# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0000894189-25-015139
**Filing Date:** 2025-11
**Character Count:** 118409
**Document Hash:** c56a91f4f0f5dd17090407075e467918
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015139.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-015139

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 251519106

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101

## Series and Classes Contracts Data

### First American Multi-Manager International Equity Fund (Series ID: S000059563)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195104 | Institutional Class | FAIEX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PFM Multi-Manager Series Trust

- **b. Investment Company Act file number:** 811-23282

- **c. CIK number of Registrant:** 0001696729

- **d. LEI of Registrant:** 549300DFOM6D3CO0F144

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

  - **Street Address 1:** 213 Market Street

  - **City:** Harrisburg

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 17101

  - **Telephone number:** 1-800-527-5412

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

- **a. Name of Series:** First American Multi-Manager International Equity Fund

- **b. EDGAR series identifier (if any):** S000059563

- **c. LEI of Series:** 5493002U88DL75Y6L037

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $967697916.56

**Total Liabilities:** $1411369.22

**Net Assets:** $966286547.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195104 | -1.59%               | 3.40%                | 3.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17588192.22             | $-31696061.09                              |
| Month 2  | $2080913.10              | $28398435.40                               |
| Month 3  | $2500455.30              | $30877583.04                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Siemens AG                     | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     12502 | NS      | $3373274.48   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN Holdings Co Ltd         | SCREEN Holdings Co Ltd                                    | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |       200 | NS      | $18108.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd         | Aristocrat Leisure Ltd                                    | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |     28189 | NS      | $1309199.48   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                             | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |     40163 | NS      | $1409206.95   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA           | Banco BTG Pactual SA                                      | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |    254078 | NS      | $2306262.99   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Canada Goose Holdings Inc      | Canada Goose Holdings Inc                                 | CUSIP: 135086106<br>LEI: 529900891XBE6RV8JR07 | Long             | EC               | CORP              | CA        |      6004 | NS      | $82795.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| A2A SpA                        | A2A SpA                                                   | CUSIP: N/A<br>LEI: 81560076E3944316DB24       | Long             | EC               | CORP              | IT        |    180434 | NS      | $471856.89    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd                   | Eisai Co Ltd                                              | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               | CORP              | JP        |     29200 | NS      | $981075.69    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CBo Territoria                 | CBo Territoria                                            | CUSIP: N/A<br>LEI: 969500G118PJ7KZ4HQ90       | Long             | EC               | CORP              | FR        |      4714 | NS      | $20315.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                                     | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |     14800 | NS      | $331258.82    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                         | BP PLC                                                    | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     15550 | NS      | $535853.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Martinrea International Inc    | Martinrea International Inc                               | CUSIP: 573459104<br>LEI: 5493004U3PUN21MLJG41 | Long             | EC               | CORP              | CA        |      6179 | NS      | $47062.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                                  | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |       724 | NS      | $120600.98    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cairo Communication SpA        | Cairo Communication SpA                                   | CUSIP: N/A<br>LEI: 8156000BA1E707067579       | Long             | EC               | CORP              | IT        |      7053 | NS      | $23117.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                 | Continental AG                                            | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |      3879 | NS      | $255739.33    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                        | E.ON SE                                                   | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |     96176 | NS      | $1808326.05   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                             | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    114800 | NS      | $1100385.40   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE           | Dassault Systemes SE                                      | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |      5162 | NS      | $173644.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                                         | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |    212329 | NS      | $1490355.40   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA           | Dassault Aviation SA                                      | CUSIP: N/A<br>LEI: 969500CVFTUT88V8QN95       | Long             | EC               | CORP              | FR        |      1454 | NS      | $485334.22    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                    | NN Group NV                                               | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |     14189 | NS      | $1001791.29   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM-Firmenich AG               | DSM-Firmenich AG                                          | CUSIP: N/A<br>LEI: 506700G44V67MPM4BI12       | Long             | EC               | CORP              | CH        |      9507 | NS      | $812917.66    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsero SpA                     | Orsero SpA                                                | CUSIP: N/A<br>LEI: 8156001895E0F4E7A803       | Long             | EC               | CORP              | IT        |      3283 | NS      | $73210.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeris Resources Ltd            | Aeris Resources Ltd                                       | CUSIP: N/A<br>LEI: 25490046Z9WWYJ493G64       | Long             | EC               | CORP              | AU        |    199327 | NS      | $64393.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HOCHTIEF AG                    | HOCHTIEF AG                                               | CUSIP: N/A<br>LEI: 529900Y25S8NZIYTT924       | Long             | EC               | CORP              | DE        |       577 | NS      | $154575.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Emak SpA                       | Emak SpA                                                  | CUSIP: N/A<br>LEI: 815600A9C09D82FF2B66       | Long             | EC               | CORP              | IT        |     21988 | NS      | $26097.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                  | Volkswagen AG                                             | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |      1008 | NS      | $109021.44    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Palfinger AG                   | Palfinger AG                                              | CUSIP: N/A<br>LEI: 529900IFAV83BX8O1O91       | Long             | EC               | CORP              | AT        |       231 | NS      | $9576.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA             | Banco Santander SA                                        | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    451812 | NS      | $4722030.30   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                                  | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     80331 | NS      | $3135464.97   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA            | Societe Generale SA                                       | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     55930 | NS      | $3720213.02   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd                    | CUSIP: N/A<br>LEI: 254900OEXGGWCR24DG90       | Long             | EC               | CORP              | SG        |      7900 | NS      | $52805.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Trend Micro Inc/Japan          | Trend Micro Inc/Japan                                     | CUSIP: N/A<br>LEI: 3538005O5UJ5RNAGVE16       | Long             | EC               | CORP              | JP        |      7100 | NS      | $387828.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ID Holdings Corp               | ID Holdings Corp                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1600 | NS      | $25088.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd                  | REA Group Ltd                                             | CUSIP: N/A<br>LEI: 894500KA4UBDATOFPN36       | Long             | EC               | CORP              | AU        |      3787 | NS      | $580579.14    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp                    | Otsuka Corp                                               | CUSIP: N/A<br>LEI: 529900RG9DJ58J3UIE72       | Long             | EC               | CORP              | JP        |     11400 | NS      | $238137.26    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                                         | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |     28988 | NS      | $1948003.62   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| accesso Technology Group PLC   | accesso Technology Group PLC                              | CUSIP: N/A<br>LEI: 213800VY7MXUO7STIN73       | Long             | EC               | CORP              | GB        |      6576 | NS      | $37300.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                      | Argenx SE                                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       366 | NS      | $269946.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV         | Grupo Mexico SAB de CV                                    | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    334222 | NS      | $2908325.44   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Speedy Hire PLC                | Speedy Hire PLC                                           | CUSIP: N/A<br>LEI: 213800U78SIYAZDYXM61       | Long             | EC               | CORP              | GB        |     27025 | NS      | $8778.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila OYJ Abp               | Wartsila OYJ Abp                                          | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |     22113 | NS      | $662218.19    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     17850 | NS      | $4785447.12   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Manitou BF SA                  | Manitou BF SA                                             | CUSIP: N/A<br>LEI: 9695008SHP3XTT9QCM25       | Long             | EC               | CORP              | FR        |       530 | NS      | $11673.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                                | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      1103 | NS      | $339999.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                       | Bayer AG                                                  | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |      8617 | NS      | $285709.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Columbus A/S                   | Columbus A/S                                              | CUSIP: N/A<br>LEI: 213800WP2W676G7HLJ94       | Long             | EC               | CORP              | DK        |      9860 | NS      | $15914.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brother Industries Ltd         | Brother Industries Ltd                                    | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |      4400 | NS      | $73580.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                                    | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     62300 | NS      | $2467386.39   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Chen Hsong Holdings            | Chen Hsong Holdings                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     38098 | NS      | $8927.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Daihatsu Infinearth Mfg Co Ltd | Daihatsu Infinearth Mfg Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1600 | NS      | $32756.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd          | Daikin Industries Ltd                                     | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |     12300 | NS      | $1415139.52   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd          | Fast Retailing Co Ltd                                     | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |      5100 | NS      | $1548705.27   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fisher & Paykel Healthcare Cor | Fisher & Paykel Healthcare Corp Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |      3267 | NS      | $70112.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd         | Singapore Exchange Ltd                                    | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |     57800 | NS      | $741503.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Fleetwood Ltd                  | Fleetwood Ltd                                             | CUSIP: N/A<br>LEI: 549300LT0ZUXCGI95197       | Long             | EC               | CORP              | AU        |      7752 | NS      | $16068.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                         | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     67978 | NS      | $1440141.75   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                                   | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     28542 | NS      | $2057128.02   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Co Ltd                     | CTS Co Ltd                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4600 | NS      | $28555.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ichikoh Industries Ltd         | Ichikoh Industries Ltd                                    | CUSIP: N/A<br>LEI: 353800KP9IZ3RU1GNE32       | Long             | EC               | CORP              | JP        |      4900 | NS      | $14654.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanamoto Co Ltd                | Kanamoto Co Ltd                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       900 | NS      | $21894.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |       400 | NS      | $148932.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp      | Korea Electric Power Corp                                 | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |     76386 | NS      | $1969544.80   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                    | Kubota Corp                                               | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |     53800 | NS      | $675994.22    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp                  | Lasertec Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2600 | NS      | $359236.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd            | BlueScope Steel Ltd                                       | CUSIP: N/A<br>LEI: 529900H6UQI16XACWC95       | Long             | EC               | CORP              | AU        |     30400 | NS      | $457453.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuriyama Holdings Corp         | Kuriyama Holdings Corp                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       900 | NS      | $9956.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC      | Hikma Pharmaceuticals PLC                                 | CUSIP: N/A<br>LEI: 549300BNS685UXH4JI75       | Long             | EC               | CORP              | GB        |      4722 | NS      | $108694.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cogstate Ltd                   | Cogstate Ltd                                              | CUSIP: N/A<br>LEI: 254900VP9WAWA180NC18       | Long             | EC               | CORP              | AU        |     15498 | NS      | $22505.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    196000 | NS      | $8526853.22   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsubakimoto Kogyo Co Ltd       | Tsubakimoto Kogyo Co Ltd                                  | CUSIP: N/A<br>LEI: 353800Z0E9RSAQ31YH59       | Long             | EC               | CORP              | JP        |       800 | NS      | $15172.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |      3200 | NS      | $25755.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OKP Holdings Ltd               | OKP Holdings Ltd                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     53600 | NS      | $43981.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                                | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    128200 | NS      | $4290846.36   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO GlobalSign Holdings KK     | GMO GlobalSign Holdings KK                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       900 | NS      | $13128.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GR Engineering Services Ltd    | GR Engineering Services Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     29714 | NS      | $77459.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| dormakaba Holding AG           | dormakaba Holding AG                                      | CUSIP: N/A<br>LEI: 529900QMU5ZH99KMQK13       | Long             | EC               | CORP              | CH        |        52 | NS      | $47888.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schwab Emerging Markets Equity | Schwab Emerging Markets Equity ETF                        | CUSIP: 808524706<br>LEI: 549300BX5O2DW26SGM55 | Long             | EC               | RF                | US        |   6471703 | NS      | $215960729.11 | 22.35%            |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                                   | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     58198 | NS      | $1251276.65   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     40179 | NS      | $1443206.14   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd                          | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    134500 | NS      | $430290.62    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     22243 | NS      | $1357292.67   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hafnia Ltd                     | Hafnia Ltd                                                | CUSIP: N/A<br>LEI: 5493001KCFT0SCGJ2647       | Long             | EC               | CORP              | SG        |      3936 | NS      | $23768.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                             | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      6619 | NS      | $1632245.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      5927 | NS      | $5737869.43   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Symrise AG                     | Symrise AG                                                | CUSIP: N/A<br>LEI: 529900D82I6R9601CF26       | Long             | EC               | CORP              | DE        |      9539 | NS      | $831276.29    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                       | Rexel SA                                                  | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |      6543 | NS      | $216054.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Midland Holdings Ltd           | Midland Holdings Ltd                                      | CUSIP: N/A<br>LEI: 5493007HC5HKY6RXSQ87       | Long             | EC               | CORP              | HK        |    204000 | NS      | $52531.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc            | Nomura Holdings Inc                                       | CUSIP: N/A<br>LEI: 549300B3CEAHYG7K8164       | Long             | EC               | CORP              | JP        |     32200 | NS      | $235790.25    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                                    | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |     27967 | NS      | $541986.77    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                            | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      2876 | NS      | $6694941.70   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Ono Pharmaceutical Co Ltd      | Ono Pharmaceutical Co Ltd                                 | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               | CORP              | JP        |      9900 | NS      | $114082.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                   | Ricoh Co Ltd                                              | CUSIP: N/A<br>LEI: 549300HFIB2GRUMDID72       | Long             | EC               | CORP              | JP        |     25000 | NS      | $220493.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                   | 3i Group PLC                                              | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |     77700 | NS      | $4284108.08   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Bonterra Energy Corp           | Bonterra Energy Corp                                      | CUSIP: 098546104<br>LEI: 529900VJOU2CH2WZ6949 | Long             | EC               | CORP              | CA        |      4600 | NS      | $12064.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GuocoLand Ltd                  | GuocoLand Ltd                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     18900 | NS      | $29314.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAMAS CONT                  | Singamas Container Holdings Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    276253 | NS      | $23784.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enerflex Ltd                   | Enerflex Ltd                                              | CUSIP: 29269R105<br>LEI: 54930014N7872VUS3F89 | Long             | EC               | CORP              | CA        |      3309 | NS      | $35688.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Cross Media Group Ltd | Southern Cross Media Group Ltd                            | CUSIP: N/A<br>LEI: 529900LIF6IT4VHV0617       | Long             | EC               | CORP              | AU        |     32401 | NS      | $19202.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                                        | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |      5600 | NS      | $1009680.06   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ibersol SGPS SA                | Ibersol SGPS SA                                           | CUSIP: N/A<br>LEI: 549300ZG20XRKSRKZ238       | Long             | EC               | CORP              | PT        |      2340 | NS      | $27465.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                                        | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |     11282 | NS      | $3023488.67   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |      1361 | NS      | $913417.58    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA         | Yara International ASA                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |      6377 | NS      | $232773.35    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                    | Heineken NV                                               | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     13000 | NS      | $1015313.39   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |     68969 | NS      | $12326829.37  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     30030 | NS      | $8387078.70   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV            | Heineken Holding NV                                       | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |       469 | NS      | $32230.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co Ltd          | Idemitsu Kosan Co Ltd                                     | CUSIP: N/A<br>LEI: 549300P0R46FF6DUA630       | Long             | EC               | CORP              | JP        |     40300 | NS      | $276847.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                   | Brambles Ltd                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    189051 | NS      | $3117345.48   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                | MonotaRO Co Ltd                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    123300 | NS      | $1790667.96   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc     | Dai-ichi Life Holdings Inc                                | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               | CORP              | JP        |     38000 | NS      | $298940.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc             | Sompo Holdings Inc                                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     87300 | NS      | $2696236.28   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi | Yangzijiang Shipbuilding Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               | CORP              | CN        |    172100 | NS      | $450956.30    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| dotdigital group plc           | dotdigital group plc                                      | CUSIP: N/A<br>LEI: 2138006LZ7HHQ6DWFD42       | Long             | EC               | CORP              | GB        |     46816 | NS      | $42141.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                                               | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      2034 | NS      | $265920.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co | SITC International Holdings Co Ltd                        | CUSIP: N/A<br>LEI: 529900JUV4MOM9CE3V12       | Long             | EC               | CORP              | HK        |    168043 | NS      | $647359.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS Holdings Inc             | ENEOS Holdings Inc                                        | CUSIP: N/A<br>LEI: 3538001KQ5SAOZSQTT44       | Long             | EC               | CORP              | JP        |    102700 | NS      | $651995.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV                             | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     30968 | NS      | $1252847.95   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| HRnetgroup Ltd                 | HRnetgroup Ltd                                            | CUSIP: N/A<br>LEI: 5493005F7ABID7YZD323       | Long             | EC               | CORP              | SG        |    101100 | NS      | $56472.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Klingelnberg AG                | Klingelnberg AG                                           | CUSIP: N/A<br>LEI: 5299006LD35WX0UCKR92       | Long             | EC               | CORP              | CH        |       360 | NS      | $5399.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wagners Holding Co Ltd         | Wagners Holding Co Ltd                                    | CUSIP: N/A<br>LEI: 549300870JR461HY2844       | Long             | EC               | CORP              | AU        |      9659 | NS      | $17902.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Leapmotor Technology  | Zhejiang Leapmotor Technology Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    175700 | NS      | $1499188.92   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                              | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    328000 | NS      | $356510.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunrise Communications AG      | Sunrise Communications AG                                 | CUSIP: N/A<br>LEI: 213800RS9HRGTWOGCO08       | Long             | EC               | CORP              | CH        |     17116 | NS      | $1012734.66   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd   | Max Healthcare Institute Ltd                              | CUSIP: N/A<br>LEI: 3358005LALYV4GZOYF67       | Long             | EC               | CORP              | IN        |    162366 | NS      | $2057427.12   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyokumo Inc                   | Toyokumo Inc                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       900 | NS      | $18448.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dynacor Group Inc              | Dynacor Group Inc                                         | CUSIP: 26780B106<br>LEI: 529900UPKS0A0VKOJK73 | Long             | EC               | CORP              | CA        |      5600 | NS      | $18871.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWOOL A/S                   | ROCKWOOL A/S                                              | CUSIP: N/A<br>LEI: 213800QRC7LNX935OZ09       | Long             | EC               | CORP              | DK        |      1834 | NS      | $68484.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                              | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     96861 | NS      | $3981820.10   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corp               | Samsung C&T Corp                                          | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |     18558 | NS      | $2455637.26   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Naturhouse Health SAU          | Naturhouse Health SAU                                     | CUSIP: N/A<br>LEI: 95980007WW7TNTYX8B36       | Long             | EC               | CORP              | ES        |       579 | NS      | $1416.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Holdings Co Ltd     | Japan Post Holdings Co Ltd                                | CUSIP: N/A<br>LEI: 5299003D9N4JBS256X18       | Long             | EC               | CORP              | JP        |     82800 | NS      | $822023.53    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                     | Scout24 SE                                                | CUSIP: N/A<br>LEI: 5493007EIKM2ENQS7U66       | Long             | EC               | CORP              | DE        |      3087 | NS      | $386509.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BW Offshore Ltd                | BW Offshore Ltd                                           | CUSIP: N/A<br>LEI: 2138008LFKH8V2EOA915       | Long             | EC               | CORP              | NO        |     13379 | NS      | $49468.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Solstad Offshore ASA           | Solstad Offshore ASA                                      | CUSIP: N/A<br>LEI: 5967007LIEEXZXHGO849       | Long             | EC               | CORP              | NO        |      9552 | NS      | $51917.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Technotrans SE                 | Technotrans SE                                            | CUSIP: N/A<br>LEI: 5299003IANGEF3R55G44       | Long             | EC               | CORP              | DE        |       922 | NS      | $33656.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                      | Amundi SA                                                 | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     14937 | NS      | $1189601.80   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                   | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |      5300 | NS      | $1889874.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NRJ Group                      | NRJ Group                                                 | CUSIP: N/A<br>LEI: 969500IQLBCOOICLAB88       | Long             | EC               | CORP              | FR        |      1377 | NS      | $12420.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd    | Northern Star Resources Ltd                               | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |    184814 | NS      | $2914721.72   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                                  | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |      1600 | NS      | $489613.90    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc                           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     30980 | NS      | $5024956.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                                      | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    194312 | NS      | $981904.75    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Canfor Pulp Products Inc       | Canfor Pulp Products Inc                                  | CUSIP: 137584207<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       765 | NS      | $211.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      4026 | NS      | $3925207.64   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Natural Food International Hol | Natural Food International Holding Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    174681 | NS      | $21324.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel NV                  | Akzo Nobel NV                                             | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               | CORP              | NL        |     13613 | NS      | $969667.90    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp              | FirstService Corp                                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |       500 | NS      | $95264.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                       | Alcon AG                                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     18762 | NS      | $1405373.14   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC           | Endeavour Mining PLC                                      | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |       636 | NS      | $26581.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                    | Euronext NV                                               | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |       735 | NS      | $109853.64    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sangoma Technologies Corp      | Sangoma Technologies Corp                                 | CUSIP: 80100R408<br>LEI: 549300KSQC5ICF3CSE88 | Long             | EC               | CORP              | CA        |      1700 | NS      | $8440.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     48742 | NS      | $3344379.95   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp            | Fortuna Mining Corp                                       | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |     16124 | NS      | $144359.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV   | Wal-Mart de Mexico SAB de CV                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    600832 | NS      | $1856284.96   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                    | South32 Ltd                                               | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |     73356 | NS      | $133182.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |      1950 | NS      | $3129464.87   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CES Energy Solutions Corp      | CES Energy Solutions Corp                                 | CUSIP: 15713J104<br>LEI: 984500NF54914EB1B646 | Long             | EC               | CORP              | CA        |      2100 | NS      | $14169.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                     | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |     10028 | NS      | $6999544.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund    | BlackRock Liquidity FedFund                               | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  10626189 | NS      | $10626188.60  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co KGaA         | Fresenius SE & Co KGaA                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     45122 | NS      | $2512893.37   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG            | Erste Group Bank AG                                       | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |     26637 | NS      | $2603920.60   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                  | Nemetschek SE                                             | CUSIP: N/A<br>LEI: 529900R0S2IX1S358J38       | Long             | EC               | CORP              | DE        |     19296 | NS      | $2511043.68   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd              | Computershare Ltd                                         | CUSIP: N/A<br>LEI: 21380085HOKTMGLV9G93       | Long             | EC               | CORP              | AU        |      9002 | NS      | $216291.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberAgent Inc                 | CyberAgent Inc                                            | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |    116100 | NS      | $1391132.32   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                     | Denso Corp                                                | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |     24100 | NS      | $347054.28    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDEC CORP                     | NIDEC CORP                                                | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |     24900 | NS      | $442241.18    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                        | NTT Inc                                                   | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |    136400 | NS      | $142631.51    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Trinity Industrial Corp        | Trinity Industrial Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1500 | NS      | $11956.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                           | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    241700 | NS      | $6935631.95   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiko Bank Ltd/The             | Taiko Bank Ltd/The                                        | CUSIP: N/A<br>LEI: 3538003H3GIODN7ZSJ40       | Long             | EC               | CORP              | JP        |      1500 | NS      | $17848.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                          | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     13633 | NS      | $4487046.31   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      4315 | NS      | $259849.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                                 | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     23466 | NS      | $8310286.93   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Raiffeisen Bank International  | Raiffeisen Bank International AG                          | CUSIP: N/A<br>LEI: 9ZHRYM6F437SQJ6OUG95       | Long             | EC               | CORP              | AT        |      9646 | NS      | $334500.03    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG           | Schindler Holding AG                                      | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |      2708 | NS      | $1029510.56   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                                              | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |     91168 | NS      | $4591426.23   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                                              | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |     31974 | NS      | $3193703.03   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc       | Sony Financial Group Inc                                  | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    241700 | NS      | $268038.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gesco SE                       | Gesco SE                                                  | CUSIP: N/A<br>LEI: 894500DZXXD0LOZYIC55       | Long             | EC               | CORP              | DE        |      1651 | NS      | $29661.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage Group PLC/The             | Sage Group PLC/The                                        | CUSIP: N/A<br>LEI: 2138005RN5XYLTF8G138       | Long             | EC               | CORP              | GB        |      7347 | NS      | $109084.96    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     51524 | NS      | $1226570.69   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      8957 | NS      | $687181.04    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                      | Talanx AG                                                 | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |      2213 | NS      | $294250.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Takaoka Toko Co Ltd            | Takaoka Toko Co Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1900 | NS      | $40419.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     38892 | NS      | $5940881.07   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Melcor Developments Ltd        | Melcor Developments Ltd                                   | CUSIP: 585467103<br>LEI: 549300RYMI0PJCFQBB05 | Long             | EC               | CORP              | CA        |      2000 | NS      | $21700.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                                        | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      3300 | NS      | $95298.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA   | Gaztransport Et Technigaz SA                              | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |       723 | NS      | $133704.91    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE                       | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      2067 | NS      | $1264767.46   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV           | ASM International NV                                      | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |      3940 | NS      | $2368386.79   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Hold | Pan Pacific International Holdings Corp                   | CUSIP: N/A<br>LEI: 529900QLHJM2E18A5763       | Long             | EC               | CORP              | JP        |    652000 | NS      | $4301000.44   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Macmahon Holdings Ltd          | Macmahon Holdings Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    136065 | NS      | $36016.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Monte dei Paschi di Sien | Banca Monte dei Paschi di Siena SpA                       | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |    151689 | NS      | $1346881.49   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                      | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    133900 | NS      | $11407716.53  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                                   | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |     20100 | NS      | $1078447.30   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                                    | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     34240 | NS      | $3106595.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3050 | NS      | $754692.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Shinyaku Co Ltd         | Nippon Shinyaku Co Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      7000 | NS      | $157543.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd            | Nissan Motor Co Ltd                                       | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | EC               | CORP              | JP        |     71700 | NS      | $175881.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Saputo Inc                     | Saputo Inc                                                | CUSIP: 802912105<br>LEI: 549300HH4U1DPY0TBT90 | Long             | EC               | CORP              | CA        |      2800 | NS      | $68003.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                       | Telefonaktiebolaget LM Ericsson                           | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    127944 | NS      | $1058096.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United Internet AG             | United Internet AG                                        | CUSIP: N/A<br>LEI: 3VEKWPJHTD4NKMBVG947       | Long             | EC               | CORP              | DE        |     48114 | NS      | $1517644.24   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Far East Orchard Ltd           | Far East Orchard Ltd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     15300 | NS      | $14828.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheon Automatic Machinery Co L | Rheon Automatic Machinery Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      3700 | NS      | $35186.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                                               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     31807 | NS      | $2669438.53   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    124450 | NS      | $4007290.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                              | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    569082 | NS      | $2918138.15   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabasoft AG                    | Fabasoft AG                                               | CUSIP: N/A<br>LEI: 391200WHND7OZEFNNL77       | Long             | EC               | CORP              | AT        |       473 | NS      | $9230.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                   | KBC Group NV                                              | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |      5488 | NS      | $657785.82    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    166130 | NS      | $5022109.90   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |      3718 | NS      | $126674.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd                  | Capcom Co Ltd                                             | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |      3000 | NS      | $81661.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       900 | NS      | $1351960.34   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                                         | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     11867 | NS      | $1619940.31   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                     | FANUC Corp                                                | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |     32400 | NS      | $923236.40    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                 | BNP Paribas SA                                            | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     21037 | NS      | $1917699.87   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Mazda Motor Corp               | Mazda Motor Corp                                          | CUSIP: N/A<br>LEI: 52990044YZJLICDQKK92       | Long             | EC               | CORP              | JP        |     52500 | NS      | $384499.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                               | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     19164 | NS      | $2464308.88   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Halfords Group PLC             | Halfords Group PLC                                        | CUSIP: N/A<br>LEI: 54930086FKBWWJIOBI79       | Long             | EC               | CORP              | GB        |     21670 | NS      | $41650.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                                         | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    104382 | NS      | $2590611.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                   | CaixaBank SA                                              | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     83662 | NS      | $880861.70    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloetta AB                     | Cloetta AB                                                | CUSIP: N/A<br>LEI: 549300CSLHPO6Y1AZN37       | Long             | EC               | CORP              | SE        |      9157 | NS      | $33007.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA         | Cie de Saint-Gobain SA                                    | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |     15230 | NS      | $1659170.47   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA           | Galp Energia SGPS SA                                      | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |     80746 | NS      | $1531062.19   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PC Partner Group Ltd           | PC Partner Group Ltd                                      | CUSIP: N/A<br>LEI: 529900MAAHYMVMP4UX68       | Long             | EC               | CORP              | HK        |     16000 | NS      | $12577.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Xin Point Holdings Ltd         | Xin Point Holdings Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     34000 | NS      | $17738.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Grou | Sumitomo Mitsui Financial Group Inc                       | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |     38200 | NS      | $1069349.64   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd             | Qantas Airways Ltd                                        | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |     44387 | NS      | $321850.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Carpenter Tan Holdings Ltd     | Carpenter Tan Holdings Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     27000 | NS      | $26685.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Costain Group PLC              | Costain Group PLC                                         | CUSIP: N/A<br>LEI: 213800PKIJBZ2EDTKC88       | Long             | EC               | CORP              | GB        |     35140 | NS      | $63522.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc       | Japan Exchange Group Inc                                  | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |     58400 | NS      | $659858.67    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd          | Ryohin Keikaku Co Ltd                                     | CUSIP: N/A<br>LEI: 549300PMNF56J66BY371       | Long             | EC               | CORP              | JP        |     70600 | NS      | $1405734.59   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                          | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     28864 | NS      | $1361620.95   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Foxtons Group PLC              | Foxtons Group PLC                                         | CUSIP: N/A<br>LEI: 5493001HCMG6R1MYKC59       | Long             | EC               | CORP              | GB        |     31033 | NS      | $23151.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Ichi Cutter Kogyo KK       | Dai-Ichi Cutter Kogyo KK                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2800 | NS      | $24978.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc            | Hudbay Minerals Inc                                       | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |      1800 | NS      | $27264.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                    | Xiaomi Corp                                               | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | CN        |    437600 | NS      | $3046950.44   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Odfjell Technology Ltd         | Odfjell Technology Ltd                                    | CUSIP: N/A<br>LEI: 529900ZYHGCPTAD1R169       | Long             | EC               | CORP              | GB        |      7904 | NS      | $48003.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     20979 | NS      | $1245366.20   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                                                | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    354751 | NS      | $1602390.06   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Pico Far East Holdings Ltd     | Pico Far East Holdings Ltd                                | CUSIP: N/A<br>LEI: 254900NL3DXVIEY4HJ17       | Long             | EC               | CORP              | HK        |    264607 | NS      | $89766.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC       | Rolls-Royce Holdings PLC                                  | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |    742741 | NS      | $11891130.08  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Aumovio SE                     | Aumovio SE                                                | CUSIP: N/A<br>LEI: 391200IGI9RQ7VTOK384       | Long             | EC               | CORP              | DE        |      1940 | NS      | $79970.93     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Scales Corp Ltd                | Scales Corp Ltd                                           | CUSIP: N/A<br>LEI: 254900IWZH7OUG9T2R86       | Long             | EC               | CORP              | NZ        |      3335 | NS      | $11001.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Hope Service Holdings Ltd  | New Hope Service Holdings Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     71000 | NS      | $18609.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastroc Beverage Group Co Ltd  | Eastroc Beverage Group Co Ltd                             | CUSIP: N/A<br>LEI: 836800LQ338417RCIL29       | Long             | EC               | CORP              | CN        |     27224 | NS      | $1162030.88   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                 | Commerzbank AG                                            | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |     52459 | NS      | $1975918.38   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Raffles Medical Group Ltd      | Raffles Medical Group Ltd                                 | CUSIP: N/A<br>LEI: 254900BARSOMRVZFY947       | Long             | EC               | CORP              | SG        |     16900 | NS      | $12854.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                                                | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |      9167 | NS      | $4438232.64   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Jaguar Mining Inc              | Jaguar Mining Inc                                         | CUSIP: 47009M889<br>LEI: 549300IRKN0GXIRGS617 | Long             | EC               | CORP              | CA        |      8100 | NS      | $33117.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zaptec ASA                     | Zaptec ASA                                                | CUSIP: N/A<br>LEI: 549300Y5EDWTJNTS8P96       | Long             | EC               | CORP              | NO        |      9807 | NS      | $30073.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd         | Japan Post Bank Co Ltd                                    | CUSIP: N/A<br>LEI: 5493006JVO6N2HC2XZ76       | Long             | EC               | CORP              | JP        |      5700 | NS      | $69850.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                                              | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |     44536 | NS      | $1160656.94   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC                        | CUSIP: N/A<br>LEI: 549300LTH67W4GWMRF57       | Long             | EC               | CORP              | GB        |     23140 | NS      | $2092087.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                             | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      9432 | NS      | $2511552.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                                            | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |     22816 | NS      | $900091.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL | Seagate Technology Holdings PLC                           | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |     13621 | NS      | $3215373.26   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lassonde Industries Inc        | Lassonde Industries Inc                                   | CUSIP: 517907101<br>LEI: 549300U3Y8OW3GQ0VE25 | Long             | EC               | CORP              | CA        |       200 | NS      | $30450.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                      | HAL Trust                                                 | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | CW        |       513 | NS      | $81737.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KSB SE & Co KGaA               | KSB SE & Co KGaA                                          | CUSIP: N/A<br>LEI: 529900BVAET534PD7C28       | Long             | EC               | CORP              | DE        |        26 | NS      | $27334.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Makiya Co Ltd                  | Makiya Co Ltd                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1100 | NS      | $9335.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                               | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |     16300 | NS      | $309331.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                       | NEC Corp                                                  | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               | CORP              | JP        |      9300 | NS      | $297312.58    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                   | Klepierre SA                                              | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     17439 | NS      | $679288.21    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                   | Leonardo SpA                                              | CUSIP: N/A<br>LEI: 529900X4EEX1U9LN3U39       | Long             | EC               | CORP              | IT        |     13659 | NS      | $867673.88    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA      | Logitech International SA                                 | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |     10590 | NS      | $1166346.96   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Empresarial San Jose SA  | Grupo Empresarial San Jose SA                             | CUSIP: N/A<br>LEI: 9598002SMUBZZBE58976       | Long             | EC               | CORP              | ES        |      3607 | NS      | $28272.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                                            | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |      9860 | NS      | $1909783.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    245720 | NS      | $6808861.71   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                              | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     67485 | NS      | $1394914.95   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd                            | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     60350 | NS      | $1929708.27   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of East Asia Ltd/The      | Bank of East Asia Ltd/The                                 | CUSIP: N/A<br>LEI: CO6GC26LCGGRTUESIP55       | Long             | EC               | CORP              | HK        |     86000 | NS      | $133882.70    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                                       | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |      9900 | NS      | $107970.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Centerra Gold Inc              | Centerra Gold Inc                                         | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |      9100 | NS      | $97492.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC                    | Beazley PLC                                               | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12       | Long             | EC               | CORP              | GB        |    124690 | NS      | $1525429.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd                          | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     43630 | NS      | $3249998.70   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                           | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    104533 | NS      | $2011063.72   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                                    | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       342 | NS      | $94621.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      2244 | NS      | $5244093.36   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                                    | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |     89000 | NS      | $3081331.51   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| APT Satellite Holdings Ltd     | APT Satellite Holdings Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     94000 | NS      | $25738.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kita-Nippon Bank Ltd/The       | Kita-Nippon Bank Ltd/The                                  | CUSIP: N/A<br>LEI: 353800BEJYJ7JD023D06       | Long             | EC               | CORP              | JP        |       800 | NS      | $20867.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Low Keng Huat Singapore Ltd    | Low Keng Huat Singapore Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     36200 | NS      | $15902.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |     86000 | NS      | $7367305.77   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Kasei Co Ltd           | Sekisui Kasei Co Ltd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      5400 | NS      | $13076.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Yushin Co                      | Yushin Co                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      5900 | NS      | $24552.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                     | Temenos AG                                                | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |       459 | NS      | $37038.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schwab International Equity ET | Schwab International Equity ETF                           | CUSIP: 808524805<br>LEI: 5493003PP4X6ZGIBL520 | Long             | EC               | RF                | US        |  13512869 | NS      | $314579590.32 | 32.56%            |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV                                     | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |     13525 | NS      | $382216.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                                     | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     10730 | NS      | $1886334.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MTU Aero Engines AG            | MTU Aero Engines AG                                       | CUSIP: N/A<br>LEI: 529900807L67JY81RD65       | Long             | EC               | CORP              | DE        |       353 | NS      | $162017.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC          | Aldar Properties PJSC                                     | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               | CORP              | AE        |   1121632 | NS      | $2894272.28   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                      | Orion Oyj                                                 | CUSIP: N/A<br>LEI: 74370029VAHCXDR7B745       | Long             | EC               | CORP              | FI        |       309 | NS      | $23541.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Es | Cia de Saneamento Basico do Estado de Sao Paulo SABESP    | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |    111783 | NS      | $2775751.10   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     23700 | NS      | $1266148.37   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Intron Technology Holdings Ltd | Intron Technology Holdings Ltd                            | CUSIP: N/A<br>LEI: 2549000K50PPEQEXN586       | Long             | EC               | CORP              | HK        |     90000 | NS      | $20314.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG              | Siemens Energy AG                                         | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |    102406 | NS      | $11974148.37  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| YIWU CCC                       | Zhejiang China Commodities City Group Co Ltd              | CUSIP: N/A<br>LEI: 300300UELW04DCUGGZ27       | Long             | EC               | CORP              | CN        |    419492 | NS      | $1092484.82   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     58172 | NS      | $3210845.04   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV               | ABN AMRO Bank NV                                          | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |      4988 | NS      | $159737.73    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BRC Asia Ltd                   | BRC Asia Ltd                                              | CUSIP: N/A<br>LEI: 25490023Q985DSFBME10       | Long             | EC               | CORP              | SG        |     14800 | NS      | $48927.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands                            | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | BR        |    184380 | NS      | $2951923.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd                     | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |      1728 | NS      | $357540.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                    | Wix.com Ltd                                               | CUSIP: N/A<br>LEI: 5493008P6N29Q1AG9464       | Long             | EC               | CORP              | IL        |      3559 | NS      | $632185.17    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                                    | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       292 | NS      | $572629.41    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| AKWEL SADIR                    | AKWEL SADIR                                               | CUSIP: N/A<br>LEI: 969500SVR0D7W9RQ6751       | Long             | EC               | CORP              | FR        |       736 | NS      | $8514.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajis Co Ltd                    | Ajis Co Ltd                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1000 | NS      | $20162.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd              | Futu Holdings Ltd                                         | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |      1644 | NS      | $285908.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                                   | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     13763 | NS      | $594011.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA            | Intesa Sanpaolo SpA                                       | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |    102153 | NS      | $675551.13    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA            | Henkel AG & Co KGaA                                       | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EP               | CORP              | DE        |      5079 | NS      | $409962.03    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                      | Orange SA                                                 | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |    140251 | NS      | $2275273.82   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      3402 | NS      | $2173732.99   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG               | Deutsche Bank AG                                          | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |     22505 | NS      | $791534.95    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Horizon Oil Ltd                | Horizon Oil Ltd                                           | CUSIP: N/A<br>LEI: 52990027DG9I87NLGK24       | Long             | EC               | CORP              | AU        |    215936 | NS      | $31393.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                | Pro Medicus Ltd                                           | CUSIP: N/A<br>LEI: 98450085A903D1BMFF27       | Long             | EC               | CORP              | AU        |       565 | NS      | $115638.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                                          | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |      9600 | NS      | $121166.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd  | Jardine Matheson Holdings Ltd                             | CUSIP: G50736100<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | HK        |      3000 | NS      | $189751.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Koike Sanso Kogyo Co Ltd       | Koike Sanso Kogyo Co Ltd                                  | CUSIP: N/A<br>LEI: 3538005WBJDV6JUXWE07       | Long             | EC               | CORP              | JP        |      2600 | NS      | $25387.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Ltd                       | Nice Ltd                                                  | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      1840 | NS      | $266395.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Heavy Industries Lt | Mitsubishi Heavy Industries Ltd                           | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    207700 | NS      | $5427203.07   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp                      | ORIX Corp                                                 | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |     18900 | NS      | $493544.06    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokowo Co Ltd                  | Yokowo Co Ltd                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2300 | NS      | $22992.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades de Construccio | ACS Actividades de Construccion y Servicios SA            | CUSIP: N/A<br>LEI: 95980020140005558665       | Long             | EC               | CORP              | ES        |      1204 | NS      | $96301.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                     | Legrand SA                                                | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      7595 | NS      | $1266935.38   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Zumtobel Group AG              | Zumtobel Group AG                                         | CUSIP: N/A<br>LEI: 529900IIODYNYAZ2ID26       | Long             | EC               | CORP              | AT        |      1953 | NS      | $9202.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAC Recruitment Co Ltd         | JAC Recruitment Co Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      7200 | NS      | $52660.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Piquadro SpA                   | Piquadro SpA                                              | CUSIP: N/A<br>LEI: 815600D3E9B19E14FC79       | Long             | EC               | CORP              | IT        |      6750 | NS      | $19176.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd         | MGM China Holdings Ltd                                    | CUSIP: N/A<br>LEI: 529900VZFN87OS7WJM66       | Long             | EC               | CORP              | MO        |     45200 | NS      | $96548.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                                              | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |     12400 | NS      | $272592.92    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Modern Land China Co Ltd       | Modern Land China Co Ltd                                  | CUSIP: N/A<br>LEI: 549300PDOU6AR9Z9IN08       | Long             | EC               | CORP              | CN        |    430000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     71780 | NS      | $2445512.02   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KLN Logistics Group Ltd        | KLN Logistics Group Ltd                                   | CUSIP: N/A<br>LEI: 254900G739TFTQCVKO70       | Long             | EC               | CORP              | HK        |    173038 | NS      | $164476.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexterra Group Inc             | Dexterra Group Inc                                        | CUSIP: 252371109<br>LEI: 254900KY2GHS3ZIGTA09 | Long             | EC               | CORP              | CA        |      2275 | NS      | $15529.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Aeronautics Ltd      | Hindustan Aeronautics Ltd                                 | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               | CORP              | IN        |     27731 | NS      | $1482665.47   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Multitude PLC                  | Multitude PLC                                             | CUSIP: N/A<br>LEI: 74370078YLPFWHE33716       | Long             | EC               | CORP              | CH        |      1918 | NS      | $16223.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                            | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     27124 | NS      | $411422.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NEOJAPAN Inc                   | NEOJAPAN Inc                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1600 | NS      | $20820.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      5240 | NS      | $2489000.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** PFM Multi-Manager Series Trust

**Signature:** /s/ Patrick R. Carmody

**Name of Signer:** Patrick R. Carmody

**Title:** Treasurer