# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-25-163072
**Filing Date:** 2025-6
**Character Count:** 66654
**Document Hash:** 500fde544e83c1ec5fe201d8cd46ebee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163072.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**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:** 251090665

**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:** 2025-04-30

**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:** $11625193916.40

**Total Liabilities:** $25645846.09

**Net Assets:** $11599548070.31

**Cash Not Reported:** $14771761.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012145 | 2.34%                | -1.45%               | 1.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77454396.94             | $190529104.89                              |
| Month 2  | $83762255.36             | $-305230119.85                             |
| Month 3  | $-27300011.15            | $125905522.70                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MTU Aero Engines AG                               | MTU AERO ENGINES               | CUSIP: N/A<br>LEI: 529900807L67JY81RD65       | Long             | EC               | CORP              | DE        |    189161 | NS      | $65469664.14  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                    | AIR LIQUIDE SA                 | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    466513 | NS      | $95858255.92  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                             | STMICROELECTRONI               | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | FR        |   7186472 | NS      | $163370782.71 | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank - Egypt (CIB)       | COMMER-GDR REG S               | CUSIP: N/A<br>LEI: 213800FIIXJAMEVRIH48       | Long             | EC               | CORP              | GB        |  20397638 | NS      | $31844683.11  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                      | EXPERIAN PLC                   | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | GB        |   1245305 | NS      | $61955214.62  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokusai Electric Corp                             | KOKUSAI ELECTRIC               | CUSIP: N/A<br>LEI: 549300CDY6N3WKYK2I96       | Long             | EC               | CORP              | JP        |   1763900 | NS      | $32570665.85  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Steel Ltd                                    | KOBE STEEL LTD                 | CUSIP: N/A<br>LEI: 549300ZDCYYUPHEE5K87       | Long             | EC               | CORP              | JP        |   4885700 | NS      | $57298967.03  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                           | AON PLC-CLASS A                | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |    237254 | NS      | $84175346.66  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    121436 | NS      | $13850663.55  | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Vopak NV                              | VOPAK                          | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |   1075461 | NS      | $44471051.08  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                 | WOLTERS KLUWER                 | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |    222034 | NS      | $39202103.03  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                         | HOYA CORP                      | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |    407600 | NS      | $47960738.29  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |   2599271 | NS      | $124401110.06 | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zee Entertainment Enterprises Ltd                 | ZEE ENTERTAINMEN               | CUSIP: N/A<br>LEI: 254900EQIYPXZEO10B94       | Long             | EC               | CORP              | IN        |  20305870 | NS      | $25533970.98  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                               | RESONA HOLDINGS                | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |   5592300 | NS      | $44860288.93  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                          | UNITED OVERSEAS                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |   3681000 | NS      | $97763105.44  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |   1639085 | NS      | $104360362.01 | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDEC CORP                                        | NIDEC CORP                     | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |   9980400 | NS      | $177365034.35 | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                                  | MISUMI GROUP INC               | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |   3269000 | NS      | $45796285.77  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                | BANCO SANTANDER                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |  17602140 | NS      | $123934173.41 | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                 | MELCO RESO-ADR                 | CUSIP: N/A<br>LEI: 529900NRV6LBR3T6B421       | Long             | EC               | CORP              | US        |   6007896 | NS      | $30940664.40  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                           | BASF SE                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |   1268900 | NS      | $64802062.49  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                  | COPA HOLDIN-CL A               | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |   1096836 | NS      | $100645671.36 | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                   | SANDOZ GROUP AG                | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |   2050202 | NS      | $88926847.87  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                                        | DENSO CORP                     | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   5571000 | NS      | $71932407.69  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                      | CAPGEMINI SE                   | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    329184 | NS      | $52554994.29  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    572385 | NS      | $22333053.80  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC                        | VIET NAM DAIRY P               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  15930600 | NS      | $35339074.64  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                 | COMPASS GROUP                  | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |   2457624 | NS      | $82858360.21  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                               | HENKEL AG & CO K               | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    706540 | NS      | $49867678.65  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                | BBVA                           | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   6601419 | NS      | $90598157.40  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                                 | SUZUKI MOTOR                   | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |   2116900 | NS      | $25368226.84  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                           | CRH PLC                        | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |    291824 | NS      | $27845846.08  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings SA                     | PIRAEUS FINANCIA               | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | EC               | CORP              | GR        |  14266781 | NS      | $80122699.57  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                     | ASSA ABLOY AB-B                | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |   2363726 | NS      | $71748507.52  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   7232910 | NS      | $204941279.47 | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   8499249 | NS      | $21820402.62  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                                    | BAKKAFROST P/F                 | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | NO        |    856227 | NS      | $43175852.23  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                             | DAIKIN INDS                    | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |    543700 | NS      | $61940094.65  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20250618           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-197358.52   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   3379719 | NS      | $69853129.11  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                        | MERCK KGAA                     | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |    251796 | NS      | $35055055.25  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                    | KINGFISHER PLC                 | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |   9860145 | NS      | $37897414.54  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| James Hardie Industries PLC                       | JAMES HARDIE-CDI               | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | AU        |   1085154 | NS      | $25470957.89  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                           | IMCD NV                        | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |    321067 | NS      | $42695708.04  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                     | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |  21275043 | NS      | $159412116.21 | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |    130201 | NS      | $37247902.08  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | PLN/USD FWD 20250618           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3824.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                              | HYUNDAI MOBIS                  | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |    396107 | NS      | $74352719.57  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd                                         | AEGON LTD                      | CUSIP: N/A<br>LEI: O4QK7KMMK83ITNTHUG69       | Long             | EC               | CORP              | NL        |   5659091 | NS      | $36398977.29  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20250618           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9971.51     | -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        |   3639614 | NS      | $52361982.70  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                      | 3I GROUP PLC                   | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |    892726 | NS      | $50609565.28  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Brembo NV                                         | BREMBO N.V.                    | CUSIP: N/A<br>LEI: 549300BLWVJN2BAT0A44       | Long             | EC               | CORP              | IT        |   4756133 | NS      | $44473132.27  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                   | LONDON STOCK EX                | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |    197828 | NS      | $30804099.84  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Odontoprev SA                                     | ODONTOPREV                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   8594700 | NS      | $16174267.82  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                  | ARCELORMITTAL                  | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | NL        |   1533945 | NS      | $45361420.11  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                  | PERNOD RICARD SA               | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |    848362 | NS      | $91958584.85  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                        | HEXAGON AB-B                   | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |   5335537 | NS      | $51928478.72  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                         | GERDAU-PREF                    | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               | CORP              | BR        |  14370552 | NS      | $37957512.04  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                       | RANDSTAD NV                    | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    848335 | NS      | $34051911.98  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd                           | SEMBCORP INDUS                 | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |   8292240 | NS      | $41943564.32  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                | SMITH & NEPHEW                 | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   7580421 | NS      | $106676046.76 | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc                             | GILDAN ACTIVEWEA               | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |   1073681 | NS      | $49478422.99  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon Banking Group PLC                         | PARAGON BANKING                | CUSIP: G6376N154<br>LEI: 213800S1TDKIB1IUTS72 | Long             | EC               | CORP              | GB        |   1543497 | NS      | $17437001.62  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                            | FRESENIUS SE & C               | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |    869945 | NS      | $41319722.63  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                   | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |  31708490 | NS      | $81629743.51  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd   | SHENZHEN MINDR-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    984500 | NS      | $29775124.18  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp                                        | OMRON CORP                     | CUSIP: N/A<br>LEI: 549300ZHW0TR2QZ0NY83       | Long             | EC               | CORP              | JP        |   1889610 | NS      | $56092983.05  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                               | MACQUARIE GROUP                | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |    163153 | NS      | $20161641.42  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTVS SA                                          | TOTVS SA                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   6735000 | NS      | $44645639.32  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FUCHS SE                                          | FUCHS SE-PREF                  | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |   1045155 | NS      | $52406827.96  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   2163583 | NS      | $123512245.83 | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                 | CUSIP: G90202139<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   2370467 | NS      | $17694514.28  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG-GDR 144A               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | GB        |     71564 | NS      | $69694178.03  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                                           | ABB LTD-REG                    | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |   1263656 | NS      | $66734614.19  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| RS GROUP PLC                                      | RS GROUP PLC                   | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |   4826825 | NS      | $33280974.85  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ain Holdings Inc                                  | AIN HOLDINGS INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    863200 | NS      | $33271514.82  | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| Universal Robina Corp                             | UNIVERSAL ROBINA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  13144800 | NS      | $19472499.86  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                           | CAE INC                        | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |   2024700 | NS      | $50654216.60  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental AG                                    | CONTINENTAL AG                 | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |    304439 | NS      | $23799411.51  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                 | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   2595630 | NS      | $51940941.50  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                | TELEPERFORMANCE                | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |    340043 | NS      | $37287414.46  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   3392155 | NS      | $77049257.00  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                 | BUREAU VERITAS S               | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |   2235680 | NS      | $70967323.48  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd                             | JULIUS BAER GROU               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |   1207262 | NS      | $78288623.98  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                          | FUCHS SE                       | CUSIP: D27462387<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EC               | CORP              | DE        |    401588 | NS      | $15438205.16  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                            | DBS GROUP HLDGS                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   1584370 | NS      | $51474935.37  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                              | ASM INTL NV                    | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     45721 | NS      | $22347829.53  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd              | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |  40637133 | NS      | $72096386.96  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| SBM Offshore NV                                   | SBM OFFSHORE NV                | CUSIP: N/A<br>LEI: 549300RDGCRYZ5QE6513       | Long             | EC               | CORP              | NL        |    383790 | NS      | $8068832.41   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                          | RELX PLC                       | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |   1974762 | NS      | $107772932.41 | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Phu Nhuan Jewelry JSC                             | PHU NHUAN JEWELR               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  13232300 | NS      | $36342568.57  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp                                 | NIHON KOHDEN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   4384600 | NS      | $52964072.39  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                          | UNIVERSAL MUSIC                | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |   1914669 | NS      | $56301742.75  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   2010700 | NS      | $30019813.81  | 0.26%             |  |  |  | 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        |  49868000 | NS      | $36705956.49  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                       | BERKELEY GROUP                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |   1486846 | NS      | $82881703.59  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                   | SANDS CHINA LTD                | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |  44383600 | NS      | $79488792.91  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                   | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     83900 | NS      | $35077888.07  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd                          | XINYI GLASS                    | CUSIP: N/A<br>LEI: 52990082YXVVZFK1QJ17       | Long             | EC               | CORP              | HK        |  46461611 | NS      | $43501170.02  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENERGIES SE               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   1068306 | NS      | $60845560.11  | 0.52%             |  |  |  | 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        |   5191321 | NS      | $519080162.20 | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                       | SHK PPT                        | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |   3275000 | NS      | $31068004.63  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Gree Electric Appliances Inc of Zhuhai            | GREE ELECTRIC-A                | CUSIP: N/A<br>LEI: 655600UY069MU9JRAN62       | Long             | EC               | CORP              | CN        |   8025824 | NS      | $50360438.36  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                 | SUNCOR ENERGY                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    998249 | NS      | $35256596.41  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                      | UBS GROUP AG                   | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   3333642 | NS      | $101193932.08 | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                           | RECRUIT HOLDINGS               | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    597200 | NS      | $33094011.85  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                  | NITTO DENKO CORP               | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |   3115500 | NS      | $54760562.06  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                         | THALES SA                      | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |    363355 | NS      | $101783862.53 | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    261489 | NS      | $46206470.62  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                          | ITAU UNIBAN-PREF               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |  10580630 | NS      | $66334601.80  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE               | LVMH MOET HENNE                | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |    132051 | NS      | $73146909.78  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                             | MITSUI FUDOSAN                 | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |   4036600 | NS      | $40005316.18  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK-ADR                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | US        |    606659 | NS      | $44098042.71  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                           | QBE INSURANCE                  | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |   2823596 | NS      | $39021881.72  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Jun25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      1130 | NC      | $987573.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                           | ENI SPA                        | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |   4100507 | NS      | $58725559.29  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    163912 | NS      | $27797836.08  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                                           | UPL LTD                        | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   7953234 | NS      | $63074720.48  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                 | BHARTI AIRTEL                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |   2503607 | NS      | $55225193.73  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                                       | MAKITA CORP                    | CUSIP: N/A<br>LEI: 529900CDR9E94BCM6294       | Long             | EC               | CORP              | JP        |   1967700 | NS      | $57543521.33  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   3628290 | NS      | $71777330.13  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |   1149266 | NS      | $29911040.82  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Corp Ltd                                  | VENTURE CORP LTD               | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |   5626700 | NS      | $49948316.62  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                                 | TOYOTA MOTOR                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |   2511200 | NS      | $47962461.89  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Renishaw PLC                                      | RENISHAW PLC                   | CUSIP: G75006117<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |    866176 | NS      | $25946622.19  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                  | ABN AMRO BANK-CV               | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |    979952 | NS      | $20307390.24  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Seria Co Ltd                                      | SERIA CO LTD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1900800 | NS      | $38590342.35  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                         | FRESENIUS MEDICA               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1353870 | NS      | $68878915.08  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                         | SHIN-ETSU CHEM                 | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |   2802700 | NS      | $85290345.93  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                      | KBC GROUP                      | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    689145 | NS      | $63545195.16  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                         | NOKIA OYJ                      | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |  32670874 | NS      | $163327318.33 | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                          | ACCOR SA                       | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |   1633993 | NS      | $80510706.10  | 0.69%             |  |  |  | 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        |   7338100 | NS      | $63058902.73  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                        | ASTRA INTERNATIO               | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        | 145294200 | NS      | $41993790.95  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Westports Holdings Bhd                            | WESTPORTS HOLDIN               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |  40494000 | NS      | $39894686.17  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                     | NOMURA RESEARCH                | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |   1388400 | NS      | $52575181.65  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |  13141080 | NS      | $139726199.04 | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                         | ADIDAS AG                      | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    210941 | NS      | $48535760.04  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                        | MIZUHO FINANCIAL               | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |   1670600 | NS      | $41769400.98  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |   1002130 | NS      | $32041719.22  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   7365000 | NS      | $26599414.11  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC                                    | WEIR GROUP PLC                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |   1591850 | NS      | $47983964.23  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                          | BAYER AG-REG                   | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |   2835271 | NS      | $74304445.63  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EAFE         Jun25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      1162 | NC      | $4281449.43   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                         | AIRBUS SE                      | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    420406 | NS      | $71338921.96  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                      | TECHTRONIC IND                 | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   7241000 | NS      | $72873343.78  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   3290853 | NS      | $201567887.17 | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   8603307 | NS      | $95904290.78  | 0.83%             |  |  |  | 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        |  18799000 | NS      | $112512707.47 | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC                 | INTERCONT HOTELS               | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |    267998 | NS      | $28598042.37  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co Inc/The                             | NORTH WEST CO IN               | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |    955811 | NS      | $38340597.93  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    863260 | NS      | $57718913.82  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                   | NORDEA BANK ABP                | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |   4060870 | NS      | $56238789.22  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                                           | IMI PLC                        | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |   2702090 | NS      | $64128152.26  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |   3028183 | NS      | $100302599.94 | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                    | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    899350 | NS      | $32502508.91  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                       | KUBOTA CORP                    | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |   5005300 | NS      | $58163572.76  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Diploma PLC                                       | DIPLOMA PLC                    | CUSIP: G27664112<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |    730506 | NS      | $38761759.79  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                         | KERING                         | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |    971687 | NS      | $197692222.72 | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    128011 | NS      | $85695936.98  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                  | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    775797 | NS      | $26944215.05  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  18002524 | NS      | $44286209.04  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FANUC Corp                                        | FANUC CORP                     | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |   1410400 | NS      | $35795475.67  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd                            | NITORI HOLDINGS                | CUSIP: J58214131<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    252200 | NS      | $30007958.83  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                         | SAMPO OYJ-A SHS                | CUSIP: X75653232<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |   5086147 | NS      | $50956095.69  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                                     | MARUBENI CORP                  | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |   2287900 | NS      | $40561405.18  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                            | SAP SE                         | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    263537 | NS      | $77107932.24  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Selamat Sempurna Tbk PT                           | SELAMAT SEMPURNA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 146697700 | NS      | $15751189.55  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                          | MITSUB ELEC CORP               | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   2456300 | NS      | $47518119.79  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                        | BOLIDEN AB                     | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |   3506738 | NS      | $107446606.06 | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Puregold Price Club Inc                           | PUREGOLD PRICE C               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  43216900 | NS      | $24706080.29  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    118322 | NS      | $27244979.56  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                           | CRODA INTL.                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |   2084772 | NS      | $82293711.51  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                    | ICICI BANK-ADR                 | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | US        |   2195273 | NS      | $73673361.88  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                    | LI NING CO LTD                 | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |  52133500 | NS      | $98289284.60  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                           | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |   1593254 | NS      | $55358237.78  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                       | EQUINOR ASA                    | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   1751608 | NS      | $39648757.01  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                      | BANKINTER                      | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |   5320326 | NS      | $61976138.37  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                     | JARDINE MATHESON               | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | SG        |   1359270 | NS      | $60399277.46  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| South32 Ltd                                       | SOUTH32 LTD                    | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |   6844796 | NS      | $11795604.43  | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | HK        |   9028000 | NS      | $100442331.03 | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                | TRIP.COM GRO-ADR               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |    700273 | NS      | $41309104.27  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Neste Oyj                                         | NESTE OYJ                      | CUSIP: N/A<br>LEI: 5493009GY1X8GQ66AM14       | Long             | EC               | CORP              | FI        |   2489914 | NS      | $25828701.92  | 0.22%             |  |  |  | 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        |    743686 | NS      | $74361177.14  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                       | BANK MANDIRI                   | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        | 127815800 | NS      | $37744973.48  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    523363 | NS      | $171132644.46 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                           | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    601135 | NS      | $32405600.00  | 0.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SK Hynix Inc                                      | SK HYNIX INC                   | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |    922918 | NS      | $115155337.54 | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                      | ING GROEP NV                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   2155493 | NS      | $41858200.39  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer