# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001752724-23-075052
**Filing Date:** 2023-3
**Character Count:** 137859
**Document Hash:** 6dbf2be976a531b612fb47749c42f5c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075052.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075052

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850
- **IRS NUMBER:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 23784144

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

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

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

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

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

## Series and Classes Contracts Data

### Vanguard Emerging Markets Select Stock Fund (Series ID: S000032976)

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

## Nport-Ex

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

#### Schedule of Investments (unaudited)
As of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** |
| **Brazil (8.5%)** | **Brazil (8.5%)** | **Brazil (8.5%)** | **Brazil (8.5%)** |
|  | Petroleo Brasileiro SA ADR (XNYS) | 939550 | 10899 |
|  | Vale SA Class B ADR | 530610 | 9912 |
|  | Ambev SA | 2374266 | 6389 |
|  | Cia Energetica de Minas Gerais Preference Shares | 2605565 | 5882 |
|  | Banco Bradesco SA ADR | 1459457 | 4072 |
|  | Itau Unibanco Holding SA Preference Shares | 698900 | 3487 |
|  | Banco Bradesco SA Preference Shares | 1129700 | 3120 |
| <sup>\*</sup> | Centrais Eletricas Brasileiras SA | 372418 | 2982 |
|  | Itau Unibanco Holding SA ADR | 583047 | 2904 |
|  | B3 SA - Brasil Bolsa Balcao | 1086700 | 2774 |
|  | Raizen SA Preference Shares | 3889635 | 2521 |
|  | Cia de Saneamento Basico do Estado de Sao Paulo | 223547 | 2451 |
|  | Neoenergia SA | 763100 | 2264 |
|  | Petroleo Brasileiro SA ADR | 183700 | 1896 |
| <sup>\*,1</sup> | Azul SA ADR | 179405 | 1267 |
|  | Petroleo Brasileiro SA | 206273 | 1197 |
|  | TIM SA | 480600 | 1116 |
|  | Localiza Rent a Car SA (BVMF) | 89527 | 1044 |
| <sup>\*</sup> | Magazine Luiza SA | 624420 | 545 |
|  | Raia Drogasil SA | 94970 | 465 |
| <sup>\*,2</sup> | Hapvida Participacoes e Investimentos SA | 403162 | 409 |
| <sup>\*</sup> | BR Properties SA | 62300 | 74 |
|  |  |  | **67670** |
| **Canada (1.1%)** | **Canada (1.1%)** | **Canada (1.1%)** | **Canada (1.1%)** |
|  | First Quantum Minerals Ltd. | 157475 | 3654 |
|  | Lundin Mining Corp. | 362492 | 2744 |
|  | Parex Resources Inc. | 116903 | 1990 |
| <sup>\*</sup> | Valeura Energy Inc. | 264800 | 533 |
|  |  |  | **8921** |
| **China (30.5%)** | **China (30.5%)** | **China (30.5%)** | **China (30.5%)** |
|  | Tencent Holdings Ltd. | 561929 | 27382 |
| <sup>\*</sup> | Alibaba Group Holding Ltd. | 1870105 | 25711 |
|  | Ping An Insurance Group Co. of China Ltd. Class H | 1299027 | 10090 |
|  | China Merchants Bank Co. Ltd. Class H | 1324289 | 8590 |
| <sup>\*,2</sup> | Meituan Class B | 352627 | 7883 |
|  | China Overseas Land & Investment Ltd. | 2178190 | 5882 |
| <sup>\*</sup> | Trip.com Group Ltd. ADR | 154175 | 5667 |
|  | Zijin Mining Group Co. Ltd. Class H | 3380446 | 5591 |
|  | China Construction Bank Corp. Class H | 8367539 | 5416 |
|  | JD.com Inc. Class A | 167920 | 4986 |
| <sup>\*</sup> | Baidu Inc. Class A | 283150 | 4760 |
|  | Aluminum Corp. of China Ltd. Class H | 8603233 | 4598 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Anhui Conch Cement Co. Ltd. Class H | 1180655 | 4482 |
|  | Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 60573 | 4202 |
| <sup>2</sup> | Ganfeng Lithium Co. Ltd. Class H | 445317 | 4067 |
|  | China Tourism Group Duty Free Corp. Ltd. Class A | 122749 | 3887 |
| <sup>2</sup> | WuXi AppTec Co. Ltd. Class H | 282352 | 3669 |
|  | Geely Automobile Holdings Ltd. | 2260170 | 3667 |
|  | Midea Group Co. Ltd. Class A | 424086 | 3480 |
|  | GF Securities Co. Ltd. Class H | 1948400 | 3191 |
|  | China Longyuan Power Group Corp. Ltd. Class H | 2191350 | 3025 |
|  | ANTA Sports Products Ltd. | 189013 | 2867 |
|  | ENN Energy Holdings Ltd. | 188841 | 2845 |
| <sup>\*</sup> | China Tourism Group Duty Free Corp. Ltd. Class A (XHKG) | 94746 | 2608 |
| <sup>\*</sup> | KE Holdings Inc. ADR | 126046 | 2312 |
| <sup>\*</sup> | Shanghai International Airport Co. Ltd. Class A | 253157 | 2274 |
|  | Li Ning Co. Ltd. | 229768 | 2271 |
| <sup>\*</sup> | Baidu Inc. ADR | 16794 | 2262 |
|  | Haier Smart Home Co. Ltd. Class H | 608000 | 2242 |
|  | Nine Dragons Paper Holdings Ltd. | 2346888 | 2104 |
|  | Contemporary Amperex Technology Co. Ltd. Class A | 30300 | 2102 |
| <sup>\*</sup> | Brilliance China Automotive Holdings Ltd. | 3480000 | 2067 |
|  | Weichai Power Co. Ltd. Class H | 1362349 | 2057 |
| <sup>2</sup> | Pharmaron Beijing Co. Ltd. Class H | 277984 | 2038 |
| <sup>\*</sup> | CITIC Securities Co. Ltd. Class H | 887054 | 2029 |
|  | Ping An Bank Co. Ltd. Class A (XSHE) | 833329 | 1857 |
|  | Muyuan Foods Co. Ltd.Class A | 240969 | 1784 |
|  | Sinoma Science & Technology Co. Ltd. Class A | 476600 | 1758 |
|  | Ping An Bank Co. Ltd. Class A | 768940 | 1714 |
| <sup>\*</sup> | China Resources Beer Holdings Co. Ltd. | 223800 | 1685 |
| <sup>\*</sup> | Midea Group Co. Ltd. Class A (XSEC) | 198594 | 1630 |
| <sup>\*</sup> | CIMC Enric Holdings Ltd. | 1372000 | 1540 |
|  | Riyue Heavy Industry Co. Ltd. Class A (XSHG) | 431354 | 1537 |
|  | Xtep International Holdings Ltd. | 1125391 | 1501 |
| <sup>\*</sup> | XPeng Inc. Class A | 273152 | 1438 |
|  | Wuxi Lead Intelligent Equipment Co. Ltd. Class A | 208687 | 1435 |
|  | Minth Group Ltd. | 474000 | 1391 |
| <sup>\*</sup> | Air China Ltd. Class H | 1521596 | 1358 |
|  | Bank of Ningbo Co. Ltd. Class A | 278100 | 1355 |
|  | Shenzhou International Group Holdings Ltd. | 105500 | 1329 |
| <sup>\*</sup> | BeiGene Ltd. | 66950 | 1316 |
| <sup>\*</sup> | Alibaba Group Holding Ltd. ADR | 11001 | 1212 |
|  | Yunnan Energy New Material Co. Ltd. Class A | 51300 | 1191 |
| <sup>\*</sup> | Trip.com Group Ltd. | 31328 | 1152 |
| <sup>\*</sup> | Zai Lab Ltd. | 267400 | 1118 |
| <sup>\*</sup> | Tencent Music Entertainment Group ADR | 132550 | 1112 |
|  | Suofeiya Home Collection Co. Ltd. Class A | 354790 | 1104 |
| <sup>\*</sup> | Daqo New Energy Corp. ADR | 24172 | 1100 |
|  | Industrial & Commercial Bank of China Ltd. Class H | 2051369 | 1097 |
| <sup>2</sup> | CSC Financial Co. Ltd. Class H | 1053157 | 1092 |
|  | NetEase Inc. | 60401 | 1072 |
|  | China National Building Material Co. Ltd. Class H | 1166093 | 1070 |
|  | Guangzhou Tinci Materials Technology Co. Ltd. Class A | 139600 | 1021 |
| <sup>\*</sup> | KE Holdings Inc. Class A | 161670 | 988 |
|  | China Pacific Insurance Group Co. Ltd. Class H | 339522 | 933 |
|  | Glodon Co. Ltd. Class A (XSHE) | 95300 | 924 |
| <sup>\*,2</sup> | Haidilao International Holding Ltd. | 328000 | 894 |
| <sup>\*,2</sup> | Kuaishou Technology | 95900 | 844 |
|  | Anker Innovations Technology Co. Ltd. Class A | 80600 | 788 |
|  | Baoshan Iron & Steel Co. Ltd. Class A | 854600 | 783 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Lufax Holding Ltd. ADR | 245187 | 748 |
| <sup>\*</sup> | Great Wall Motor Co. Ltd. Class H | 512000 | 723 |
| <sup>\*</sup> | XPeng Inc. ADR Class A | 65322 | 695 |
|  | China Yangtze Power Co. Ltd. Class A | 218700 | 674 |
| <sup>\*</sup> | Kingdee International Software Group Co. Ltd. | 291575 | 636 |
|  | Suofeiya Home Collection Co. Ltd. Class A (XSHE) | 197245 | 614 |
|  | Proya Cosmetics Co. Ltd. Class A | 23782 | 582 |
|  | China Railway Group Ltd. Class A | 686900 | 581 |
| <sup>\*</sup> | Hangzhou Tigermed Consulting Co. Ltd. Class A | 32800 | 567 |
|  | China Oilfield Services Ltd. Class H | 466508 | 565 |
| <sup>\*</sup> | Yatsen Holding Ltd. ADR | 327985 | 531 |
|  | Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 594200 | 513 |
|  | JD.com Inc. ADR | 8281 | 493 |
|  | Yihai International Holding Ltd. | 123690 | 440 |
|  | Sany Heavy Industry Co. Ltd. Class A | 169100 | 440 |
|  | CSPC Pharmaceutical Group Ltd. | 381199 | 435 |
|  | WuXi AppTec Co. Ltd. Class A | 30300 | 421 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 246318 | 409 |
|  | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 8100 | 400 |
| <sup>\*</sup> | New Oriental Educatio Sp ADR | 9351 | 399 |
|  | Dongfeng Motor Group Co. Ltd. Class H | 654000 | 390 |
| <sup>\*</sup> | Wushang Group Co. Ltd. Class A | 231300 | 376 |
|  | Zhejiang HangKe Technology Inc. Co Class A | 48134 | 361 |
| <sup>\*</sup> | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 108000 | 348 |
| <sup>\*</sup> | Tsingtao Brewery Co. Ltd. Class H | 36000 | 348 |
| <sup>\*,2</sup> | Wuxi Biologics Cayman Inc. | 40500 | 338 |
|  | China Vanke Co. Ltd. Class H | 156700 | 317 |
| <sup>\*,2</sup> | Remegen Co. Ltd. Class H | 37859 | 306 |
| <sup>\*</sup> | Grand Baoxin Auto Group Ltd. | 5295500 | 302 |
| <sup>\*</sup> | H World Group Ltd. ADR | 6293 | 299 |
|  | Country Garden Services Holdings Co. Ltd. | 95940 | 259 |
|  | Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG) | 27170 | 229 |
| <sup>2</sup> | Hangzhou Tigermed Consulting Co. Ltd. Class H | 15716 | 206 |
| <sup>2</sup> | Longfor Group Holdings Ltd. | 56500 | 187 |
| <sup>2</sup> | Asymchem Laboratories Tianjin Co. Ltd. Class H | 11491 | 184 |
| <sup>\*</sup> | Microport Scientific Corp. | 57246 | 180 |
| <sup>\*</sup> | Vnet Group Inc. ADR | 27668 | 163 |
| <sup>\*</sup> | Aluminum Corp of China Ltd. Class A | 206494 | 163 |
|  | Amoy Diagnostics Co. Ltd. Class A | 37094 | 158 |
| <sup>\*</sup> | GDS Holdings Ltd. ADR | 5266 | 123 |
|  | Asymchem Laboratories Tianjin Co. Ltd. Class A | 5160 | 123 |
| <sup>\*</sup> | Poly Developments and Holdings Group Co. Ltd. Class A | 52100 | 121 |
|  | Jinyu Bio-Technology Co. Ltd. Class A | 72700 | 115 |
|  | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (XSHE) | 2300 | 114 |
| <sup>\*,2</sup> | China Tourism Group Duty Free Corp. Ltd. Class H | 3400 | 104 |
|  | NetEase Inc. ADR | 1127 | 100 |
| <sup>\*,2</sup> | Venus MedTech Hangzhou Inc. Class H | 48977 | 96 |
| <sup>\*</sup> | Country Garden Holdings Co. Ltd. | 182000 | 68 |
|  | Yifeng Pharmacy Chain Co. Ltd. Class A | 4300 | 36 |
|  | Amoy Diagnostics Co. Ltd. Class A (XSHE) | 3380 | 14 |
| <sup>\*,3</sup> | Tianhe Chemicals Group Ltd. | 4142000 |  |
|  |  |  | **243421** |
| **Czech Republic (0.2%)** | **Czech Republic (0.2%)** | **Czech Republic (0.2%)** | **Czech Republic (0.2%)** |
|  | Komercni banka A/S | 36973 | 1248 |
| **Egypt (0.0%)** | **Egypt (0.0%)** | **Egypt (0.0%)** | **Egypt (0.0%)** |
|  | Commercial International Bank Egypt SAE GDR (Registered) | 2 |  |

---

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---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
| **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** | **Greece (0.6%)** |
| <sup>\*</sup> | Alpha Services and Holdings SA | 2933294 | 3996 |
|  | Hellenic Telecommunications Organization SA | 75716 | 1194 |
|  |  |  | **5190** |
| **Hong Kong (4.3%)** | **Hong Kong (4.3%)** | **Hong Kong (4.3%)** | **Hong Kong (4.3%)** |
|  | Galaxy Entertainment Group Ltd. | 1469572 | 10230 |
|  | Pacific Basin Shipping Ltd. | 18738846 | 6613 |
|  | Yue Yuen Industrial Holdings Ltd. | 2572000 | 4219 |
| <sup>\*</sup> | Sands China Ltd. | 904652 | 3392 |
|  | Lenovo Group Ltd. | 3878000 | 3110 |
|  | AIA Group Ltd. | 170050 | 1923 |
|  | Orient Overseas International Ltd. | 102814 | 1709 |
|  | VTech Holdings Ltd. | 251900 | 1665 |
| <sup>\*</sup> | Melco Resorts & Entertainment Ltd. ADR | 65497 | 895 |
|  | Kerry Properties Ltd. | 70500 | 179 |
| <sup>\*</sup> | Wharf Holdings Ltd. | 50500 | 132 |
|  |  |  | **34067** |
| **Hungary (1.0%)** | **Hungary (1.0%)** | **Hungary (1.0%)** | **Hungary (1.0%)** |
|  | OTP Bank Nyrt | 239520 | 7217 |
|  | MOL Hungarian Oil & Gas plc | 98902 | 739 |
|  |  |  | **7956** |
| **India (8.9%)** | **India (8.9%)** | **India (8.9%)** | **India (8.9%)** |
|  | Reliance Industries Ltd. | 594129 | 17139 |
|  | Housing Development Finance Corp. Ltd. | 168003 | 5408 |
|  | Larsen & Toubro Ltd. | 200291 | 5214 |
|  | Shriram Finance Ltd. | 317842 | 5014 |
|  | UltraTech Cement Ltd. | 46519 | 4038 |
|  | ICICI Bank Ltd. ADR | 188831 | 3933 |
|  | Bharti Airtel Ltd (XNSE) | 383635 | 3615 |
|  | Tata Consultancy Services Ltd. | 84352 | 3482 |
|  | Axis Bank Ltd. | 297672 | 3181 |
|  | Aurobindo Pharma Ltd. | 524778 | 2624 |
|  | State Bank of India | 377274 | 2562 |
|  | Tech Mahindra Ltd. | 199796 | 2495 |
| <sup>2</sup> | HDFC Life Insurance Co. Ltd. | 320806 | 2273 |
|  | Kotak Mahindra Bank Ltd. | 93725 | 1990 |
|  | Mahindra & Mahindra Ltd. | 84111 | 1422 |
| <sup>2</sup> | SBI Life Insurance Co. Ltd. | 75088 | 1121 |
|  | Power Grid Corp. of India Ltd. | 388588 | 1031 |
|  | UPL Ltd. | 81011 | 751 |
|  | Piramal Enterprises Ltd. | 66542 | 701 |
|  | ICICI Bank Ltd. | 55389 | 567 |
| <sup>\*</sup> | Zomato Ltd. | 843765 | 517 |
|  | Apollo Hospitals Enterprise Ltd. | 7870 | 411 |
| <sup>\*</sup> | Tata Steel Ltd. | 241346 | 355 |
| <sup>\*</sup> | Piramal Pharma Ltd. | 266168 | 341 |
|  | Bharat Electronics Ltd. | 280379 | 326 |
|  | Dabur India Ltd. | 41521 | 284 |
| <sup>\*</sup> | Fortis Healthcare Ltd. | 77009 | 266 |
|  | Bharti Airtel Ltd. | 31391 | 150 |
|  |  |  | **71211** |
| **Indonesia (2.4%)** | **Indonesia (2.4%)** | **Indonesia (2.4%)** | **Indonesia (2.4%)** |
|  | Bank Rakyat Indonesia Persero Tbk PT | 35365469 | 10846 |
|  | Bank Mandiri Persero Tbk PT | 5224000 | 3481 |
|  | Semen Indonesia Persero Tbk PT | 4350200 | 2155 |
|  | Bank Central Asia Tbk PT | 2726555 | 1547 |
|  | Aneka Tambang Tbk | 3041700 | 471 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Telkom Indonesia Persero Tbk PT | 1181837 | 305 |
|  |  |  | **18805** |
| **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** |
| <sup>\*</sup> | Universal Entertainment Corp. | 44900 | 854 |
| **Kenya (0.1%)** | **Kenya (0.1%)** | **Kenya (0.1%)** | **Kenya (0.1%)** |
|  | Equity Group Holdings plc | 2773114 | 981 |
| **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** |
|  | Grupo Financiero Banorte SAB de CV Class O | 731037 | 6064 |
|  | Wal-Mart de Mexico SAB de CV | 521382 | 2042 |
| <sup>\*</sup> | Cemex SAB de CV ADR | 308447 | 1647 |
|  | Qualitas Controladora SAB de CV | 158044 | 872 |
|  | Grupo Mexico SAB de CV Series B | 111763 | 497 |
|  | Corp. Inmobiliaria Vesta SAB de CV | 96200 | 263 |
|  | Orbia Advance Corp. SAB de CV | 36600 | 73 |
|  |  |  | **11458** |
| **Netherlands (0.1%)** | **Netherlands (0.1%)** | **Netherlands (0.1%)** | **Netherlands (0.1%)** |
|  | ASML Holding NV | 731 | 484 |
| **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** | **Other (1.1%)** |
| <sup>4</sup> | Vanguard FTSE Emerging Markets ETF | 212509 | 8974 |
| **Philippines (0.4%)** | **Philippines (0.4%)** | **Philippines (0.4%)** | **Philippines (0.4%)** |
|  | Bdo Unibank Inc. | 1277114 | 2881 |
|  | Ayala Land Inc. | 402300 | 217 |
|  |  |  | **3098** |
| **Poland (0.3%)** | **Poland (0.3%)** | **Poland (0.3%)** | **Poland (0.3%)** |
|  | KGHM Polska Miedz SA | 34440 | 1126 |
| <sup>\*,2</sup> | Allegro.eu SA | 147294 | 1025 |
|  |  |  | **2151** |
| **Romania (0.2%)** | **Romania (0.2%)** | **Romania (0.2%)** | **Romania (0.2%)** |
|  | Banca Transilvania SA | 441537 | 1937 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>3</sup> | MMC Norilsk Nickel PJSC ADR | 200203 |  |
| <sup>\*,3</sup> | Sberbank of Russia PJSC | 1473153 |  |
| <sup>\*,3</sup> | Mobile TeleSystems PJSC ADR | 93946 |  |
| <sup>\*,3</sup> | Moscow Exchange MICEX-RTS PJSC | 536630 |  |
| <sup>\*,3</sup> | Magnit PJSC GDR (Registered) | 2 |  |
| <sup>3</sup> | MMC Norilsk Nickel PJSC | 1247 |  |
| <sup>\*,3</sup> | Sberbank of Russia PJSC ADR | 476234 |  |
| <sup>\*,3</sup> | LUKOIL PJSC ADR | 102385 |  |
| <sup>3</sup> | Novatek PJSC GDR (Registered) | 6724 |  |
| <sup>\*,1,3</sup> | Ozon Holdings plc ADR | 37493 |  |
| <sup>\*,3</sup> | Magnit PJSC | 12527 |  |
| <sup>\*,3</sup> | Gazprom PJSC | 926846 |  |
|  |  |  | **—** |
| **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** | **Saudi Arabia (0.8%)** |
| <sup>2</sup> | Saudi Arabian Oil Co. | 327046 | 2885 |
|  | Saudi British Bank | 209517 | 2030 |
| <sup>\*</sup> | Al Rajhi Bank | 79673 | 1749 |
|  |  |  | **6664** |
| **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** |
|  | Wilmar International Ltd. | 1612000 | 5012 |
| **South Africa (2.4%)** | **South Africa (2.4%)** | **South Africa (2.4%)** | **South Africa (2.4%)** |
|  | Sasol Ltd. | 340353 | 6183 |
|  | AngloGold Ashanti Ltd. ADR | 262413 | 5516 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | Market<br> Value<br> ($000) |
|  | Impala Platinum Holdings Ltd. | 188268 | 2183 |
|  | FirstRand Ltd. | 315005 | 1171 |
| <sup>\*</sup> | Discovery Ltd. | 126383 | 1005 |
|  | Naspers Ltd. Class N | 4532 | 876 |
|  | Thungela Resources Ltd. | 51656 | 671 |
|  | Sibanye Stillwater Ltd. | 194072 | 513 |
|  | Gold Fields Ltd. | 44939 | 512 |
|  | Harmony Gold Mining Co. Ltd. | 113051 | 403 |
|  |  |  | **19033** |
| **South Korea (6.8%)** | **South Korea (6.8%)** | **South Korea (6.8%)** | **South Korea (6.8%)** |
|  | Samsung Electronics Co. Ltd. | 294930 | 14691 |
|  | SK Hynix Inc. | 79480 | 5750 |
|  | LG Chem Ltd. | 9226 | 5207 |
|  | POSCO Holdings Inc. | 18626 | 4577 |
|  | Hankook Tire & Technology Co. Ltd. | 136687 | 3607 |
|  | DB Insurance Co. Ltd. | 61070 | 3255 |
|  | Samsung SDI Co. Ltd. | 5734 | 3213 |
|  | Samsung Electronics Co. Ltd. Preference Shares | 71045 | 3188 |
|  | Hyundai Motor Co. | 23196 | 3162 |
|  | Hana Financial Group Inc. | 59206 | 2352 |
|  | Shinhan Financial Group Co. Ltd. | 53870 | 1822 |
|  | KB Financial Group Inc. | 26800 | 1221 |
|  | Doosan Bobcat Inc. | 34525 | 980 |
|  | NAVER Corp. | 4531 | 753 |
| <sup>\*</sup> | Korea Shipbuilding & Offshore Engineering Co. Ltd. | 8707 | 565 |
| <sup>\*</sup> | WONIK IPS Co. Ltd. | 2230 | 56 |
|  |  |  | **54399** |
| **Taiwan (10.9%)** | **Taiwan (10.9%)** | **Taiwan (10.9%)** | **Taiwan (10.9%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | 2837987 | 50081 |
|  | Hon Hai Precision Industry Co. Ltd. | 2541685 | 8476 |
|  | MediaTek Inc. | 216555 | 5232 |
|  | Compal Electronics Inc. | 6334000 | 4782 |
|  | Lite-On Technology Corp. | 1878000 | 4173 |
|  | Elite Material Co. Ltd. | 504000 | 3061 |
| <sup>\*</sup> | United Microelectronics Corp. | 1429926 | 2340 |
|  | United Integrated Services Co. Ltd. | 328000 | 2265 |
| <sup>\*</sup> | Nanya Technology Corp. | 770000 | 1496 |
|  | Chroma ATE Inc. | 239000 | 1483 |
|  | E Ink Holdings Inc. | 222000 | 1288 |
|  | Airtac International Group | 32783 | 1121 |
|  | ASPEED Technology Inc. | 11553 | 818 |
| <sup>\*</sup> | Silergy Corp. | 12000 | 244 |
|  |  |  | **86860** |
| **Thailand (3.3%)** | **Thailand (3.3%)** | **Thailand (3.3%)** | **Thailand (3.3%)** |
|  | PTT Exploration & Production PCL | 1046400 | 5462 |
|  | SCB X PCL NVDR | 1316300 | 4169 |
|  | Charoen Pokphand Foods PCL | 5714700 | 4091 |
|  | Kasikornbank PCL | 698907 | 3083 |
|  | CP ALL PCL | 1240294 | 2505 |
|  | Bangkok Bank PCL NVDR | 469100 | 2262 |
|  | Kasikornbank PCL NVDR | 502279 | 2215 |
|  | Bangkok Bank PCL (Registered) | 215800 | 1041 |
| <sup>\*</sup> | Thai Life Insurance PCL | 1369511 | 561 |
|  | Bangkok Dusit Medical Services PCL Class F | 473600 | 428 |
|  | Central Pattana PCL | 95670 | 207 |
|  |  |  | **26024** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Market<br> Value<br> ($000)** |
| **Turkey (0.2%)** | **Turkey (0.2%)** | **Turkey (0.2%)** | **Turkey (0.2%)** |
|  | Akbank TAS | 1691388 | 1533 |
| **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** |
| <sup>3</sup> | Abu Dhabi Commercial Bank PJSC | 1508969 | 3461 |
|  | Emaar Properties PJSC | 124794 | 189 |
|  |  |  | **3650** |
| **United Kingdom (1.5%)** | **United Kingdom (1.5%)** | **United Kingdom (1.5%)** | **United Kingdom (1.5%)** |
|  | Standard Chartered plc | 733376 | 6160 |
|  | Fresnillo plc | 197701 | 2008 |
|  | Anglo American plc | 29870 | 1288 |
| <sup>\*,2</sup> | Network International Holdings plc | 361881 | 1175 |
| <sup>\*</sup> | Centamin plc | 290798 | 399 |
| <sup>\*</sup> | Polymetal International plc | 121016 | 350 |
|  | Hikma Pharmaceuticals plc | 16094 | 340 |
|  |  |  | **11720** |
| **United States (4.2%)** | **United States (4.2%)** | **United States (4.2%)** | **United States (4.2%)** |
| <sup>\*</sup> | MercadoLibre Inc. | 5584 | 6598 |
|  | Credicorp Ltd. | 46271 | 6214 |
|  | Freeport-McMoRan Inc. | 124296 | 5546 |
|  | Cognizant Technology Solutions Corp. Class A | 51280 | 3423 |
| <sup>\*</sup> | Coupang Inc. | 128048 | 2163 |
| <sup>\*</sup> | Flex Ltd. | 84985 | 1984 |
| <sup>\*</sup> | Copa Holdings SA Class A | 18416 | 1696 |
| <sup>\*</sup> | Sea Ltd. ADR | 21809 | 1406 |
|  | Ternium SA ADR | 24907 | 1005 |
| <sup>\*</sup> | PagSeguro Digital Ltd. Class A | 85754 | 865 |
|  | Patria Investments Ltd. Class A | 54812 | 846 |
| <sup>\*</sup> | Afya Ltd. Class A | 41813 | 639 |
| <sup>\*</sup> | MakeMyTrip Ltd. | 20910 | 606 |
| <sup>\*</sup> | StoneCo. Ltd. Class A | 18159 | 203 |
| <sup>\*,3</sup> | Yandex NV Class A | 11746 |  |
|  |  |  | **33194** |
| **Vietnam (0.4%)** | **Vietnam (0.4%)** | **Vietnam (0.4%)** | **Vietnam (0.4%)** |
|  | Vietnam Dairy Products JSC | 1049100 | 3454 |
| **Total Common Stocks (Cost $699,931)** | **Total Common Stocks (Cost $699,931)** | **Total Common Stocks (Cost $699,931)** | **739969** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Market<br> Value<br> ($000)** |
| **Temporary Cash Investments (6.7%)** | **Temporary Cash Investments (6.7%)** | **Temporary Cash Investments (6.7%)** | **Temporary Cash Investments (6.7%)** |
| **Money Market Fund (6.7%)** | **Money Market Fund (6.7%)** | **Money Market Fund (6.7%)** | **Money Market Fund (6.7%)** |
| <sup>5,6</sup> | Vanguard Market Liquidity Fund, 4.437% **(Cost** $**53,309)** | 533215 | **53316** |
| **Total Investments (99.5%) (Cost $753,240)** | **Total Investments (99.5%) (Cost $753,240)** | **Total Investments (99.5%) (Cost $753,240)** | **793285** |
| **Other Assets and Liabilities—Net (0.5%)** | **Other Assets and Liabilities—Net (0.5%)** | **Other Assets and Liabilities—Net (0.5%)** | **3905** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **797190** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,048,000. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2023, the aggregate value was $30,796,000, representing 3.9% of net assets. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $1,669,000 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |
|  | NVDR—Non-Voting Depository Receipt. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| MSCI Emerging Markets Index | March 2023 | 780 | 40739 | &nbsp;&nbsp;1746 |

---

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

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation

------

(depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 121243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;121243 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;36534 | &nbsp;&nbsp;&nbsp;578731 | &nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;618726 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;53316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53316 |
| Total | &nbsp;&nbsp;211093 | &nbsp;&nbsp;&nbsp;578731 | &nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;793285 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1746 | &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;1746 |

---

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31,<br> 2022<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jan. 31,<br> 2023<br> Market<br> Value<br> ($000) |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;5342 | 5838 | 3442 | (81) | 1317 | 128 |  | &nbsp;&nbsp;&nbsp;8974 |
| Vanguard Market Liquidity Fund | 27141 | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 382 |  | 53316 |
| Total | 32483 | 5838 | 3442 | (79) | 1319 | 510 |  | 62290 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

- **a. Name of Series:** VANGUARD EMERGING MARKETS SELECT STOCK FUND

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

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

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

- **a. Date of fiscal year-end:** 2023-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $806820217.92

**Total Liabilities:** $10501283.37

**Net Assets:** $796318934.55

**Cash Not Reported:** $2750437.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101729 | 16.99%               | -1.92%               | 9.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2243308.42             | $104364017.13                              |
| Month 2  | $-2996928.02             | $-12135400.83                              |
| Month 3  | $1959424.97              | $62748085.30                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Power Grid Corp of India Ltd                          | POWER GRID CORP                | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |    388588 | NS      | $1031213.73   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AngloGold Ashanti Ltd                                 | ANGLOGOLD AS-ADR               | CUSIP: N/A<br>LEI: 378900EF3BA9A5F42A59       | Long             | EC               | CORP              | US        |    262413 | NS      | $5515921.26   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Brilliance China Automotive Holdings Ltd              | BRILLIANCE CHINA               | CUSIP: N/A<br>LEI: 5299005WPCSQN14NBM26       | Long             | EC               | CORP              | HK        |   3480000 | NS      | $2066986.37   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                                 | ASPEED TECH                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     11553 | NS      | $818165.54    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd             | SHENZHOU INTL GP               | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | HK        |    105500 | NS      | $1328626.76   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank Egypt SAE               | COMMER-GDR REG S               | CUSIP: N/A<br>LEI: 213800FIIXJAMEVRIH48       | Long             | EC               | CORP              | US        |         2 | NS      | $3.28         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                              | ANTA SPORTS PROD               | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |    189013 | NS      | $2867066.23   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Muyuan Foods Co Ltd                                   | MUYUAN FOODS C-A               | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |    240969 | NS      | $1784468.78   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                               | KOTAK MAHINDRA                 | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     89261 | NS      | $1895126.11   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Energy New Material Co Ltd                     | YUNNAN ENERGY-A                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     51300 | NS      | $1191268.61   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Piramal Pharma Ltd                                    | PIRAMAL PHARMA L               | CUSIP: N/A<br>LEI: 3358006D6AL7PZ4U9T51       | Long             | EC               | CORP              | IN        |    266168 | NS      | $340990.72    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                   | HANGZHOU TIGER-H               | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | HK        |     15716 | NS      | $206157.50    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                             | WUXI BIOLOGICS C               | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | HK        |     40500 | NS      | $338191.53    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Reliance Industries Ltd                               | RELIANCE INDS                  | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    594129 | NS      | $17139083.19  | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                           | NASPERS LTD-N                  | CUSIP: S53435103<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      4532 | NS      | $876212.36    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel PJSC                               | NORILSK NICKEL                 | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |      1247 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vale SA                                               | VALE SA-SP ADR                 | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | US        |    530610 | NS      | $9911794.80   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Transilvania SA                                 | BANCA TRANSILVAN               | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |    441537 | NS      | $1937343.63   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                     | BRADESCO SA-PREF               | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EP               | CORP              | BR        |   1129700 | NS      | $3120066.58   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Anker Innovations Technology Co Ltd                   | ANKER INNOVATI-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     80600 | NS      | $787597.26    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA                                  | KGHM                           | CUSIP: N/A<br>LEI: G30CO71KTT9JDYJESN22       | Long             | EC               | CORP              | PL        |     34440 | NS      | $1125951.04   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd                                 | ELITE MATERIAL                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    504000 | NS      | $3061152.19   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| China National Building Material Co Ltd               | CHINA NATL BDG-H               | CUSIP: N/A<br>LEI: 52990085PGF8YEPLBZ26       | Long             | EC               | CORP              | HK        |   1166093 | NS      | $1069956.64   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                      | BANGKOK BANK-F                 | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    215800 | NS      | $1040347.05   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Shipbuilding & Offshore Engineering Co Ltd      | KOREA SHIPBUILDI               | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               | CORP              | KR        |     11324 | NS      | $735468.05    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Lufax Holding Ltd                                     | LUFAX HOLDIN-ADR               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    245187 | NS      | $747820.35    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Venus MedTech Hangzhou Inc                            | VENUS MEDTECH -H               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     48977 | NS      | $95580.23     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Jinyu Bio-Technology Co Ltd                           | JINYU BIO-TECH-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     72700 | NS      | $115223.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                     | MELCO RESO-ADR                 | CUSIP: N/A<br>LEI: 529900NRV6LBR3T6B421       | Long             | EC               | CORP              | US        |     65497 | NS      | $894689.02    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd                                       | MINTH GROUP LTD                | CUSIP: G6145U109<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | HK        |    474000 | NS      | $1391191.32   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Remegen Co Ltd                                        | REMEGEN CO LTD-H               | CUSIP: N/A<br>LEI: 300300M9HCX4TFAD4I10       | Long             | EC               | CORP              | HK        |     37859 | NS      | $306131.99    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd                | CHINA TOURISM -H               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |      3400 | NS      | $104177.84    | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Copa Holdings SA                                      | COPA HOLDIN-CL A               | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | US        |     18416 | NS      | $1695745.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                                      | LENOVO GROUP                   | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | HK        |   3878000 | NS      | $3110423.91   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Charoen Pokphand Foods PCL                            | CHAROEN POK FO-F               | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |   5714700 | NS      | $4090733.57   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                            | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    294930 | NS      | $14690538.12  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC                            | VIET NAM DAIRY P               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |   1049100 | NS      | $3454023.04   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp                                            | NAVER CORP                     | CUSIP: N/A<br>LEI: 988400ULUQYDB2HQYJ61       | Long             | EC               | CORP              | KR        |      4531 | NS      | $752715.41    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                            | JD.COM INC-ADR                 | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | US        |      8281 | NS      | $492967.93    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                                           | LG CHEM LTD                    | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               | CORP              | KR        |      9226 | NS      | $5207184.39   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                       | CEMEX SAB-SP ADR               | CUSIP: N/A<br>LEI: 549300RIG2CXWN6IV731       | Long             | EC               | CORP              | US        |    308447 | NS      | $1647106.98   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yue Yuen Industrial Holdings Ltd                      | YUE YUEN IND                   | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   2572000 | NS      | $4219305.46   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| StoneCo Ltd                                           | STONECO LTD-A                  | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | US        |     18159 | NS      | $202654.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                                         | ALLEGRO.EU SA                  | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | PL        |    147294 | NS      | $1025247.20   | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WONIK IPS Co Ltd                                      | WONIK IPS CO LTD               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2230 | NS      | $56361.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd                               | HAIER SMART H-H                | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | HK        |    608000 | NS      | $2242377.88   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang HangKe Technology Inc Co                     | ZHEJIANG HANGK-A               | CUSIP: N/A<br>LEI: 836800XJKWOSWC94V489       | Long             | EC               | CORP              | CN        |     48134 | NS      | $360842.86    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Bank Co Ltd                                   | PING AN BANK-A                 | CUSIP: N/A<br>LEI: 549300W9MKNIVWXFM679       | Long             | EC               | CORP              | CN        |    768940 | NS      | $1713947.96   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Beer Holdings Co Ltd                  | CHINA RESOURCES                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    223800 | NS      | $1684829.56   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de CV                     | VESTA SAB DE CV                | CUSIP: N/A<br>LEI: 4469000001BIRIFZJ959       | Long             | EC               | CORP              | MX        |     96200 | NS      | $262793.23    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                                            | AKBANK                         | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   1691388 | NS      | $1532532.10   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Dongfeng Motor Group Co Ltd                           | DONGFENG MOTOR-H               | CUSIP: N/A<br>LEI: 3003002JNYOYPX54GE50       | Long             | EC               | CORP              | HK        |    654000 | NS      | $389925.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                    | TRIP.COM GROUP L               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |     31328 | NS      | $1152414.63   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| China Longyuan Power Group Corp Ltd                   | CHINA LONGYUAN-H               | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               | CORP              | HK        |   2191350 | NS      | $3025029.96   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc                                    | E INK HOLDINGS                 | CUSIP: N/A<br>LEI: 529900UOR451FJJYL571       | Long             | EC               | CORP              | TW        |    222000 | NS      | $1288216.51   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sibanye Stillwater Ltd                                | SIBANYE STILLWAT               | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               | CORP              | ZA        |    194072 | NS      | $512981.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd             | ICBC-H                         | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | HK        |   2051369 | NS      | $1097315.96   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yangtze Power Co Ltd                            | CHINA YANGTZE-A                | CUSIP: N/A<br>LEI: 3003008VX8JFJXA6QP74       | Long             | EC               | CORP              | CN        |    218700 | NS      | $673595.97    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TIM SA/Brazil                                         | TIM SA                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    480600 | NS      | $1116221.26   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                                          | NOVATEK PJSC-GDR               | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | GB        |      6724 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd             | TSMC                           | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2837987 | NS      | $50081381.05  | 6.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Poly Developments and Holdings Group Co Ltd           | POLY DEVELOPME-A               | CUSIP: N/A<br>LEI: 300300W9OF1ZRGUDVU96       | Long             | EC               | CORP              | CN        |     52100 | NS      | $121403.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                            | FIRST QUANTUM                  | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    157475 | NS      | $3653566.76   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Investimentos S/A             | HAPVIDA PARTICIP               | CUSIP: P5R526106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    403162 | NS      | $409015.29    | 0.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Ambev SA                                              | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   2350966 | NS      | $6326299.78   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amoy Diagnostics Co Ltd                               | AMOY DIAGNOSTI-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3380 | NS      | $14429.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                           | B3 SA                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   1086700 | NS      | $2774389.22   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                          | MEDIATEK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    246122 | NS      | $5946546.61   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Centamin PLC                                          | CENTAMIN PLC                   | CUSIP: N/A<br>LEI: 213800PDI9G7OUKLPV84       | Long             | EC               | CORP              | GB        |    290798 | NS      | $398645.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Afya Ltd                                              | AFYA LTD-CLASS A               | CUSIP: G01125106<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | US        |     41960 | NS      | $641148.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Baoxin Auto Group Ltd                           | GRAND BAOXIN AUT               | CUSIP: N/A<br>LEI: 213800DE8N666AU4ED10       | Long             | EC               | CORP              | HK        |   5295500 | NS      | $301861.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Wall Motor Co Ltd                               | GREAT WALL MOT-H               | CUSIP: N/A<br>LEI: 254900CR8AHWTMFZHH60       | Long             | EC               | CORP              | HK        |    502000 | NS      | $708799.94    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production PCL                      | PTT EXPL & PRO-F               | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |   1046400 | NS      | $5462286.48   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Aneka Tambang Tbk                                     | ANEKA TAMBANG TB               | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               | CORP              | ID        |   3041700 | NS      | $471308.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                                       | KE HOLDINGS -ADR               | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | US        |    118856 | NS      | $2179819.04   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund     | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |     18819 | NS      | $1881674.81   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                         | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    170050 | NS      | $1922865.54   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                             | ZIJIN MINING-H                 | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | HK        |   3380446 | NS      | $5591433.53   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co Ltd                            | SANY HEAVY IND-A               | CUSIP: N/A<br>LEI: 3003001FS86S7NYOHV89       | Long             | EC               | CORP              | CN        |    169100 | NS      | $439904.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                        | ICICI BANK LTD                 | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     55389 | NS      | $566694.42    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co                                  | SAUDI ARABIAN OI               | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    327046 | NS      | $2885361.55   | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Microelectronics Corp                          | UMC                            | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |   1429926 | NS      | $2339995.68   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrais Eletricas Brasileiras SA                     | ELETROBRAS                     | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               | CORP              | BR        |    372418 | NS      | $2982249.22   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Airtac International Group                            | AIRTAC INTERNATI               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     31783 | NS      | $1086952.59   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Country Garden Services Holdings Co Ltd               | COUNTRY GARDEN S               | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               | CORP              | HK        |     95940 | NS      | $259370.24    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yandex NV                                             | YANDEX NV-A                    | CUSIP: N97284108<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | US        |     11746 | NS      | $0.12         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FirstRand Ltd                                         | FIRSTRAND LTD                  | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |    315005 | NS      | $1170432.09   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Fosun Pharmaceutical Group Co Ltd            | FOSUN PHARMA-H                 | CUSIP: N/A<br>LEI: 300300DMUYLW3FP1OT73       | Long             | EC               | CORP              | HK        |    108000 | NS      | $348238.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Properties Ltd                                  | KERRY PPT                      | CUSIP: N/A<br>LEI: 5299006T5ULIIRZ7LK49       | Long             | EC               | CORP              | HK        |     70500 | NS      | $178746.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                | GRUPO MEXICO-B                 | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    111763 | NS      | $497014.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orient Overseas International Ltd                     | ORIENT OVERSEAS                | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |    102814 | NS      | $1709061.71   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd                                   | DB INSURANCE CO                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     61070 | NS      | $3254501.20   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| China Vanke Co Ltd                                    | CHINA VANKE-H                  | CUSIP: N/A<br>LEI: 529900E66UJ2DWY7KW55       | Long             | EC               | CORP              | HK        |    156700 | NS      | $316769.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                             | BAIDU INC-A                    | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |    283150 | NS      | $4759763.08   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| BeiGene Ltd                                           | BEIGENE LTD                    | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | HK        |     66950 | NS      | $1315936.99   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| New Oriental Education & Technology Group Inc         | NEW ORIENTAL-ADR               | CUSIP: N/A<br>LEI: 529900NHZVBZQZ8EKN29       | Long             | EC               | CORP              | US        |      9351 | NS      | $398726.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                              | BANK CENTRAL ASI               | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   2726555 | NS      | $1547344.84   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd                          | GANFENG LITHIU-H               | CUSIP: N/A<br>LEI: 3003006BE6UOHWEOOR42       | Long             | EC               | CORP              | HK        |    445317 | NS      | $4067161.44   | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Integrated Services Co Ltd                     | UNITED INTEGRATE               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    328000 | NS      | $2264427.26   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sasol Ltd                                             | SASOL LTD                      | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |    340353 | NS      | $6183136.28   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd                        | COUNTRY GARDEN                 | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | EC               | CORP              | HK        |    182000 | NS      | $68292.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nine Dragons Paper Holdings Ltd                       | NINE DRAGONS PAP               | CUSIP: N/A<br>LEI: 529900TBMYEYJ2LEV906       | Long             | EC               | CORP              | HK        |   2346888 | NS      | $2103880.34   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtep International Holdings Ltd                       | XTEP INTL                      | CUSIP: N/A<br>LEI: 529900ZZZZBTOKZQI549       | Long             | EC               | CORP              | HK        |   1125391 | NS      | $1500551.38   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                         | CREDICORP LTD                  | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | US        |     46271 | NS      | $6214195.30   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                        | ABU DHABI COMMER               | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |   1508969 | NS      | $3460755.14   | 0.43%             |  |  |  | No            |                  3 | On Loan: No      |
| Baidu Inc                                             | BAIDU INC-SP ADR               | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | US        |     16794 | NS      | $2261815.92   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDI Co Ltd                                    | SAMSUNG SDI CO                 | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               | CORP              | KR        |      6448 | NS      | $3613473.27   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnit PJSC                                           | MAGNIT PJSC-SPON               | CUSIP: N/A<br>LEI: 2534009KKPTVL99W2Y12       | Long             | EC               | CORP              | GB        |         2 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BR Properties SA                                      | BR PROPERTIES SA               | CUSIP: N/A<br>LEI: 5299006YP26ETK0IV586       | Long             | EC               | CORP              | BR        |     62300 | NS      | $74495.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Longfor Group Holdings Ltd                            | LONGFOR GROUP HO               | CUSIP: G5635P109<br>LEI: 254900UJX27B2F1JYR13 | Long             | EC               | CORP              | HK        |     56500 | NS      | $186682.32    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd       | SHENZHEN MINDR-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      8100 | NS      | $400465.74    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                      | BANGKOK BAN-NVDR               | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    469100 | NS      | $2261477.30   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                      | RAIADROGASIL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     94970 | NS      | $464532.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                          | CCB-H                          | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | HK        |   8367539 | NS      | $5416231.81   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Asymchem Laboratories Tianjin Co Ltd                  | ASYMCHEM LABOR-A               | CUSIP: N/A<br>LEI: 8368002CY8G4Q85YRQ60       | Long             | EC               | CORP              | CN        |      5160 | NS      | $122607.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd       | SHENZHEN MINDR-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      2300 | NS      | $113712.49    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                           | NETEASE INC-ADR                | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | US        |      1127 | NS      | $99863.47     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yatsen Holding Ltd                                    | YATSEN HOLD-ADR                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    327985 | NS      | $531335.70    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi British Bank/The                                | SAUDI BRITISH BK               | CUSIP: N/A<br>LEI: 558600TQS0WENZUC5190       | Long             | EC               | CORP              | SA        |    209517 | NS      | $2030086.64   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Ternium SA                                            | TERNIUM SA-ADR                 | CUSIP: N/A<br>LEI: 529900QG4KU23TEI2E46       | Long             | EC               | CORP              | US        |     24907 | NS      | $1004997.45   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais                        | CEMIG-PREF                     | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   2605565 | NS      | $5882192.72   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc                              | HANA FINANCIAL G               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     59206 | NS      | $2352090.79   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS                                     | KOMERCNI BANKA                 | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |     36973 | NS      | $1247891.22   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Dabur India Ltd                                       | DABUR INDIA LTD                | CUSIP: N/A<br>LEI: 335800MJPUA2E1FSFL38       | Long             | EC               | CORP              | IN        |     41521 | NS      | $283506.14    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Microport Scientific Corp                             | MICROPORT SCIENT               | CUSIP: N/A<br>LEI: 5299009MK4VZID944A20       | Long             | EC               | CORP              | HK        |     57246 | NS      | $179627.90    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Ltd                                         | DISCOVERY LTD                  | CUSIP: S2192Y109<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |    126383 | NS      | $1005268.37   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Pattana PCL                                   | CENTRAL PATTAN-F               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |     95670 | NS      | $207346.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd                          | YIFENG PHARMA-A                | CUSIP: N/A<br>LEI: 300300CZZIF44N1EZO06       | Long             | EC               | CORP              | CN        |     27170 | NS      | $228690.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Baoshan Iron & Steel Co Ltd                           | BAOSHAN IRON &-A               | CUSIP: N/A<br>LEI: 300300PYAP4PEHORZT21       | Long             | EC               | CORP              | CN        |    854600 | NS      | $783354.26    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Services and Holdings SA                        | ALPHA SERVICES A               | CUSIP: N/A<br>LEI: 5299009N55YRQC69CN08       | Long             | EC               | CORP              | GR        |   2933294 | NS      | $3996569.87   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                            | JD.COM INC-CL A                | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |    167920 | NS      | $4986111.65   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Basin Shipping Ltd                            | PACIFIC BASIN                  | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |  18738846 | NS      | $6612740.80   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Riyue Heavy Industry Co Ltd                           | RIYUE HEAVY IN-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    431354 | NS      | $1537423.94   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                    | BANGKOK DUSIT-F                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    473600 | NS      | $428208.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Patria Investments Ltd                                | PATRIA INVESTM-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     54812 | NS      | $845749.16    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                             | HIKMA PHARMACEUT               | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     16094 | NS      | $340454.17    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| H World Group Ltd                                     | H WORLD GROU-ADR               | CUSIP: N/A<br>LEI: 549300Y5ML31FVN83730       | Long             | EC               | CORP              | US        |      6293 | NS      | $298791.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| China Overseas Land & Investment Ltd                  | CHINA OVERSEAS                 | CUSIP: Y15004107<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |   2178190 | NS      | $5881704.13   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd                | CHINA TOURISM -H Temp Line     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     94746 | NS      | $2607791.17   | 0.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd                  | CHINA PACIFIC-H                | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | HK        |    339522 | NS      | $933504.35    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurobindo Pharma Ltd                                  | AUROBINDO PHARMA               | CUSIP: N/A<br>LEI: 335800G4T2A353RDGM23       | Long             | EC               | CORP              | IN        |    524778 | NS      | $2623797.17   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Qualitas Controladora SAB de CV                       | QUALITAS CONTROL               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    158044 | NS      | $871694.85    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                                             | SCB X PCL-NVDR                 | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1316300 | NS      | $4169226.89   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd                         | CSPC PHARMACEUTI               | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               | CORP              | HK        |    381199 | NS      | $434644.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagseguro Digital Ltd                                 | PAGSEGURO DIGI-A               | CUSIP: G68707101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85754 | NS      | $865257.86    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd                               | MAHINDRA & MAHIN               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     84111 | NS      | $1421776.01   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                    | MIDEA GROUP CO-A               | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    424086 | NS      | $3480302.74   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd                               | TSINGTAO BREW-H                | CUSIP: N/A<br>LEI: 300300OJ7D0Q1ESE8L15       | Long             | EC               | CORP              | HK        |     36000 | NS      | $347574.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                             | ALIBABA GROUP HO               | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1870105 | NS      | $25711454.66  | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd          | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |    246318 | NS      | $409474.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                                         | NEOENERGIA                     | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |    763100 | NS      | $2263909.93   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                | PETROBRAS SA-ADR               | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |    939550 | NS      | $10898780.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                       | SANDS CHINA LTD                | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | HK        |    904652 | NS      | $3392523.28   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                             | ALIBABA GRP-ADR                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |     11001 | NS      | $1212310.20   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc                                   | PAREX RESOURCES                | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    116903 | NS      | $1990043.93   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnit PJSC                                           | MAGNIT                         | CUSIP: N/A<br>LEI: 2534009KKPTVL99W2Y12       | Long             | EC               | CORP              | RU        |     12527 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LUKOIL PJSC                                           | LUKOIL PJSC-ADR                | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | GB        |    102385 | NS      | $1.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC                        | MOSCOW EXCHANGE                | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               | CORP              | RU        |    536630 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Aluminum Corp of China Ltd                            | ALUMINUM CORP-H                | CUSIP: N/A<br>LEI: 529900TKZUWQLIQN6T48       | Long             | EC               | CORP              | HK        |   8603233 | NS      | $4597514.44   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                                      | HYUNDAI MOTOR                  | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |     23196 | NS      | $3162112.21   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoomlion Heavy Industry Science and Technology Co Ltd | ZOOMLION HEAVY-A               | CUSIP: N/A<br>LEI: 529900QZ3EMAU0QKFK85       | Long             | EC               | CORP              | CN        |    594200 | NS      | $512863.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd                                           | ZAI LAB LTD                    | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | HK        |    267400 | NS      | $1118482.48   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                   | LARSEN & TOUBRO                | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    200291 | NS      | $5214055.97   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                | STANDARD CHARTER               | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    733376 | NS      | $6160075.77   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| XPeng Inc                                             | XPENG INC-A SHRS               | CUSIP: N/A<br>LEI: 549300TZNMIREMWQU857       | Long             | EC               | CORP              | HK        |    269252 | NS      | $1417075.77   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd                                  | WEICHAI POWER-H                | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | HK        |   1362349 | NS      | $2057266.79   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Tianhe Chemicals Group Ltd                            | TIANHE CHEMICALS               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   4142000 | NS      | $5.28         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lite-On Technology Corp                               | LITE-ON TECH                   | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   1878000 | NS      | $4173101.02   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| POSCO Holdings Inc                                    | POSCO HOLDINGS I               | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        |     18626 | NS      | $4576909.43   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| State Bank of India                                   | STATE BANK IND                 | CUSIP: N/A<br>LEI: 5493001JZ37UBBZF6L49       | Long             | EC               | CORP              | IN        |    377274 | NS      | $2562080.75   | 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        |  53792763 | NS      | $53787383.80  | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Thungela Resources Ltd                                | THUNGELA RESOURC               | CUSIP: N/A<br>LEI: 213800EGYK3BN3SRIF27       | Long             | EC               | CORP              | GB        |     51656 | NS      | $670829.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmony Gold Mining Co Ltd                            | HARMONY GOLD MNG               | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |    113051 | NS      | $402617.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Glodon Co Ltd                                         | GLODON CO LTD-A                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     95300 | NS      | $924454.23    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |     60573 | NS      | $4201682.02   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                     | BHARTI AIRTEL-PP               | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     31391 | NS      | $149781.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                  | FREEPORT-MCMORAN               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    124296 | NS      | $5546087.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization SA           | HELLENIC TELECOM               | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |     75716 | NS      | $1193606.14   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Vnet Group Inc                                        | VNET GROUP-ADR                 | CUSIP: N/A<br>LEI: 529900672GYJQ3T38I58       | Long             | EC               | CORP              | US        |     27668 | NS      | $162687.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd                                    | VTECH HLDGS LTD                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    251900 | NS      | $1665260.57   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                              | ITAU UNIBAN-PREF               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |    698900 | NS      | $3487409.53   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Network International Holdings PLC                    | NETWORK INTERNAT               | CUSIP: N/A<br>LEI: 213800XVRNKWENNLKK60       | Long             | EC               | CORP              | GB        |    361881 | NS      | $1175008.49   | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Magazine Luiza SA                                     | MAGAZINE LUIZA S               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    624420 | NS      | $544920.63    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                                      | GDS HLDGS - ADR                | CUSIP: N/A<br>LEI: 391200MGV8DDCHTN2R77       | Long             | EC               | CORP              | US        |      5266 | NS      | $122961.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                           | CM BANK-H                      | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | HK        |   1353289 | NS      | $8777606.27   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                      | KASIKORNBAN-NVDR               | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |    502279 | NS      | $2215272.10   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Tech Mahindra Ltd                                     | TECH MAHINDRA LT               | CUSIP: N/A<br>LEI: 3358005FZUZ1I25XQH69       | Long             | EC               | CORP              | IN        |    199796 | NS      | $2494756.81   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                               | UPL LTD                        | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |     81011 | NS      | $751376.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                     | BHARTI AIRTEL                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    383635 | NS      | $3614884.39   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| WuXi AppTec Co Ltd                                    | WUAPPTEC CO LT-H               | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | HK        |    282352 | NS      | $3668892.11   | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Daqo New Energy Corp                                  | DAQO NEW ENE-ADR               | CUSIP: N/A<br>LEI: 529900711JBZ5O7VA827       | Long             | EC               | CORP              | US        |     21017 | NS      | $956483.67    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Asymchem Laboratories Tianjin Co Ltd                  | ASYMCHEM LABOR-H               | CUSIP: N/A<br>LEI: 8368002CY8G4Q85YRQ60       | Long             | EC               | CORP              | HK        |     11491 | NS      | $183690.81    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Localiza Rent a Car SA                                | LOCALIZA                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     89527 | NS      | $1044243.58   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd                                    | WUXI APPTEC CO-A               | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |     30300 | NS      | $420879.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity Group Holdings PLC/Kenya                       | EQUITY GROUP HOL               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KE        |   2773114 | NS      | $981390.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Holdings Ltd/The                                | WHARF HLDG                     | CUSIP: Y8800U127<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |     50500 | NS      | $131559.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Suofeiya Home Collection Co Ltd                       | SUOFEIYA HOME-A                | CUSIP: N/A<br>LEI: 3003001LPW6QB75C7439       | Long             | EC               | CORP              | CN        |    354790 | NS      | $1103691.18   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Steel Ltd                                        | TATA STEEL LTD                 | CUSIP: N/A<br>LEI: 335800E6C75YGSGD5T66       | Long             | EC               | CORP              | IN        |    241346 | NS      | $355440.21    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Aluminum Corp of China Ltd                            | ALUMINUM CORP-A                | CUSIP: N/A<br>LEI: 529900TKZUWQLIQN6T48       | Long             | EC               | CORP              | CN        |    206494 | NS      | $162572.18    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinoma Science & Technology Co Ltd                    | SINOMA SCIENCE-A               | CUSIP: N/A<br>LEI: 300300XZFDR8F1T64T13       | Long             | EC               | CORP              | CN        |    476600 | NS      | $1757644.40   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Zomato Ltd                                            | ZOMATO LTD                     | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |    843765 | NS      | $517032.92    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                | PETROBRAS                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    206273 | NS      | $1197092.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC Financial Co Ltd                                  | CSC FINANCIAL-H                | CUSIP: N/A<br>LEI: 3003006CDEBNKXHOI130       | Long             | EC               | CORP              | HK        |   1053157 | NS      | $1092037.37   | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                             | SBI LIFE INSURAN               | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |     75088 | NS      | $1120958.19   | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OTP Bank Nyrt                                         | OTP BANK PLC                   | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    239520 | NS      | $7217094.88   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                       | APOLLO HOSPITALS               | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      7870 | NS      | $410695.11    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                              | WILMAR INTERNATI               | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   1612000 | NS      | $5011745.79   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Semen Indonesia Persero Tbk PT                        | SEMEN INDONESIA                | CUSIP: N/A<br>LEI: 2549006ADJYJS2SD8T24       | Long             | EC               | CORP              | ID        |   4350200 | NS      | $2154945.35   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Ayala Land Inc                                        | AYALA LAND INC                 | CUSIP: Y0488F100<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |    402300 | NS      | $216985.48    | 0.03%             |  |  |  | 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        |    748635 | NS      | $6209569.62   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                                    | MIDEA GROUP CO-A               | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |    198594 | NS      | $1629780.85   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd                            | HDFC LIFE INSURA               | CUSIP: Y3R1AP109<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |    320806 | NS      | $2273451.66   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CITIC Securities Co Ltd                               | CITIC SEC-H                    | CUSIP: N/A<br>LEI: 300300E1006744000068       | Long             | EC               | CORP              | HK        |    887054 | NS      | $2029415.04   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd                          | YIFENG PHARMA-A                | CUSIP: N/A<br>LEI: 300300CZZIF44N1EZO06       | Long             | EC               | CORP              | CN        |      4300 | NS      | $36193.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd                             | CONCH CEMENT-H                 | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | HK        |   1180655 | NS      | $4482266.67   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                          | IMPALA PLATINUM                | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |    188268 | NS      | $2183124.77   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ningbo Co Ltd                                 | BANK OF NINGBO-A               | CUSIP: N/A<br>LEI: 300300C1092133000091       | Long             | EC               | CORP              | CN        |    278100 | NS      | $1354941.95   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Air China Ltd                                         | AIR CHINA LTD-H                | CUSIP: N/A<br>LEI: 213800I9TWC9K22N4502       | Long             | EC               | CORP              | HK        |   1521596 | NS      | $1357846.22   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |     30300 | NS      | $2101777.45   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co Ltd           | KINGDEE INTL SFT               | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | HK        |    291575 | NS      | $636365.71    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                        | GALAXY ENTERTAIN               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   1469572 | NS      | $10230131.29  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                               | SEA LTD-ADR                    | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |     21809 | NS      | $1405590.05   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc                                       | BEKE-W-CL A                    | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | HK        |    161670 | NS      | $987614.97    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                              | ITAU UNIBANC-ADR               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | US        |    583047 | NS      | $2903574.06   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                   | MSCI EmgMkt       Mar23        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       751 | NC      | $1746157.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresnillo PLC                                         | FRESNILLO PLC                  | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |    197701 | NS      | $2008219.85   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                  | BANK RAKYAT INDO               | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  35055469 | NS      | $10750388.45  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Ozon Holdings PLC                                     | OZON HOLDINGS-AD               | CUSIP: N/A<br>LEI: 213800GXSI7E5V776B13       | Long             | EC               | CORP              | US        |     37493 | NS      | $0.37         | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| Piramal Enterprises Ltd                               | PIRAMAL ENTERPRI               | CUSIP: N/A<br>LEI: 335800XG9I3HZ2F1KQ73       | Long             | EC               | CORP              | IN        |     66542 | NS      | $701084.29    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                  | TENCENT                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    559229 | NS      | $27250624.91  | 3.42%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                      | MERCADOLIBRE INC               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      5584 | NS      | $6598556.96   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets ETF                    | VANGUARD FTSE EM               | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             | EC               | RF                | US        |    212509 | NS      | $8974255.07   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics Inc                                | COMPAL ELEC                    | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   6334000 | NS      | $4781439.66   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd               | PING AN-H                      | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |   1299027 | NS      | $10090454.36  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                       | GOLD FIELDS LTD                | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |     44939 | NS      | $512210.03    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile TeleSystems PJSC                               | MOBILE TELES PJS               | CUSIP: N/A<br>LEI: 2534008FX8EXH1FMJA74       | Long             | EC               | CORP              | US        |     93946 | NS      | $0.94         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Doosan Bobcat Inc                                     | DOOSAN BOBCAT IN               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     34525 | NS      | $979757.91    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Valeura Energy Inc                                    | VALEURA ENERGY I               | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | CA        |    264800 | NS      | $533361.39    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                   | HANGZHOU TIGER-A               | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | CN        |     32800 | NS      | $567017.55    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Entertainment Corp                          | UNIVERSAL ENTERT               | CUSIP: J94303104<br>LEI: 353800BBJTHSMSQ31V91 | Long             | EC               | CORP              | JP        |     44900 | NS      | $853552.55    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                    | LUNDIN MINING CO               | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    362492 | NS      | $2743447.78   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amoy Diagnostics Co Ltd                               | AMOY DIAGNOSTI-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     37094 | NS      | $158359.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Electronics Ltd                                | BHARAT ELECTRON                | CUSIP: N/A<br>LEI: 335800HS8AOTM9W1F335       | Long             | EC               | CORP              | IN        |    280379 | NS      | $326232.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankook Tire & Technology Co Ltd                      | HANKOOK TIRE & T               | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    136687 | NS      | $3607144.10   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                           | COUPANG INC                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    128048 | NS      | $2162730.72   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                     | TENCENT MUSI-ADR               | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |    132550 | NS      | $1112094.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Shriram Finance Ltd                                   | SHRIRAM FINANCE                | CUSIP: N/A<br>LEI: 335800TM2YO24B76XL26       | Long             | EC               | CORP              | IN        |    317842 | NS      | $5014166.50   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Nanya Technology Corp                                 | NANYA TECH                     | CUSIP: N/A<br>LEI: 254900STKVKJBRRO0835       | Long             | EC               | CORP              | TW        |    770000 | NS      | $1495666.93   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                      | KASIKORNBANK-FOR               | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |    698907 | NS      | $3082488.38   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                     | HON HAI                        | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   2541685 | NS      | $8475844.37   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                 | EMAAR PROP PJSC                | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |    124794 | NS      | $189626.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                         | GEELY AUTOMOBILE               | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |   2260170 | NS      | $3666674.18   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                                             | RAIZEN SA - PN                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | BR        |   3889635 | NS      | $2520910.74   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                        | SHINHAN FINANCIA               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     53870 | NS      | $1821581.76   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Suofeiya Home Collection Co Ltd                       | SUOFEIYA HOME-A                | CUSIP: N/A<br>LEI: 3003001LPW6QB75C7439       | Long             | EC               | CORP              | CN        |    197245 | NS      | $613595.55    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Azul SA                                               | AZUL SA-ADR                    | CUSIP: N/A<br>LEI: 549300Z0MWZ57Q9RR205       | Long             | EC               | CORP              | US        |    179405 | NS      | $1266599.30   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| NetEase Inc                                           | NETEASE INC                    | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | HK        |     67901 | NS      | $1204707.58   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd                | WUXI LEAD INTE-A               | CUSIP: N/A<br>LEI: 836800J7WO9E2EF72B65       | Long             | EC               | CORP              | CN        |    208687 | NS      | $1434709.60   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                                          | GAZPROM                        | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |    926846 | NS      | $0.13         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ASML Holding NV                                       | ASML HOLDING NV                | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       731 | NS      | $483664.47    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Pharmaron Beijing Co Ltd                              | PHARMARON BEIJ-H               | CUSIP: N/A<br>LEI: 300300JYXHGVS5SNGG54       | Long             | EC               | CORP              | HK        |    277984 | NS      | $2037600.76   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Meituan                                               | MEITUAN-B                      | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |    358727 | NS      | $8019657.29   | 1.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd                                | PROYA COSMETIC-A               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     23782 | NS      | $581993.04    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                     | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |   1459457 | NS      | $4071885.03   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                    | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     29870 | NS      | $1288304.86   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                         | TATA CONSULTANCY               | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     84352 | NS      | $3481516.97   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Life Insurance PCL                               | THAI LIFE INSURA               | CUSIP: N/A<br>LEI: 549300KV400XOCIS7Q68       | Long             | EC               | CORP              | TH        |   1369511 | NS      | $560769.41    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                | KB FINANCIAL GRO               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |     26800 | NS      | $1221340.57   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding Ltd                    | HAIDILAO INTERNA               | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | HK        |    328000 | NS      | $894362.17    | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fortis Healthcare Ltd                                 | FORTIS HEALTHCAR               | CUSIP: N/A<br>LEI: 3358001Q5ZJC4M83WH02       | Long             | EC               | CORP              | IN        |     77009 | NS      | $265455.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                         | AL RAJHI BANK                  | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     70673 | NS      | $1551361.72   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| China Oilfield Services Ltd                           | CHINA OILFIELD-H               | CUSIP: N/A<br>LEI: 529900J4X53VL8QQW675       | Long             | EC               | CORP              | HK        |    466508 | NS      | $565423.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                               | SBERBANK-SP ADR                | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | GB        |    476234 | NS      | $4.77         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo       | SABESP                         | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |    223547 | NS      | $2451121.10   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                            | SAMSUNG ELE-PREF               | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |     71045 | NS      | $3188079.92   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                               | ENN ENERGY                     | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |    188841 | NS      | $2845215.81   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                        | ICICI BANK-ADR                 | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | US        |    188831 | NS      | $3933349.73   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                        | LI NING CO LTD                 | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | HK        |    229768 | NS      | $2271409.30   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Orbia Advance Corp SAB de CV                          | ORBIA ADVANCE CO               | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               | CORP              | MX        |     49100 | NS      | $98353.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                               | SBERBANK                       | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   1473153 | NS      | $0.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CP ALL PCL                                            | CP ALL PCL-F                   | CUSIP: N/A<br>LEI: 894500LSBZLM09TY1A91       | Long             | EC               | CORP              | TH        |   1240294 | NS      | $2505342.71   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Group Ltd                               | CHINA RAILWAY-A                | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               | CORP              | CN        |    686900 | NS      | $580820.89    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                                   | KUAISHOU TECHNOL               | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | HK        |     95900 | NS      | $843806.39    | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GF Securities Co Ltd                                  | GF SECURITIES-H                | CUSIP: N/A<br>LEI: 3003007E0Y3ZJ5HNA936       | Long             | EC               | CORP              | HK        |   1948400 | NS      | $3190639.40   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                                        | MAKEMYTRIP LTD                 | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |     20910 | NS      | $605971.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Corp Ltd                  | HOUSING DEV FIN                | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |    168003 | NS      | $5408426.00   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMC Enric Holdings Ltd                               | CIMC ENRIC HLDG                | CUSIP: N/A<br>LEI: 254900RKJGCDZN5ZOB09       | Long             | EC               | CORP              | HK        |   1372000 | NS      | $1539868.10   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                    | TRIP.COM GRO-ADR               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |    154175 | NS      | $5667473.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                              | FLEX LTD                       | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |     84985 | NS      | $1984399.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Yihai International Holding Ltd                       | YIHAI INTERNATIO               | CUSIP: N/A<br>LEI: 3003004D79NRTSL70K40       | Long             | EC               | CORP              | HK        |    123690 | NS      | $440146.21    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangzhou Tinci Materials Technology Co Ltd           | GUANGZHOU TINC-A               | CUSIP: N/A<br>LEI: 836800Y28XV3QK34CB65       | Long             | EC               | CORP              | CN        |    139600 | NS      | $1020574.11   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd                                  | ULTRATECH CEMENT               | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |     46519 | NS      | $4038098.81   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel PJSC                               | MMC NORILSK ADR                | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | GB        |    200203 | NS      | $2.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Axis Bank Ltd                                         | AXIS BANK LTD                  | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    288824 | NS      | $3086872.35   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd                | CHINA TOURISM-A                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    122749 | NS      | $3886687.52   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                        | CHROMA ATE                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    239000 | NS      | $1483164.45   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai International Airport Co Ltd                 | SHANG INTL AIR-A               | CUSIP: N/A<br>LEI: 3003000CIJ7O6AOQF345       | Long             | EC               | CORP              | CN        |    253157 | NS      | $2274303.45   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Bank Co Ltd                                   | PING AN BANK-A                 | CUSIP: N/A<br>LEI: 549300W9MKNIVWXFM679       | Long             | EC               | CORP              | CN        |    833329 | NS      | $1857469.43   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp                   | COGNIZANT TECH-A               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     51280 | NS      | $3422940.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                | PETROBR-SP P ADR               | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | US        |    183700 | NS      | $1895784.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                           | BANK MANDIRI                   | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   5224000 | NS      | $3480939.79   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                       | TELKOM INDONESIA               | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |   1181837 | NS      | $305425.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Polymetal International PLC                           | POLYMETAL                      | CUSIP: N/A<br>LEI: 213800JKJ5HJWYS4GR61       | Long             | EC               | CORP              | GB        |    121016 | NS      | $349457.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                           | MOL                            | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |     98902 | NS      | $739108.21    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                       | BDO UNIBANK INC                | CUSIP: N/A<br>LEI: 3FGIIBS1PEI1FYQBGN97       | Long             | EC               | CORP              | PH        |   1293704 | NS      | $2917867.05   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Wushang Group Co Ltd                                  | WUSHANG GROUP-A                | CUSIP: N/A<br>LEI: 3003001APGY4JJ1TAL65       | Long             | EC               | CORP              | CN        |    231300 | NS      | $376336.48    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                          | WALMART DE MEXIC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    521382 | NS      | $2042279.09   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                          | SK HYNIX INC                   | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     79480 | NS      | $5749892.63   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer