# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0000313850-26-000063
**Filing Date:** 2026-3
**Character Count:** 114122
**Document Hash:** 2104a7780f7a5be96f6fc9f18b4c7f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313850-26-000063.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000313850-26-000063

**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:** 26819643

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

Schedule of Investments (unaudited)

As of January 31, 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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (94.1%)** | **Common Stocks (94.1%)** | **Common Stocks (94.1%)** | **Common Stocks (94.1%)** |
| **Australia (1.3%)** | **Australia (1.3%)** | **Australia (1.3%)** | **Australia (1.3%)** |
|  | Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88222 |
|  | QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4178923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57275 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**145497** |
| **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** |
|  | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31672 |
| **Brazil (2.1%)** | **Brazil (2.1%)** | **Brazil (2.1%)** | **Brazil (2.1%)** |
|  | Lojas Renner SA | &nbsp;&nbsp;22569790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64029 |
|  | Banco Bradesco SA ADR | &nbsp;&nbsp;11876091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48098 |
|  | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;13240990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40633 |
|  | Odontoprev SA | &nbsp;&nbsp;17130100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36586 |
|  | Ambev SA | &nbsp;&nbsp;11269649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800 |
|  | Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;5820646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27893 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**249039** |
| **Canada (3.5%)** | **Canada (3.5%)** | **Canada (3.5%)** | **Canada (3.5%)** |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1806075 | &nbsp;&nbsp;&nbsp;&nbsp;124349 |
|  | Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1743103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89111 |
|  | Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50004 |
|  | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 |
|  | North West Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1127211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40241 |
| <sup>\*</sup> | CAE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1014776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32523 |
|  | EQB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**407003** |
| **China (5.0%)** | **China (5.0%)** | **China (5.0%)** | **China (5.0%)** |
|  | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1301265 | &nbsp;&nbsp;&nbsp;&nbsp;100018 |
|  | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4059136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86352 |
|  | Li Ning Co. Ltd. | &nbsp;&nbsp;32621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85303 |
|  | Ping An Insurance Group Co. of China Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68638 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;61821760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39583 |
|  | Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38733 |
|  | Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37427 |
|  | Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35852 |
|  | China Merchants Bank Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;5785500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35347 |
|  | NetEase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1161875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30127 |
|  | China Overseas Land & Investment Ltd. | &nbsp;&nbsp;11550133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**578080** |
| **Denmark (1.4%)** | **Denmark (1.4%)** | **Denmark (1.4%)** | **Denmark (1.4%)** |
|  | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;2707915 | &nbsp;&nbsp;&nbsp;&nbsp;160794 |
| **Finland (1.3%)** | **Finland (1.3%)** | **Finland (1.3%)** | **Finland (1.3%)** |
|  | Nokia OYJ | &nbsp;&nbsp;17986384 | &nbsp;&nbsp;&nbsp;&nbsp;115849 |
|  | Nokia OYJ ADR | &nbsp;&nbsp;&nbsp;&nbsp;4758157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**146444** |
| **France (10.0%)** | **France (10.0%)** | **France (10.0%)** | **France (10.0%)** |
|  | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726066 | &nbsp;&nbsp;&nbsp;&nbsp;226662 |
|  | STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;6754191 | &nbsp;&nbsp;&nbsp;&nbsp;190725 |
|  | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;2166959 | &nbsp;&nbsp;&nbsp;&nbsp;157600 |
|  | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;1398318 | &nbsp;&nbsp;&nbsp;&nbsp;125033 |
|  | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96123 |
|  | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;2423339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78013 |
|  | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74020 |
|  | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67263 |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;1029676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38238 |
|  | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35816 |
|  | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27977 |
|  | Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20644 |
| <sup>1</sup> | Euronext NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17434 |
|  |  |  | **1155548** |
| **Germany (6.2%)** | **Germany (6.2%)** | **Germany (6.2%)** | **Germany (6.2%)** |
|  | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;2195207 | &nbsp;&nbsp;&nbsp;&nbsp;107307 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329555 | &nbsp;&nbsp;&nbsp;&nbsp;83452 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102850 | &nbsp;&nbsp;&nbsp;&nbsp;62335 |
|  | adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326830 | &nbsp;&nbsp;&nbsp;&nbsp;57948 |
| <sup>2</sup> | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522981 | &nbsp;&nbsp;&nbsp;&nbsp;53857 |
|  | Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585840 | &nbsp;&nbsp;&nbsp;&nbsp;48361 |
|  | Bayer AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891704 | &nbsp;&nbsp;&nbsp;&nbsp;47164 |
|  | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827167 | &nbsp;&nbsp;&nbsp;&nbsp;46262 |
|  | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889091 | &nbsp;&nbsp;&nbsp;&nbsp;43049 |
|  | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763692 | &nbsp;&nbsp;&nbsp;&nbsp;41403 |
|  | Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133445 | &nbsp;&nbsp;&nbsp;&nbsp;40344 |
|  | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504888 | &nbsp;&nbsp;&nbsp;&nbsp;39729 |
| <sup>1</sup> | Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625138 | &nbsp;&nbsp;&nbsp;&nbsp;31203 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276441 | &nbsp;&nbsp;&nbsp;&nbsp;18893 |
|  |  |  | &nbsp;&nbsp;**721307** |
| **Hong Kong (4.3%)** | **Hong Kong (4.3%)** | **Hong Kong (4.3%)** | **Hong Kong (4.3%)** |
|  | AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663779 | &nbsp;&nbsp;111496 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620068 | &nbsp;&nbsp;104025 |
|  | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41712000 | &nbsp;&nbsp;&nbsp;&nbsp;90527 |
|  | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121270 | &nbsp;&nbsp;&nbsp;&nbsp;81716 |
|  | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078500 | &nbsp;&nbsp;&nbsp;&nbsp;49437 |
|  | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921000 | &nbsp;&nbsp;&nbsp;&nbsp;35164 |
| <sup>\*</sup> | Melco Resorts & Entertainment Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582831 | &nbsp;&nbsp;&nbsp;&nbsp;21712 |
|  |  |  | &nbsp;&nbsp;**494077** |
| **India (2.6%)** | **India (2.6%)** | **India (2.6%)** | **India (2.6%)** |
|  | UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725220 | &nbsp;&nbsp;&nbsp;&nbsp;74515 |
|  | HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835770 | &nbsp;&nbsp;&nbsp;&nbsp;59442 |
|  | Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668412 | &nbsp;&nbsp;&nbsp;&nbsp;56739 |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140062 | &nbsp;&nbsp;&nbsp;&nbsp;51973 |
|  | Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008388 | &nbsp;&nbsp;&nbsp;&nbsp;31041 |
|  | Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26342468 | &nbsp;&nbsp;&nbsp;&nbsp;24198 |
|  |  |  | &nbsp;&nbsp;**297908** |
| **Indonesia (1.6%)** | **Indonesia (1.6%)** | **Indonesia (1.6%)** | **Indonesia (1.6%)** |
|  | Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp;287482500 | &nbsp;&nbsp;&nbsp;&nbsp;65259 |
|  | Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp;212915599 | &nbsp;&nbsp;&nbsp;&nbsp;61266 |
|  | Astra International Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;97579576 | &nbsp;&nbsp;&nbsp;&nbsp;36999 |
|  | Selamat Sempurna Tbk. PT | &nbsp;&nbsp;175810416 | &nbsp;&nbsp;&nbsp;&nbsp;18302 |
|  |  |  | &nbsp;&nbsp;**181826** |
| **Ireland (2.5%)** | **Ireland (2.5%)** | **Ireland (2.5%)** | **Ireland (2.5%)** |
|  | Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012554 | &nbsp;&nbsp;&nbsp;&nbsp;71486 |
|  | Kingspan Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691490 | &nbsp;&nbsp;&nbsp;&nbsp;60211 |
|  | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481707 | &nbsp;&nbsp;&nbsp;&nbsp;50422 |
|  | Kerry Group plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491772 | &nbsp;&nbsp;&nbsp;&nbsp;43715 |
| <sup>\*</sup> | ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193241 | &nbsp;&nbsp;&nbsp;&nbsp;34832 |
|  | CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248071 | &nbsp;&nbsp;&nbsp;&nbsp;30366 |
|  |  |  | &nbsp;&nbsp;**291032** |
| **Israel (0.5%)** | **Israel (0.5%)** | **Israel (0.5%)** | **Israel (0.5%)** |
| <sup>\*</sup> | Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347002 | &nbsp;&nbsp;&nbsp;&nbsp;62290 |
| **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670239 | &nbsp;&nbsp;&nbsp;&nbsp;97299 |
|  | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369890 | &nbsp;&nbsp;&nbsp;&nbsp;45332 |
| <sup>2</sup> | Brembo NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228683 | &nbsp;&nbsp;&nbsp;&nbsp;38839 |
|  |  |  | &nbsp;&nbsp;**181470** |
| **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** |
|  | Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13995700 | &nbsp;&nbsp;200205 |
|  | Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663718 | &nbsp;&nbsp;155693 |
|  | Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573187 | &nbsp;&nbsp;116034 |
|  | Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845367 | &nbsp;&nbsp;&nbsp;&nbsp;95032 |
|  | Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820440 | &nbsp;&nbsp;&nbsp;&nbsp;79362 |
|  | SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782800 | &nbsp;&nbsp;&nbsp;&nbsp;75991 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252900 | &nbsp;&nbsp;&nbsp;&nbsp;74086 |
|  | Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547100 | &nbsp;&nbsp;&nbsp;&nbsp;65455 |
|  | Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064908 | &nbsp;&nbsp;&nbsp;&nbsp;56400 |
|  | SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144755 | &nbsp;&nbsp;&nbsp;&nbsp;56276 |
|  | Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545060 | &nbsp;&nbsp;&nbsp;&nbsp;56113 |
|  | Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462320 | &nbsp;&nbsp;&nbsp;&nbsp;55400 |
|  | Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213100 | &nbsp;&nbsp;&nbsp;&nbsp;44920 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | MISUMI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2644872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43720 |
|  | Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1085932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37731 |
|  | Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3137800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34787 |
|  | Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1348600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32044 |
|  | Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1232146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31438 |
|  | Japan Exchange Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2526515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27570 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1210044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26891 |
|  | Ain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24534 |
|  | Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2864300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395 |
|  |  |  | **1407077** |
| **Malaysia (0.3%)** | **Malaysia (0.3%)** | **Malaysia (0.3%)** | **Malaysia (0.3%)** |
|  | Westports Holdings Bhd. | &nbsp;&nbsp;24849600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38529 |
| **Mexico (1.7%)** | **Mexico (1.7%)** | **Mexico (1.7%)** | **Mexico (1.7%)** |
|  | Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;8834933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99881 |
|  | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;19810208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62868 |
|  | Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32029 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**194778** |
| **Netherlands (2.7%)** | **Netherlands (2.7%)** | **Netherlands (2.7%)** | **Netherlands (2.7%)** |
|  | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72112 |
|  | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59109 |
| <sup>1</sup> | ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;1401411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51633 |
|  | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;1783839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51224 |
|  | Koninklijke Vopak NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45623 |
|  | Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28533 |
|  | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319 |
|  | Aegon Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**317977** |
| **Norway (1.3%)** | **Norway (1.3%)** | **Norway (1.3%)** | **Norway (1.3%)** |
|  | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;2032074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58266 |
|  | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;1646240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44249 |
|  | Bakkafrost P/F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**145610** |
| **Panama (0.8%)** | **Panama (0.8%)** | **Panama (0.8%)** | **Panama (0.8%)** |
|  | Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95509 |
| **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** |
|  | Puregold Price Club Inc. | &nbsp;&nbsp;33128976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20081 |
|  | Universal Robina Corp. | &nbsp;&nbsp;15082140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18158 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38239** |
| **Singapore (1.2%)** | **Singapore (1.2%)** | **Singapore (1.2%)** | **Singapore (1.2%)** |
|  | United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2294652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69159 |
|  | Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3360800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43156 |
|  | Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6848096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32450 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**144765** |
| **South Africa (0.6%)** | **South Africa (0.6%)** | **South Africa (0.6%)** | **South Africa (0.6%)** |
|  | Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3616747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66469 |
| **South Korea (6.1%)** | **South Korea (6.1%)** | **South Korea (6.1%)** | **South Korea (6.1%)** |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2142282 | &nbsp;&nbsp;&nbsp;&nbsp;236668 |
| <sup>1</sup> | Samsung Electronics Co. Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65597 | &nbsp;&nbsp;&nbsp;&nbsp;180963 |
|  | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95009 |
|  | KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85239 |
|  | Hana Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62796 |
|  | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**702762** |
| **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
|  | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;3346044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42723 |
|  | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;1485384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37705 |
|  | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;2079351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35494 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**115922** |
| **Sweden (1.9%)** | **Sweden (1.9%)** | **Sweden (1.9%)** | **Sweden (1.9%)** |
|  | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;4204910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81241 |
|  | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;1618943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65460 |
|  | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;1066343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42106 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;2652410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218713** |
| **Switzerland (4.2%)** | **Switzerland (4.2%)** | **Switzerland (4.2%)** | **Switzerland (4.2%)** |
|  | Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1993845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166546 |
|  | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110355 |
|  | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78327 |
|  | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56067 |
|  | Nestle SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38014 |
|  | Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1080129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31741 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**481050** |
| **Taiwan (0.8%)** | **Taiwan (0.8%)** | **Taiwan (0.8%)** | **Taiwan (0.8%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1465070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81013 |
|  | E Ink Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2990070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16622 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97635** |
| **United Kingdom (9.9%)** | **United Kingdom (9.9%)** | **United Kingdom (9.9%)** | **United Kingdom (9.9%)** |
|  | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;6327458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163638 |
|  | Smith & Nephew plc | &nbsp;&nbsp;&nbsp;&nbsp;7267332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123859 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;6322471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103848 |
|  | Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;4140265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95269 |
|  | Glencore plc | &nbsp;&nbsp;13829870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94283 |
|  | Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1336215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75494 |
|  | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;3277448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57817 |
|  | Informa plc | &nbsp;&nbsp;&nbsp;&nbsp;4402120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53124 |
|  | BP plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;1206729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45711 |
|  | Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;1179301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44070 |
|  | Kingfisher plc | &nbsp;&nbsp;&nbsp;&nbsp;9267037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42706 |
|  | Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42539 |
|  | Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;7546946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470 |
|  | IMI plc | &nbsp;&nbsp;&nbsp;&nbsp;1014363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38305 |
|  | Intertek Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33404 |
|  | Paragon Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2688123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32712 |
|  | Renishaw plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30371 |
|  | Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1141944** |
| **United States (4.2%)** | **United States (4.2%)** | **United States (4.2%)** | **United States (4.2%)** |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130014 |
|  | Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84214 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80566 |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73434 |
|  | Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60968 |
|  | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57018 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**486214** |
| **Vietnam (0.7%)** | **Vietnam (0.7%)** | **Vietnam (0.7%)** | **Vietnam (0.7%)** |
|  | Phu Nhuan Jewelry JSC | &nbsp;&nbsp;11872101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58362 |
|  | Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;9455815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25826 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84188** |
| **Total Common Stocks (Cost $8,912,397)** | **Total Common Stocks (Cost $8,912,397)** | **Total Common Stocks (Cost $8,912,397)** | **10881368** |
| **Preferred Stocks (1.5%)** | **Preferred Stocks (1.5%)** | **Preferred Stocks (1.5%)** | **Preferred Stocks (1.5%)** |
|  | Gerdau SA Preference Shares | &nbsp;&nbsp;15891057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67698 |
|  | Itau Unibanco Holding SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;4378909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37859 |
| <sup>1,2</sup> | Dr Ing hc F Porsche AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35736 |
|  | FUCHS SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26333 |
| **Total Preferred Stocks (Cost $130,431)** | **Total Preferred Stocks (Cost $130,431)** | **Total Preferred Stocks (Cost $130,431)** | &nbsp;&nbsp;&nbsp;&nbsp;**167626** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (4.6%)** | **Temporary Cash Investments (4.6%)** | **Temporary Cash Investments (4.6%)** | **Temporary Cash Investments (4.6%)** | **Temporary Cash Investments (4.6%)** |
| **Money Market Fund (4.6%)** | **Money Market Fund (4.6%)** | **Money Market Fund (4.6%)** | **Money Market Fund (4.6%)** | **Money Market Fund (4.6%)** |
| <sup>3,4</sup> | Vanguard Market Liquidity Fund<br> **(Cost $536,764)** | &nbsp;&nbsp;3.704% | &nbsp;&nbsp;5368532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**536853** |
| **Total Investments (100.2%) (Cost $9,579,592)** | **Total Investments (100.2%) (Cost $9,579,592)** | **Total Investments (100.2%) (Cost $9,579,592)** |  | &nbsp;&nbsp;**11585847** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19844)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**11566003** |

---

---

| | |
|:---|:---|
| 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 $316,969, representing 2.7% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $37,329. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $39,651 was received for securities on loan. |

---

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

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| MSCI EAFE Index | March 2026 | 911 | 138326 | &nbsp;&nbsp;&nbsp;559 |
| MSCI Emerging Markets Index | March 2026 | 892 | &nbsp;&nbsp;&nbsp;67828 | &nbsp;&nbsp;(683) |
|  |  |  |  | &nbsp;&nbsp;(124) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation)<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation)<br> ($000) |
| Standard Chartered Bank | 3/18/2026 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 3/18/2026 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19) |
| State Street Bank & Trust Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(104) |
| Toronto-Dominion Bank | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(110) |
| Goldman Sachs International | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Toronto-Dominion Bank | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7388 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(116) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| State Street Bank & Trust Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22) |
| UBS AG | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| HSBC Bank plc | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;11793 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Toronto-Dominion Bank | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Citibank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;4684 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Toronto-Dominion Bank | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2713 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;(472) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CHF—Swiss franc. |
| DKK—Danish krone. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| NOK—Norwegian krone. |
| PLN—Polish zloty. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

------

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

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

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

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

D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).

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

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

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

------

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 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 | 1432543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1432543 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;392286 | &nbsp;&nbsp;&nbsp;9056539 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9448825 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;105557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62069 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167626 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;536853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536853 |
| Total | 2467239 | &nbsp;&nbsp;&nbsp;9118608 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11585847 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472) |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155) |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $11667792170.17

**Total Liabilities:** $98903169.31

**Net Assets:** $11568889000.86

**Cash Not Reported:** $256541080.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012145 | 1.52%                | 2.78%                | 4.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70049301.03             | $89272737.67                               |
| Month 2  | $54321203.89             | $239786588.98                              |
| Month 3  | $282705008.50            | $242861880.02                              |

### Schedule of Portfolio Investments

| Name                                                      | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Admiral Group PLC                                         | ADMIRAL GROUP                  | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |    672894 | NS      | $25323670.88  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd                 | SHENZHOU INTL GP               | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | HK        |   4870000 | NS      | $38732867.39  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                                     | STMICROELECTRONI               | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | FR        |   6754191 | NS      | $190725294.33 | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                                             | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    817927 | NS      | $84213763.92  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobe Steel Ltd                                            | KOBE STEEL LTD                 | CUSIP: N/A<br>LEI: 549300ZDCYYUPHEE5K87       | Long             | EC               | CORP              | JP        |   4718900 | NS      | $67927710.64  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                                   | AON PLC-CLASS A                | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |    210028 | NS      | $73434189.92  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | DKK/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5681.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Vopak NV                                      | VOPAK                          | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |    914131 | NS      | $45623357.00  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                      | RYANAIR HLDG-ADR               | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | US        |   1012554 | NS      | $71486312.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Zee Entertainment Enterprises Ltd                         | ZEE ENTERTAINMEN               | CUSIP: N/A<br>LEI: 254900EQIYPXZEO10B94       | Long             | EC               | CORP              | IN        |  26342468 | NS      | $24197703.23  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Capital Holdings Ltd                                 | AXIS CAPITAL                   | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | US        |    552603 | NS      | $57017577.54  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd                                  | UNITED OVERSEAS                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |   2294652 | NS      | $69158885.58  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDEC CORP                                                | NIDEC CORP                     | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |  13995700 | NS      | $200205164.89 | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                                          | MISUMI GROUP INC               | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |   2644872 | NS      | $43720522.38  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | BANCO SANTANDER                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |   3346044 | NS      | $42722520.81  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                         | MELCO RESO-ADR                 | CUSIP: N/A<br>LEI: 529900NRV6LBR3T6B421       | Long             | EC               | CORP              | US        |   3679669 | NS      | $22298794.14  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                   | BASF SE                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    763692 | NS      | $41402794.93  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                    | KONINKLIJKE PHIL               | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |   1783839 | NS      | $51224422.63  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                          | COPA HOLDIN-CL A               | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |    700216 | NS      | $95509462.40  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                           | SANDOZ GROUP AG                | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |    988651 | NS      | $78326714.27  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                                                | DENSO CORP                     | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   4064908 | NS      | $56399641.63  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                              | CAPGEMINI SE                   | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    432900 | NS      | $67263244.17  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing hc F Porsche AG                                    | DR ING HC F PORS               | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EP               | CORP              | DE        |    734366 | NS      | $35736378.63  | 0.31%             |  |  |  | Yes           |                  2 | On Loan: —       |
| N/A                                                       | NOK/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-53161.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2142282 | NS      | $236668131.11 | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                                  | ICON PLC                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | US        |    193241 | NS      | $34831690.25  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dairy Products JSC                                | VIET NAM DAIRY P               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |   9455815 | NS      | $25826695.54  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                       | HENKEL AG & CO K               | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    585840 | NS      | $48360604.12  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | BBVA                           | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   1485384 | NS      | $37704505.21  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC                                  | WILLIS TOWERS WA               | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | US        |    192044 | NS      | $60968208.68  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp                                         | SUZUKI MOTOR                   | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |   5820440 | NS      | $79362121.96  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp                                             | UNICHARM CORP                  | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |   2733600 | NS      | $16601687.23  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                                   | CRH PLC                        | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |    248071 | NS      | $30366371.11  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                 | PROSUS NV                      | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     29306 | NS      | $1685132.30   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc                                        | E INK HOLDINGS                 | CUSIP: N/A<br>LEI: 529900UOR451FJJYL571       | Long             | EC               | CORP              | TW        |   2990070 | NS      | $16622287.50  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                             | ASSA ABLOY AB-B                | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |   1618943 | NS      | $65460230.63  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                 | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1465070 | NS      | $81012418.54  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                                  | SMC CORP                       | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |    144755 | NS      | $56276600.90  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                                  | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  11269649 | NS      | $31799779.14  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                                            | BAKKAFROST P/F                 | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | NO        |    892107 | NS      | $43094998.11  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                                     | DAIKIN INDS                    | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |    462320 | NS      | $55399980.43  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                               | B3 SA                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  13240990 | NS      | $40633126.88  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Monte dei Paschi di Siena SpA                       | BANCA MONTE DEI                | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |   4369890 | NS      | $45332392.15  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | AUD/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $15956.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                            | KINGFISHER PLC                 | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |   9267037 | NS      | $42706127.16  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | GBP/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $20566.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | JPY/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1821.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                    | BP PLC-ADR                     | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |   1206729 | NS      | $45710894.52  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG                                 | ZURICH INSURANCE               | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |     78810 | NS      | $56067165.84  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                             | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   9663779 | NS      | $111495681.52 | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                                 | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |    419997 | NS      | $130014271.32 | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                                 | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    784746 | NS      | $74020172.62  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                           | SONY GROUP CORP                | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   2545060 | NS      | $56113251.52  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                 | BANK OF IRELAND                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |   2481707 | NS      | $50422004.17  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                                      | HYUNDAI MOBIS                  | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |    304071 | NS      | $95009090.84  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd                                                 | AEGON LTD                      | CUSIP: N/A<br>LEI: O4QK7KMMK83ITNTHUG69       | Long             | EC               | CORP              | NL        |     53966 | NS      | $423875.22    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd                   | ADANI PORTS AND                | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |   2008388 | NS      | $31041495.17  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                    | YUM CHINA HO                   | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    725449 | NS      | $35851689.58  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp                                       | SOFTBANK GROUP C               | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |   2782800 | NS      | $75990997.56  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Brembo NV                                                 | BREMBO N.V.                    | CUSIP: N/A<br>LEI: 549300BLWVJN2BAT0A44       | Long             | EC               | CORP              | IT        |   3228683 | NS      | $38838944.33  | 0.34%             |  |  |  | No            |                  2 | On Loan: —       |
| Odontoprev SA                                             | ODONTOPREV                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |  17130100 | NS      | $36585876.97  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Construction Co Ltd                           | DAITO TRUST CONS               | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |   2213100 | NS      | $44920227.72  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                          | PERNOD RICARD SA               | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |   1398318 | NS      | $125032981.38 | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                                | HEXAGON AB-B                   | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |   2652410 | NS      | $29906023.37  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                                 | GERDAU-PREF                    | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EP               | CORP              | BR        |  16301157 | NS      | $69445050.58  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                               | RANDSTAD NV                    | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |    797301 | NS      | $28532649.89  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd                                   | SEMBCORP INDUS                 | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |   6848096 | NS      | $32449554.80  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                        | KINGSPAN GROUP                 | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |    691490 | NS      | $60211222.26  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CHF/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7454.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                               | INFORMA PLC                    | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               | CORP              | GB        |   4402120 | NS      | $53123989.70  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                      | FOMENTO ECON-ADR               | CUSIP: N/A<br>LEI: 549300A8MDWDJNMLV153       | Long             | EC               | CORP              | US        |    306910 | NS      | $32029127.60  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                        | SMITH & NEPHEW                 | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   7267332 | NS      | $123859047.61 | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   7546946 | NS      | $39469799.79  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                              | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    519800 | NS      | $50004481.33  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon Banking Group PLC                                 | PARAGON BANKING                | CUSIP: G6376N154<br>LEI: 213800S1TDKIB1IUTS72 | Long             | EC               | CORP              | GB        |   2688123 | NS      | $32711764.02  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                           | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  22569790 | NS      | $64028685.52  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Omron Corp                                                | OMRON CORP                     | CUSIP: N/A<br>LEI: 549300ZHW0TR2QZ0NY83       | Long             | EC               | CORP              | JP        |   1232146 | NS      | $31437912.49  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                 | NESTLE SA-REG                  | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    398357 | NS      | $38013835.09  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                       | MACQUARIE GROUP                | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |    601130 | NS      | $88221730.51  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                                                  | FUCHS SE-PREF                  | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |    609185 | NS      | $26333177.82  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                               | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   1861045 | NS      | $128133491.54 | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                             | AKZO NOBEL                     | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               | CORP              | NL        |    843724 | NS      | $59109017.44  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                | SAMSUNG ELECTR-G               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | GB        |     65597 | NS      | $180962966.05 | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Ain Holdings Inc                                          | AIN HOLDINGS INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    587500 | NS      | $24533887.39  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | SEK/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-19804.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Universal Robina Corp                                     | UNIVERSAL ROBINA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  15082140 | NS      | $18157623.66  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                                   | CAE INC                        | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |   1014776 | NS      | $32522913.11  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                                    | MERCEDES-BENZ GR               | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |    276441 | NS      | $18893152.28  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                                  | HANA FINANCIAL G               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    903777 | NS      | $62796309.99  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                            | CONTINENTAL AG                 | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |    504888 | NS      | $39729285.43  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                               | FINECOBANK SPA                 | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |   3670239 | NS      | $97298957.11  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                        | TELEPERFORMANCE                | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |    319585 | NS      | $20643731.52  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                             | HDFC BANK LTD                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   5140062 | NS      | $51972582.69  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                | SANDVIK AB                     | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |   1066343 | NS      | $42105991.91  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                          | DHL GROUP                      | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    827167 | NS      | $46262216.40  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                         | BUREAU VERITAS S               | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |   2423339 | NS      | $78012957.27  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                     | CHECK POINT SOFT               | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | US        |    347002 | NS      | $62290329.02  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd                                     | JULIUS BAER GROU               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |   1993845 | NS      | $166546571.99 | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd                      | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |  11550133 | NS      | $20700326.33  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Phu Nhuan Jewelry JSC                                     | PHU NHUAN JEWELR               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |  11872101 | NS      | $58361745.75  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Kohden Corp                                         | NIHON KOHDEN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   3137800 | NS      | $34786793.63  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                 | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   4059136 | NS      | $86352381.86  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | MSCI EAFE         Mar26        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       911 | NC      | $558996.61    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd              | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |  61821760 | NS      | $39582628.03  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                               | BERKELEY GROUP                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |   1336215 | NS      | $75494598.50  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                           | SANDS CHINA LTD                | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |  41712000 | NS      | $90526757.39  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CHF/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-96593.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Everest Group Ltd                                         | EVEREST GROUP LT               | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |    243197 | NS      | $80566302.16  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | AUD/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-18969.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                           | KERRY GROUP-A                  | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |    491772 | NS      | $43714584.84  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | PLN/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4314.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                        | INTERTEK GROUP                 | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |    544499 | NS      | $33403748.63  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOR SE                                                   | SCOR SE                        | CUSIP: N/A<br>LEI: 96950056ULJ4JI7V3752       | Long             | EC               | CORP              | FR        |    858544 | NS      | $27977535.94  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                          | TOTALENERGIES SE               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   2166959 | NS      | $157600251.42 | 1.36%             |  |  |  | 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        |   2739756 | NS      | $273975614.50 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                               | SHK PPT                        | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |   3078500 | NS      | $49437302.21  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | GBP/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-22129.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                                | DIAGEO PLC                     | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |   4140265 | NS      | $95268728.48  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                          | NITTO DENKO CORP               | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |   1210044 | NS      | $26891212.88  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                  | ITAU UNIBAN-PREF               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |   4378909 | NS      | $37858602.35  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH MOET HENNE                | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |    148934 | NS      | $96122695.48  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                             | HDFC BANK-ADR                  | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | US        |   1835770 | NS      | $59442232.60  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                                   | QBE INSURANCE                  | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |   4178923 | NS      | $57275378.73  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                               | HEINEKEN NV                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    873556 | NS      | $72111754.18  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                               | CM BANK-H                      | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | HK        |   5785500 | NS      | $35347073.08  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                                   | UPL LTD                        | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   9725220 | NS      | $74514720.77  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                                               | MAKITA CORP                    | CUSIP: N/A<br>LEI: 529900CDR9E94BCM6294       | Long             | EC               | CORP              | JP        |   1085932 | NS      | $37731305.92  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   6327458 | NS      | $163638566.01 | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                  | DAIMLER TRUCK HO               | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |    889091 | NS      | $43048867.64  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                           | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |   1080129 | NS      | $31741097.78  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Corp Ltd                                          | VENTURE CORP LTD               | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |   3360800 | NS      | $43156448.48  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Renishaw PLC                                              | RENISHAW PLC                   | CUSIP: G75006117<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |    584116 | NS      | $30370629.49  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO BANK-CV               | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |   1401411 | NS      | $51632578.45  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | CHF/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-109911.71   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Seria Co Ltd                                              | SERIA CO LTD                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1348600 | NS      | $32043713.05  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2173.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                                 | SHIN-ETSU CHEM                 | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |   2252900 | NS      | $74085682.64  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                              | KBC GROUP                      | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    224758 | NS      | $31671919.56  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                                 | NOKIA OYJ                      | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |  17621197 | NS      | $113496576.59 | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB BANK ASA                   | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |   2032074 | NS      | $58266395.94  | 0.50%             |  |  |  | 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        |   8834933 | NS      | $99880848.75  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                | ASTRA INTERNATIO               | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |  97579576 | NS      | $36999378.96  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Westports Holdings Bhd                                    | WESTPORTS HOLDIN               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |  24849600 | NS      | $38528786.63  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                            | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   6322471 | NS      | $103848144.87 | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                                 | ADIDAS AG                      | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    326830 | NS      | $57948132.86  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd                                   | STANDARD BANK GR               | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               | CORP              | ZA        |   3616747 | NS      | $66468506.05  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                                        | BANCO DO BRASIL                | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   5820646 | NS      | $27893533.25  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                            | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   6921000 | NS      | $35163961.56  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC                                            | WEIR GROUP PLC                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |    963095 | NS      | $42538698.47  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                      | BANK RAKYAT INDO               | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 287482500 | NS      | $65259670.70  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                  | BAYER AG-REG                   | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |   1060622 | NS      | $56098084.82  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                              | TECHTRONIC IND                 | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   7620068 | NS      | $104025370.30 | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                      | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   1301265 | NS      | $100017580.64 | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-115823.16   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC HOLDINGS PL               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   3277448 | NS      | $57817214.72  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA              | MICHELIN                       | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    937832 | NS      | $34826990.62  | 0.30%             |  |  |  | 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        |   7400000 | NS      | $68637601.31  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                               | EURONEXT NV                    | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | FR        |    124481 | NS      | $17434037.89  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                  | JAPAN EXCHANGE G               | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |   2526515 | NS      | $27569894.05  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| North West Co Inc/The                                     | NORTH WEST CO IN               | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |   1127211 | NS      | $40240683.52  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                          | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |   2707915 | NS      | $160793947.81 | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                           | NORDEA BANK ABP                | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |   4204910 | NS      | $81240585.89  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                                                   | IMI PLC                        | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |   1014363 | NS      | $38304675.43  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                  | INFINEON TECH                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |   2499945 | NS      | $122203603.40 | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                              | GLENCORE PLC                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  13829870 | NS      | $94283153.23  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                            | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    720123 | NS      | $42086678.78  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                               | KUBOTA CORP                    | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |   7573187 | NS      | $116033848.14 | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                               | NETEASE INC                    | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |   1161875 | NS      | $30127516.91  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                 | DANONE                         | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    457067 | NS      | $35815746.91  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                                 | KERING                         | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |    726066 | NS      | $226661839.67 | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                         | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  11876091 | NS      | $48098168.55  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                 | NOKIA CORP-ADR                 | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | US        |   3823942 | NS      | $24587947.06  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                             | TATA CONSULTANCY               | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1668412 | NS      | $56739514.79  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                    | KB FINANCIAL GRO               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    910680 | NS      | $85238938.69  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Selamat Sempurna Tbk PT                                   | SELAMAT SEMPURNA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 175810416 | NS      | $18301740.87  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4079.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Puregold Price Club Inc                                   | PUREGOLD PRICE C               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PH        |  33128976 | NS      | $20081193.89  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| EQB Inc                                                   | EQB INC                        | CUSIP: 26886R104<br>LEI: 549300QAXPCRULOPD247 | Long             | EC               | CORP              | CA        |    361400 | NS      | $28184236.77  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | MUENCHENER RUE-R               | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |    102850 | NS      | $62334978.12  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                | SIEMENS AG-REG                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    133445 | NS      | $40344465.77  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                   | CRODA INTL.                    | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |   1179301 | NS      | $44070346.67  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                            | LI NING CO LTD                 | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |  32621000 | NS      | $85303274.82  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                                   | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |   1743103 | NS      | $89110564.26  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                               | EQUINOR ASA                    | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   1646240 | NS      | $44248507.93  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                              | BANKINTER                      | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |   2079351 | NS      | $35494482.42  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                        | DEUTSCHE BOERSE                | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    329555 | NS      | $83451690.40  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                             | JARDINE MATHESON               | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | SG        |   1121270 | NS      | $81715823.01  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc                           | SUMITOMO MITSUI                | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |   2845367 | NS      | $95031841.69  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                                    | KWEICHOW MOUTA-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    185659 | NS      | $37427173.35  | 0.32%             |  |  |  | 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        |    394166 | NS      | $39416583.10  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd                               | MURATA MFG CO                  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |   7663718 | NS      | $155692704.07 | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | SEK/USD FWD 20260318           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13468.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | MSCI EmgMkt       Mar26        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       892 | NC      | $-682576.13   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                               | BANK MANDIRI                   | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        | 212915599 | NS      | $61265676.69  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    242677 | NS      | $110354921.10 | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                    | AGNICO EAGLE MIN               | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |    223575 | NS      | $42591037.50  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                               | BMW AG                         | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    522981 | NS      | $53856764.11  | 0.47%             |  |  |  | No            |                  2 | On Loan: —       |
| Siemens Healthineers AG                                   | SIEMENS HEALTHIN               | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    625138 | NS      | $31202837.79  | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                              | WALMART DE MEXIC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |  19810208 | NS      | $62867597.60  | 0.54%             |  |  |  | No            |                  1 | 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