Securities At Value WALDEN INTL EQUITY FD 31-Dec-19

Ticker Description Shares/Par Market Value SDR LN SCHRODERS PLC 6,790.0000 301,904.79 SN/ LN SMITH & NEPHEW 22,159.0000 535,203.71 BMO CN BANK OF MONTREAL 6,130.0000 475,141.10 BNS CN BANK OF NOVA SCO 8,900.0000 502,784.20 CNR CN CAN NATL RAILWAY 5,074.0000 459,059.44 GWO CN GREAT-WEST LIFEC 12,649.0000 324,018.59 MG CN MAGNA INTL 8,900.0000 488,046.83 MRU CN METRO INC 13,400.0000 553,069.93 RY CN ROYAL BANK OF CA 6,484.0000 513,116.91 TD CN TORONTO-DOM BANK 9,285.0000 520,815.27 MKS LN MARKS & SPENCER 141,600.0000 401,501.40 NXT LN NEXT PLC 4,590.0000 427,312.31 ITV LN ITV PLC 155,179.0000 311,423.22 OR FP L'OREAL 2,400.0000 712,676.70 FRE GR FRESENIUS SE & C 7,758.0000 437,871.82 FPE3 GR FUCHS PETRO-PREF 5,992.0000 298,085.44 PUB FP PUBLICIS GROUPE 9,053.0000 409,872.64 HNR1 GR HANNOVER RUECK S 2,400.0000 463,974.65 MRK GR MERCK KGAA 3,586.0000 424,318.63 JPMORGAN US GOVT MMKT 613,014.3000 613,014.30 SGSN SW SGS SA-REG 175.0000 479,153.11 SU FP SCHNEIDER ELECTR 6,500.0000 668,585.77 SAP GR SAP AG 6,310.0000 850,325.00 HEN GR HENKEL AG & CO K 4,900.0000 461,353.19 BEI GR BEIERSDORF AG 2,649.0000 316,947.69 ALV GR ALLIANZ SE-VINK 1,845.0000 452,375.32 MUV2 GR MUENCHENER RUE-R 1,600.0000 471,982.91 BB FP SOCIETE BIC SA 6,100.0000 424,768.94 DSY FP DASSAULT SYSTEME 2,927.0000 482,753.90 GAS SM GAS NATURAL SDG 18,400.0000 463,163.87 WKL NA WOLTERS KLUWER 6,754.0000 493,629.15 HMB SS HENNES & MAURI-B 19,766.0000 401,925.17 COLR BB COLRUYT SA 5,856.0000 305,644.09 VPK NA VOPAK 8,600.0000 466,845.69 GIVN SW GIVAUDAN-REG 181.0000 566,597.34 ZURN SW ZURICH INSURANCE GROUP AG 1,200.0000 492,269.88 101 HK HANG LUNG PROPER 155,400.0000 339,748.21 ANZ AU AUST AND NZ BANK 27,299.0000 472,843.38 WBC AU WESTPAC BANKING 24,925.0000 424,660.52 TLS AU TELSTRA CORP 186,700.0000 465,027.88 9783 JP BENESSE HD 12,560.0000 330,302.21 4704 JP INC/ 7,400.0000 378,733.91 9437 JP NTT DOCOMO INC 14,310.0000 399,953.17 4716 JP ORACLE CORP JPN 3,700.0000 336,430.95

Page 1 of 3 Ticker Description Shares/Par Market Value 7751 JP CANON INC 16,175.0000 441,169.79 9022 JP CENTRAL JAPAN RL 2,115.0000 425,073.22 CSL AU CSL LTD 4,058.0000 787,374.27 8331 JP LTD 70,900.0000 407,717.86 4519 JP CHUGAI PHARMA CO 5,300.0000 488,218.84 ORG AU ORIGIN ENERGY 76,481.0000 454,521.63 CBA AU COMMONW BK AUSTR 8,745.0000 491,529.57 1925 JP INDU 16,190.0000 501,660.07 66 HK MTR CORP 83,900.0000 497,369.80 9020 JP EAST JAPAN RAIL 4,200.0000 379,160.78 SGX SP SINGAPORE EXCH 67,500.0000 445,384.46 9983 JP FAST RETAILING 805.0000 477,219.99 4307 JP NOMURA RESEARCH 23,364.0000 502,763.48 8359 JP HACHIJUNI BANK 89,800.0000 391,101.58 11 HK HANG SENG BK 17,220.0000 356,369.72 14 HK HYSAN DEVELOPMENT CO 86,000.0000 338,397.31 4185 JP JSR CORP 17,200.0000 314,413.99 4452 JP KAO CORP 5,200.0000 428,944.69 6370 JP KURITA WATER INDUSTRIES 10,900.0000 322,983.96 8766 JP HD 7,000.0000 390,904.75 8316 JP SMFG 14,850.0000 546,736.54 8802 JP CO LTD 25,500.0000 487,556.13 CD SP COMFORTDELGRO CO 209,350.0000 370,902.04 6902 JP CORP 7,000.0000 315,808.48 9432 JP NIPPON TELEGRAPH 22,800.0000 577,599.53 6988 JP CORP 7,200.0000 404,012.13 NICE IT NICE SYSTEMS LTD 3,100.0000 480,748.29 4661 JP ORIENTAL LAND CO 3,765.0000 513,923.65 83 HK SINO LAND CO LTD 268,000.0000 390,499.94 6869 JP SYSMEX CORP 5,900.0000 401,086.51 4543 JP CORP 13,600.0000 480,548.38 7203 JP MOTOR 9,340.0000 657,718.17 WPL AU WOODSIDE PETROLEUM LTD 19,197.0000 464,150.97 4503 JP 27,300.0000 466,400.51 9064 JP YAMATO HOLDINGS 19,500.0000 333,517.59 DB1 GR DEUTSCHE BOERSE 3,056.0000 480,570.62 ABBN SW ABB LTD-REG 18,018.0000 435,060.40 ROG SW ROCHE HLDG-GENUS 3,698.0000 1,199,354.11 NESN SW NESTLE SA-REG 8,100.0000 877,707.39 EQNR NO EQUINOR ASA 23,542.0000 470,965.63 SOON SW SONOVA HLDG 1,830.0000 418,764.61 EL FP ESSILORLUXOTTICA 2,907.0000 444,028.59 SRG IM SNAM SPA 78,869.0000 415,530.38 ENG SM ENAGAS SA 13,235.0000 338,075.52 TEN IM TENARIS SA 32,476.0000 367,244.92 NK FP IMERYS SA 9,983.0000 423,024.74 TRN IM TERNA SPA 62,748.0000 419,809.22 ADM LN ADMIRAL GROUP 13,700.0000 419,491.26 IFC CN INTACT FINANCIAL CORP 4,300.0000 465,038.51 KNEBV F KONE OYJ-B 7,661.0000 500,805.40

Page 2 of 3 Ticker Description Shares/Par Market Value LSE LN LONDON STOCK EX 6,576.0000 679,145.62 1605 JP CORP 49,200.0000 513,298.19 ULVR LN UNILEVER PLC 9,200.0000 526,612.97 LR FP LEGRAND SA 6,214.0000 506,977.53 INVP LN INVESTEC PLC 60,916.0000 358,679.99 BCE CN BCE INC 11,100.0000 514,306.84 EXPN LN EXPERIAN PLC 14,071.0000 475,845.54 BXB AU BRAMBLES LTD 34,113.0000 281,118.87 SMIN LN SMITHS GRP PLC 18,900.0000 422,488.72 BN FP DANONE 8,300.0000 688,871.37 AI FP AIR LIQUIDE SA 5,290.0000 751,785.67 RB/ LN RECKITT BENCKISE 5,600.0000 454,684.29 REL LN RELX PLC 19,100.0000 481,765.65 NZYMB D NOVOZYMES-B SHS 9,400.0000 460,289.82 BOSS GR HUGO BOSS AG 6,200.0000 300,807.89 SGE LN SAGE GROUP 41,182.0000 409,138.60 WPP LN WPP PLC 22,392.0000 315,084.87 CFR SW CIE FINANCI-REG 5,400.0000 423,974.05 AD NA KONINKLIJKE AHOLD DELHZ 23,600.0000 591,409.68 CPG LN COMPASS GROUP PLC 25,000.0000 626,176.08 ATCOA S ATLAS COPCO AB A SHARES 10,300.0000 410,713.93 NG/ LN NATIONAL GRID PLC 47,157.0000 592,528.67 NOVOB D NOVO NORDISK A/S 9,858.0000 571,842.36 CRDA LN CRODA INTERNATIONAL PLC 5,575.0000 378,590.01 ITX SM INDITEX SA 15,243.0000 539,905.96 SHBA SS SVENSKA HANDELSBANKEN AB 44,986.0000 484,531.12 NDA SS NORDEA BANK ABP 47,200.0000 381,931.88 JMAT LN JOHNSON MATTHEY 11,400.0000 453,519.92 57,124,219.14

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