# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-25-000111
**Filing Date:** 2025-12
**Character Count:** 88422
**Document Hash:** 36358d1c8c4b0aa33724eaa451c688d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-25-000111.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000313850-25-000111

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 251598917

**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 Emerging Markets Select Stock Fund (Series ID: S000032976)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000101729 | Investor Shares | VMMSX           |

## 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 EMERGING MARKETS SELECT STOCK FUND

- **b. EDGAR series identifier (if any):** S000032976

- **c. LEI of Series:** DR3FEI5HE6DDWHXGTR43

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1012833043.17

**Total Liabilities:** $5599354.55

**Net Assets:** $1007233688.62

**Cash Not Reported:** $5000643.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101729 | 3.69%                | 6.35%                | 2.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7252584.50              | $22535270.41                               |
| Month 2  | $4444555.81              | $47978475.44                               |
| Month 3  | $8089542.31              | $17062277.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Emirates NBD Bank PJSC                                 | EMIRATES NBD PJS                      | CUSIP: N/A<br>LEI: 54930029BCN8HF3B1286       | Long             | EC               | CORP              | AE        |    191131 | NS      | $1462511.49   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co                         | SAUDI TADAWUL GR                      | CUSIP: N/A<br>LEI: 894500BXFAWZK686TP37       | Long             | EC               | CORP              | SA        |     33661 | NS      | $1787464.85   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd                          | NAURA TECH GR -A                      | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |     30500 | NS      | $1745042.81   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Brilliance China Automotive Holdings Ltd               | BRILLIANCE CHINA                      | CUSIP: N/A<br>LEI: 5299005WPCSQN14NBM26       | Long             | EC               | CORP              | HK        |   2290000 | NS      | $1126758.21   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                                  | ASPEED TECH                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     21046 | NS      | $3732361.93   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| GenFleet Therapeutics Shanghai Inc                     | GENFLEET THERA-H                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    156041 | NS      | $548614.98    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                               | ANTA SPORTS                           | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |    134605 | NS      | $1405024.26   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                                | KOTAK MAHINDRA                        | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    204910 | NS      | $4854069.30   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                | RELIANCE INDUSTR                      | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    822552 | NS      | $13763631.66  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Bloks Group Ltd                                        | BLOKS GROUP LTD                       | CUSIP: N/A<br>LEI: 98450043CF41AECCFD15       | Long             | EC               | CORP              | HK        |     20870 | NS      | $238968.11    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | MMC NORILSK NICK                      | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |    124700 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Banca Transilvania SA                                  | BANCA TRANSILVAN                      | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |    162616 | NS      | $1030389.35   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology Co Ltd                    | ANKER INNOVATI-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    154630 | NS      | $2543070.32   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA                                   | KGHM                                  | CUSIP: N/A<br>LEI: G30CO71KTT9JDYJESN22       | Long             | EC               | CORP              | PL        |     69750 | NS      | $3658606.74   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                            | CHINA MERCH BK-A                      | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    289700 | NS      | $1666393.30   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| China National Building Material Co Ltd                | CHINA NATL BDG-H                      | CUSIP: N/A<br>LEI: 52990085PGF8YEPLBZ26       | Long             | EC               | CORP              | HK        |   1652496 | NS      | $1171053.99   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                       | BANGKOK BANK-F                        | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    524400 | NS      | $2569691.31   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Duality Biotherapeutics Inc                            | DUALITY BIOTHERA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     15120 | NS      | $611402.30    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VEON Ltd                                               | VEON LTD                              | CUSIP: N/A<br>LEI: 5493008CA3NMHYEVT131       | Long             | EC               | CORP              | US        |     35491 | NS      | $1708891.65   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Luckin Coffee Inc                                      | LUCKIN COFFE-ADR                      | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | US        |     93570 | NS      | $3752157.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd                                        | MINTH GROUP LTD                       | CUSIP: G6145U109<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | HK        |    210791 | NS      | $935346.61    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                                 | KWEICHOW MOUTA-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     21185 | NS      | $4261334.27   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                       | COPA HOLDIN-CL A                      | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |     20622 | NS      | $2582080.62   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    401105 | NS      | $30193652.90  | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                              | CAPITEC BANK HOL                      | CUSIP: S15445109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8077 | NS      | $1787015.58   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC                             | VIET NAM DAIRY P                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |   1915970 | NS      | $4194400.66   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                                    | VARUN BEVERAGES                       | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    237539 | NS      | $1255248.75   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL                                  | INDORAMA-NVDR                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   5776500 | NS      | $3408401.54   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Yue Yuen Industrial Holdings Ltd                       | YUE YUEN IND                          | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   1224500 | NS      | $2245696.80   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PSG Konsult Ltd                                        | PSG FINANCIAL SE                      | CUSIP: N/A<br>LEI: 378900ECF3D86FD28194       | Long             | EC               | CORP              | ZA        |     31408 | NS      | $44641.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                          | ALLEGRO.EU SA                         | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | PL        |    284916 | NS      | $2660497.70   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd                                | HAIER SMART H-H                       | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | HK        |   3069400 | NS      | $9981331.87   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                            | NASPERS LTD-N                         | CUSIP: S53435103<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     33763 | NS      | $2371378.40   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambuja Cements Ltd                                     | AMBUJA CEMENTS                        | CUSIP: N/A<br>LEI: 335800NT6LQHR1428E20       | Long             | EC               | CORP              | IN        |    161845 | NS      | $1029170.50   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                                             | AKBANK                                | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   2947522 | NS      | $4255882.96   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd                          | ZHONGSHENG GROUP                      | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | HK        |   3721896 | NS      | $5875378.69   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |     21696 | NS      | $1526778.19   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                                              | SCB X PCL-FOREIG                      | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1918500 | NS      | $7769926.19   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                                             | GLOBANT SA                            | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | US        |     12772 | NS      | $786499.76    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc                                     | E INK HOLDINGS                        | CUSIP: N/A<br>LEI: 529900UOR451FJJYL571       | Long             | EC               | CORP              | TW        |    216000 | NS      | $1483901.52   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BB Seguridade Participacoes SA                         | BB SEGURIDADE PA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    247023 | NS      | $1508323.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                                          | TIM SA                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    331818 | NS      | $1498129.02   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                                           | NOVATEK PJSC-GDR                      | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | GB        |       422 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | TSMC                                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2094968 | NS      | $101311953.28 | 10.06%            |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                           | WH GROUP LTD                          | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   8401500 | NS      | $8081542.28   | 0.80%             |  |  |  | Yes           |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                             | FIRST QUANTUM                         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    280319 | NS      | $5820034.42   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                               | AMBEV SA                              | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   3855991 | NS      | $9109684.22   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                            | B3 SA                                 | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   5068200 | NS      | $11926395.60  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                           | MEDIATEK                              | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    207302 | NS      | $8791558.19   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                  | ALDAR PROPERTIES                      | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               | CORP              | AE        |    285378 | NS      | $699209.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production PCL                       | PTT EXPL & PRO-F                      | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |    214514 | NS      | $710813.21    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd                                      | EICHER MOTORS                         | CUSIP: Y2251M148<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     13293 | NS      | $1048318.02   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                                        | KE HOLDINGS -ADR                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | US        |    109874 | NS      | $1873351.70   | 0.19%             |  |  |  | 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        |     56730 | NS      | $5673044.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                         | NU HOLDINGS LT-A                      | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |    302297 | NS      | $4870004.67   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                          | AIA                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    350117 | NS      | $3406893.91   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                              | ZIJIN MINING-H                        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | HK        |    808000 | NS      | $3342705.63   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                             | ARCOS DORADOS-A                       | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | US        |    400303 | NS      | $2870172.51   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Cyprus Holdings PLC                            | BANK OF CYPRUS H                      | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | CY        |      5634 | NS      | $51394.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander Chile                                  | BANCO SANTANDER                       | CUSIP: N/A<br>LEI: 3YJP8HORPAEXJ80D6368       | Long             | EC               | CORP              | CL        |   7981053 | NS      | $576655.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co                                   | SAUDI ARABIAN OI                      | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    982736 | NS      | $6790205.78   | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                                   | HYUNDAI MOBIS                         | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |     23799 | NS      | $5262850.27   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp                                               | FPT CORP                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |    396700 | NS      | $1565245.38   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| KEC International Ltd                                  | KEC INTL LTD                          | CUSIP: N/A<br>LEI: 335800UCWKGDJBU7ZT31       | Long             | EC               | CORP              | IN        |     80302 | NS      | $738762.51    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd                | ADANI PORTS AND                       | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |     98835 | NS      | $1616356.34   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| New Issuer: BB Company ID:71327236                     | PONY AI INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    139120 | NS      | $2598761.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum China Holdings Inc                                 | YUM CHINA HO                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      6393 | NS      | $276561.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Eletricas Brasileiras SA                      | ELETROBRAS                            | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               | CORP              | BR        |    390800 | NS      | $4047505.27   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                             | AIRTAC INTERNATI                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     45808 | NS      | $1351105.23   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                          | FIRSTRAND LTD                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |    549205 | NS      | $2606469.72   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                 | GRUPO MEXICO-B                        | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    179757 | NS      | $1554085.06   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixon Technologies India Ltd                           | DIXON TECHNOLOGI                      | CUSIP: N/A<br>LEI: 335800D7XO7AVXXJ8575       | Long             | EC               | CORP              | IN        |      1962 | NS      | $342170.91    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd                                    | DB INSURANCE CO                       | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     31502 | NS      | $2800014.55   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                                      | GRAB HOLDINGS LTD - CL A              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |    144354 | NS      | $867567.54    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alior Bank SA                                          | ALIOR BANK SA                         | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     28031 | NS      | $781087.65    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                              | BIDU-SW                               | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |    752300 | NS      | $11386984.28  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd                                      | BAJAJ FINSERV LT                      | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |     37008 | NS      | $869801.02    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                               | BANK CENTRAL ASI                      | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   7000598 | NS      | $3584247.44   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Sulaiman Al Habib Medical Services Group Co         | DR SULAIMAN AL H                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      5757 | NS      | $418279.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Longsheng Group Co Ltd                        | ZHEJIANG LONGS-A                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |   1933100 | NS      | $2862281.01   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                                           | JSC KASPI.KZ                          | CUSIP: N/A<br>LEI: 2549003YU6FARG8OAZ13       | Long             | EC               | CORP              | US        |     58948 | NS      | $4408720.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                          | CREDICORP LTD                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | US        |     51189 | NS      | $13360329.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                         | ABU DHABI COMMER                      | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |    792694 | NS      | $3109975.13   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Macro SA                                         | BANCO MACRO -ADR                      | CUSIP: N/A<br>LEI: 579100KKDKKIFEBKK040       | Long             | EC               | CORP              | US        |      2275 | NS      | $205796.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                   | FOMENTO ECON-ADR                      | CUSIP: N/A<br>LEI: 549300A8MDWDJNMLV153       | Long             | EC               | CORP              | US        |     27794 | NS      | $2622641.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtel Africa PLC                                      | AIRTEL AFRICA                         | CUSIP: N/A<br>LEI: 254900ZNZDQL6OWQH623       | Long             | EC               | CORP              | GB        |    520393 | NS      | $1892500.39   | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Accton Technology Corp                                 | ACCTON TECH                           | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |    151000 | NS      | $5251281.04   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |     35698 | NS      | $1537330.11   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                       | BANGKOK BAN-NVDR                      | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    802000 | NS      | $3930000.83   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                       | RAIADROGASIL                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    105266 | NS      | $391327.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Zhangjiang High-Tech Park Development Co Ltd  | SHANG ZHANGJIA-A                      | CUSIP: N/A<br>LEI: 300300QF9LB9KZ188A33       | Long             | EC               | CORP              | CN        |    105683 | NS      | $662173.54    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of China Ltd/The           | PICC GROUP-H                          | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | HK        |   2665483 | NS      | $2393896.02   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                                | VALE SA                               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    563100 | NS      | $6830529.28   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                           | CCB-H                                 | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | HK        |   4290795 | NS      | $4248062.37   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                                  | HYUNDAI GLOVIS                        | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |     24907 | NS      | $3291811.44   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Sanhua Intelligent Controls Co Ltd            | ZHEJIANG SANHU-H                      | CUSIP: N/A<br>LEI: 8368003UTQ4F88XERZ23       | Long             | EC               | CORP              | HK        |    616500 | NS      | $3237289.10   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Energetica de Minas Gerais                         | CEMIG-PREF                            | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   3639384 | NS      | $7671189.24   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK LTD                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   1013093 | NS      | $11264420.15  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp/Republic of Korea                           | ORION CORP/REPUB                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     50394 | NS      | $3509184.46   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Ltd                                          | DISCOVERY LTD                         | CUSIP: S2192Y109<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |    104808 | NS      | $1316783.89   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                                 | WEG SA                                | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |     63637 | NS      | $497981.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Bank SA                                          | ALPHA BANK SA                         | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |    231263 | NS      | $906599.28    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                                  | ANGLOGOLD ASHANT                      | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |     16037 | NS      | $1090516.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                             | JD-SW                                 | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |    125501 | NS      | $2072018.47   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Basin Shipping Ltd                             | PACIFIC BASIN                         | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |  15422139 | NS      | $5107774.41   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd                            | AMBER ENTERPRISE                      | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     20250 | NS      | $1831197.27   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Man Wah Holdings Ltd                                   | MAN WAH HOLDINGS                      | CUSIP: N/A<br>LEI: 52990005BW6K71UPKX41       | Long             | EC               | CORP              | HK        |   5979204 | NS      | $3650204.95   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd                   | CHINA OVERSEAS                        | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |   6064885 | NS      | $10178052.54  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd                   | CHINA PACIFIC-H                       | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | HK        |    501362 | NS      | $2032547.05   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     39893 | NS      | $1566520.76   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                     | MIDEA GROUP CO-A                      | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    482786 | NS      | $5186035.64   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | BABA-W                                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1738666 | NS      | $36996615.26  | 3.67%             |  |  |  | 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        |    672842 | NS      | $470981.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                                          | NEOENERGIA                            | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |    843200 | NS      | $4573383.77   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS SA-ADR                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |    277541 | NS      | $3230577.24   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                              | ALIBABA GRP-ADR                       | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |      9230 | NS      | $1573068.90   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC-ADR                       | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | GB        |     35630 | NS      | $0.36         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC                         | MOSCOW EXCHANGE                       | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               | CORP              | RU        |    536630 | NS      | $0.07         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hyundai Motor Co                                       | HYUNDAI MOTOR                         | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |     26478 | NS      | $5369455.92   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoomlion Heavy Industry Science and Technology Co Ltd  | ZOOMLION HEAVY-A                      | CUSIP: N/A<br>LEI: 529900QZ3EMAU0QKFK85       | Long             | EC               | CORP              | CN        |   1295148 | NS      | $1487218.23   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DiDi Global Inc                                        | DIDI GLOBAL INC                       | CUSIP: N/A<br>LEI: 8368006Y2DHY77ADSY31       | Long             | EC               | CORP              | US        |    811985 | NS      | $5229183.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Uni-President Enterprises Corp                         | UNI-PRESIDENT EN                      | CUSIP: N/A<br>LEI: 254900DAXBDMVEXU5959       | Long             | EC               | CORP              | TW        |    475120 | NS      | $1213893.49   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                    | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     37416 | NS      | $1697729.88   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd                                   | WEICHAI POWER-H                       | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | HK        |   3650000 | NS      | $7541989.14   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc                                 | ZTO EXPRESS -ADR                      | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | US        |    217785 | NS      | $4048623.15   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                                    | BEONE MEDICINE-H                      | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | HK        |     73350 | NS      | $1763502.76   | 0.18%             |  |  |  | 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        |  57234875 | NS      | $57234875.30  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                             | HARMONY GOLD MNG                      | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |    117437 | NS      | $1953983.45   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                 | CONTEMPORARY A-A                      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    104070 | NS      | $5690032.56   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                   | FREEPORT-MCMORAN                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     33717 | NS      | $1405998.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Goneo Group Co Ltd                                     | GONEO GROUP CO-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    304374 | NS      | $1868838.17   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                                         | BAJAJ AUTO LTD                        | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |      8749 | NS      | $875949.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | ITAU UNIBAN-PREF                      | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |    971690 | NS      | $7123384.71   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd                 | JIANGSU HENGRU-H                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     74887 | NS      | $725786.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK-ADR                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | US        |     69345 | NS      | $2511675.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                    | SHENZHEN INOVA-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     95277 | NS      | $1030863.64   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Cyprus Holdings PLC                            | BANK OF CYPRUS H                      | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | GR        |    116866 | NS      | $1075498.82   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                            | CM BANK-H                             | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | HK        |   1860633 | NS      | $11663438.14  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                                      | PETROCHINA-H                          | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | HK        |   1346146 | NS      | $1391535.63   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                                | UPL LTD                               | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    821476 | NS      | $6662359.34   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt                                    | RICHTER GEDEON N                      | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    158009 | NS      | $4867315.82   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                      | BHARTI AIRTEL                         | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     58876 | NS      | $1363343.40   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank/The                                | SAUDI NATIONAL B                      | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |    212290 | NS      | $2258883.96   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                            | XIAOMI CORP-W                         | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | HK        |    303221 | NS      | $1682242.97   | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                     | BANGKOK DUS-NVDR                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    425665 | NS      | $248396.18    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| True Corp PCL                                          | TRUE CORP PCL/-R                      | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |   5396951 | NS      | $1884738.97   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Mills Ltd/The                                  | PHOENIX MILLS                         | CUSIP: N/A<br>LEI: 33580037PCXCE5PNQU51       | Long             | EC               | CORP              | IN        |     13215 | NS      | $250462.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Unilever Ltd                                 | HINDUSTAN UNILEV                      | CUSIP: Y3222L102<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |     57686 | NS      | $1602069.61   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | REDE D'OR SAO LU                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     85923 | NS      | $692181.68    | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    232130 | NS      | $1359569.57   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Life Insurance Co Ltd                              | SBI LIFE INSURAN                      | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |     62307 | NS      | $1370883.30   | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kanzhun Ltd                                            | KANZHUN LTD                           | CUSIP: N/A<br>LEI: 254900F4ZCBITP7L0251       | Long             | EC               | CORP              | US        |    137603 | NS      | $3049282.48   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                                          | OTP BANK PLC                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    106443 | NS      | $10160560.01  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                        | APOLLO HOSPITALS                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      8028 | NS      | $694756.62    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                               | WILMAR INTERNATI                      | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   3463600 | NS      | $8323401.21   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd                                    | IDFC FIRST BANK                       | CUSIP: N/A<br>LEI: 335800SBNAPYVT1D2K13       | Long             | EC               | CORP              | IN        |   2183398 | NS      | $2010402.36   | 0.20%             |  |  |  | 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        |    475930 | NS      | $4479175.42   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corp                            | SABIC                                 | CUSIP: N/A<br>LEI: 213800ZCTFZZZJSK8645       | Long             | EC               | CORP              | SA        |     34711 | NS      | $564976.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                     | MIDEA GROUP CO-A                      | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |     76000 | NS      | $816383.88    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sibanye Stillwater Ltd                                 | SIBANYE-STI-ADR                       | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               | CORP              | US        |     59025 | NS      | $623304.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Life Insurance Co Ltd                             | HDFC LIFE INSURA                      | CUSIP: Y3R1AP109<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |    323182 | NS      | $2662002.59   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rumo SA                                                | RUMO SA                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    393529 | NS      | $1164505.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Conch Cement Co Ltd                              | CONCH CEMENT-H                        | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | HK        |    357298 | NS      | $1065270.71   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                           | IMPALA PLATINUM                       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |    352591 | NS      | $3778713.04   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ningbo Co Ltd                                  | BANK OF NINGBO-A                      | CUSIP: N/A<br>LEI: 300300C1092133000091       | Long             | EC               | CORP              | CN        |     76481 | NS      | $304847.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                                     | BANCO DO BRASIL                       | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    880700 | NS      | $3585038.89   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                         | GALAXY ENTERTAIN                      | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   2030000 | NS      | $10114126.40  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                                | SEA LTD-ADR                           | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |     40945 | NS      | $6397656.25   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                                   | NATURA                                | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   4298300 | NS      | $7198520.99   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc                                        | BEKE-W-CL A                           | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | HK        |    337337 | NS      | $1913263.17   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                   | BANK RAKYAT INDO                      | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  50136193 | NS      | $11993592.99  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ozon Holdings PLC                                      | OZON HOLDINGS-AD                      | CUSIP: N/A<br>LEI: 213800GXSI7E5V776B13       | Long             | EC               | CORP              | US        |     35000 | NS      | $0.35         | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| Wizz Air Holdings Plc                                  | WIZZ AIR HOLDING                      | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | GB        |    162925 | NS      | $2241243.81   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                   | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    640752 | NS      | $52046809.89  | 5.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                            | ABU DHABI ISLAMI                      | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |    168523 | NS      | $968354.55    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                       | MERCADOLIBRE INC                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      6236 | NS      | $14512793.36  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                             | BYD COMPANY                           | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | HK        |     45986 | NS      | $594138.37    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard FTSE Emerging Markets ETF                     | VANGUARD FTSE EM                      | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             | EC               | RF                | US        |     41571 | NS      | $2285157.87   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                                       | CLICKS GROUP LTD                      | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     17859 | NS      | $376556.73    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc                                 | COMPAL ELEC                           | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   3561000 | NS      | $3805114.13   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                | PING AN                               | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |   1195000 | NS      | $8633076.12   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd                           | GODREJ CONSUMER                       | CUSIP: Y2732X135<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |    109643 | NS      | $1380893.24   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile SA                  | QUIMICA Y-SP ADR                      | CUSIP: N/A<br>LEI: TJ88LXZZW5PWIN93ZC81       | Long             | EC               | CORP              | US        |     96775 | NS      | $4741007.25   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Mobile TeleSystems PJSC                                | MOBILE TELES PJS                      | CUSIP: N/A<br>LEI: 2534008FX8EXH1FMJA74       | Long             | EC               | CORP              | US        |     93946 | NS      | $0.94         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Doosan Bobcat Inc                                      | DOOSAN BOBCAT IN                      | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |     64559 | NS      | $2725237.58   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                                               | FABRINET                              | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | US        |      9343 | NS      | $4116245.51   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeura Energy Inc                                     | VALEURA ENERGY I                      | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | CA        |    410844 | NS      | $1950890.19   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                    | HANGZHOU TIGER-A                      | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | CN        |     42640 | NS      | $358753.27    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                     | LUNDIN MINING CO                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    248695 | NS      | $4000256.10   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                      | TENCENT MUS-CL A                      | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | HK        |    156426 | NS      | $1747302.45   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Holdings & Investment Ltd                        | BAJAJ HOLDINGS A                      | CUSIP: N/A<br>LEI: 335800NL7NWD9IPOHL48       | Long             | EC               | CORP              | IN        |     13336 | NS      | $1848045.21   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                            | INFOSYS LTD-ADR                       | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | US        |     51865 | NS      | $859403.05    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Hankook Tire & Technology Co Ltd                       | HANKOOK TIRE & T                      | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    159893 | NS      | $5191327.92   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                            | COUPANG INC                           | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    137649 | NS      | $4400638.53   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                      | TENCENT MUSI-ADR                      | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |     46912 | NS      | $1047075.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                      | HON HAI                               | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |    903685 | NS      | $7516292.91   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | EMAAR PROP PJSC                       | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |   1468390 | NS      | $5682145.78   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                                              | RAIZEN SA - PN                        | CUSIP: N/A<br>LEI: 5493000WQL3QP7QXX484       | Long             | EP               | CORP              | BR        |   2547300 | NS      | $449806.22    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                           | SILERGY                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    197000 | NS      | $1417373.45   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                         | SHINHAN FINANCIA                      | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     85140 | NS      | $4373005.64   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Mixc Lifestyle Services Ltd            | CHINA RESOURCES                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    178544 | NS      | $934163.31    | 0.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Gazprom PJSC                                           | GAZPROM                               | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |    926846 | NS      | $0.11         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Meituan                                                | MEITUAN-W                             | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |    279100 | NS      | $3673724.21   | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banco Bradesco SA                                      | BRADESCO-ADR                          | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |    891822 | NS      | $3014358.36   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                          | TATA CONSULTANCY                      | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    101652 | NS      | $3498527.17   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                 | KB FINANCIAL GRO                      | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |     54210 | NS      | $4425356.66   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding Ltd                     | HAIDILAO INTERNA                      | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | HK        |   1215000 | NS      | $2002211.27   | 0.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fortis Healthcare Ltd                                  | FORTIS HEALTHCAR                      | CUSIP: N/A<br>LEI: 3358001Q5ZJC4M83WH02       | Long             | EC               | CORP              | IN        |     68504 | NS      | $788985.34    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                                | SBERBANK-SP ADR                       | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | GB        |    476234 | NS      | $4.77         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Oil & Natural Gas Corp Ltd                             | OIL & NATURAL GA                      | CUSIP: N/A<br>LEI: 335800FPDZ9MRSNO7N41       | Long             | EC               | CORP              | IN        |    198506 | NS      | $571249.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | SABESP                                | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |    114601 | NS      | $2808176.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELE-PREF                      | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |    113172 | NS      | $6678840.62   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     59786 | NS      | $2261860.95   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                                | ENN ENERGY                            | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |    315906 | NS      | $2752573.98   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Delhivery Ltd                                          | DELHIVERY LTD                         | CUSIP: N/A<br>LEI: 335800CUQ1SBCH9TTH82       | Long             | EC               | CORP              | IN        |    635158 | NS      | $3331790.37   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                         | LI NING CO LTD                        | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |    452000 | NS      | $982745.62    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                                | SBERBANK                              | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   1473153 | NS      | $0.18         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                      | FUYAO GLASS IN-H                      | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | HK        |     86406 | NS      | $769473.83    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                               | YADEA GROUP HOLD                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    393150 | NS      | $614658.86    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kuaishou Technology                                    | KUAISHOU-W                            | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | HK        |    186900 | NS      | $1735242.01   | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                                    | MSCI EmgMkt       Dec25               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       685 | NC      | $1098045.31   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InterGlobe Aviation Ltd                                | INTERGLOBE AVIAT                      | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               | CORP              | IN        |      6490 | NS      | $411197.62    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banco Santander Brasil SA                              | BANCO SANTA-UNIT                      | CUSIP: N/A<br>LEI: 549300D1H731B30TSI43       | Long             | EC               | CORP              | BR        |    104596 | NS      | $605418.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                                         | MAKEMYTRIP LTD                        | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |     18039 | NS      | $1443120.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GRO-ADR                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |      3143 | NS      | $222052.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UltraTech Cement Ltd                                   | ULTRATECH CEMENT                      | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |     28008 | NS      | $3766247.71   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                        | ANTOFAGASTA PLC                       | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | GB        |     36317 | NS      | $1332919.62   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor India Ltd                                | HYUNDAI MOTOR IN                      | CUSIP: N/A<br>LEI: 335800HWX9HKN9N12M74       | Long             | EC               | CORP              | IN        |     40548 | NS      | $1113342.32   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | MMC NORILSK ADR                       | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | GB        |    200203 | NS      | $2.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Zijin Gold International Co Ltd                        | ZIJIN GOLD INTER                      | CUSIP: N/A<br>LEI: 254900FINUJR4MZ8A417       | Long             | EC               | CORP              | HK        |     54914 | NS      | $928595.74    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                                          | AXIS BANK LTD                         | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    705307 | NS      | $9787901.52   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Group Ltd                                | CHINA RAIL GR-H                       | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               | CORP              | HK        |   1132120 | NS      | $574300.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PB Fintech Ltd                                         | PB FINTECH LTD                        | CUSIP: N/A<br>LEI: 98450083AC6B01HF1F87       | Long             | EC               | CORP              | IN        |     91787 | NS      | $1842524.22   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co Ltd   | BEIJING ORIENT-A                      | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |   3212100 | NS      | $5828587.41   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                         | CHROMA ATE                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    190923 | NS      | $5055007.94   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Agarwal's Health Care Ltd                           | DR AGARWAL'S HEA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IN        |    108572 | NS      | $619241.49    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashok Leyland Ltd                                      | ASHOK LEYLAND                         | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |    577206 | NS      | $919194.21    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp                    | COGNIZANT TECH-A                      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     65080 | NS      | $4743030.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBR-SP P ADR                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |     96034 | NS      | $1061175.70   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                            | BANK MANDIRI                          | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   4025176 | NS      | $1140386.82   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                            | INFOSYS LTD                           | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     75783 | NS      | $1262703.15   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS-PREF                        | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |   1047300 | NS      | $5791350.29   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                            | MOL                                   | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |    367263 | NS      | $3230743.37   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corp                           | MOBILE WORLD INV                      | CUSIP: N/A<br>LEI: 254900ZRFNB8CRAHHO95       | Long             | EC               | CORP              | VN        |    810000 | NS      | $2539631.25   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                           | WALMART DE MEXIC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   1084649 | NS      | $3585819.18   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                           | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     39082 | NS      | $15206549.28  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                | PING AN INSURA-A                      | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    117700 | NS      | $957183.68    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc                                 | ZTO EXPRESS CAYM                      | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | HK        |    117350 | NS      | $2164964.91   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer