# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-23-075053
**Filing Date:** 2023-3
**Character Count:** 115341
**Document Hash:** 4d0c4fc266e75982cad9759dee747847
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075053.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075053

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850
- **IRS NUMBER:** 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:** 23784145

**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           |

## Nport-Ex

Vanguard<sup>®</sup> International Value Fund

Schedule of Investments (unaudited)

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (96.2%)** | **Common Stocks (96.2%)** | **Common Stocks (96.2%)** | **Common Stocks (96.2%)** |
| **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp; 1944090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adbri Ltd. | &nbsp;&nbsp;&nbsp; 13390194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp; 1765216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78697** |
| **Brazil (2.5%)** | **Brazil (2.5%)** | **Brazil (2.5%)** | **Brazil (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ambev SA ADR | &nbsp;&nbsp;&nbsp; 30612100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81428 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp; 27550341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Preference Shares | &nbsp;&nbsp;&nbsp; 14889100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Gerdau SA Preference Shares | &nbsp;&nbsp;&nbsp; 11405200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR | &nbsp;&nbsp;&nbsp; 3298068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38258 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**346575** |
| **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113013 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Saputo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Stella-Jones Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North West Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**282470** |
| **China (9.4%)** | **China (9.4%)** | **China (9.4%)** | **China (9.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23636400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166088 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Baidu Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;10924500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sungrow Power Supply Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;39737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;29272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48661 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Autohome Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Weibo Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22176 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1290007** |
| **Denmark (0.9%)** | **Denmark (0.9%)** | **Denmark (0.9%)** | **Denmark (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Carlsberg A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70796 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp; 1969298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57625 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128421** |
| **Egypt (0.3%)** | **Egypt (0.3%)** | **Egypt (0.3%)** | **Egypt (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE (Registered) GDR | &nbsp;&nbsp;&nbsp; 24883498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40355 |
| **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sampo OYJ Class A | &nbsp;&nbsp;&nbsp; 1571237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nokian Renkaat OYJ | &nbsp;&nbsp;&nbsp; 2680630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nokia OYJ | &nbsp;&nbsp;&nbsp; 6566455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**145734** |
| **France (7.8%)** | **France (7.8%)** | **France (7.8%)** | **France (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp; 1686561 | &nbsp;&nbsp;&nbsp;&nbsp;211437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp; 2669402 | &nbsp;&nbsp;&nbsp;&nbsp;165025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp; 877445 | &nbsp;&nbsp;&nbsp;&nbsp;139712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp; 8409958 | &nbsp;&nbsp;&nbsp;&nbsp;119420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1064049** |
| **Germany (9.5%)** | **Germany (9.5%)** | **Germany (9.5%)** | **Germany (9.5%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149591 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Covestro AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jungheinrich AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58835 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58321 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FUCHS PETROLUB SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1306969** |
| **Hong Kong (5.9%)** | **Hong Kong (5.9%)** | **Hong Kong (5.9%)** | **Hong Kong (5.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44212800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9936595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135734 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39649 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ESR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19250600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23726 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WH Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38320243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**812157** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **India (3.2%)** | **India (3.2%)** | **India (3.2%)** | **India (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp;&nbsp; 4855982 | &nbsp;&nbsp;&nbsp;&nbsp;101150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;&nbsp; 2826390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises Ltd. Class B | &nbsp;&nbsp;&nbsp; 28216183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78511 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;UPL Ltd. | &nbsp;&nbsp;&nbsp; 5264954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp; 6413167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp; 1509349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GAIL India Ltd. | &nbsp;&nbsp;&nbsp; 27726129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**443533** |
| **Indonesia (1.7%)** | **Indonesia (1.7%)** | **Indonesia (1.7%)** | **Indonesia (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk. PT | &nbsp;&nbsp;&nbsp;212092100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp;&nbsp;109593300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT ADR | &nbsp;&nbsp;&nbsp; 1567073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp; 72464900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk. PT | &nbsp;&nbsp;&nbsp;164317700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17327 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235064** |
| **Ireland (2.3%)** | **Ireland (2.3%)** | **Ireland (2.3%)** | **Ireland (2.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87501 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77774 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**318136** |
| **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** | **Israel (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020 |
| **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brembo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67049 |
| **Japan (10.0%)** | **Japan (10.0%)** | **Japan (10.0%)** | **Japan (10.0%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8708800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84839 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78078 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74967 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Daiwa Securities Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shimano Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40571 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33301 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14648 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1367417** |
| **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** | **Mexico (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;11158700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92556 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Netherlands (4.9%)** | **Netherlands (4.9%)** | **Netherlands (4.9%)** | **Netherlands (4.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp; 3647420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp; 729476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79530 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp; 979743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke DSM NV | &nbsp;&nbsp;&nbsp; 561313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aegon NV | &nbsp;&nbsp;&nbsp; 12779402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp; 749534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55829 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp; 2667580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp; 278274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SBM Offshore NV | &nbsp;&nbsp;&nbsp; 2707820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp; 530331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33522 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Vopak NV | &nbsp;&nbsp;&nbsp; 1109090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp; 81838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27678 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**675958** |
| **Norway (0.3%)** | **Norway (0.3%)** | **Norway (0.3%)** | **Norway (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bakkafrost P/F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34994 |
| **Panama (0.7%)** | **Panama (0.7%)** | **Panama (0.7%)** | **Panama (0.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92591 |
| **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Puregold Price Club Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43303300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 |
| **Singapore (2.4%)** | **Singapore (2.4%)** | **Singapore (2.4%)** | **Singapore (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18116200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26061200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49911 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**333755** |
| **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mr Price Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32652 |
| **South Korea (3.4%)** | **South Korea (3.4%)** | **South Korea (3.4%)** | **South Korea (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;POSCO Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131323 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**468724** |
| **Spain (0.4%)** | **Spain (0.4%)** | **Spain (0.4%)** | **Spain (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48199 |
| **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47751 |
| **Switzerland (6.3%)** | **Switzerland (6.3%)** | **Switzerland (6.3%)** | **Switzerland (6.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (Registered) Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37914 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**864621** |
| **Taiwan (1.2%)** | **Taiwan (1.2%)** | **Taiwan (1.2%)** | **Taiwan (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65535 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**166016** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **United Kingdom (13.7%)** | **United Kingdom (13.7%)** | **United Kingdom (13.7%)** | **United Kingdom (13.7%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BP plc | &nbsp;&nbsp;&nbsp; 35134891 | &nbsp;&nbsp;&nbsp;&nbsp;212224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RELX plc | &nbsp;&nbsp;&nbsp; 5282048 | &nbsp;&nbsp;&nbsp;&nbsp;156924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp; 4286752 | &nbsp;&nbsp;&nbsp;&nbsp;125850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp; 2710871 | &nbsp;&nbsp;&nbsp;&nbsp;116921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc | &nbsp;&nbsp;&nbsp; 4774264 | &nbsp;&nbsp;&nbsp;&nbsp;114048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unilever plc | &nbsp;&nbsp;&nbsp; 2049036 | &nbsp;&nbsp;&nbsp;&nbsp;104294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp; 1961528 | &nbsp;&nbsp;&nbsp;&nbsp;100445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp; 13559315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc (XHKG) | &nbsp;&nbsp;&nbsp; 13362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group plc | &nbsp;&nbsp;&nbsp; 4258600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;IMI plc | &nbsp;&nbsp;&nbsp; 4226990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew plc | &nbsp;&nbsp;&nbsp; 4353363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Prudential plc | &nbsp;&nbsp;&nbsp; 3449386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Victrex plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taylor Wimpey plc | &nbsp;&nbsp;&nbsp;&nbsp;36946877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp;22953206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RS Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;easyJet plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Renishaw plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;29916882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Direct Line Insurance Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1876777** |
| **United States (2.9%)** | **United States (2.9%)** | **United States (2.9%)** | **United States (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66289 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**394031** |
| **Vietnam (0.6%)** | **Vietnam (0.6%)** | **Vietnam (0.6%)** | **Vietnam (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;16775900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Phu Nhuan Jewelry JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29361 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84594** |
| **Total Common Stocks (Cost $11,716,297)** | **Total Common Stocks (Cost $11,716,297)** | **Total Common Stocks (Cost $11,716,297)** | **13178472** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (3.9%)** | **Temporary Cash Investments (3.9%)** | **Temporary Cash Investments (3.9%)** | **Temporary Cash Investments (3.9%)** | **Temporary Cash Investments (3.9%)** |
| **Money Market Fund (3.9%)** | **Money Market Fund (3.9%)** | **Money Market Fund (3.9%)** | **Money Market Fund (3.9%)** | **Money Market Fund (3.9%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund<br> **(Cost $532,353)** | 4.437% | &nbsp;&nbsp;&nbsp;&nbsp;5325413 | &nbsp;&nbsp;&nbsp; **532488** |
| **Total Investments (100.1%) (Cost $12,248,650)** | **Total Investments (100.1%) (Cost $12,248,650)** | **Total Investments (100.1%) (Cost $12,248,650)** |  | **13710960** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16609)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | **13694351** |

---

---

| | |
|:---|:---|
| Cost is in $000. | Cost is in $000. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $38,822,000. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2023, the aggregate value was $400,404,000, representing 2.9% of net assets. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $40,564,000 was received for securities on loan. |

---

ADR—American Depositary Receipt. <br> GDR—Global Depositary Receipt.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| MSCI EAFE Index | March 2023 | 1395 | 147800 | &nbsp;&nbsp;&nbsp;&nbsp;9527 |
| MSCI Emerging Market Index | March 2023 | &nbsp;&nbsp;1194 | &nbsp;&nbsp;62363 | &nbsp;&nbsp;&nbsp;&nbsp;3255 |
|  |  |  |  | &nbsp;&nbsp;12782 |

---

------

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund's risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may

------

terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability). The fund had no open forward currency contracts at January 31, 2023.

E. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2023, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | &nbsp;&nbsp;1143801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64422 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1208223 |
| Common Stocks—Other | 1042305 | &nbsp;&nbsp;&nbsp;10927944 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11970249 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;532488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532488 |
| Total | &nbsp;&nbsp;2718594 | &nbsp;&nbsp;&nbsp;10992366 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13710960 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $13754292341.95

**Total Liabilities:** $58935139.28

**Net Assets:** $13695357202.67

**Cash Not Reported:** $2156121.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012145 | 13.23%               | -1.58%               | 9.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9839954.18              | $1481733024.17                             |
| Month 2  | $-20669855.37            | $-204738633.69                             |
| Month 3  | $10310532.44             | $1176277062.58                             |

### 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        |    598575 | NS      | $149591392.51 | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                    | AIR LIQUIDE SA                  | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    877445 | NS      | $139712159.97 | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank Egypt SAE           | COMMER-GDR REG S                | CUSIP: N/A<br>LEI: 213800FIIXJAMEVRIH48       | Long             | EC               | CORP              | GB        |  24883498 | NS      | $40355212.26  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                        | DISCO CORP                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    285100 | NS      | $85653348.63  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                           | AON PLC-CLASS A                 | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |    416187 | NS      | $132630473.16 | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                           | RELIANCE INDS                   | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1509349 | NS      | $43540810.28  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                 | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   1416867 | NS      | $128097643.30 | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Vopak NV                              | VOPAK                           | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |   1109090 | NS      | $33417508.72  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                 | WOLTERS KLUWER                  | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |    729476 | NS      | $79529654.10  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                         | HOYA CORP                       | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |    561100 | NS      | $61705254.98  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg AS                                      | CARLSBERG-B                     | CUSIP: N/A<br>LEI: 5299001O0WJQYB5GYZ19       | Long             | EC               | CORP              | DK        |    498698 | NS      | $70796008.00  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                              | RYANAIR HLDG-ADR                | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |   1688513 | NS      | $152861081.89 | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Zee Entertainment Enterprises Ltd                 | ZEE ENTERTAINMEN                | CUSIP: N/A<br>LEI: 254900EQIYPXZEO10B94       | Long             | EC               | CORP              | IN        |  28216183 | NS      | $78510803.83  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                          | UNITED OVERSEAS                 | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |   3637800 | NS      | $82689519.92  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                    | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |   2049036 | NS      | $104294131.46 | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp                                        | NIDEC CORP                      | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |   1002100 | NS      | $55535227.33  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                        | VONOVIA SE                      | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        |   1921631 | NS      | $54282039.48  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                 | MELCO RESO-ADR                  | CUSIP: N/A<br>LEI: 529900NRV6LBR3T6B421       | Long             | EC               | CORP              | US        |   9936595 | NS      | $135733887.70 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Saputo Inc                                        | SAPUTO INC                      | CUSIP: 802912105<br>LEI: 549300HH4U1DPY0TBT90 | Long             | EC               | CORP              | CA        |   1986149 | NS      | $54753256.41  | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| BASF SE                                           | BASF SE                         | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |   1331980 | NS      | $76369673.72  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                  | COPA HOLDIN-CL A                | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |   1005553 | NS      | $92591320.24  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp                                        | DENSO CORP                      | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   1143900 | NS      | $61777116.08  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON                | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2350492 | NS      | $117078602.83 | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                          | ICON PLC                        | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | US        |    379267 | NS      | $87500689.57  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dairy Products JSC                        | VIET NAM DAIRY P                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  16775900 | NS      | $55232432.73  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                 | COMPASS GROUP                   | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |   4774264 | NS      | $114047726.02 | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                               | HENKEL AG & CO K                | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    916210 | NS      | $61219561.65  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST                | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |   1969298 | NS      | $57624799.06  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd                       | NATL AUST BANK                  | CUSIP: N/A<br>LEI: F8SB4JFBSYQFRQEH3Z21       | Long             | EC               | CORP              | AU        |   1944090 | NS      | $43866720.05  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc                        | DAIWA SECS GRP                  | CUSIP: N/A<br>LEI: 353800WRC7Y23PWFJG38       | Long             | EC               | CORP              | JP        |  11112000 | NS      | $52438623.06  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                                 | SUZUKI MOTOR                    | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |   1063800 | NS      | $39884201.83  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Yue Yuen Industrial Holdings Ltd                  | YUE YUEN IND                    | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |  16283000 | NS      | $26711879.08  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc                         | BANDAI NAMCO HOL                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    617900 | NS      | $41321310.43  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                        | LEGRAND SA                      | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    842306 | NS      | $75103449.71  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                  | SMITHS GRP PLC                  | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |   4258600 | NS      | $90908427.19  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd            | WUXI LEAD INTE-A                | CUSIP: N/A<br>LEI: 836800J7WO9E2EF72B65       | Long             | EC               | CORP              | CN        |   4502616 | NS      | $30955192.78  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| China Longyuan Power Group Corp Ltd               | CHINA LONGYUAN-H                | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               | CORP              | HK        |  39737000 | NS      | $54854591.94  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                         | PROSUS NV                       | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |    979743 | NS      | $79109605.33  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp                                       | SUBARU CORP                     | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |   1876700 | NS      | $30837265.69  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| easyJet PLC                                       | EASYJET PLC                     | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |   5867100 | NS      | $35739984.03  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                     | ASSA ABLOY AB-B                 | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |   2027121 | NS      | $47751389.09  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5694000 | NS      | $100480863.23 | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                               | SWATCH GROUP-BR                 | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |    139390 | NS      | $50468741.80  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                      | WH GROUP LTD                    | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |  38320243 | NS      | $23600080.89  | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Safran SA                                         | SAFRAN SA                       | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     41270 | NS      | $5934438.90   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                    | BAKKAFROST P/F                  | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | NO        |    563950 | NS      | $34993929.22  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                | PUBLICIS GROUPE                 | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |    241324 | NS      | $17022906.70  | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                             | DAIKIN INDS                     | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |    431600 | NS      | $74966638.59  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc                               | NOMURA HOLDINGS                 | CUSIP: N/A<br>LEI: 549300B3CEAHYG7K8164       | Long             | EC               | CORP              | JP        |   6973200 | NS      | $27828869.92  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                          | ENGIE                           | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   8409958 | NS      | $119420326.75 | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                        | MERCK KGAA                      | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |    388917 | NS      | $81177987.95  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                          | LLOYDS BANKING                  | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |  29916882 | NS      | $19469782.18  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon NV                                          | AEGON NV                        | CUSIP: N/A<br>LEI: O4QK7KMMK83ITNTHUG69       | Long             | EC               | CORP              | NL        |  12779402 | NS      | $70488522.43  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Capri Holdings Ltd                                | CAPRI HOLDINGS L                | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | US        |    303522 | NS      | $20181177.78  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IMCD NV                                           | IMCD NV                         | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |    278274 | NS      | $44115297.37  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| GAIL India Ltd                                    | GAIL INDIA LTD                  | CUSIP: N/A<br>LEI: 335800N82LJD42ZA5L32       | Long             | EC               | CORP              | IN        |  27726129 | NS      | $32338588.34  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                             | NXP SEMICONDUCTO                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | US        |    192759 | NS      | $35527411.29  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                         | HOLCIM LTD                      | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |   3749026 | NS      | $224134509.33 | 1.64%             |  |  |  | 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        |    342608 | NS      | $34257373.64  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                             | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |  20315000 | NS      | $229714870.04 | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd                       | SUNGROW POWER -A                | CUSIP: N/A<br>LEI: 30030052IWC7RGVFG505       | Long             | EC               | CORP              | CN        |   3593953 | NS      | $69583550.08  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd           | ADANI PORTS AND                 | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |   6413167 | NS      | $48171806.76  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Price Group Ltd                                | MR PRICE GROUP                  | CUSIP: S5256M135<br>LEI: 378900D3417C35C5D733 | Long             | EC               | CORP              | ZA        |   3450376 | NS      | $32651684.97  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                       | BERKELEY GROUP                  | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |   1961528 | NS      | $100445325.43 | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Construction Co Ltd                   | DAITO TRUST CONS                | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |    160200 | NS      | $15830742.36  | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                  | ARCELORMITTAL                   | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | NL        |      9943 | NS      | $308460.96    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella-Jones Inc                                  | STELLA-JONES INC                | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    886900 | NS      | $32275147.87  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                  | PERNOD RICARD SA                | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |    416762 | NS      | $86282259.13  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                         | GERDAU-PREF                     | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               | CORP              | BR        |  11405200 | NS      | $73558743.18  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sembcorp Industries Ltd                           | SEMBCORP INDUS                  | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |  18116200 | NS      | $49958578.66  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-SP ADR                | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | US        |   1084345 | NS      | $146039584.60 | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                | SMITH & NEPHEW                  | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   4353363 | NS      | $60121430.60  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                         | SAMPO OYJ-A SHS                 | CUSIP: X75653109<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |   1571237 | NS      | $82489158.65  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                            | FRESENIUS SE & C                | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |   3310120 | NS      | $95930173.16  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp                                        | OMRON CORP                      | CUSIP: N/A<br>LEI: 549300ZHW0TR2QZ0NY83       | Long             | EC               | CORP              | JP        |    418210 | NS      | $24197876.81  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                                | AERCAP HOLDINGS                 | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | US        |    530331 | NS      | $33522222.51  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FUCHS PETROLUB SE                                 | FUCHS PETRO-PREF                | CUSIP: D27462122<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |   1217817 | NS      | $48584045.99  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                  | CUSIP: G90202105<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   4509463 | NS      | $56570209.48  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel NV                                     | AKZO NOBEL                      | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               | CORP              | NL        |    749534 | NS      | $55829047.45  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd                        | HONGKONG LAND                   | CUSIP: N/A<br>LEI: 213800XCHYNRPAYGXW28       | Long             | EC               | CORP              | SG        |   4853100 | NS      | $23725715.46  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUN-GDR REG S                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | GB        |     96770 | NS      | $119933210.35 | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                           | ABB LTD-REG                     | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |   2373145 | NS      | $82622616.06  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| RS GROUP PLC                                      | RS GROUP PLC                    | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |   3428675 | NS      | $39861296.28  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ain Holdings Inc                                  | AIN HOLDINGS INC                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    847500 | NS      | $36645308.29  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                       | COVESTRO AG                     | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |   2414776 | NS      | $111187204.81 | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nokian Renkaat Oyj                                | NOKIAN RENKAAT                  | CUSIP: N/A<br>LEI: 743700YQIO8Y4L4WKR40       | Long             | EC               | CORP              | FI        |   2680630 | NS      | $32110057.55  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                    | CONTINENTAL AG                  | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |    830599 | NS      | $58320671.83  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance                                   | TELEPERFORMANCE                 | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |    158348 | NS      | $44018681.10  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd                                       | KOMATSU LTD                     | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |   1311500 | NS      | $32229404.53  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                 | BUREAU VERITAS S                | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |   2962936 | NS      | $84714676.43  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EAFE         Mar23         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      1395 | NC      | $9526664.09   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd             | CHECK POINT SOFT                | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | US        |     94500 | NS      | $12020400.00  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                            | DBS GROUP HLDGS                 | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   3424300 | NS      | $93744567.19  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                              | ASM INTL NV                     | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |     81838 | NS      | $27678089.53  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SBM Offshore NV                                   | SBM OFFSHORE NV                 | CUSIP: N/A<br>LEI: 549300RDGCRYZ5QE6513       | Long             | EC               | CORP              | NL        |   2707820 | NS      | $42569788.63  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Hengan International Group Co Ltd                 | HENGAN INTL                     | CUSIP: G4402L151<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   6509000 | NS      | $32020119.87  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                      | ALIMEN COUCHE                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    625800 | NS      | $28577361.24  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                          | RELX PLC                        | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |   5282048 | NS      | $156924037.32 | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Phu Nhuan Jewelry JSC                             | PHU NHUAN JEWELR                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |   7608800 | NS      | $29361063.18  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp                                 | NIHON KOHDEN                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2341300 | NS      | $61508295.40  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                          | UNIVERSAL MUSIC                 | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |   3647420 | NS      | $93236724.10  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GROUP HO                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |  23636400 | NS      | $324969040.53 | 2.37%             |  |  |  | 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        |  29272000 | NS      | $48661217.83  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                            | PETROBRAS SA-ADR                | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |   3298068 | NS      | $38257588.80  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                   | SANDS CHINA LTD                 | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |  44212800 | NS      | $165801824.02 | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Koito Manufacturing Co Ltd                        | KOITO MFG CO                    | CUSIP: J34899104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   2366200 | NS      | $39913496.94  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                            | BP PLC                          | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |  35134891 | NS      | $212223689.72 | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GRP-ADR                 | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |    505386 | NS      | $55693537.20  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Porsche Automobil Holding SE                      | PORSCHE AUTO-PRF                | CUSIP: N/A<br>LEI: 52990053Z17ZYM1KFV27       | Long             | EP               | CORP              | DE        |    983909 | NS      | $58834498.84  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                       | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   4286752 | NS      | $125849566.44 | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                                      | OLYMPUS CORP                    | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |   4512800 | NS      | $84838958.41  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd                          | XINYI GLASS                     | CUSIP: N/A<br>LEI: 52990082YXVVZFK1QJ17       | Long             | EC               | CORP              | HK        |  18622000 | NS      | $39648611.46  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENERGIES SE                | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   2669402 | NS      | $165024551.61 | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| POSCO Holdings Inc                                | POSCO HOLDINGS I                | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        |    534429 | NS      | $131323586.88 | 0.96%             |  |  |  | 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        |   4924657 | NS      | $492416478.93 | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                 | SUNCOR ENERGY                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   3256143 | NS      | $113012426.24 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Square Co Ltd                                  | SK SQUARE CO LTD                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    309162 | NS      | $9158745.64   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                      | UBS GROUP AG                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |   1776239 | NS      | $37914517.38  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                  | NITTO DENKO CORP                | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |   1141400 | NS      | $73777196.41  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                         | THALES SA                       | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |    567781 | NS      | $75094313.59  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia/The                           | BANK OF NOVA SCO                | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |    697407 | NS      | $37754482.14  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                 | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    877323 | NS      | $135245770.37 | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Victrex PLC                                       | VICTREX PLC                     | CUSIP: G9358Y107<br>LEI: 213800UYNPHAUNHPXL67 | Long             | EC               | CORP              | GB        |   2370200 | NS      | $53942318.00  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd                           | QBE INSURANCE                   | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |   1765216 | NS      | $17223070.21  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Taylor Wimpey PLC                                 | TAYLOR WIMPEY PL                | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               | CORP              | GB        |  36946877 | NS      | $53607094.28  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Brembo SpA                                        | BREMBO SPA                      | CUSIP: N/A<br>LEI: 549300BLWVJN2BAT0A44       | Long             | EC               | CORP              | IT        |   4966523 | NS      | $67048604.91  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                           | UPL LTD                         | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   5264954 | NS      | $48832392.50  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ESR Group Ltd                                     | ESR GROUP LTD                   | CUSIP: N/A<br>LEI: 549300C81AR42BZUFZ09       | Long             | EC               | CORP              | HK        |  19250600 | NS      | $38541378.43  | 0.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Jungheinrich AG                                   | JUNGHEINRICH-PFD                | CUSIP: N/A<br>LEI: 529900PHZORTU6FSXE73       | Long             | EP               | CORP              | DE        |   1517112 | NS      | $60335313.85  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                 | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |   1927278 | NS      | $71580516.79  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke DSM NV                                | DSM (KONIN)                     | CUSIP: N/A<br>LEI: 724500SNT1MK246AHP04       | Long             | EC               | CORP              | NL        |    561313 | NS      | $72185967.50  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Corp Ltd                                  | VENTURE CORP LTD                | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |   4068400 | NS      | $57451348.55  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                   | TELEKOMUNIKA-ADR                | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | US        |   1567073 | NS      | $40775239.46  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Corp                                 | TOYOTA MOTOR                    | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |   4880300 | NS      | $71670726.45  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Renishaw PLC                                      | RENISHAW PLC                    | CUSIP: G75006117<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |    650357 | NS      | $31742794.74  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                  | ABN AMRO BANK-CV                | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |   2667580 | NS      | $44275296.59  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR                | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    706735 | NS      | $65535536.55  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Seria Co Ltd                                      | SERIA CO LTD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1515400 | NS      | $33301139.81  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG & Co KGaA               | FRESENIUS MEDICA                | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1669930 | NS      | $62713686.55  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                         | NOKIA OYJ                       | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |   6566455 | NS      | $31134951.32  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                               | HENKEL AG -PREF                 | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |   1504823 | NS      | $107294357.08 | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                      | BARCLAYS PLC                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |  22953206 | NS      | $52764652.43  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                           | CRH PLC                         | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |   1664593 | NS      | $77774008.46  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                  | SINGAPORE TELECO (LOT SIZE 100) | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |  26061200 | NS      | $49911457.29  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                          | ACCOR SA                        | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |   1231616 | NS      | $39975774.32  | 0.29%             |  |  |  | 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        |  11158700 | NS      | $92556084.70  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                        | ASTRA INTERNATIO                | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        | 212092100 | NS      | $85208458.18  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                     | NOMURA RESEARCH                 | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |   3252200 | NS      | $78077497.63  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                  | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   3449386 | NS      | $57311795.94  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                 | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237551 | NS      | $66288606.55  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                        | RENAISSANCERE                   | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | US        |    383167 | NS      | $74981950.23  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Weibo Corp                                        | WEIBO CORP-ADR                  | CUSIP: N/A<br>LEI: 549300Q9ID4640FE0422       | Long             | EC               | CORP              | US        |   1345082 | NS      | $30600615.50  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | GALAXY ENTERTAIN                | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   7365000 | NS      | $51269972.64  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC/The                                | WEIR GROUP PLC                  | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |   2454760 | NS      | $54112814.31  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd                             | CK ASSET HOLDING                | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | HK        |   3309500 | NS      | $21159322.98  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Mar23         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      1194 | NC      | $3255332.27   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                         | AIRBUS SE                       | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |   1686561 | NS      | $211437199.14 | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Adbri Ltd                                         | ADBRI LTD                       | CUSIP: N/A<br>LEI: 529900XNYGV6JJJ38J47       | Long             | EC               | CORP              | AU        |  13390194 | NS      | $17607072.88  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                         | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   3408400 | NS      | $166087649.27 | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Autohome Inc                                      | AUTOHOME INC-ADR                | CUSIP: N/A<br>LEI: 529900NYB6ZGZN3MVT56       | Long             | EC               | CORP              | US        |   1112003 | NS      | $38764424.58  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Direct Line Insurance Group PLC                   | DIRECT LINE INSU                | CUSIP: N/A<br>LEI: 213800FF2R23ALJQOP04       | Long             | EC               | CORP              | GB        |    220462 | NS      | $483395.20    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL                | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |  13559315 | NS      | $99909768.76  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd           | PING AN-H                       | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |  10924500 | NS      | $84858258.91  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU CORP                     | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |   1694900 | NS      | $54782281.15  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                     | INDUSTRIA DE DISENO TEXTIL      | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |   1543804 | NS      | $48198823.59  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                       | SHIMANO INC                     | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |    227500 | NS      | $40571321.23  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co Inc/The                             | NORTH WEST CO IN                | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |    591011 | NS      | $16097282.06  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                       | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               | CORP              | DE        |    194733 | NS      | $64421499.50  | 0.47%             |  |  |  | No            |                  2 | On Loan: —       |
| IMI PLC                                           | IMI PLC                         | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |   4226990 | NS      | $75684703.99  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                   | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |   2451511 | NS      | $88280003.75  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Spectris PLC                                      | SPECTRIS PLC                    | CUSIP: G8338K104<br>LEI: 213800Z4CO2CZO3M3T10 | Long             | EC               | CORP              | GB        |   1061250 | NS      | $42073239.56  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA-ADR                    | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | US        |  30612100 | NS      | $81428186.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corp                                       | KUBOTA CORP                     | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |   2738000 | NS      | $41147489.54  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                           | MEITUAN-B                       | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |    343340 | NS      | $7675667.40   | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                   | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    624929 | NS      | $23536232.05  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/The                  | KANSAI ELEC PWR                 | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |   3780000 | NS      | $36352618.37  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                    | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  27550341 | NS      | $76865451.39  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| FANUC Corp                                        | FANUC CORP                      | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |     82900 | NS      | $14647575.81  | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                  | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   2710871 | NS      | $116920979.00 | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                            | SAP SE                          | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    448890 | NS      | $53211430.39  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Selamat Sempurna Tbk PT                           | SELAMAT SEMPURNA                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 164317700 | NS      | $17326717.97  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                          | MITSUB ELEC CORP                | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   8708800 | NS      | $95977546.14  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                           | ENN ENERGY                      | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |   6020300 | NS      | $90706217.16  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Puregold Price Club Inc                           | PUREGOLD PRICE C                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  43303300 | NS      | $26599825.96  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                    | ICICI BANK-ADR                  | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | US        |   4855982 | NS      | $101150105.06 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                    | LI NING CO LTD                  | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |   8736000 | NS      | $86361162.63  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                     | JARDINE MATHESON                | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | SG        |   1058200 | NS      | $56249243.27  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL                | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | HK        |  13362000 | NS      | $98231979.12  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Housing Development Finance Corp Ltd              | HOUSING DEV FIN                 | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |   2826390 | NS      | $90988382.14  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                | TRIP.COM GRO-ADR                | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |    603258 | NS      | $22175764.08  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund  | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |      4495 | NS      | $449468.33    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                       | BANK MANDIRI                    | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        | 109593300 | NS      | $73025972.15  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS                | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    411856 | NS      | $128569253.32 | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                          | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    828990 | NS      | $84444816.54  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                   | TELKOM INDONESIA                | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  72464900 | NS      | $18727301.71  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                            | PETROBRAS-PREF                  | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |  14889100 | NS      | $76464912.83  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                           | SIEMENS HEALTHIN                | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |   1029148 | NS      | $55191821.22  | 0.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SK Hynix Inc                                      | SK HYNIX INC                    | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |   1261059 | NS      | $91229917.62  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer