# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001145549-25-042283
**Filing Date:** 2025-6
**Character Count:** 86708
**Document Hash:** 78a154b983d17ceca26194d05749b6c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042283.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042283

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251077256

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6000

**MAIL ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Series and Classes Contracts Data

### Morningstar Global Opportunistic Equity Fund (Series ID: S000057734)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186145 | Institutional | MSTSX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morningstar Funds Trust

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

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

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

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

- **a. Name of Series:** Morningstar Global Opportunistic Equity Fund

- **b. EDGAR series identifier (if any):** S000057734

- **c. LEI of Series:** 254900IGJK36SVAQ2X21

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $297694924.00

**Total Liabilities:** $403262.35

**Net Assets:** $297291661.65

**Cash Not Reported:** $15015.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186145 | 0.93%                | -1.93%               | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $855581.20               | $1869788.06                                |
| Month 2  | $4356991.73              | $-10869289.92                              |
| Month 3  | $1976942.17              | $-1998468.82                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Legal & General Group PLC                  | Legal & General Group PLC ORD GBP0.025                      | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     10687 | NS      | $33654.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                          | HSBC Holdings PLC ORD USD0.50                               | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     29358 | NS      | $327264.64    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                               | Unilever PLC ORD GBP0.031111                                | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      4481 | NS      | $285304.78    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                               | Experian PLC ORD USD0.10                                    | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      1385 | NS      | $68905.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC               | British American Tobacco PLC ORD GBP0.25                    | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      4917 | NS      | $214176.36    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                           | Smiths Group PLC ORD GBP0.375                               | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      1296 | NS      | $32295.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                | Reckitt Benckiser Group PLC ORD GBP0.10                     | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      1957 | NS      | $126317.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                   | Relx PLC ORD GBP0.1444                                      | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      2930 | NS      | $159905.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| St James's Place PLC                       | St James's Place PLC ORD GBP0.15                            | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |      1650 | NS      | $20798.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sse PLC                                    | Sse PLC GBP0.50                                             | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |      2837 | NS      | $63963.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                   | Lloyds Banking Group PLC ORD GBP0.1                         | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |    108650 | NS      | $106746.27    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                            | AstraZeneca PLC ORD USD0.25                                 | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2715 | NS      | $388969.16    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                               | Glencore PLC ORD USD0.01                                    | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     23148 | NS      | $75896.19     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                          | Compass Group PLC ORD GBP0.1105                             | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |      2460 | NS      | $82938.47     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     22064 | NS      | $22064.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |      1029 | NS      | $1029.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                    | GSK plc ORD GBP0.3125                                       | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      8570 | NS      | $169537.65    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                 | Haleon PLC ORD GBP0.01                                      | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     10390 | NS      | $52281.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                          | NatWest Group PLC ORD GBP1.0769                             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |      9313 | NS      | $59903.88     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                          | National Grid PLC ORD GBP0.12431289                         | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      6209 | NS      | $89621.36     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                | Berkeley Group Holdings PLC ORD GBP0.05611047               | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |       548 | NS      | $30547.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ United SA                              | FDJ United SA EUR0.40                                       | CUSIP: F55896108<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |     55312 | NS      | $1971548.49   | 0.66%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Utilities Group PLC                 | United Utilities Group PLC ORD GBP0.05                      | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    235463 | NS      | $3540035.07   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                     | Truist Financial Corp. COM                                  | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     12255 | NS      | $469856.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                  | Goldman Sachs Group, Inc. COM USD0.01                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1426 | NS      | $780806.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                       | JPMorgan Chase & Co. COM USD1.00                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3270 | NS      | $799907.40    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                      | Bank of America Corp. COM USD0.01                           | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     21339 | NS      | $850999.32    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                              | U.S. Bancorp. COM USD0.01                                   | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     13282 | NS      | $535795.88    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.       | Sumitomo Mitsui Financial Group Inc. NPV                    | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     15300 | NS      | $365015.37    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfresa Holdings Corp.                     | Alfresa Holdings Corp. NPV                                  | CUSIP: J0109X107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5400 | NS      | $81519.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.          | PNC Financial Services Group Inc. COM USD5                  | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      2549 | NS      | $409598.81    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation             | The Charles Schwab Corporation COM USD0.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2055 | NS      | $167277.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabtesco Corp.                             | Nabtesco Corp. NPV                                          | CUSIP: J4707Q100<br>LEI: 529900DVHQXYRTGW7739 | Long             | EC               | CORP              | JP        |      3038 | NS      | $45597.53     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                               | Hitachi Ltd. NPV                                            | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     13400 | NS      | $331187.90    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp.                         | State Street Corp. COM STK USD1                             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      4123 | NS      | $363236.30    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank | Zions Bancorporation Natl Assn Global Bank COM USD0.001     | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      2866 | NS      | $128884.02    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation              | Regions Financial Corporation COM STK USD0.01               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     13844 | NS      | $282556.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                             | Citigroup Inc. COM USD0.01                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      7616 | NS      | $520782.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd.                        | Honda Motor Co Ltd. NPV                                     | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     33800 | NS      | $343906.31    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                              | Keyence Corp. NPV                                           | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       500 | NS      | $209045.82    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.          | The Bank of New York Mellon Corp. COM USD0.01               | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      4963 | NS      | $399074.83    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc               | Citizens Financial Group Inc COM USD0.01                    | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      8983 | NS      | $331382.87    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp.                   | Panasonic Holdings Corp. NPV                                | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     10500 | NS      | $120392.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.               | Murata Manufacturing Co Ltd. NPV                            | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     16500 | NS      | $235068.22    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp.                                | Nidec Corp. NPV                                             | CUSIP: J52968104<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |      6400 | NS      | $113736.54    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                              | Olympus Corp. NPV                                           | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     13900 | NS      | $182131.67    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ONO Pharmaceutical Co Ltd                  | ONO Pharmaceutical Co Ltd NPV                               | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |      3300 | NS      | $37986.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                           | Osaka Gas Co Ltd NPV                                        | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      3700 | NS      | $93824.85     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                  | SMC Corp. NPV                                               | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |       500 | NS      | $161820.45    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd.                 | Shin-Etsu Chemical Co Ltd. NPV                              | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     10300 | NS      | $313444.38    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TDK Corp.                                  | TDK Corp. NPV                                               | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     10000 | NS      | $106714.46    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                        | Tokyo Electron Ltd. NPV                                     | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      2000 | NS      | $297796.78    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                      | Toray Industries Inc. NPV                                   | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |     11800 | NS      | $75360.91     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                         | Toyota Motor Corp. NPV                                      | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |     35600 | NS      | $679939.33    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc.                       | Astellas Pharma Inc. NPV                                    | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |     11400 | NS      | $114161.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       500 | NS      | $500.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                       | Rentokil Initial PLC ORD GBP0.01                            | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |   1017791 | NS      | $4662795.95   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                           | Severn Trent PLC ORD GBP0.9789                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |     95216 | NS      | $3541773.92   | 1.19%             |  |  |  | No            |                  2 | On Loan: —       |
| SGS SA                                     | SGS SA CHF0.04 (REGD)                                       | CUSIP: H63838116<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |      7550 | NS      | $737342.24    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                 | Baxter International, Inc. COM USD1.00                      | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    110497 | NS      | $3444191.49   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                              | Block(H&R)Inc COM NPV                                       | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     73156 | NS      | $4416427.72   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.       | Cognizant Technology Solutions Corp. COM CL A USD0.01       | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     30277 | NS      | $2227478.89   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                          | Omnicom Group Inc COM USD0.15                               | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     64725 | NS      | $4929456.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                | Fiserv Inc. COM USD0.01                                     | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     12106 | NS      | $2234404.42   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                         | Henry Schein, Inc. COM USD0.01                              | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     48410 | NS      | $3145197.70   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Limited                               | Nice Limited ADR-EACH REPR 1 ORD ILS1                       | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     10622 | NS      | $1655491.81   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| The Scotts Miracle-Gro Company             | The Scotts Miracle-Gro Company CLASS'A'COM NPV              | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     22078 | NS      | $1112289.64   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                        | Dentsply Sirona Inc COM USD0.01                             | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    276098 | NS      | $3837762.20   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                  | Fresenius Medical Care AG NPV                               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     46713 | NS      | $2376551.01   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                | Snam S.p.A. NPV                                             | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |    699295 | NS      | $4013592.32   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNA - Rete Elettrica Nazionale S.p.A.    | TERNA - Rete Elettrica Nazionale S.p.A. ORD EUR0.22         | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |     79591 | NS      | $791437.84    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                               | Secom Co Ltd NPV                                            | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     88315 | NS      | $3247380.42   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                   | Visa Inc COM STK USD0.0001                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8545 | NS      | $2952297.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SA                                 | Edenred SA EUR2                                             | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     72877 | NS      | $2272812.48   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| International Game Technology PLC          | International Game Technology PLC USD0.00015625             | CUSIP: G4863A108<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | GB        |    293322 | NS      | $4810480.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                         | Cameco Corporation COM NPV                                  | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      4228 | NS      | $190851.91    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited         | Canadian Natural Resources Limited COM NPV                  | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     20108 | NS      | $577014.71    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                     | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     60127 | NS      | $678833.83    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                              | Chevron Corp. COM USD0.75                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3111 | NS      | $423282.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil Company Lukoil PJSC                    | Oil Company Lukoil PJSC RUB0.025(RUB)                       | CUSIP: X6983S100<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |      3271 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Repsol SA                                  | Repsol SA EUR1                                              | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     27388 | NS      | $334781.87    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                  | Neste Oyj NPV                                               | CUSIP: X5688A109<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |      7553 | NS      | $78349.77     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom Public Joint Stock Company         | Gazprom Public Joint Stock Company RUB5(RUB)                | CUSIP: X3123F106<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    100532 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rosneft Oil Company                        | Rosneft Oil Company RUB0.01(RUB)                            | CUSIP: X7394C106<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |     48304 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Galp Energia SGPS SA                       | Galp Energia SGPS SA EUR1                                   | CUSIP: X3078L108<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |      6650 | NS      | $103033.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                          | Exxon Mobil Corp. COM NPV                                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5776 | NS      | $610118.88    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.           | China Petroleum & Chemical Corp. CNY1'H'SHS                 | CUSIP: Y15010104<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | NUSS              | CN        |    428250 | NS      | $218609.39    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                | Inpex Corp. NPV                                             | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     10500 | NS      | $131349.74    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd.                                | Santos Ltd. NPV                                             | CUSIP: Q82869118<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |     71076 | NS      | $273242.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                  | Shell PLC ORD EUR0.07                                       | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     70011 | NS      | $2259377.08   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                    | Eni SpA NPV                                                 | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     30464 | NS      | $436291.33    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                | Equinor ASA NOK2.50                                         | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     12882 | NS      | $291592.23    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                 | Woodside Energy Group Ltd. NPV                              | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     32082 | NS      | $418193.29    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                     | BP PLC ORD USD0.25                                          | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    234975 | NS      | $1084971.85   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                         | Suncor Energy Inc. COM NPV 'NEW'                            | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     11870 | NS      | $419229.87    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |      3292 | NS      | $3292.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                          | PDD Holdings Inc. SPON ADS EACH REP 4 ORD SHS               | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      3447 | NS      | $363899.79    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group          | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     30623 | NS      | $410960.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                               | NetEase Inc. USD0.0001                                      | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     23000 | NS      | $494416.08    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                 | Alibaba Group Holding Ltd. USD0.000003125                   | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    103200 | NS      | $1540779.22   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       107 | NS      | $106.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                          | Imperial Oil Ltd. COM NPV                                   | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      1610 | NS      | $108598.51    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE EUR2.5                                     | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     27441 | NS      | $1562907.26   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                         | Cenovus Energy Inc COM NPV                                  | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     17446 | NS      | $205388.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                     | BP PLC ORD USD0.25                                          | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     40759 | NS      | $188200.31    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                       | Rentokil Initial PLC ORD GBP0.01                            | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |      7728 | NS      | $35404.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                            | BAE Systems PLC ORD GBP0.025                                | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |      4944 | NS      | $114614.96    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC ORD GBP0.10                                   | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2488 | NS      | $148258.47    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                | Informa PLC ORD GBP0.001                                    | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |      3132 | NS      | $30596.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                         | Vodafone Group PLC ORD USD0.2095238                         | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     62166 | NS      | $61090.53     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     48616 | NS      | $48615.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                  | Shell PLC ORD EUR0.07                                       | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     12359 | NS      | $398846.48    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     10580 | NS      | $10579.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | Comerica Incorporated COM USD5                              | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      2412 | NS      | $129645.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Morgan Stanley COM USD0.01                                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      6708 | NS      | $774237.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                        | Fifth Third Bancorp COM NPV                                 | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     11479 | NS      | $412555.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                       | M&T Bank Corporation COM USD0.50                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      2446 | NS      | $415232.96    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated         | Huntington Bancshares Incorporated COM USD0.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     30312 | NS      | $440433.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                    | KeyCorp COM USD1.00                                         | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     22757 | NS      | $337713.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                 | Northern Trust Corporation COM USD1.666                     | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      3805 | NS      | $357593.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                          | Wells Fargo & Co. COM USD1.666                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     13468 | NS      | $956362.68    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                | Capital One Financial Corp. COM USD0.01                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      2670 | NS      | $481294.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                              | SoftBank Corp NPV                                           | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |     59000 | NS      | $89281.49     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Meiji Holdings Co Ltd.                     | Meiji Holdings Co Ltd. NPV                                  | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      6600 | NS      | $162273.17    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc.                        | Sompo Holdings Inc. NPV                                     | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |      2100 | NS      | $68819.33     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc.                | Dai-ichi Life Holdings Inc. NPV                             | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |     20000 | NS      | $144408.95    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                   | Asahi Group Holdings Ltd NPV                                | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     12700 | NS      | $175543.17    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc.               | Chubu Electric Power Co Inc. NPV                            | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |      6500 | NS      | $84404.59     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                  | KDDI Corp NPV                                               | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     13800 | NS      | $244586.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                     | Daikin Industries Ltd. NPV                                  | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      1500 | NS      | $170884.94    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd.                           | Mitsui & Co Ltd. NPV                                        | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |     13100 | NS      | $264896.71    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                       | Softbank Group Corp. NPV                                    | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |      4700 | NS      | $237677.40    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Electric Co Ltd                    | Stanley Electric Co Ltd NPV                                 | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8400 | NS      | $157406.92    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.          | Sumitomo Electric Industries Ltd. NPV                       | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |      3700 | NS      | $59471.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Heavy Industries Ltd              | Sumitomo Heavy Industries Ltd NPV                           | CUSIP: J77497170<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |      2800 | NS      | $58301.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd.      | Sumitomo Realty & Development Co Ltd. NPV                   | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |      2100 | NS      | $78217.24     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.           | Sumitomo Mitsui Trust Group Inc. NPV                        | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |      7500 | NS      | $185540.47    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc.        | MS&AD Insurance Group Holdings Inc. NPV                     | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |      5900 | NS      | $134105.90    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd.                              | Nexon Co Ltd. NPV                                           | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |      3200 | NS      | $50206.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Schwab Strategic Trust                     | Schwab Strategic Trust FUNDAMENTAL EMERGING MKTS L          | CUSIP: 808524730<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |    492685 | NS      | $14829818.50  | 4.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4267562 | NS      | $4267561.81   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                | Ishares Inc MSCI SOUTH KOREA ETF                            | CUSIP: 464286772<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    181780 | NS      | $10214218.20  | 3.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Select Sector Spdr Trust                   | Select Sector Spdr Trust SBI MATERIALS NAV                  | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     50763 | NS      | $4258508.07   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                       | Vanguard Index Funds VANGUARD TOTAL STK MKT ETF             | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    234785 | NS      | $64054043.70  | 21.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Covington Trust                   | Fidelity Covington Trust MSCI INFO TECH I                   | CUSIP: 316092808<br>LEI: 549300JFYFTF85QAQR28 | Long             | EC               | RF                | US        |    116849 | NS      | $19094295.09  | 6.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Schwab Strategic Trust                     | Schwab Strategic Trust US REIT ETF                          | CUSIP: 808524847<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |    284131 | NS      | $5975274.93   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                              | iShares Trust GLB CNSM STP ETF                              | CUSIP: 464288737<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    220816 | NS      | $14598145.76  | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                        | Vanguard World Fund HEALTH CAR ETF                          | CUSIP: 92204A504<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |     33534 | NS      | $8581015.26   | 2.89%             |  |  |  | No            |                  1 | On Loan: —       |
| SPDR Series Trust                          | SPDR Series Trust SPDR PORTFOLIO S&P 600 SMAL               | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    242438 | NS      | $9479325.80   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                           | VanEck ETF Trust VANECK MORNINGSTAR WIDE MOAT ETF           | CUSIP: 92189F643<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     69511 | NS      | $5982811.77   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd.                   | Recruit Holdings Co Ltd. NPV                                | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      4500 | NS      | $249368.81    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                         | Eneos Holdings Inc NPV                                      | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |     12100 | NS      | $58252.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc.                                | JD.com Inc. USD0.00002 A CLASS                              | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     40850 | NS      | $665096.33    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                               | Ferrovial SE EUR0.01                                        | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |     69598 | NS      | $3395163.13   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                      | Tencent Holdings Ltd. HKD0.00002                            | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     26800 | NS      | $1641525.58   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     31439 | NS      | $31439.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     15300 | NS      | $15300.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3556217 | NS      | $3556216.55   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                | Verizon Communications Inc. COM USD0.10                     | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     16992 | NS      | $748667.52    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                     | Standard Chartered PLC ORD USD0.50                          | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |      4583 | NS      | $66010.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                         | Smith & Nephew PLC ORD USD0.20                              | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      2930 | NS      | $41232.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                          | Ashtead Group PLC ORD GBP0.10                               | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |       630 | NS      | $33725.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                  | Bunzl PLC ORD GBP0.32142857                                 | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      1180 | NS      | $37080.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC            | London Stock Exchange Group PLC ORD GBP0.06918604           | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       667 | NS      | $103859.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                 | Diageo PLC ORD GBP0.28 101/108                              | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      5586 | NS      | $156857.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                           | Severn Trent PLC ORD GBP0.9789                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1165 | NS      | $43334.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Anglo American PLC                         | Anglo American PLC ORD USD0.54945                           | CUSIP: G03764134<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      1873 | NS      | $51129.85     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                               | 3i Group PLC ORD GBP0.738636                                | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |       893 | NS      | $50625.10     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                             | Prudential PLC GBP0.05                                      | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |      8517 | NS      | $90559.38     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                  | Tesco PLC ORD GBP0.0633333                                  | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |     15527 | NS      | $76843.18     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     31580 | NS      | $31580.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                 | Entain PLC ORD EUR0.01                                      | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |      2131 | NS      | $18217.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                    | WPP PLC ORD GBP0.10                                         | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |      3737 | NS      | $28971.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Company                        | Walt Disney Company COM DISNEY USD0.01                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      6371 | NS      | $579442.45    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                       | Electronic Arts Inc. COM USD0.01                            | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       705 | NS      | $102288.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                               | BT Group PLC ORD GBP0.05                                    | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |     13201 | NS      | $30638.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Barclays PLC                               | Barclays PLC ORD GBP0.25                                    | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     17692 | NS      | $70478.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                       | Resona Holdings Inc. NPV                                    | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |      8300 | NS      | $66580.91     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc.                 | Tokio Marine Holdings Inc. NPV                              | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |      5700 | NS      | $228469.54    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                   | Japan Exchange Group Inc NPV                                | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      5600 | NS      | $62304.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd.                 | Seven & i Holdings Co Ltd. NPV                              | CUSIP: J7165H108<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     10100 | NS      | $148678.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                     | Daiichi Sankyo Co Ltd. NPV                                  | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     10000 | NS      | $255806.30    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp.                          | Bridgestone Corp. NPV                                       | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |      6500 | NS      | $271798.68    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                | Inpex Corp. NPV                                             | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     13600 | NS      | $170129.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Casio Computer Co Ltd                      | Casio Computer Co Ltd NPV                                   | CUSIP: J05250139<br>LEI: 353800JRMIABSXKHV344 | Long             | EC               | CORP              | JP        |      6300 | NS      | $49269.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.              | Chugai Pharmaceutical Co Ltd. NPV                           | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |      2600 | NS      | $149784.84    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| East Japan Railway Co.                     | East Japan Railway Co. NPV                                  | CUSIP: J1257M109<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |      9500 | NS      | $205930.30    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Square- Enix Holdings Co Ltd.              | Square- Enix Holdings Co Ltd. NPV                           | CUSIP: J7659R109<br>LEI: 529900KCRNRDF8DIA489 | Long             | EC               | CORP              | JP        |      1300 | NS      | $75169.92     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd.                     | Fast Retailing Co Ltd. NPV                                  | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |       600 | NS      | $197366.93    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                              | Netflix, Inc. COM USD0.001                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       688 | NS      | $778623.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                        | Comcast Corporation COM USD0.01 CL A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     16729 | NS      | $572131.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM Holdings Corp.                    | FUJIFILM Holdings Corp. NPV                                 | CUSIP: J14208102<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |      5900 | NS      | $120846.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                | Fanuc Corp. NPV                                             | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |      7800 | NS      | $197961.37    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                 | HOYA Corp. NPV                                              | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      1600 | NS      | $188265.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                               | ITOCHU Corp. NPV                                            | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      6200 | NS      | $317086.23    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp.                                  | Kao Corp. NPV                                               | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |      4400 | NS      | $188414.75    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                               | Komatsu Ltd. NPV                                            | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |      4300 | NS      | $124354.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KYOCERA Corp.                              | KYOCERA Corp. NPV                                           | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11600 | NS      | $137480.08    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                   | Mitsubishi Estate Co Ltd NPV                                | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     15100 | NS      | $265246.25    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                           | Mitsubishi Corp. NPV                                        | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |     14700 | NS      | $279102.80    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                  | Mitsubishi Electric Corp. NPV                               | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     12100 | NS      | $234079.41    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                     | Mitsui Fudosan Co Ltd. NPV                                  | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |      7100 | NS      | $70365.59     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                           | Nintendo Co Ltd. NPV                                        | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      3400 | NS      | $282268.02    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                | Denso Corp. NPV                                             | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |      9600 | NS      | $123954.61    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp.         | Nippon Telegraph & Telephone Corp. NPV                      | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    131600 | NS      | $137558.48    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                          | Nitto Denko Corp. NPV                                       | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      4000 | NS      | $70307.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                       | Nissan Motor Co Ltd. NPV                                    | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |     22600 | NS      | $53802.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| ORIX Corp.                                 | ORIX Corp. NPV                                              | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |      4400 | NS      | $88264.13     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd                      | Kirin Holdings Co Ltd NPV                                   | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |     10800 | NS      | $163368.17    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                            | T-Mobile US Inc COM USD0.00001                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       692 | NS      | $170889.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SES S.A.                                   | SES S.A. FIDUCIARY DR EACH REP 1 'A' SHS NPV                | CUSIP: L8300G135<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    443344 | NS      | $2350608.96   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                               | Secom Co Ltd NPV                                            | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |      4200 | NS      | $154435.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                          | Sekisui House Ltd NPV                                       | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |      2861 | NS      | $65774.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                               | Shimano Inc. NPV                                            | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |       800 | NS      | $112708.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Sony Group Corp.                           | Sony Group Corp. NPV                                        | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     21300 | NS      | $561953.59    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.              | Sumitomo Metal Mining Co Ltd. NPV                           | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |      2000 | NS      | $44374.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.              | Takeda Pharmaceutical Co Ltd. NPV                           | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |      6500 | NS      | $196616.09    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamazaki Baking Co Ltd.                    | Yamazaki Baking Co Ltd. COM NPV                             | CUSIP: 984632109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4086 | NS      | $97812.97     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC          | InterContinental Hotels Group PLC ORD GBP0.208521303        | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |       267 | NS      | $28491.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                  | Aviva PLC ORD GBP0.328947368                                | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |      5363 | NS      | $40181.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                   | Rolls-Royce Holdings PLC ORD GBP0.20                        | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |      8332 | NS      | $84340.45     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                         | Meta Platforms Inc COM USD0.000006 CL 'A'                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5028 | NS      | $2760372.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                              | Alphabet Inc. CAP STK USD0.001 CL A                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     25180 | NS      | $3998584.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi S.p.A.                                | Nexi S.p.A. NPV                                             | CUSIP: T6S18J104<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |    880254 | NS      | $5141618.18   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Health Information Technology Ltd. | Alibaba Health Information Technology Ltd. HKD0.01          | CUSIP: G0171K101<br>LEI: 529900GE9653COPX1I86 | Long             | EC               | CORP              | BM        |    574000 | NS      | $371330.72    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                          | National Grid PLC ORD GBP0.12431289                         | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    215628 | NS      | $3112396.99   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan LLC                                | Meituan LLC USD0.00001 B CLASS                              | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     39370 | NS      | $651866.33    | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Baidu Inc.                                 | Baidu Inc. USD0.000000625 A CLASS                           | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     75000 | NS      | $827026.49    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd.                        | Trip.com Group Ltd. USD0.00125                              | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     14000 | NS      | $843371.39    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.        | Mitsubishi UFJ Financial Group Inc. NPV                     | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     27500 | NS      | $346476.05    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Dentsu Group Inc                           | Dentsu Group Inc NPV                                        | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |      1900 | NS      | $39835.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Mizuho Financial Group Inc.                | Mizuho Financial Group Inc. NPV                             | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |      5400 | NS      | $135014.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc.                | Daiwa Securities Group Inc. NPV                             | CUSIP: J11718111<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |      8500 | NS      | $55895.38     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds LIQ ASET PORTF                 | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    118462 | NS      | $118462.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds LIQ ASET PORTF                 | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3324859 | NS      | $3324858.87   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds LIQ ASET PORTF                 | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9502811 | NS      | $9502811.25   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds LIQ ASET PORTF                 | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     69062 | NS      | $69061.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer