# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-25-000112
**Filing Date:** 2025-12
**Character Count:** 68794
**Document Hash:** a52acd4e1a84bdc54da4c96fc01b6b9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-25-000112.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000313850-25-000112

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850

**ORGANIZATION NAME:**
- **EIN:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 251598947

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUND
- **DATE OF NAME CHANGE:** 19930303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTEES COMINGLED FUND
- **DATE OF NAME CHANGE:** 19930302

## Series and Classes Contracts Data

### Vanguard International Value Fund (Series ID: S000004389)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012145 | Investor Shares | VTRIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VANGUARD TRUSTEES' EQUITY FUND

- **b. Investment Company Act file number:** 811-02968-99

- **c. CIK number of Registrant:** 0000313850

- **d. LEI of Registrant:** 549300EQOO1PY5885755

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

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

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

- **a. Name of Series:** VANGUARD INTERNATIONAL VALUE FUND

- **b. EDGAR series identifier (if any):** S000004389

- **c. LEI of Series:** 7EM3BZ1YDS7XSXNCNE49

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11685942644.46

**Total Liabilities:** $54947545.34

**Net Assets:** $11630995099.12

**Cash Not Reported:** $38572481.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012145 | 5.33%                | 2.83%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $153358947.07            | $424472127.19                              |
| Month 2  | $225211144.10            | $59958678.89                               |
| Month 3  | $117912443.98            | $-68427487.63                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Admiral Group PLC                                         | ADMIRAL GROUP                  | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |    722449 | NS      | $31106648.66  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                            | AIR LIQUIDE SA                 | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    102653 | NS      | $19867350.42  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd                 | SHENZHOU INTL GP               | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | HK        |   5045400 | NS      | $43550964.88  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                                     | STMICROELECTRONI               | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | FR        |   6997221 | NS      | $171822938.53 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank - Egypt (CIB)               | COMMER-GDR REG S               | CUSIP: N/A<br>LEI: 213800FIIXJAMEVRIH48       | Long             | EC               | CORP              | GB        |  15405988 | NS      | $32845775.32  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                                             | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    878163 | NS      | $79649384.10  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobe Steel Ltd                                            | KOBE STEEL LTD                 | CUSIP: N/A<br>LEI: 549300ZDCYYUPHEE5K87       | Long             | EC               | CORP              | JP        |   4757000 | NS      | $55986893.12  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                                   | AON PLC-CLASS A                | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |    225496 | NS      | $76821977.28  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                      | VOPAK                          | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |    853201 | NS      | $38664497.25  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                      | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |   1312054 | NS      | $81977133.92  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Zee Entertainment Enterprises Ltd                         | ZEE ENTERTAINMEN               | CUSIP: N/A<br>LEI: 254900EQIYPXZEO10B94       | Long             | EC               | CORP              | IN        |  22421598 | NS      | $25380182.10  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | PLN/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2945.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Capital Holdings Ltd                                 | AXIS CAPITAL                   | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | US        |    593300 | NS      | $55568478.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd                                  | UNITED OVERSEAS                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |   2580752 | NS      | $68641474.75  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDEC CORP                                                | NIDEC CORP                     | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |  14881900 | NS      | $181064804.87 | 1.56%             |  |  |  | No            |                  2 | On Loan: —       |
| MISUMI Group Inc                                          | MISUMI GROUP INC               | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |   2826972 | NS      | $44075430.80  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Tongwei Co Ltd                                            | TONGWEI CO-A                   | CUSIP: N/A<br>LEI: 3003009CW4QYMCG0BH89       | Long             | EC               | CORP              | CN        |  13220068 | NS      | $46035800.03  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | BANCO SANTANDER                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |   7635312 | NS      | $77805278.36  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                         | MELCO RESO-ADR                 | CUSIP: N/A<br>LEI: 529900NRV6LBR3T6B421       | Long             | EC               | CORP              | US        |   5161871 | NS      | $42327342.20  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                   | BASF SE                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    989622 | NS      | $48829784.33  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                    | KONINKLIJKE PHIL               | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |   3073066 | NS      | $84187245.91  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                          | COPA HOLDIN-CL A               | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |    855416 | NS      | $107106637.36 | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                           | SANDOZ GROUP AG                | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |   1344411 | NS      | $89641071.23  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                                                | DENSO CORP                     | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   4344908 | NS      | $60706134.19  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                              | CAPGEMINI SE                   | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    678794 | NS      | $104429364.95 | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing hc F Porsche AG                                    | DR ING HC F PORS               | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EP               | CORP              | DE        |    760796 | NS      | $39805564.59  | 0.34%             |  |  |  | Yes           |                  2 | On Loan: —       |
| Samsung Electronics Co Ltd                                | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2219369 | NS      | $167065708.02 | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                                  | ICON PLC                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | US        |    207473 | NS      | $35648010.86  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dairy Products JSC                                | VIET NAM DAIRY P               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  12253215 | NS      | $26824485.01  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                       | HENKEL AG & CO K               | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    626190 | NS      | $46759818.78  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | BBVA                           | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   4481994 | NS      | $90294640.95  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC                                  | WILLIS TOWERS WA               | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | US        |    206187 | NS      | $64557149.70  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp                                         | SUZUKI MOTOR                   | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |   6249087 | NS      | $93291811.51  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                                   | CRH PLC                        | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |    266341 | NS      | $31721213.10  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                                             | ASSA ABLOY AB-B                | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |   1843473 | NS      | $69470480.79  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                 | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1683070 | NS      | $81392736.32  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                                  | SMC CORP                       | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |    155416 | NS      | $53202398.24  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                                  | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  11675749 | NS      | $27583670.81  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                                            | BAKKAFROST P/F                 | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | NO        |    953547 | NS      | $43784609.52  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                                     | DAIKIN INDS                    | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |    494220 | NS      | $57418504.11  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                               | B3 SA                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  14102011 | NS      | $33184594.51  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Monte dei Paschi di Siena SpA                       | BANCA MONTE DEI                | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |   4527133 | NS      | $39705171.34  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                            | KINGFISHER PLC                 | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |   9600484 | NS      | $38935568.41  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                    | BP PLC-ADR                     | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |   1295598 | NS      | $45514357.74  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG                                 | ZURICH INSURANCE               | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |     84614 | NS      | $58846620.12  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                             | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |  11050979 | NS      | $107534166.42 | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                                 | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |    450928 | NS      | $124880000.32 | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                                 | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    842538 | NS      | $85233542.05  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                           | SONY GROUP CORP                | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   2732491 | NS      | $76098748.01  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                 | BANK OF IRELAND                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |   3138642 | NS      | $51388903.95  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                                      | HYUNDAI MOBIS                  | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |    385674 | NS      | $85286966.55  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd                                                 | AEGON LTD                      | CUSIP: N/A<br>LEI: O4QK7KMMK83ITNTHUG69       | Long             | EC               | CORP              | NL        |     55911 | NS      | $426082.57    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd                   | ADANI PORTS AND                | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |   2602548 | NS      | $42562313.18  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                    | YUM CHINA HO                   | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    431737 | NS      | $18676942.62  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                              | 3I GROUP PLC                   | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |    501987 | NS      | $29050298.92  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Brembo NV                                                 | BREMBO N.V.                    | CUSIP: N/A<br>LEI: 549300BLWVJN2BAT0A44       | Long             | EC               | CORP              | IT        |   4183853 | NS      | $45124419.20  | 0.39%             |  |  |  | No            |                  2 | On Loan: —       |
| Odontoprev SA                                             | ODONTOPREV                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   8389900 | NS      | $19852122.60  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Construction Co Ltd                           | DAITO TRUST CONS               | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |   2376083 | NS      | $44423419.38  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                          | PERNOD RICARD SA               | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |   1245874 | NS      | $122021624.87 | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                                | HEXAGON AB-B                   | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |   2847748 | NS      | $34712967.14  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                                 | GERDAU-PREF                    | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               | CORP              | BR        |  18237857 | NS      | $64205989.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                               | RANDSTAD NV                    | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    825995 | NS      | $32371473.75  | 0.28%             |  |  |  | No            |                  2 | On Loan: —       |
| Sembcorp Industries Ltd                                   | SEMBCORP INDUS                 | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |   7319696 | NS      | $36675694.47  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                        | KINGSPAN GROUP                 | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |    453210 | NS      | $33935600.46  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                               | INFORMA PLC                    | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               | CORP              | GB        |   4726315 | NS      | $60181700.33  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                      | FOMENTO ECON-ADR               | CUSIP: N/A<br>LEI: 549300A8MDWDJNMLV153       | Long             | EC               | CORP              | US        |    329513 | NS      | $31092846.68  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                        | SMITH & NEPHEW                 | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   8058156 | NS      | $148802127.19 | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   3943676 | NS      | $18339008.08  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                              | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    405000 | NS      | $38835299.99  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon Banking Group PLC                                 | PARAGON BANKING                | CUSIP: G6376N154<br>LEI: 213800S1TDKIB1IUTS72 | Long             | EC               | CORP              | GB        |   2391325 | NS      | $26080731.98  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                           | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  23382390 | NS      | $64497749.53  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Omron Corp                                                | OMRON CORP                     | CUSIP: N/A<br>LEI: 549300ZHW0TR2QZ0NY83       | Long             | EC               | CORP              | JP        |   1596546 | NS      | $44519298.07  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                 | NESTLE SA-REG                  | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    427694 | NS      | $40865503.32  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                       | MACQUARIE GROUP                | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |    642532 | NS      | $91647332.07  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CHF/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $148673.08    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                                  | FUCHS SE-PREF                  | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |    789395 | NS      | $35336933.43  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                               | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   2106606 | NS      | $114736467.39 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                             | AKZO NOBEL                     | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               | CORP              | NL        |    905860 | NS      | $59863904.34  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                | SAMSUNG-GDR 144A               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | GB        |    110083 | NS      | $205491827.67 | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| RS GROUP PLC                                              | RS GROUP PLC                   | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |   3457217 | NS      | $25302990.14  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | JPY/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $14387.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ain Holdings Inc                                          | AIN HOLDINGS INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    627900 | NS      | $26308503.29  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                 | REPSOL SA                      | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |   2387809 | NS      | $43814754.05  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Robina Corp                                     | UNIVERSAL ROBINA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  15521440 | NS      | $19237516.54  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                                   | CAE INC                        | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |   1447776 | NS      | $40649829.87  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc                                  | HANA FINANCIAL G               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    970336 | NS      | $58131442.45  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                            | CONTINENTAL AG                 | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |    296422 | NS      | $22650173.16  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                               | FINECOBANK SPA                 | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   3928893 | NS      | $89893646.64  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                        | TELEPERFORMANCE                | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |    331088 | NS      | $23642521.94  | 0.20%             |  |  |  | No            |                  2 | On Loan: —       |
| HDFC Bank Ltd                                             | HDFC BANK LTD                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   5494072 | NS      | $61087756.70  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                | SANDVIK AB                     | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |   2001361 | NS      | $60520109.16  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                          | DHL GROUP                      | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    888085 | NS      | $40804290.65  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                         | BUREAU VERITAS S               | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |   2601806 | NS      | $85501727.30  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                     | CHECK POINT SOFT               | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | US        |    256447 | NS      | $50181548.96  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd                                     | JULIUS BAER GROU               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |   1987520 | NS      | $134174619.78 | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                                  | FUCHS SE                       | CUSIP: D27462387<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EC               | CORP              | DE        |    277318 | NS      | $9837059.17   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd                      | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |  39566633 | NS      | $66400479.80  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Phu Nhuan Jewelry JSC                                     | PHU NHUAN JEWELR               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  12217901 | NS      | $43950821.55  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp                                         | NIHON KOHDEN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   3353900 | NS      | $38761075.53  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                 | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   4917553 | NS      | $104639376.56 | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd              | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |  60621760 | NS      | $42434547.34  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                               | BERKELEY GROUP                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |   1262310 | NS      | $66870526.38  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                           | SANDS CHINA LTD                | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |  43214400 | NS      | $112627801.85 | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Group Ltd                                         | EVEREST GROUP LT               | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |    261107 | NS      | $82123373.64  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry Group PLC                                           | KERRY GROUP-A                  | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |    426869 | NS      | $38940170.20  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                        | INTERTEK GROUP                 | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |    584598 | NS      | $38938961.32  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOR SE                                                   | SCOR SE                        | CUSIP: N/A<br>LEI: 96950056ULJ4JI7V3752       | Long             | EC               | CORP              | FR        |    921771 | NS      | $27903657.09  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                          | TOTALENERGIES SE               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   2321618 | NS      | $144950304.49 | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund         | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   3611330 | NS      | $361132976.30 | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                               | SHK PPT                        | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |   3188500 | NS      | $38800168.09  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                                | DIAGEO PLC                     | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |   1868511 | NS      | $42979032.68  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                          | NITTO DENKO CORP               | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |   1568044 | NS      | $39051908.61  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                  | ITAU UNIBAN-PREF               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |   8907495 | NS      | $65300161.30  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH MOET HENNE                | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |    162192 | NS      | $114641066.65 | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                             | HDFC BANK-ADR                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | US        |   1970965 | NS      | $71388352.30  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                                   | QBE INSURANCE                  | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |   7336649 | NS      | $95189929.08  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                               | HEINEKEN NV                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    937890 | NS      | $72622978.78  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                                   | UPL LTD                        | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   8624620 | NS      | $69947708.32  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                                               | MAKITA CORP                    | CUSIP: N/A<br>LEI: 529900CDR9E94BCM6294       | Long             | EC               | CORP              | JP        |   1407132 | NS      | $42539481.32  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   7194391 | NS      | $168445542.89 | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                  | DAIMLER TRUCK HO               | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |    954568 | NS      | $38261625.78  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                           | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |   1119000 | NS      | $31200403.28  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Corp Ltd                                          | VENTURE CORP LTD               | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |   4355000 | NS      | $49837722.23  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Renishaw PLC                                              | RENISHAW PLC                   | CUSIP: G75006117<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |    624346 | NS      | $29028404.10  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO BANK-CV               | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |   1451843 | NS      | $43379158.87  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Seria Co Ltd                                              | SERIA CO LTD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1473800 | NS      | $28063924.70  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                 | FRESENIUS MEDICA               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    595144 | NS      | $31951648.91  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                                 | SHIN-ETSU CHEM                 | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |   2132400 | NS      | $64097689.73  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                              | KBC GROUP                      | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    282355 | NS      | $33969988.08  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                                 | NOKIA OYJ                      | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |  16944785 | NS      | $115585485.18 | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB BANK ASA                   | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |   1856262 | NS      | $47381896.67  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                        | GRUPO F BANORT-O               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   9485585 | NS      | $89272790.44  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                | ASTRA INTERNATIO               | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        | 111754376 | NS      | $41322686.99  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | AUD/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3385.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Westports Holdings Bhd                                    | WESTPORTS HOLDIN               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |  32201300 | NS      | $39562228.46  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                            | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   6549968 | NS      | $91097547.64  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                                 | ADIDAS AG                      | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    282044 | NS      | $53329547.20  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd                                   | STANDARD BANK GR               | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               | CORP              | ZA        |   3883103 | NS      | $57100456.45  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                                        | BANCO DO BRASIL                | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   6030546 | NS      | $24548361.49  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                            | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   7171000 | NS      | $35728304.70  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | SEK/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4494.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC                                            | WEIR GROUP PLC                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |   1138267 | NS      | $44310367.56  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                      | BANK RAKYAT INDO               | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 297827200 | NS      | $71246299.43  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                  | BAYER AG-REG                   | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |   1265360 | NS      | $39358377.58  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                              | TECHTRONIC IND                 | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   7664924 | NS      | $89403783.18  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                      | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   1489465 | NS      | $120985909.52 | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   6007380 | NS      | $84100025.84  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA              | MICHELIN                       | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    873973 | NS      | $27919438.89  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                   | PING AN                        | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |  11142000 | NS      | $80493501.88  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                  | JAPAN EXCHANGE G               | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |   2712579 | NS      | $30248413.83  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co Inc/The                                     | NORTH WEST CO IN               | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |    984911 | NS      | $31951410.29  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                          | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    703342 | NS      | $34626732.74  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                           | NORDEA BANK ABP                | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |   4064090 | NS      | $69523630.58  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                                                   | IMI PLC                        | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |   1631763 | NS      | $51301000.83  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                  | INFINEON TECH                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |   2948438 | NS      | $117032050.48 | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | GBP/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $25955.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                            | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    746038 | NS      | $38318401.52  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                               | KUBOTA CORP                    | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |   8800375 | NS      | $113939912.85 | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                               | NETEASE INC                    | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |   1247441 | NS      | $35004112.32  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                 | DANONE                         | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    490727 | NS      | $43339360.60  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                                 | KERING                         | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |    867832 | NS      | $308181962.74 | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread PLC                                             | WHITBREAD PLC                  | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    771104 | NS      | $29356098.72  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                         | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  12303419 | NS      | $41585556.22  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                             | TATA CONSULTANCY               | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    391412 | NS      | $13471115.08  | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                    | KB FINANCIAL GRO               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    977746 | NS      | $79816911.45  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Selamat Sempurna Tbk PT                                   | SELAMAT SEMPURNA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 157493516 | NS      | $18179445.00  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                                | BOLIDEN AB                     | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |   3414389 | NS      | $153109605.17 | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Puregold Price Club Inc                                   | PUREGOLD PRICE C               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  35873376 | NS      | $23192791.20  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | MUENCHENER RUE-R               | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     63540 | NS      | $39311811.41  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                | SIEMENS AG-REG                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    143272 | NS      | $40602902.24  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                   | CRODA INTL.                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |   1075651 | NS      | $40832899.66  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                            | LI NING CO LTD                 | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |  33796000 | NS      | $73479841.78  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                                   | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |   1805828 | NS      | $85311870.01  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                               | EQUINOR ASA                    | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   1705480 | NS      | $40848474.86  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                              | BANKINTER                      | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |   2232486 | NS      | $33653045.15  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                        | DEUTSCHE BOERSE                | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    248307 | NS      | $62881308.14  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                             | JARDINE MATHESON               | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | SG        |   1153970 | NS      | $67754863.44  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | MSCI EmgMkt       Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       969 | NC      | $277210.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc                           | SUMITOMO MITSUI                | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |   3054913 | NS      | $83907972.60  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                                    | KWEICHOW MOUTA-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    192159 | NS      | $38652536.08  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | HK        |    722432 | NS      | $10042962.53  | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                        | TRIP.COM GRO-ADR               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |    517160 | NS      | $36537354.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Neste Oyj                                                 | NESTE OYJ                      | CUSIP: N/A<br>LEI: 5493009GY1X8GQ66AM14       | Long             | EC               | CORP              | FI        |   1138039 | NS      | $23580930.45  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund         | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    993981 | NS      | $99398052.10  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd                               | MURATA MFG CO                  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |   8019281 | NS      | $172903073.83 | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20251217           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $162483.88    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                               | BANK MANDIRI                   | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        | 228595810 | NS      | $64764318.26  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    259397 | NS      | $84023987.97  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                    | AGNICO EAGLE MIN               | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |    240041 | NS      | $38600993.21  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                               | BMW AG                         | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    785977 | NS      | $73288308.30  | 0.63%             |  |  |  | No            |                  2 | On Loan: —       |
| N/A                                                       | MSCI EAFE         Dec25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       974 | NC      | $-1354028.53  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                                   | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    671176 | NS      | $37619398.13  | 0.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                              | WALMART DE MEXIC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |  21269136 | NS      | $70315167.16  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

**Name of Applicant:** VANGUARD TRUSTEES' EQUITY FUND

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer