# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-26-000066
**Filing Date:** 2026-3
**Character Count:** 139557
**Document Hash:** 641c937dfcdce5e14b020668d287cd76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-26-000066.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000313850-26-000066

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**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:** 26819677

**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           |

## Nport-Ex

Vanguard<sup>®</sup> Emerging Markets Select Stock Fund

#### Schedule of Investments (unaudited)
As of January 31, 2026

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (90.9%)** | **Common Stocks (90.9%)** | **Common Stocks (90.9%)** | **Common Stocks (90.9%)** |
| **Argentina (0.0%)** | **Argentina (0.0%)** | **Argentina (0.0%)** | **Argentina (0.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Banco Macro SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| **Brazil (6.8%)** | **Brazil (6.8%)** | **Brazil (6.8%)** | **Brazil (6.8%)** |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 5101300 | &nbsp;&nbsp;&nbsp;&nbsp; 15655 |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 4710011 | &nbsp;&nbsp;&nbsp;&nbsp; 13290 |
|  | &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;563100 | &nbsp;&nbsp;&nbsp;&nbsp; 9022 |
|  | &nbsp;&nbsp;&nbsp;Banco Do Brasil SA | 1653000 | &nbsp;&nbsp;&nbsp;&nbsp; 7921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natura Cosmeticos SA | 4352000 | &nbsp;&nbsp;&nbsp;&nbsp; 7252 |
|  | &nbsp;&nbsp;&nbsp;Axia Energia | &nbsp;&nbsp;&nbsp;&nbsp;600200 | &nbsp;&nbsp;&nbsp;&nbsp; 6201 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras ADR (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;281262 | &nbsp;&nbsp;&nbsp;&nbsp; 4315 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;891822 | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
|  | &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98742 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp;&nbsp;&nbsp;247910 | &nbsp;&nbsp;&nbsp;&nbsp; 1903 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;225400 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96034 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
|  | &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;171429 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
|  | &nbsp;&nbsp;&nbsp;Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;420344 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | &nbsp;&nbsp;&nbsp;&nbsp;101236 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;111707 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68016 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;129044 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Embraer SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **80851** |
| **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;282229 | &nbsp;&nbsp;&nbsp;&nbsp; 7978 |
|  | &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237033 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valeura Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476985 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17495** |
| **Chile (0.6%)** | **Chile (0.6%)** | **Chile (0.6%)** | **Chile (0.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68110 | &nbsp;&nbsp;&nbsp;&nbsp; 5234 |
|  | &nbsp;&nbsp;&nbsp;Plaza SA | &nbsp;&nbsp;&nbsp;&nbsp;218427 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Chile | 8525145 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6934** |
| **China (24.3%)** | **China (24.3%)** | **China (24.3%)** | **China (24.3%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;691984 | &nbsp;&nbsp;&nbsp;&nbsp; 53187 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1790023 | &nbsp;&nbsp;&nbsp;&nbsp; 38080 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 7662885 | &nbsp;&nbsp;&nbsp;&nbsp; 13733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;611963 | &nbsp;&nbsp;&nbsp;&nbsp; 11730 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class H | 1193500 | &nbsp;&nbsp;&nbsp;&nbsp; 11070 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class H | 3069400 | &nbsp;&nbsp;&nbsp;&nbsp; 10119 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;173470 | &nbsp;&nbsp;&nbsp;&nbsp; 8753 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class H | 2502265 | &nbsp;&nbsp;&nbsp;&nbsp; 8482 |
|  | &nbsp;&nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 3212100 | &nbsp;&nbsp;&nbsp;&nbsp; 7978 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class A | 1364000 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
|  | &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | 4281633 | &nbsp;&nbsp;&nbsp;&nbsp; 6379 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;265929 | &nbsp;&nbsp;&nbsp;&nbsp; 5832 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;918743 | &nbsp;&nbsp;&nbsp;&nbsp; 5613 |
|  | &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;456186 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | 4583242 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
|  | &nbsp;&nbsp;&nbsp;Montage Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167413 | &nbsp;&nbsp;&nbsp;&nbsp; 4370 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21585 | &nbsp;&nbsp;&nbsp;&nbsp; 4351 |
|  | &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. Class H | 4905439 | &nbsp;&nbsp;&nbsp;&nbsp; 4265 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Longsheng Group Co. Ltd. Class A | 1933100 | &nbsp;&nbsp;&nbsp;&nbsp; 4235 |
|  | &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp; 3942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Didi Global Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;810559 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
|  | &nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;193263 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | &nbsp;&nbsp;&nbsp;&nbsp;275400 | &nbsp;&nbsp;&nbsp;&nbsp; 3405 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Luckin Coffee Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92816 | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073 |
|  | &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;355491 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;616500 | &nbsp;&nbsp;&nbsp;&nbsp; 2765 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117350 | &nbsp;&nbsp;&nbsp;&nbsp; 2591 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Haidilao International Holding Ltd. | 1156000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Pony AI Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;164330 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 |
|  | &nbsp;&nbsp;&nbsp;Anker Innovations Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;154630 | &nbsp;&nbsp;&nbsp;&nbsp; 2216 |
|  | &nbsp;&nbsp;&nbsp;Goneo Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;318274 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp;186900 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38133 | &nbsp;&nbsp;&nbsp;&nbsp; 1896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69550 | &nbsp;&nbsp;&nbsp;&nbsp; 1834 |
|  | &nbsp;&nbsp;&nbsp;JD.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;125501 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 |
|  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28738 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class H | 1438482 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9860 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
|  | &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A (XSEC) | &nbsp;&nbsp;&nbsp;&nbsp;142700 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
|  | &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158602 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;169726 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
|  | &nbsp;&nbsp;&nbsp;KE Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72119 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;381658 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings Ltd. | 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117700 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;101677 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;Minth Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206846 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
|  | &nbsp;&nbsp;&nbsp;NetEase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35483 | &nbsp;&nbsp;&nbsp;&nbsp; 920 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;101605 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;152300 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;584492 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sany Heavy Industry Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;269800 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Xiaomi Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;181350 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46912 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;130009 | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
|  | &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80940 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80087 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class H | 1209454 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GenFleet Therapeutics Shanghai Inc. Class H | &nbsp;&nbsp;&nbsp;&nbsp;166676 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WuXi AppTec Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42223 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;484801 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Minimax Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **288665** |
| **Greece (0.2%)** | **Greece (0.2%)** | **Greece (0.2%)** | **Greece (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;125218 | &nbsp;&nbsp;&nbsp;&nbsp; 1382 |
|  | &nbsp;&nbsp;&nbsp;Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;247028 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
|  | &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings plc (XCYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5634 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2626** |
| **Hong Kong (3.7%)** | **Hong Kong (3.7%)** | **Hong Kong (3.7%)** | **Hong Kong (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 10314 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WH Group Ltd. | 8401500 | &nbsp;&nbsp;&nbsp;&nbsp; 9914 |
|  | &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;806600 | &nbsp;&nbsp;&nbsp;&nbsp; 6415 |
|  | &nbsp;&nbsp;&nbsp;Pacific Basin Shipping Ltd. | 15422139 | &nbsp;&nbsp;&nbsp;&nbsp; 6057 |
|  | &nbsp;&nbsp;&nbsp;Man Wah Holdings Ltd. | 5979204 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;250801 | &nbsp;&nbsp;&nbsp;&nbsp; 2894 |
|  | &nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings Ltd. | 1224500 | &nbsp;&nbsp;&nbsp;&nbsp; 2731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zijin Gold International Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62092 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duality Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16186 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **44437** |
| **Hungary (2.0%)** | **Hungary (2.0%)** | **Hungary (2.0%)** | **Hungary (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;107419 | &nbsp;&nbsp;&nbsp;&nbsp; 13517 |
|  | &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc | &nbsp;&nbsp;&nbsp;&nbsp;449745 | &nbsp;&nbsp;&nbsp;&nbsp; 5493 |
|  | &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;158009 | &nbsp;&nbsp;&nbsp;&nbsp; 5286 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24296** |
| **India (8.0%)** | **India (8.0%)** | **India (8.0%)** | **India (8.0%)** |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;836902 | &nbsp;&nbsp;&nbsp;&nbsp; 12717 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 1036670 | &nbsp;&nbsp;&nbsp;&nbsp; 10482 |
|  | &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;485921 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 |

---

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---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;911524 | &nbsp;&nbsp;&nbsp;&nbsp; 6984 |
|  | &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | 1041240 | &nbsp;&nbsp;&nbsp;&nbsp; 4621 |
|  | &nbsp;&nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29158 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;InterGlobe Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78762 | &nbsp;&nbsp;&nbsp;&nbsp; 3936 |
|  | &nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101442 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Delhivery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;663478 | &nbsp;&nbsp;&nbsp;&nbsp; 3052 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82269 | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;321286 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
|  | &nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. | 2332248 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
|  | &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48773 | &nbsp;&nbsp;&nbsp;&nbsp; 1821 |
|  | &nbsp;&nbsp;&nbsp;REC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;437983 | &nbsp;&nbsp;&nbsp;&nbsp; 1736 |
|  | &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39968 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115918 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
|  | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. (XNSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79273 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
|  | &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105573 | &nbsp;&nbsp;&nbsp;&nbsp; 1632 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61619 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PB Fintech Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86641 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  | &nbsp;&nbsp;&nbsp;Godrej Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117118 | &nbsp;&nbsp;&nbsp;&nbsp; 1471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
|  | &nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;253733 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41972 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49070 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SBI Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52946 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9594 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
|  | &nbsp;&nbsp;&nbsp;Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14199 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;Ashok Leyland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;494433 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
|  | &nbsp;&nbsp;&nbsp;Ambuja Cements Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172879 | &nbsp;&nbsp;&nbsp;&nbsp; 961 |
|  | &nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80843 | &nbsp;&nbsp;&nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
|  | &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;212039 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Finserv Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27296 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88786 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dr. Agarwal's Health Care Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Mills Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14116 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Kwality Wall's India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58746 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **95401** |
| **Indonesia (1.4%)** | **Indonesia (1.4%)** | **Indonesia (1.4%)** | **Indonesia (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 55049893 | &nbsp;&nbsp;&nbsp;&nbsp; 12496 |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 6281842 | &nbsp;&nbsp;&nbsp;&nbsp; 2776 |
|  | &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 2488020 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15988** |
| **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Class O | &nbsp;&nbsp;&nbsp;&nbsp;470563 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 |
|  | &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 1075036 | &nbsp;&nbsp;&nbsp;&nbsp; 3412 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27794 | &nbsp;&nbsp;&nbsp;&nbsp; 2901 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vista Energy SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41585 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV Series B | &nbsp;&nbsp;&nbsp;&nbsp;209599 | &nbsp;&nbsp;&nbsp;&nbsp; 2327 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16475** |
| **Other (0.6%)** | **Other (0.6%)** | **Other (0.6%)** | **Other (0.6%)** |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;119363 | &nbsp;&nbsp;&nbsp;&nbsp; 6740 |
| **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72357 | &nbsp;&nbsp;&nbsp;&nbsp; 6714 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Allegro.eu SA | &nbsp;&nbsp;&nbsp;&nbsp;274957 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
|  | &nbsp;&nbsp;&nbsp;Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29942 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9950** |
| **Romania (0.0%)** | **Romania (0.0%)** | **Romania (0.0%)** | **Romania (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Banca Transilvania SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67158 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;200203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC | 1473153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp;&nbsp;&nbsp;536630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | &nbsp;&nbsp;&nbsp;&nbsp;124700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;476234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Novatek PJSC GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;Ozon Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Gazprom PJSC | &nbsp;&nbsp;&nbsp;&nbsp;926846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | **—** |
| **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;994690 | &nbsp;&nbsp;&nbsp;&nbsp; 6838 |
|  | &nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;217851 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
|  | &nbsp;&nbsp;&nbsp;Saudi Tadawul Group Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31478 | &nbsp;&nbsp;&nbsp;&nbsp; 1348 |
|  | &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37077 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11705** |
| **Singapore (0.8%)** | **Singapore (0.8%)** | **Singapore (0.8%)** | **Singapore (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 3747000 | &nbsp;&nbsp;&nbsp;&nbsp; 10005 |
| **South Africa (1.7%)** | **South Africa (1.7%)** | **South Africa (1.7%)** | **South Africa (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;352591 | &nbsp;&nbsp;&nbsp;&nbsp; 6572 |
|  | &nbsp;&nbsp;&nbsp;FirstRand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;533127 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31119 | &nbsp;&nbsp;&nbsp;&nbsp; 2890 |
|  | &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114261 | &nbsp;&nbsp;&nbsp;&nbsp; 2428 |
|  | &nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077 | &nbsp;&nbsp;&nbsp;&nbsp; 2168 |
|  | &nbsp;&nbsp;&nbsp;Discovery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103406 | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
|  | &nbsp;&nbsp;&nbsp;Naspers Ltd. Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15141 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28237 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;PSG Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41096 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20080** |
| **South Korea (9.5%)** | **South Korea (9.5%)** | **South Korea (9.5%)** | **South Korea (9.5%)** |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;375610 | &nbsp;&nbsp;&nbsp;&nbsp; 41495 |
|  | &nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35290 | &nbsp;&nbsp;&nbsp;&nbsp; 22034 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26502 | &nbsp;&nbsp;&nbsp;&nbsp; 9225 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23799 | &nbsp;&nbsp;&nbsp;&nbsp; 7436 |
|  | &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159893 | &nbsp;&nbsp;&nbsp;&nbsp; 7072 |
|  | &nbsp;&nbsp;&nbsp;KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54210 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85140 | &nbsp;&nbsp;&nbsp;&nbsp; 4976 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25853 | &nbsp;&nbsp;&nbsp;&nbsp; 4359 |
|  | &nbsp;&nbsp;&nbsp;Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50394 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 |
|  | &nbsp;&nbsp;&nbsp;Doosan Bobcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83846 | &nbsp;&nbsp;&nbsp;&nbsp; 3414 |
|  | &nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31502 | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
|  | &nbsp;&nbsp;&nbsp;KT Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **112335** |
| **Taiwan (14.5%)** | **Taiwan (14.5%)** | **Taiwan (14.5%)** | **Taiwan (14.5%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 2185218 | &nbsp;&nbsp;&nbsp;&nbsp; 120834 |
|  | &nbsp;&nbsp;&nbsp;MediaTek Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220337 | &nbsp;&nbsp;&nbsp;&nbsp; 12222 |
|  | &nbsp;&nbsp;&nbsp;Compal Electronics Inc. | 6366000 | &nbsp;&nbsp;&nbsp;&nbsp; 6570 |
|  | &nbsp;&nbsp;&nbsp;ASPEED Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20296 | &nbsp;&nbsp;&nbsp;&nbsp; 5676 |
|  | &nbsp;&nbsp;&nbsp;Chroma ATE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175278 | &nbsp;&nbsp;&nbsp;&nbsp; 5382 |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;713685 | &nbsp;&nbsp;&nbsp;&nbsp; 4933 |
|  | &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp; 4510 |
|  | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp; 2510 |
|  | &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 1385143 | &nbsp;&nbsp;&nbsp;&nbsp; 2232 |
|  | &nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55521 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp; 1739 |
|  | &nbsp;&nbsp;&nbsp;E Ink Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
|  | &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;507886 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
|  | &nbsp;&nbsp;&nbsp;Nan Ya Plastics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **171804** |
| **Thailand (2.0%)** | **Thailand (2.0%)** | **Thailand (2.0%)** | **Thailand (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;SCB X PCL | 2007800 | &nbsp;&nbsp;&nbsp;&nbsp; 8643 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;802000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023 |
|  | &nbsp;&nbsp;&nbsp;Indorama Ventures PCL NVDR | 5776500 | &nbsp;&nbsp;&nbsp;&nbsp; 3741 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;708200 | &nbsp;&nbsp;&nbsp;&nbsp; 3553 |
|  | &nbsp;&nbsp;&nbsp;True Corp. PCL NVDR | 6029111 | &nbsp;&nbsp;&nbsp;&nbsp; 2220 |
|  | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;229136 | &nbsp;&nbsp;&nbsp;&nbsp; 896 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;454682 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23366** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Turkiye (0.7%)** | **Turkiye (0.7%)** | **Turkiye (0.7%)** | **Turkiye (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Akbank TAS | 3890789 | &nbsp;&nbsp;&nbsp;&nbsp; 8323 |
| **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1487085 | &nbsp;&nbsp;&nbsp;&nbsp; 6083 |
|  | &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;231395 | &nbsp;&nbsp;&nbsp;&nbsp; 1960 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;286807 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;163793 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
|  | &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;304833 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11116** |
| **United Kingdom (1.1%)** | **United Kingdom (1.1%)** | **United Kingdom (1.1%)** | **United Kingdom (1.1%)** |
| <sup>\*,1,2</sup> | &nbsp;&nbsp;&nbsp;Wizz Air Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;388429 | &nbsp;&nbsp;&nbsp;&nbsp; 7534 |
|  | &nbsp;&nbsp;&nbsp;Antofagasta plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35863 | &nbsp;&nbsp;&nbsp;&nbsp; 1777 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Airtel Africa plc | &nbsp;&nbsp;&nbsp;&nbsp;357771 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 |
|  | &nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29117 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Standard Chartered plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13083** |
| **United States (6.6%)** | **United States (6.6%)** | **United States (6.6%)** | **United States (6.6%)** |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50623 | &nbsp;&nbsp;&nbsp;&nbsp; 18064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337 | &nbsp;&nbsp;&nbsp;&nbsp; 15758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70906 | &nbsp;&nbsp;&nbsp;&nbsp; 5401 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65080 | &nbsp;&nbsp;&nbsp;&nbsp; 5341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41007 | &nbsp;&nbsp;&nbsp;&nbsp; 4777 |
|  | &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;532271 | &nbsp;&nbsp;&nbsp;&nbsp; 4354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;233891 | &nbsp;&nbsp;&nbsp;&nbsp; 4152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56876 | &nbsp;&nbsp;&nbsp;&nbsp; 3804 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp; 3599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;VEON Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53492 | &nbsp;&nbsp;&nbsp;&nbsp; 2923 |
|  | &nbsp;&nbsp;&nbsp;Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21020 | &nbsp;&nbsp;&nbsp;&nbsp; 2867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139196 | &nbsp;&nbsp;&nbsp;&nbsp; 2806 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;390258 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23076 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14866 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PicS NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77976** |
| **Vietnam (0.8%)** | **Vietnam (0.8%)** | **Vietnam (0.8%)** | **Vietnam (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | 1915970 | &nbsp;&nbsp;&nbsp;&nbsp; 5233 |
|  | &nbsp;&nbsp;&nbsp;Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp; 2845 |
|  | &nbsp;&nbsp;&nbsp;FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;396700 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9675** |
| **Total Common Stocks (Cost $745,000)** | **Total Common Stocks (Cost $745,000)** | **Total Common Stocks (Cost $745,000)** | &nbsp;&nbsp;&nbsp;&nbsp;**1080081** |
| **Preferred Stocks (3.2%)** | **Preferred Stocks (3.2%)** | **Preferred Stocks (3.2%)** | **Preferred Stocks (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras Preference Shares | 1384700 | &nbsp;&nbsp;&nbsp;&nbsp; 9935 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;112627 | &nbsp;&nbsp;&nbsp;&nbsp; 9123 |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais Preference Shares | 4040584 | &nbsp;&nbsp;&nbsp;&nbsp; 8814 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA Preference Shares | 1011424 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axia Energia Preference Shares Class C | &nbsp;&nbsp;&nbsp;&nbsp;130714 | &nbsp;&nbsp;&nbsp;&nbsp; 1311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Raizen SA Preference Shares | 2547300 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| **Total Preferred Stocks (Cost $27,111)** | **Total Preferred Stocks (Cost $27,111)** | **Total Preferred Stocks (Cost $27,111)** | &nbsp;&nbsp;&nbsp;&nbsp;**38426** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Temporary Cash Investments (6.3%)** | **Temporary Cash Investments (6.3%)** | **Temporary Cash Investments (6.3%)** | **Temporary Cash Investments (6.3%)** |
| **Money Market Fund (6.3%)** | **Money Market Fund (6.3%)** | **Money Market Fund (6.3%)** | **Money Market Fund (6.3%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.704% **(Cost** $**74,340)** | 743451 | &nbsp;&nbsp;&nbsp;&nbsp; **74345** |
| **Total Investments (100.4%) (Cost $846,451)** | **Total Investments (100.4%) (Cost $846,451)** | **Total Investments (100.4%) (Cost $846,451)** | &nbsp;&nbsp;&nbsp;&nbsp;**1192852** |
| **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4673)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1188179** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | 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, 2026, the aggregate value was $47,354, representing 4.0% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $5,969. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $7,091 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |
|  | NVDR—Non-Voting Depository 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 |  |  |  |  |
| MSCI Emerging Markets Index | March 2026 | 737 | 56041 | &nbsp;&nbsp;2394 |

---

**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. Temporary cash investments are valued using the latest bid prices or using valuations
based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

**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.** 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, 2026, 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 | 198279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;199979 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;37863 | &nbsp;&nbsp;&nbsp;842213 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;880102 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;29303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9123 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38426 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;74345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74345 |
| Total | 339790 | &nbsp;&nbsp;&nbsp;853036 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;1192852 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 2394 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2394 |

---

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

**E.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31,<br> 2025<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jan. 31,<br> 2026<br> Market<br> Value<br> ($000) |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;2285 | 11119 | 6848 | 50 | 134 | &nbsp;&nbsp;&nbsp;37 |  | &nbsp;&nbsp;&nbsp;6740 |
| Vanguard Market Liquidity Fund | 64782 | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 608 |  | 74345 |
| Total | 67067 | 11119 | 6848 | 51 | 132 | 645 |  | 81085 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $1193114154.18

**Total Liabilities:** $5776200.58

**Net Assets:** $1187337953.60

**Cash Not Reported:** $446609.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101729 | -0.25%               | 2.22%                | 9.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4807638.40              | $-6041525.21                               |
| Month 2  | $6297770.61              | $12422858.39                               |
| Month 3  | $8888473.02              | $91018204.32                               |

### 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        |    231395 | NS      | $1959730.79   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co                         | SAUDI TADAWUL GR                      | CUSIP: N/A<br>LEI: 894500BXFAWZK686TP37       | Long             | EC               | CORP              | SA        |     31478 | NS      | $1347829.05   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd                          | NAURA TECH GR -A                      | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |     45000 | NS      | $3072624.07   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Brilliance China Automotive Holdings Ltd               | BRILLIANCE CHINA                      | CUSIP: N/A<br>LEI: 5299005WPCSQN14NBM26       | Long             | EC               | CORP              | HK        |   2290000 | NS      | $1184029.75   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                                  | ASPEED TECH                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     20296 | NS      | $5675897.09   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd              | SHENZHOU INTL GP                      | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | HK        |    806600 | NS      | $6415177.01   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| GenFleet Therapeutics Shanghai Inc                     | GENFLEET THERA-H                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    166676 | NS      | $656238.88    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                               | ANTA SPORTS                           | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |    158602 | NS      | $1584422.71   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                | RELIANCE INDUSTR                      | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    836902 | NS      | $12716660.51  | 1.07%             |  |  |  | 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        |     67422 | NS      | $508485.20    | 0.04%             |  |  |  | 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      | $2216256.28   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA                                   | KGHM                                  | CUSIP: N/A<br>LEI: G30CO71KTT9JDYJESN22       | Long             | EC               | CORP              | PL        |     72357 | NS      | $6713757.94   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                            | CHINA MERCH BK-A                      | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |   1364000 | NS      | $7586737.80   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                       | BANGKOK BANK-F                        | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    708200 | NS      | $3552686.19   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Duality Biotherapeutics Inc                            | DUALITY BIOTHERA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     16186 | NS      | $683449.83    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| VEON Ltd                                               | VEON LTD                              | CUSIP: N/A<br>LEI: 5493008CA3NMHYEVT131       | Long             | EC               | CORP              | US        |     53492 | NS      | $2922802.88   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Luckin Coffee Inc                                      | LUCKIN COFFE-ADR                      | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | US        |     92816 | NS      | $3097269.92   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd                                        | MINTH GROUP LTD                       | CUSIP: G6145U109<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | HK        |    206846 | NS      | $973820.46    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                                 | KWEICHOW MOUTA-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     21585 | NS      | $4351336.64   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                       | COPA HOLDIN-CL A                      | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |     21020 | NS      | $2867128.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELECTRON                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    375610 | NS      | $41495406.72  | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                              | CAPITEC BANK HOL                      | CUSIP: S15445109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8077 | NS      | $2168622.87   | 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      | $5233094.54   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                                    | VARUN BEVERAGES                       | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    253733 | NS      | $1299703.66   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                            | CHINA MERCH BK-A                      | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    152300 | NS      | $847111.56    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL                                  | INDORAMA-NVDR                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   5776500 | NS      | $3740818.26   | 0.32%             |  |  |  | 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      | $2730997.08   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| PSG Konsult Ltd                                        | PSG FINANCIAL SE                      | CUSIP: N/A<br>LEI: 378900ECF3D86FD28194       | Long             | EC               | CORP              | ZA        |     41096 | NS      | $69281.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                          | ALLEGRO.EU SA                         | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | PL        |    274957 | NS      | $2258732.67   | 0.19%             |  |  |  | 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      | $10118942.82  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                            | NASPERS LTD-N                         | CUSIP: S53435103<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     15141 | NS      | $927011.42    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambuja Cements Ltd                                     | AMBUJA CEMENTS                        | CUSIP: N/A<br>LEI: 335800NT6LQHR1428E20       | Long             | EC               | CORP              | IN        |    172879 | NS      | $961006.62    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd         | SICHUAN KELUN-H                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |      2900 | NS      | $154388.34    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                                             | AKBANK                                | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   3890789 | NS      | $8322630.20   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd                          | ZHONGSHENG GROUP                      | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | HK        |   4281633 | NS      | $6378744.74   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GROUP L                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |     28738 | NS      | $1763812.36   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA                                   | BCO BTG PAC-UNIT                      | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |     44800 | NS      | $510333.95    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                                              | SCB X PCL-FOREIG                      | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   2007800 | NS      | $8643169.47   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                                             | GLOBANT SA                            | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | US        |     53460 | NS      | $3575404.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc                                     | E INK HOLDINGS                        | CUSIP: N/A<br>LEI: 529900UOR451FJJYL571       | Long             | EC               | CORP              | TW        |    215000 | NS      | $1195219.64   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BB Seguridade Participacoes SA                         | BB SEGURIDADE PA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    171429 | NS      | $1215337.23   | 0.10%             |  |  |  | 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        |   2185218 | NS      | $120833603.09 | 10.18%            |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                           | WH GROUP LTD                          | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   8401500 | NS      | $9914572.28   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                             | FIRST QUANTUM                         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    282229 | NS      | $7977816.77   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                               | AMBEV SA                              | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   4710011 | NS      | $13290326.04  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                            | B3 SA                                 | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   5101300 | NS      | $15654552.27  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                           | MEDIATEK                              | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    220337 | NS      | $12222211.44  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                  | ALDAR PROPERTIES                      | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               | CORP              | AE        |    304833 | NS      | $796897.96    | 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        |    229136 | NS      | $895742.96    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd                                      | EICHER MOTORS                         | CUSIP: Y2251M148<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     14199 | NS      | $1100437.90   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                                        | KE HOLDINGS -ADR                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | US        |     72119 | NS      | $1350067.68   | 0.11%             |  |  |  | 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        |     65674 | NS      | $6567361.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                         | NU HOLDINGS LT-A                      | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |    233891 | NS      | $4151565.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                          | AIA                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    250801 | NS      | $2893609.84   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                              | ZIJIN MINING-H                        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | HK        |    756000 | NS      | $3941800.12   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                             | ARCOS DORADOS-A                       | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | US        |    532271 | NS      | $4353976.78   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI BANK LTD                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    115918 | NS      | $1708935.14   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Cyprus Holdings PLC                            | BANK OF CYPRUS H                      | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | CY        |      5634 | NS      | $62031.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander Chile                                  | BANCO SANTANDER                       | CUSIP: N/A<br>LEI: 3YJP8HORPAEXJ80D6368       | Long             | EC               | CORP              | CL        |   8525145 | NS      | $749847.77    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co                                   | SAUDI ARABIAN OI                      | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    994690 | NS      | $6837721.88   | 0.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                                   | HYUNDAI MOBIS                         | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |     23799 | NS      | $7436158.74   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp                                               | FPT CORP                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |    396700 | NS      | $1597339.48   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd                | ADANI PORTS AND                       | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |    105573 | NS      | $1631727.11   | 0.14%             |  |  |  | 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        |    164330 | NS      | $2280900.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum China Holdings Inc                                 | YUM CHINA HO                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      6829 | NS      | $337489.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                             | AIRTAC INTERNATI                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     48521 | NS      | $1756004.04   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp                                                | KT CORP-ADR                           | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | US        |      1800 | NS      | $37656.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                                          | FIRSTRAND LTD                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |    533127 | NS      | $3040879.31   | 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        |    190357 | NS      | $2113685.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd                                    | DB INSURANCE CO                       | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     31502 | NS      | $3110175.07   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                                      | GRAB HOLDINGS LTD - CL A              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | US        |    390258 | NS      | $1678109.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alior Bank SA                                          | ALIOR BANK SA                         | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     29942 | NS      | $977296.52    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                              | BIDU-SW                               | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |    611963 | NS      | $11729830.35  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd                                      | BAJAJ FINSERV LT                      | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |     27296 | NS      | $580063.70    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                               | BANK CENTRAL ASI                      | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   6896518 | NS      | $3047222.60   | 0.26%             |  |  |  | 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        |      5060 | NS      | $352893.60    | 0.03%             |  |  |  | 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      | $4234720.89   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                                           | JSC KASPI.KZ                          | CUSIP: N/A<br>LEI: 2549003YU6FARG8OAZ13       | Long             | EC               | CORP              | US        |     70906 | NS      | $5400910.02   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                          | CREDICORP LTD                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | US        |     50623 | NS      | $18063805.09  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                         | ABU DHABI COMMER                      | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |    286807 | NS      | $1189645.76   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Macro SA                                         | BANCO MACRO -ADR                      | CUSIP: N/A<br>LEI: 579100KKDKKIFEBKK040       | Long             | EC               | CORP              | US        |      2430 | NS      | $247617.00    | 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      | $2900581.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtel Africa PLC                                      | AIRTEL AFRICA                         | CUSIP: N/A<br>LEI: 254900ZNZDQL6OWQH623       | Long             | EC               | CORP              | GB        |    357771 | NS      | $1559892.08   | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Accton Technology Corp                                 | ACCTON TECH                           | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |    129000 | NS      | $4510257.91   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd                          | CTBC FINANCIAL                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |   1218679 | NS      | $1963467.72   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | YUM CHINA HOLDINGS INC - XHKG LISTING | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | HK        |     38133 | NS      | $1896071.77   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                       | BANGKOK BAN-NVDR                      | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    802000 | NS      | $4023234.01   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                       | RAIADROGASIL                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    129044 | NS      | $600746.38    | 0.05%             |  |  |  | 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        |    130009 | NS      | $776586.80    | 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        |   4905439 | NS      | $4265429.32   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                                | VALE SA                               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    563100 | NS      | $9022011.69   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                           | CCB-H                                 | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | HK        |   4583242 | NS      | $4627837.69   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                                  | HYUNDAI GLOVIS                        | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |     25853 | NS      | $4358795.58   | 0.37%             |  |  |  | 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      | $2764935.93   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Energetica de Minas Gerais                         | CEMIG-PREF                            | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   4040584 | NS      | $8814004.91   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK LTD                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   1036670 | NS      | $10482050.67  | 0.88%             |  |  |  | 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      | $4102103.20   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Ltd                                          | DISCOVERY LTD                         | CUSIP: S2192Y109<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |    103406 | NS      | $1507734.62   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                                 | WEG SA                                | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |     68016 | NS      | $668431.43    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                             | EMBRAER                               | CUSIP: N/A<br>LEI: 549300EM51WYXFHUY333       | Long             | EC               | CORP              | BR        |     15780 | NS      | $290698.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Bank SA                                          | ALPHA BANK SA                         | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | EC               | CORP              | GR        |    247028 | NS      | $1182513.04   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                                  | ANGLOGOLD ASHANT                      | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |     31119 | NS      | $2890021.53   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                             | JD-SW                                 | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |    125501 | NS      | $1789723.59   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Basin Shipping Ltd                             | PACIFIC BASIN                         | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |  15422139 | NS      | $6056787.91   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd                            | AMBER ENTERPRISE                      | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     21630 | NS      | $1346531.62   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Man Wah Holdings Ltd                                   | MAN WAH HOLDINGS                      | CUSIP: N/A<br>LEI: 52990005BW6K71UPKX41       | Long             | EC               | CORP              | HK        |   5979204 | NS      | $3708585.95   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd                   | CHINA OVERSEAS                        | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |   7662885 | NS      | $13733528.81  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nan Ya Plastics Corp                                   | NAN YA PLASTICS                       | CUSIP: N/A<br>LEI: 254900L66RP14M9UOM28       | Long             | EC               | CORP              | TW        |    350000 | NS      | $836702.10    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | MAHINDRA & MAHIN                      | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     48773 | NS      | $1821169.19   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                     | MIDEA GROUP CO-A                      | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    456186 | NS      | $5094976.55   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | BABA-W                                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1790023 | NS      | $38080186.19  | 3.21%             |  |  |  | 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        |    484801 | NS      | $310403.33    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS SA-ADR                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |    281262 | NS      | $4314559.08   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                              | ALIBABA GRP-ADR                       | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |      9860 | NS      | $1671861.60   | 0.14%             |  |  |  | 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      |
| Telefonica Brasil SA                                   | TELEF BRASIL                          | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |    221000 | NS      | $1569707.85   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Plaza SA                                               | PLAZA SA                              | CUSIP: P7898L106<br>LEI: N/A                  | Long             | EC               | CORP              | CL        |    218427 | NS      | $950057.34    | 0.08%             |  |  |  | No            |                  2 | 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        |     26502 | NS      | $9225490.92   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Axia Energia                                           | AXIA ENERGIA-PR                       | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EP               | CORP              | BR        |    130714 | NS      | $1311424.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DiDi Global Inc                                        | DIDI GLOBAL INC                       | CUSIP: N/A<br>LEI: 8368006Y2DHY77ADSY31       | Long             | EC               | CORP              | US        |    810559 | NS      | $3817732.89   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Uni-President Enterprises Corp                         | UNI-PRESIDENT EN                      | CUSIP: N/A<br>LEI: 254900DAXBDMVEXU5959       | Long             | EC               | CORP              | TW        |    507886 | NS      | $1155452.09   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                    | LARSEN & TOUBRO                       | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     39968 | NS      | $1710123.37   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                 | STANDARD CHARTER                      | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |     33700 | NS      | $862262.73    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd                                   | WEICHAI POWER-H                       | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | HK        |   2502265 | NS      | $8481746.90   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc                                 | ZTO EXPRESS -ADR                      | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | US        |    265929 | NS      | $5831822.97   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                                    | BEONE MEDICINE-H                      | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | HK        |     69550 | NS      | $1834236.90   | 0.15%             |  |  |  | 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        |  68454152 | NS      | $68454152.50  | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                             | HARMONY GOLD MNG                      | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |    114261 | NS      | $2427882.36   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                 | CONTEMPORARY A-A                      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    173470 | NS      | $8752787.91   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                   | FREEPORT-MCMORAN                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     23076 | NS      | $1389867.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Goneo Group Co Ltd                                     | GONEO GROUP CO-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    318274 | NS      | $1914222.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                                         | BAJAJ AUTO LTD                        | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |      9345 | NS      | $975956.68    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | ITAU UNIBAN-PREF                      | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |   1011424 | NS      | $8744438.17   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd                 | JIANGSU HENGRU-H                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     80087 | NS      | $702057.40    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC BANK-ADR                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | US        |     82269 | NS      | $2663870.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                    | SHENZHEN INOVA-A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    101677 | NS      | $1093375.69   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Cyprus Holdings PLC                            | BANK OF CYPRUS H                      | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | GR        |    125218 | NS      | $1381581.72   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                            | CM BANK-H                             | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | HK        |    918743 | NS      | $5613147.63   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                                      | PETROCHINA-H                          | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | HK        |   1438482 | NS      | $1708857.55   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd                            | NIEN MADE                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    184000 | NS      | $2482579.03   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                                | UPL LTD                               | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    911524 | NS      | $6984102.77   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt                                    | RICHTER GEDEON N                      | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    158009 | NS      | $5286493.08   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                      | BHARTI AIRTEL                         | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     79273 | NS      | $1700164.65   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WuXi AppTec Co Ltd                                     | WUAPPTEC CO LT-H                      | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | HK        |     42223 | NS      | $600835.15    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Saudi National Bank/The                                | SAUDI NATIONAL B                      | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |    217851 | NS      | $2604490.34   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                            | XIAOMI CORP-W                         | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | HK        |    181350 | NS      | $820893.32    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                     | BANGKOK DUS-NVDR                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    454682 | NS      | $289966.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| True Corp PCL                                          | TRUE CORP PCL/-R                      | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |   6029111 | NS      | $2220499.83   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Mills Ltd/The                                  | PHOENIX MILLS                         | CUSIP: N/A<br>LEI: 33580037PCXCE5PNQU51       | Long             | EC               | CORP              | IN        |     14116 | NS      | $256593.43    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kwality Wall's India Ltd                               | KWALITY WALL'S I                      | CUSIP: N/A<br>LEI: 3358004HTUS7E8UHI349       | Long             | EC               | CORP              | IN        |     58746 | NS      | $25672.94     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hindustan Unilever Ltd                                 | HINDUSTAN UNILEV                      | CUSIP: Y3222L102<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |     61619 | NS      | $1590852.80   | 0.13%             |  |  |  | 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        |    101236 | NS      | $815428.06    | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    247910 | NS      | $1902633.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Life Insurance Co Ltd                              | SBI LIFE INSURAN                      | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |     52946 | NS      | $1151709.05   | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kanzhun Ltd                                            | KANZHUN LTD                           | CUSIP: N/A<br>LEI: 254900F4ZCBITP7L0251       | Long             | EC               | CORP              | US        |    193263 | NS      | $3579230.76   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                                          | OTP BANK PLC                          | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    107419 | NS      | $13516743.19  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                        | APOLLO HOSPITALS                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      8576 | NS      | $649453.45    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                               | WILMAR INTERNATI                      | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   3747000 | NS      | $10004643.16  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd                                    | IDFC FIRST BANK                       | CUSIP: N/A<br>LEI: 335800SBNAPYVT1D2K13       | Long             | EC               | CORP              | IN        |   2332248 | NS      | $2121979.19   | 0.18%             |  |  |  | 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        |    470563 | NS      | $5319817.57   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corp                            | SABIC                                 | CUSIP: N/A<br>LEI: 213800ZCTFZZZJSK8645       | Long             | EC               | CORP              | SA        |     37077 | NS      | $561926.77    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                     | MIDEA GROUP CO-A                      | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    142700 | NS      | $1593764.73   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sibanye Stillwater Ltd                                 | SIBANYE-STI-ADR                       | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               | CORP              | US        |     76322 | NS      | $1288315.36   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Life Insurance Co Ltd                             | HDFC LIFE INSURA                      | CUSIP: Y3R1AP109<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |    321286 | NS      | $2555400.07   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rumo SA                                                | RUMO SA                               | CUSIP: N/A<br>LEI: 254900TXQFP7CJCGYM66       | Long             | EC               | CORP              | BR        |    420344 | NS      | $1178904.08   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd                              | MONTAGE TECHNO-A                      | CUSIP: N/A<br>LEI: 836800ZMWT5PAN574D81       | Long             | EC               | CORP              | CN        |    167413 | NS      | $4369774.37   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd                              | CONCH CEMENT-H                        | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | HK        |    381658 | NS      | $1210358.87   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                           | IMPALA PLATINUM                       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |    352591 | NS      | $6572028.81   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                                     | BANCO DO BRASIL                       | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   1653000 | NS      | $7921459.31   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                         | GALAXY ENTERTAIN                      | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   2030000 | NS      | $10313947.95  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                                | SEA LTD-ADR                           | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |     41007 | NS      | $4776905.43   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                                   | NATURA                                | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   4352000 | NS      | $7252299.66   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                   | BANK RAKYAT INDO                      | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  55049893 | NS      | $12496535.87  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PicS NV                                                | PICS NV                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7500 | NS      | $135000.00    | 0.01%             |  |  |  | No            |                  1 | 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        |    388429 | NS      | $7533723.55   | 0.63%             |  |  |  | Yes           |                  2 | On Loan: —       |
| Axia Energia                                           | AXIA ENERGIA                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               | CORP              | BR        |    600200 | NS      | $6200726.62   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                   | TENCENT                               | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    691984 | NS      | $53187136.02  | 4.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                            | ABU DHABI ISLAMI                      | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |    163793 | NS      | $1086298.86   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                       | MERCADOLIBRE INC                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      7337 | NS      | $15758335.23  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets ETF                     | VANGUARD FTSE EM                      | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             | EC               | RF                | US        |    119363 | NS      | $6740428.61   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics Inc                                 | COMPAL ELEC                           | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   6366000 | NS      | $6570140.24   | 0.55%             |  |  |  | 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        |   1193500 | NS      | $11070127.52  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd                           | GODREJ CONSUMER                       | CUSIP: Y2732X135<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |    117118 | NS      | $1470566.61   | 0.12%             |  |  |  | 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        |     68110 | NS      | $5233572.40   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| 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        |     83846 | NS      | $3413534.44   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                                               | FABRINET                              | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | US        |      7354 | NS      | $3599341.76   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeura Energy Inc                                     | VALEURA ENERGY I                      | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | CA        |    476985 | NS      | $3538022.62   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                    | HANGZHOU TIGER-A                      | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | CN        |     80940 | NS      | $733950.63    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                     | LUNDIN MINING CO                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    228939 | NS      | $5775386.22   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                      | TENCENT MUS-CL A                      | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | HK        |    169726 | NS      | $1424572.62   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Electronics Ltd                                 | BHARAT ELECTRON                       | CUSIP: N/A<br>LEI: 335800HS8AOTM9W1F335       | Long             | EC               | CORP              | IN        |     88786 | NS      | $433761.03    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Holdings & Investment Ltd                        | BAJAJ HOLDINGS A                      | CUSIP: N/A<br>LEI: 335800NL7NWD9IPOHL48       | Long             | EC               | CORP              | IN        |      9594 | NS      | $1127059.66   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                            | INFOSYS LTD-ADR                       | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | US        |     55400 | NS      | $973932.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Hankook Tire & Technology Co Ltd                       | HANKOOK TIRE & T                      | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    159893 | NS      | $7071876.22   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                            | COUPANG INC                           | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    139196 | NS      | $2806191.36   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                      | TENCENT MUSI-ADR                      | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |     46912 | NS      | $787183.36    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Minimax Group Inc                                      | MINIMAX GROUP IN                      | CUSIP: N/A<br>LEI: 984500GAF1264B3B9Z19       | Long             | EC               | CORP              | HK        |        40 | NS      | $2421.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                      | HON HAI                               | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |    713685 | NS      | $4933289.94   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | EMAAR PROP PJSC                       | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |   1487085 | NS      | $6083208.18   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                                | KOTAK MAHINDRA                        | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   1041240 | NS      | $4621053.04   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                                              | RAIZEN SA - PN                        | CUSIP: N/A<br>LEI: 5493000WQL3QP7QXX484       | Long             | EP               | CORP              | BR        |   2547300 | NS      | $498545.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                           | SILERGY                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    197000 | NS      | $1738934.25   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                         | SHINHAN FINANCIA                      | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     85140 | NS      | $4975898.72   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                            | NETEASE INC                           | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |     35483 | NS      | $920076.63    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                                           | GAZPROM                               | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |    926846 | NS      | $0.12         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Meituan                                                | MEITUAN-W                             | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |    275400 | NS      | $3404627.63   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banco Bradesco SA                                      | BRADESCO-ADR                          | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |    891822 | NS      | $3611879.10   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                          | TATA CONSULTANCY                      | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    101442 | NS      | $3449846.48   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                 | KB FINANCIAL GRO                      | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |     54210 | NS      | $5074011.74   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding Ltd                     | HAIDILAO INTERNA                      | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | HK        |   1156000 | NS      | $2356884.10   | 0.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fortis Healthcare Ltd                                  | FORTIS HEALTHCAR                      | CUSIP: N/A<br>LEI: 3358001Q5ZJC4M83WH02       | Long             | EC               | CORP              | IN        |     80843 | NS      | $749324.35    | 0.06%             |  |  |  | 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        |    212039 | NS      | $621619.82    | 0.05%             |  |  |  | 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        |     98742 | NS      | $2649630.94   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                             | SAMSUNG ELE-PREF                      | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |    112627 | NS      | $9122902.41   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | ANGLO AMER PLC                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     29117 | NS      | $1350091.28   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                                | ENN ENERGY                            | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |    355491 | NS      | $3060329.78   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Delhivery Ltd                                          | DELHIVERY LTD                         | CUSIP: N/A<br>LEI: 335800CUQ1SBCH9TTH82       | Long             | EC               | CORP              | IN        |    663478 | NS      | $3052282.09   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI BANK-ADR                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | US        |     41972 | NS      | $1229359.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                                | SBERBANK                              | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   1473153 | NS      | $0.19         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sany Heavy Industry Co Ltd                             | SANY HEAVY IND-H                      | CUSIP: N/A<br>LEI: 3003001FS86S7NYOHV89       | Long             | EC               | CORP              | HK        |    269800 | NS      | $822355.90    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                      | FUYAO GLASS IN-H                      | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | HK        |    101605 | NS      | $870908.43    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                               | YADEA GROUP HOLD                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    584492 | NS      | $825836.07    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kuaishou Technology                                    | KUAISHOU-W                            | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | HK        |    186900 | NS      | $1909577.16   | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd                                | INTERGLOBE AVIAT                      | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               | CORP              | IN        |     78762 | NS      | $3936185.40   | 0.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Banco Santander Brasil SA                              | BANCO SANTA-UNIT                      | CUSIP: N/A<br>LEI: 549300D1H731B30TSI43       | Long             | EC               | CORP              | BR        |    111707 | NS      | $770927.41    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                                         | MAKEMYTRIP LTD                        | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |     14866 | NS      | $927341.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                     | TRIP.COM GRO-ADR                      | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |      1558 | NS      | $95614.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UltraTech Cement Ltd                                   | ULTRATECH CEMENT                      | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |     29158 | NS      | $4029993.83   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                        | ANTOFAGASTA PLC                       | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | GB        |     35863 | NS      | $1777066.33   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor India Ltd                                | HYUNDAI MOTOR IN                      | CUSIP: N/A<br>LEI: 335800HWX9HKN9N12M74       | Long             | EC               | CORP              | IN        |     49070 | NS      | $1172351.44   | 0.10%             |  |  |  | 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        |     62092 | NS      | $1720198.83   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                          | AXIS BANK LTD                         | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    485921 | NS      | $7249619.41   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Group Ltd                                | CHINA RAIL GR-H                       | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               | CORP              | HK        |   1209454 | NS      | $697944.34    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PB Fintech Ltd                                         | PB FINTECH LTD                        | CUSIP: N/A<br>LEI: 98450083AC6B01HF1F87       | Long             | EC               | CORP              | IN        |     86641 | NS      | $1561079.78   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| REC Ltd                                                | REC LTD                               | CUSIP: N/A<br>LEI: 335800B4YRYWAMIJZ374       | Long             | EC               | CORP              | IN        |    413350 | NS      | $1638455.83   | 0.14%             |  |  |  | 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      | $7977715.05   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                         | CHROMA ATE                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    175278 | NS      | $5382154.00   | 0.45%             |  |  |  | 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        |     87300 | NS      | $410949.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | MSCI EmgMkt       Mar26               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       737 | NC      | $2394407.59   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashok Leyland Ltd                                      | ASHOK LEYLAND                         | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |    494433 | NS      | $1059056.09   | 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      | $5340464.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBR-SP P ADR                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |     96034 | NS      | $1379048.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                            | BANK MANDIRI                          | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   2488020 | NS      | $715918.06    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Vista Energy SAB de CV                                 | VISTA ENERGY SAB                      | CUSIP: N/A<br>LEI: 549300UDOHP7958KNS89       | Long             | EC               | CORP              | US        |     38455 | NS      | $2326142.95   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                            | INFOSYS LTD                           | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     27000 | NS      | $482929.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                 | PETROBRAS-PREF                        | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |   1384700 | NS      | $9935161.66   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                            | MOL                                   | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |    449745 | NS      | $5492710.58   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corp                           | MOBILE WORLD INV                      | CUSIP: N/A<br>LEI: 254900ZRFNB8CRAHHO95       | Long             | EC               | CORP              | VN        |    792000 | NS      | $2844841.00   | 0.24%             |  |  |  | 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        |   1075036 | NS      | $3411621.45   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                           | SK HYNIX INC                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     35290 | NS      | $22034265.46  | 1.86%             |  |  |  | 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      | $1129778.85   | 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      | $2591104.37   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer