | EC               |  | DK        |        92 | NS      | $7863.62      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                                                             | AKZO NOBEL N.V. COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               |  | NL        |       121 | NS      | $8615.84      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Brazil ETF                                                                     | ISHARES MSCI BRAZIL ETF MUTUAL FUND            | CUSIP: 464286400<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1803 | NS      | $55893.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                                                                          | NIBE INDUSTRIER AB-B SHS COMMON STOCK          | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67       | Long             | EC               |  | SE        |      1097 | NS      | $4320.30      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com N.V.                                                                  | JUST EAT TAKEAWAY COMMON STOCK                 | CUSIP: N/A<br>LEI: 724500FVZIBSSQ7SHI95       | Long             | EC               |  | NL        |       128 | NS      | $3036.59      | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| iShares MSCI Philippines ETF                                                                | ISHARES MSCI PHILIPPINES ETF MUTUAL FUND       | CUSIP: 46429B408<br>LEI: N/A                  | Long             | EC               | RF                | US        |       629 | NS      | $15624.36     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                                                              | ING GROEP NV COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               |  | NL        |      1553 | NS      | $40282.10     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                                                               | ALIMENTATION COUCHE-TARD INC COMMON STOCK      | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               |  | CA        |       388 | NS      | $20705.05     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                          | ANGLO AMERICAN PLC COMMON STOCK                | CUSIP: G0376B104<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               |  | GB        |       542 | NS      | $20321.35     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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