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Microsoft Word - outputNORTHERN TRUST INVESTMENTS
Northern Trust Investments, Inc. 50 South La Salle Street Chicago,
Illinois 60603 (312) 630-6000
November 2019 Dear Plan Administrator: Enclosed for your files is a
complete copy of the annual report for the Northern Trust
Investments Collective Funds Trust for International Equities for
the fiscal year ended July 31, 2019. In accordance with regulations
under section 103 of the Employee Retirement Income Security Act of
1974, as amended, a financial institution that holds the assets of
a plan in a collective trust is required to provide the plan with a
copy of the annual statement of the collective trust’s assets and
liabilities. We are also required to provide you with a statement
showing the value of the plan’s interest in the above-referenced
collective funds; please refer to your periodic account statements
for this information. Pursuant to Department of Labor (DOL)
regulation section 2520.103-5(d), Northern Trust Investments, Inc.
certifies that the information contained in the enclosed annual
report and its statements of the plan’s (or master trust’s)
interest in the above- referenced collective funds are an accurate
and complete reflection of our records. We further certify that a
filing pursuant to DOL regulation section 2520.103-9(c) will be
made for each of the above-referenced collective funds, on or
before the filing due date, in accordance with the Form 5500
instructions. Please note that you will need to list the names of
the relevant collective funds on Part I of Schedule D of the 5500
for the plan (or the 5500 for the master trust investment account,
if applicable) that owns an interest in the funds. In addition, you
will need to identify Northern Trust Investments, Inc., as sponsor
of each fund, as well as the fund’s Employer Identification Number,
or "EIN" (see attachment). Schedule D also requires that you
include the proper entity code ("C", for common or collective
trust) and the dollar value of the plan or master trust interest in
the fund as of the end of the year. Information regarding “indirect
compensation” associated with Northern Trust Investments Collective
Funds, which may be needed in order to complete Schedule C of Form
5500, can be found at http://www.northerntrust.com/erisa. If you
have any questions about this report, or would prefer to receive a
printed copy, please contact your Northern Trust Investment
Relationship Manager or call 877/651-9156. Sincerely,
John Abunassar Global Head Client Solutions Group Northern Trust
Investments, Inc.
Northern Trust Asset Management comprises Northern Trust
Investments, Inc., Northern Trust Global Investments Limited,
Northern Trust Global Investments Japan, K.K., 50 South Capital
Advisors, LLC, and investment personnel of The Northern Trust
Company of Hong Kong Limited and The Northern Trust Company.
Collective Trust Fund Name Employer ID # Plan # NT Collective ACWI
IMI Fund – Lending 45-6138589 151 NT Collective All Country World
ex-US Investable Market Index Fund – Lending 45-6138589 128 NT
Collective All Country World Index (ACWI) Diversified Multi-Factor
Fund – Lending 45-6138589 231 NT Collective All Country World Index
(ACWI) ex-US Fund – Lending 45-6138589 039 NT Collective Developed
International Small Cap (DISC) Index Fund – Lending 45-6138589 081
NT Collective EAFE Index Fund – Lending 45-6138589 017 NT
Collective Emerging Markets Index Fund – Lending 45-6138589 040 NT
Collective Global Real Estate Index Fund – Lending 45-6138589 082
NT Collective Quality Large Cap Core EAFE Fund – Lending 45-6138589
014 NT Collective World ex-US Index Fund – Lending (a) 45-6138589
236 NT Collective World ex-US Investable Market Index Fund –
Lending 45-6138589 126 NT Collective All Country World ex-US
Investable Market Index Fund – Non Lending 45-6138589 125 NT
Collective All Country World Index Fund – Non Lending 45-6138589
150 NT Collective All Country World Index (ACWI) ex-US Fund – Non
Lending 45-6138589 103 NT Collective All Country World Investable
Market Index Fund – Non Lending 45-6138589 134 NT Collective Canada
Index Fund – Non Lending 45-6138589 102 NT Collective Canada Small
Cap Index Fund – Non Lending 45-6138589 132 NT Collective Commodity
Fund – Non Lending 45-6138589 130 NT Collective Developed
International Small Cap (DISC) Index Fund – Non Lending 45-6138589
122 NT Collective EAFE Index Fund – Non Lending 45-6138589 024 NT
Collective EAFE Small Cap Index Fund – Non Lending 45-6138589 133
NT Collective Emerging Markets Index Fund – Non Lending 45-6138589
101 NT Collective Emerging Markets Investable Market Index Fund –
Non Lending 45-6138589 142 NT Collective Emerging Markets Small Cap
Index Fund – Non Lending 45-6138589 085 NT Collective Global
Infrastructure Index Fund - Non Lending (b) 45-6138589 238 NT
Collective Global Natural Resources Index Fund - Non Lending (b)
45-6138589 237 NT Collective Global Real Estate Index Fund – Non
Lending 45-6138589 104 NT Collective Quality Low Volatility World
ex-US Fund - Non Lending (c) 45-6138589 241 NT Collective Quality
Low Volatility World Fund - Non Lending (c) 45-6138589 234 NT
Collective Quality Small Cap Core Global Fund – Non Lending
45-6138589 147 NT Collective Quality Small Cap Core International
Fund – Non Lending 45-6138589 148 NT Collective World ex-US Index
Fund – Non Lending 45-6138589 129 NT Collective World ex-US
Investable Market Index Fund – Non Lending 45-6138589 127
(a) Fund Commenced operations on December 17, 2018 (b) Fund
Commenced operations on January 10, 2019 (c) Fund Commenced
operations on June 5, 2019
IMPORTANT INFORMATION REGARDING EXCESSIVE TRADING For DC Plan
Sponsor Investors, the funds included in this 2019 annual report
and in which your DC plan may invest, allocate transaction costs on
a pro-rata basis to plans that transact on a given date in the
direction of the net flow in a fund. If excessive trading due to DC
participant market timing is occurring within your plan, it will
increase the transaction costs borne by the plan, which ultimately
impacts the rates of returns for your DC plan participants
investing in the funds. It is strongly encouraged that all plan
sponsors for DC plans adopt their recordkeeper’s standard excessive
trading policy or their own plan specific policy. In the absence of
either of the aforementioned policies, it is encouraged that the
plan sponsor direct their recordkeeper to administer the Trustee’s
Excessive Trading Policy, included in Exhibit B of the Fund
Declaration, and which may be amended from time to time by the
Trustee in order to protect the plan from market timing activity
that can impact other plan participants negatively.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
Annual Report
Table of Contents
NT Collective ACWI IMI Fund - Lending 1
NT Collective All Country World ex-US Investable Market
Index Fund - Lending 4 NT Collective All Country World
Index (ACWI) Diversified Multi- Factor Fund - Lending 7
NT Collective All Country World Index (ACWI) ex-US Fund -
Lending 19
NT Collective Developed International Small Cap (DISC) Index
Fund - Lending 53 NT Collective EAFE Index Fund -
Lending 87
NT Collective Emerging Markets Index Fund - Lending
104
NT Collective Global Real Estate Index Fund - Lending
125 NT Collective Quality Large Cap Core International Fund
- Lending 137
NT Collective World ex-US Index Fund - Lending(a)
144
NT Collective World ex-US Investable Market Index Fund -
Lending 147
Non Lending
NT Collective All Country World ex-US Investable Market Index Fund
- Non Lending 150 NT Collective All Country World
Index Fund - Non Lending 153
NT Collective All Country World Index (ACWI) ex-US Fund -
Non Lending 156
NT Collective All Country World Investable Market Index Fund
- Non Lending 159 NT Collective Canada Index Fund -
Non Lending 162
NT Collective Canada Small Cap Index Fund - Non
Lending 167
NT Collective Developed International Small Cap (DISC) Index
Fund - Non Lending 174 NT Collective EAFE Index Fund -
Non Lending 177
NT Collective EAFE Small Cap Index Fund - Non Lending
194
NT Collective Emerging Markets Index Fund - Non
Lending 226 NT Collective Emerging Markets Investable
Market Index Fund - Non Lending 249
NT Collective Emerging Markets Small Cap Index Fund - Non
Lending 252
NT Collective Global Infrastructure Index Fund - Non
Lending(b) 280 NT Collective Global Natural Resources
Index Fund - Non Lending(b) 286
NT Collective Global Real Estate Index Fund - Non
Lending 293
NT Collective Quality Low Volatility World ex-US Fund - Non
Lending(c) 305 NT Collective Quality Low Volatility
World Fund - Non Lending(c) 311
NT Collective Quality Small Cap Core Global Fund - Non
Lending 314
NT Collective Quality Small Cap Core International Fund -
Non Lending 317 NT Collective World ex-US Index Fund -
Non Lending 352
• Notes to the Financial Statements 358
• Selected Risk Factors and Disclosures 380
• Additional Information 382 (a) Fund Commenced
operations on December 17, 2018. (b) Fund Commenced
operations on January 10, 2019. (c) Fund Commenced operations
on June 5, 2019.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
INVESTMENT OBJECTIVES (Unaudited) NT Collective
ACWI IMI Fund – Lending The primary objective of the NT
Collective ACWI IMI Fund, a collective fund for qualified plans, is
to provide investment results that approximate the overall
performance of the MSCI ACWI Investable Market Index. The Fund may
participate in trading of futures, options, spot, forward contacts,
and other instruments in order to manage market risk associated
with the Fund’s investments. This Fund may participate in
securities lending. NT Collective All Country World
ex-US Investable Market Index Fund - Lending The primary
objective of the All Country World ex-US Investable Market Index
Fund, a collective fund for qualified plans, is to provide
investment results that approximate the overall performance of the
MSCI ACWI ex-US Investable Market Index. This Index is commonly
used to represent the non-U.S. equity developed and emerging
markets. The Fund may make limited use of futures and/or options
for the purpose of maintaining equity exposure. This Fund may
participate in securities lending. NT Collective All
Country World Index (ACWI) Diversified Multi-Factor Fund -
Lending The primary objective of the All Country World Index
(ACWI) Diversified Multi-Factor Fund, a collective fund for
qualified plans, is to provide investment results that approximate
the overall performance of the MSCI ACWI Diversified Multi-Factor
Index. The Fund may participate in trading of futures, options,
spot, forward contacts, and other instruments in order to manage
market risk associated with the Fund’s investments. This Fund may
participate in securities lending. NT Collective All
Country World Index (ACWI) ex-US Fund - Lending The primary
objective of the All Country World Index (ACWI) ex-US Fund, a
collective fund for qualified plans, is to approximate the risk and
return characterized by the MSCI ACWI ex-US Index. This Index is
commonly used to represent the large and medium cap segment of the
non-U.S. equity developed and emerging markets. The Fund may make
limited use of futures and/or options for the purpose of
maintaining equity exposure. This Fund may participate in
securities lending. NT Collective Developed
International Small Cap (DISC) Index Fund - Lending The
primary objective of the Developed International Small Cap (DISC)
Index Fund, a collective fund for qualified plans, is to provide
investment results that replicate the overall performance of the
MSCI World ex-US Small Cap Index. This Index is commonly used to
represent the small cap segment of non-U.S. equity developed
markets. The Fund may make limited use of futures and/or options
for the purpose of maintaining equity exposure. This Fund may
participate in securities lending. NT Collective EAFE
Index Fund - Lending The primary objective of the EAFE Index
Fund, a collective fund for qualified plans, is to approximate the
risk and return characterized by the MSCI Europe, Australasia, and
Far East (“EAFE”) Index. This Index is commonly used to represent
the large and medium cap segment of the non-U.S. developed equity
markets. The Fund may make limited use of futures and/or options
for the purpose of maintaining equity exposure. This Fund may
participate in securities lending. NT Collective
Emerging Markets Index Fund - Lending The primary objective
of the Emerging Markets Index Fund, a collective fund for qualified
plans, is to provide investment results that replicate the overall
performance of the MSCI Emerging Markets Equity Index. This Index
is commonly used to represent the large and medium cap segment of
the equity emerging markets. The Fund may make limited use of
futures and/or options for the purpose of maintaining equity
exposure. This Fund may participate in securities lending.
NT Collective Global Real Estate Index Fund - Lending
The primary objective of the Global Real Estate Index Fund, a
collective fund for qualified plans, is to provide investment
results that approximate the overall performance of the Financial
Times Stock Exchange (“FTSE”) European Public Realtors Association
(“EPRA”)/ National Association of Real Estate Investment Trusts
(“NAREIT”) Global Real Estate Index. This Index is commonly used to
represent the listed real estate companies and real estate
investment trusts ("REITS") located in both developed and emerging
markets. The Fund may make limited use of futures and/or options
for the purpose of maintaining equity exposure. This Fund may
participate in securities lending. NT Collective
Quality Large Cap Core International Fund - Lending The
primary objective of the Quality Large Cap Core International Fund,
a collective fund for qualified plans, is to provide investment
results that exceed the overall performance of the MSCI World ex-US
Index with net dividends. The Fund may make limited use of futures
and/or options for the purpose of maintaining equity exposure. This
Fund may participate in securities lending.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
INVESTMENT OBJECTIVES (Unaudited) (Continued)
NT Collective World ex-US Index Fund - Lending The primary
objective of the World ex-US Index Fund, a collective fund
qualified plans, is to provide investment results that replicate
the overall performance of the MSCI World ex-US Index. The Fund
employs a replication technique which generally seeks to hold each
index constituent in its proportional index weight. The Trustee may
hold investment units of the NT Collective EAFE Index Fund -
Lending and the NT Collective Canada Index Fund - Non Lending. The
Fund may make limited use of futures and/or options for the purpose
of maintaining equity exposure. This Fund may participate in
securities lending. NT Collective World ex-US
Investable Market Index Fund - Lending The primary objective
of World ex-US Investable Market Index Fund, a collective fund for
qualified plans, is to provide investment results that approximate
the overall performance of the MSCI World ex-US Investable Market
Index. The Trustee may hold investment units of the NT Collective
Developed International Small Cap (DISC) Index Fund - Lending, NT
Collective EAFE Index Fund - Lending and the NT Collective Canada
Index Fund - Non Lending. The Fund may make limited use of futures
and/or options for the purpose of maintaining equity exposure. This
Fund may participate in securities lending. NT
Collective All Country World ex-US Investable Market Index Fund -
Non Lending The primary objective of the All Country World
ex-US Investable Market Index Fund, a collective fund for qualified
plans, is to provide investment results that approximate the
overall performance of the MSCI All Country World ex-US Investable
Market Index. This Index is commonly used to represent the non-U.S.
equity developed and emerging markets. The Fund may make limited
use of futures and/or options for the purpose of maintaining equity
exposure. This Fund does not participate in securities
lending. NT Collective All Country World Index Fund -
Non Lending The primary objective of the NT Collective All
Country World Index Fund, a collective fund for qualified plans, is
to provide investment results that approximate the overall
performance of the MSCI All Country World Index. The Fund may
participate in trading of futures, options, spot, forward contacts,
and other instruments in order to manage market risk associated
with the Fund’s investments. This Fund does not participate in
securities lending. NT Collective All Country World
Index (ACWI) ex-US Fund - Non Lending The primary objective
of the All Country World Index (ACWI) ex-US Fund, a collective fund
for qualified plans, is to provide investment results that
replicate the overall performance of the MSCI All Country World
ex-US Index. This Index is commonly used to represent the large and
medium cap segments of the non-U.S. equity developed and emerging
markets. The Fund may make limited use of futures and/or options
for the purpose of maintaining equity exposure. This Fund does not
participate in securities lending. NT Collective All
Country World Investable Market Index Fund - Non Lending The
primary objective of the All Country World Investable Market Index
Fund, a collective fund for qualified plans, is to provide
investment results that replicate the overall performance of the
MSCI All Country World Investable Market Index. The Fund may make
limited use of futures and/or options for the purpose of
maintaining equity exposure. This Fund does not participate in
securities lending. NT Collective Canada Index Fund -
Non Lending The primary objective of the Canada Index Fund, a
collective fund for qualified plans, is to approximate the risk and
return characteristics of the MSCI Canada Index. This Index is
commonly used to represent the large and medium cap segment of the
Canadian equity market. The Fund may make limited use of futures
and/or options for the purpose of maintaining equity exposure. This
Fund does not participate in securities lending. NT
Collective Canada Small Cap Index Fund - Non Lending The
primary objective of the Canada Small Cap Index Fund, a collective
fund for qualified plans, is to provide investment results that
replicate the overall performance of the MSCI Canada Small Cap
Index. The Fund may make limited use of futures and/or options for
the purpose of maintaining equity exposure. This Fund does not
participate in securities lending. NT Collective
Developed International Small Cap (DISC) Index Fund - Non
Lending The primary objective of the Developed International
Small Cap (DISC) Index Fund, a collective fund for qualified plans,
is to provide investment results that replicate the overall
performance of the MSCI World ex-US Small Cap Index. This Index is
commonly used to represent the small cap segment of non-U.S. equity
developed markets. The Fund may make limited use of futures and/or
options for the purpose of maintaining equity exposure. This Fund
does not participate in securities lending.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
INVESTMENT OBJECTIVES (Unaudited) (Continued)
NT Collective EAFE Index Fund - Non Lending The primary
objective of the EAFE Index Fund, a collective fund for qualified
plans, is to approximate the risk and return characterized by the
MSCI Europe, Australasia, and Far East Index. This Index is
commonly used to represent the large and medium cap segment of the
non-U.S. developed equity markets. The Fund may make limited use of
futures and/or options for the purpose of maintaining equity
exposure. This Fund does not participate in securities lending.
NT Collective EAFE Small Cap Index Fund - Non
Lending The primary objective of the EAFE Small Cap Index
Fund, a collective fund for qualified plans, is to approximate the
risk and return characterized by the MSCI Europe, Australasia, and
Far East Small Cap Index. The Fund may make limited use of futures
and/or options for the purpose of maintaining equity exposure. This
Fund does not participate in securities lending. NT
Collective Emerging Markets Index Fund - Non Lending The
primary objective of the Emerging Markets Index Fund, a collective
fund for qualified plans, is to provide investment results that
replicate the overall performance of the MSCI Emerging Markets
Index. This Index is commonly used to represent the large and
medium cap segment of the equity emerging markets. The Fund may
make limited use of futures and/or options for the purpose of
maintaining equity exposure. This Fund does not participate in
securities lending. NT Collective Emerging Markets
Investable Market Index Fund - Non Lending The primary
objective of the Emerging Markets Investable Market Index Fund, a
collective fund for qualified plans, is to provide investment
results that replicate the overall performance of the MSCI Emerging
Markets Investable Market Index. The Fund may make limited use of
futures and/or options for the purpose of maintaining equity
exposure. This Fund does not participate in securities
lending. NT Collective Emerging Markets Small Cap
Index Fund - Non Lending The primary objective of the
Emerging Markets Small Cap Index Fund, a collective fund for
qualified plans, is to provide investment results that replicate
the overall performance of the MSCI Emerging Markets Small Cap
Equity Index. The Fund may make limited use of futures and/or
options for the purpose of maintaining equity exposure. This Fund
does not participate in securities lending. NT
Collective Global Infrastructure Index Fund- Non Lending The
primary objective of the Global Infrastructure Index Fund - Non
Lending, a collective fund for qualified plans, is to provide the
investment results that approximate the overall performance of the
S&P Global Infrastructure Index. The Index is designated to
track companies from around the world chosen to represent the
listed infrastructure industry while maintaining liquidity and
tradability. This Fund may make limited use of futures and/or
options for the purpose of maintaining equity exposure. This Fund
does not participate in securities lending. NT
Collective Global Natural Resources Index- Non Lending The
primary objective of the Global Natural Resources Index Fund - Non
Lending, a collective fund for qualified plans, is to approximate
the overall performance of the S&P Global Natural Resources
Index. The selection of index constituents for each sub-index,
Agriculture, Energy and Metals & Mining is based on its
corresponding cluster requirement within the S&P Global BMI.
This Fund may make limited use of futures and/or options for the
purpose of maintaining equity exposure. This Fund does not
participate in securities lending. NT Collective
Global Real Estate Index Fund - Non Lending The primary
objective of the Global Real Estate Index Fund, a collective fund
for qualified plans, is to provide investment results that
approximate the overall performance of the Financial Times Stock
Exchange (“FTSE”) European Public Realtors Association (“EPRA”)/
National Association of Real Estate Investment Trusts (“NAREIT”)
Global Real Estate Index. The Fund may make limited use of futures
and/or options for the purpose of maintaining equity exposure. This
Fund does not participate in securities lending. NT
Collective Quality Low Volatility World ex-US Fund - Non
Lending The primary objective of the Quality Low Volatility
World Fund - Non Lending, a collective fund for qualified plans, is
to seek to gain efficient exposure to high-quality, low-volatility
stocks to generate consistent, long-term capital appreciation,
while maintaining lower absolute volatility than and exceeding the
overall performance of the MSCI World Ex-US Index. The Fund does
not participate in securities lending.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
INVESTMENT OBJECTIVES (Unaudited) (Continued)
NT Collective Quality Low Volatility World Fund - Non Lending
The primary objective of the Quality Low Volatility World Fund -
Non Lending, a collective fund for qualified plans, is to seek to
gain efficient exposure to high-quality, low-volatility stocks to
generate consistent, long-term capital appreciation, while
maintaining lower absolute volatility than and exceeding the
overall performance of the MSCI World Index with net dividends. The
Fund does not participate in securities lending. NT
Collective Quality Small Cap Core Global Fund - Non Lending
The primary objective of the Quality Small Cap Core Global Fund, a
collective fund for qualified plans, is to achieve long term
capital appreciation. Under normal circumstances, the Fund will
focus on small capitalization stocks, with some representation of
microcap stocks. The Fund may make limited use of futures and/or
options for the purpose of maintaining equity exposure. This Fund
does not participate in securities lending. NT
Collective Quality Small Cap Core International Fund - Non
Lending The primary objective of the Quality Small Cap Core
International Fund, a collective fund for qualified plans, is to
achieve long term capital appreciation. Under normal circumstances,
the Fund will focus on small capitalization stocks, with some
representation of microcap stocks. The Fund may make limited use of
futures and/or options for the purpose of maintaining equity
exposure. This Fund does not participate in securities
lending. NT Collective World ex-US Index Fund - Non
Lending The primary objective of the World ex-US Index Fund,
a collective fund for qualified plans, is to provide investment
results that replicate the overall performance of the MSCI World
ex-US Index. The Fund may make limited use of futures and/or
options for the purpose of maintaining equity exposure. This Fund
does not participate in securities lending. NT
Collective World ex-US Investable Market Index Fund - Non
Lending The primary objective of World ex-US Investable
Market Index Fund, a collective fund for qualified plans, is to
provide investment results that replicate the overall performance
of the MSCI All Country World ex-U.S. Investable Market Index. The
Fund may make limited use of futures and/or options for the purpose
of maintaining equity exposure. This Fund does not participate in
securities lending. “Morgan Stanley Capital
International®”, “MSCI®” and “EAFE®”, terms used throughout this
report, are trademarks of MSCI, and have been licensed for use by
The Northern Trust Company (the
“Licensee”). THIS FINANCIAL PRODUCT IS NOT SPONSORED,
ENDORSED, SOLD OR PROMOTED BY MSCI, ANY OF ITS AFFILIATES, ANY OF
ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR
RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX
(COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE
EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE
SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED
FOR USE FOR CERTAIN PURPOSES BY THE NORTHERN TRUST COMPANY (THE
“LICENSEE”). NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS
FINANCIAL PRODUCT OR ANY OTHER PERSON OR ENTITY REGARDING THE
ADVISABILITY OF INVESTING IN FINANCIAL PRODUCTS GENERALLY OR IN
THIS FINANCIAL PRODUCT PARTICULARLY OR THE ABILITY OF ANY MSCI
INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS
AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS
AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED,
COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FINANCIAL
PRODUCT OR THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT OR ANY
OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION
TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT
OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING,
COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES
IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE
TIMING OF, PRICES AT, OR QUANTITIES OF THIS FINANCIAL PRODUCT TO BE
ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR
THE CONSIDERATION INTO WHICH THIS FINANCIAL PRODUCT IS REDEEMABLE.
FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY
TO THE ISSUER OR OWNERS OF THIS FINANCIAL PRODUCT OR ANY OTHER
PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING
OR OFFERING OF THIS FINANCIAL PRODUCT. ALTHOUGH MSCI
SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE
CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS
RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE
ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR
ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE
ISSUER OF THE FINANCIAL PRODUCT, OWNERS OF THE FINANCIAL PRODUCT,
OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR
ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY
LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN
CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED
WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY
DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA
INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO
EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY
DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER
DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST
INVESTMENT OBJECTIVES (Unaudited) (Continued)
No purchaser, seller or holder of this financial product, or any
other person or entity, should use or refer to any MSCI trade name,
trademark or service mark to sponsor, endorse, market or
promote
this financial product without first contacting MSCI to determine
whether MSCI’s permission is required. Under no circumstances may
any person or entity claim any affiliation with MSCI without
the prior permission of MSCI. These indices are
unmanaged and the performance of an index assumes no transaction
costs, taxes, management fees, or other expenses. A direct
investment in an index is not possible.
Independent Auditors’ Report
Northern Trust Investments, Inc. as Trustee of Northern Trust
Investments Collective Funds Trust:
We have audited the accompanying financial statements of NT
Collective ACWI IMI Fund – Lending, NT Collective All Country World
ex-US Investable Market Index Fund – Lending, NT Collective All
Country World Index (ACWI) Diversified Multi-Factor Fund – Lending,
NT Collective All Country World Index (ACWI) ex-US Fund – Lending,
NT Collective Developed International Small Cap (DISC) Index Fund –
Lending, NT Collective EAFE Index Fund – Lending, NT Collective
Emerging Markets Index Fund – Lending, NT Collective Global Real
Estate Index Fund – Lending, NT Collective Quality Large Cap Core
International Fund – Lending, NT Collective World ex-US Index Fund
– Lending, NT Collective World ex-US Investable Market Index Fund –
Lending, NT Collective All Country World ex-US Investable Market
Index Fund – Non Lending, NT Collective All Country World Index
Fund – Non Lending, NT Collective All Country World Index (ACWI)
ex-US Fund – Non Lending, NT Collective All Country World
Investable Market Index Fund – Non Lending, NT Collective Canada
Index Fund – Non Lending, NT Collective Canada Small Cap Index Fund
– Non Lending, NT Collective Developed International Small Cap
(DISC) Index Fund – Non Lending, NT Collective EAFE Index Fund –
Non Lending, NT Collective EAFE Small Cap Index Fund – Non Lending,
NT Collective Emerging Markets Index Fund – Non Lending, NT
Collective Emerging Markets Investable Market Index Fund – Non
Lending, NT Collective Emerging Markets Small Cap Index Fund – Non
Lending, NT Collective Global Infrastructure Index Fund – Non
Lending, NT Collective Global Natural Resources Index Fund – Non
Lending, NT Collective Global Real Estate Index Fund – Non Lending,
NT Collective Quality Low Volatility World ex-US Fund – Non
Lending, NT Collective Quality Low Volatility World Fund – Non
Lending, NT Collective Quality Small Cap Core Global Fund – Non
Lending, NT Collective Quality Small Cap Core International Fund –
Non Lending, NT Collective World ex-US Index Fund – Non Lending and
NT Collective World ex-US Investable Market Index Fund – Non
Lending (Funds within Northern Trust Investments Collective Funds
Trust, herein referred to as the “Funds”), which comprise the
statements of assets and liabilities, including the statements of
investments, as of July 31, 2019, and the related statements of
operations and changes in net assets, and the financial highlights
for the year then ended for all Funds except the NT Collective
World ex-US Index Fund – Lending which was for the period from
December 17, 2018 (Commencement of Operations) to July 31, 2019,
the NT Collective Global Infrastructure Index Fund– Non Lending and
the NT Collective Global Natural Resources Index Fund– Non Lending
which were for the period from January 10, 2019 (Commencement of
Operations) to July 31, 2019, the NT Collective Quality Low
Volatility World ex-US Fund – Non Lending and the NT Collective
Quality Low Volatility World Fund – Non Lending which were for the
period from June 5, 2019 (Commencement of Operations) to July 31,
2019, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation
of these financial statements and financial highlights in
accordance with U.S. generally accepted accounting principles; this
includes the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of
financial statements and financial highlights that are free from
material misstatement, whether due to fraud or error.
KPMG LLP is a Delaware limited liability partnership and the U.S.
member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.
KPMG LLP Aon Center Suite 5500 200 E. Randolph Street Chicago, IL
60601-6436
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. We
conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial
highlights are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control.
Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Funds
as of July 31, 2019, the results of their operations, changes in
their net assets, and the financial highlights for the year then
ended for all Funds except the NT Collective World ex-US Index Fund
– Lending which was for the period from December 17, 2018
(Commencement of Operations) to July 31, 2019, the NT Collective
Global Infrastructure Index Fund– Non Lending and the NT Collective
Global Natural Resources Index Fund– Non Lending which were for the
period from January 10, 2019 (Commencement of Operations) to July
31, 2019, the NT Collective Quality Low Volatility World ex-US Fund
– Non Lending and the NT Collective Quality Low Volatility World
Fund – Non Lending which were for the period from June 5, 2019
(Commencement of Operations) to July 31, 2019 in accordance with
U.S. generally accepted accounting principles.
Chicago, Illinois October 18, 2019
NT COLLECTIVE ACWI IMI FUND - LENDING
See Accompanying Notes to the Financial Statements.
1
ASSETS
Investments in Northern Trust Funds, at Value (Cost $859,080)
$ 1,039,726
Receivable for Fund Units Sold 42,041 Total
Assets $ 1,081,767
LIABILITIES Payable for Investments Purchased $
42,041
Accrued Expenses 8 Total Liabilities $
42,049
NET ASSETS $ 1,039,718 STATEMENT OF
OPERATIONS AND CHANGES IN NET ASSETS
For the Year Ended July 31, 2019 (000s
Omitted)
INVESTMENT INCOME Income from Investments in Northern
Trust Funds $ 3
EXPENSES Audit Fee 8
Other Expenses 1 Total Expenses $
9 Net Investment Loss $ (6)
NET REALIZED AND UNREALIZED GAINS (LOSSES): Net
Realized Gains on Northern Trust Fund Transactions $
12,013 Net Unrealized Appreciation (Depreciation) on
Investments
Beginning of Year $ 170,404
End of Year 180,646 Change in Net Unrealized
Appreciation $ 10,242 Net Realized and Unrealized
Gains $ 22,255 Net Increase in Net Assets from
Investment Activities $ 22,249
CAPITAL TRANSACTIONS Admissions $
197,812
Withdrawals (82,700) Net Increase in Net Assets
from Capital Transactions $ 115,112 Net Increase
in Net Assets $ 137,361
NET ASSETS Beginning of Year
902,357
End of Year $ 1,039,718
For the Year Ended July 31, 2019
See Accompanying Notes to the Financial Statements.
2
Beginning of Year $ 149.090 Net Investment Loss
(0.001)
Net Realized and Unrealized Gains 3.305 Net
Increase 3.304 Unit Value,
End of Year $ 152.394
Total Return (1) 2.22%
Supplemental Data and Ratios: Net Assets (000s
Omitted) $ 1,039,718 Ratio to Average Net Assets
of: Expenses
(2) (3) 0.00% Net Investment Loss
(3) 0.00%
Beginning of Year 6,052,418 Admissions
1,361,968
Withdrawals (591,817) Units Outstanding,
End of Year 6,822,569 (1)
Assumes investment at net asset value at the beginning of the year
and a complete redemption of the investment at net asset value at
the end of the year. (2) The expense ratios disclosed
do not include the expenses of the underlying funds.
(3) Amount is less than 0.005%.
NT COLLECTIVE ACWI IMI FUND - LENDING STATEMENT OF
INVESTMENTS
July 31, 2019
3
Investable Market Index Fund - Lending (44.4%)(1)
3,120,050 $ 409,168 $ 461,596
U.S. IMI Fund - Lending (55.6%)(1) 3,494,640
449,912 578,130
TOTAL NT COLLECTIVE FUNDS TRUST 859,080
1,039,726
SHORT-TERM INVESTMENTS – 0.0%
TOTAL SHORT-TERM INVESTMENTS - -
TOTAL INVESTMENTS – 100.0% 859,080 1,039,726
Liabilities less Other Assets – (0.0%) (8)
NET ASSETS – 100.0% $1,039,718
(1) Investment in affiliated fund. (2) Cost and value
amounts round to less than one thousand. Percentages
shown are based on Net Assets. At July 31, 2019, the
Fund's percentages of ownership of other funds were as
follows: NT COLLECTIVE FUNDS TRUST
PERCENTAGE All Country World Ex-US Investable Market Index
Fund -
Lending 25.9% U.S. IMI Fund - Lending
100.0% The 2019 financial statements for the
funds listed above are included in this report and the NT
Investments Collective Funds Trust - Domestic Equities
Report. SUMMARY OF INVESTMENTS PURCHASED AND
SOLD:
TYPE OF INVESTMENT
COST OF PURCHASES
Investments 50,006 50,006 —
Total $253,210 $138,103 $12,013
Various inputs are used in determining the value of the Fund’s
investments. These inputs are summarized in three levels listed
below: Level 1 - Unadjusted quoted market prices in
active markets for identical securities on the measurement
date. Level 2 - Other observable inputs (e.g., quoted prices in
active markets for similar securities, securities valuations based
on commonly quoted benchmark interest rates and yield curves,
maturities, ratings and/or securities indices). The Fund adjusted
the price of certain foreign equity securities held in its
portfolio on July 31, 2019 using adjustment factors designed to
reflect more accurately the fair value of the securities. The fair
valuation of these securities resulted in
their categorization as Level 2 investments. Level 3 - Significant
unobservable inputs (e.g., information about assumptions, including
risk, market participants would use in pricing a security).
The inputs or methodologies used for valuing securities are
not necessarily an indication of the risk associated with investing
in those securities and other financial instruments, if any. The
following table summarizes the valuations of the Fund’s investments
by the above fair value hierarchy as of July 31, 2019:
INVESTMENTS LEVEL 1
(000s) LEVEL 2
(000s) LEVEL 3
(000s) TOTAL (000s)
Investments Measured at Net Asset Value(1)
$1,039,726
NT COLLECTIVE ALL COUNTRY WORLD EX-US INVESTABLE MARKET INDEX FUND
- LENDING
See Accompanying Notes to the Financial Statements.
4
ASSETS Investments in Northern Trust Funds, at Value
(Cost $1,552,763) $ 1,780,291 Receivable for
Investments Sold 10
Receivable for Fund Units Sold 18,689 Total
Assets $ 1,798,990
LIABILITIES Payable for Investments Purchased $
18,676 Payable for Fund Units Redeemed 23
Accrued Expenses 8 Total Liabilities $
18,707
NET ASSETS $ 1,780,283 STATEMENT OF
OPERATIONS AND CHANGES IN NET ASSETS
For the Year Ended July 31, 2019 (000s
Omitted)
EXPENSES
Other Expenses 1 Total Expenses $
8 Net Investment Loss $ (8)
NET REALIZED AND UNREALIZED GAINS (LOSSES): Net
Realized Gains on Northern Trust Fund Transactions $
12,865 Net Unrealized Appreciation (Depreciation) on
Investments
Beginning of Year $ 274,567
End of Year 227,528 Change in Net Unrealized
Depreciation $ (47,039) Net Realized and
Unrealized Losses $ (34,174) Net Decrease in Net
Assets from Investment Activities $ (34,182)
CAPITAL TRANSACTIONS Admissions $
372,154
Withdrawals (122,954) Net Increase in Net Assets
from Capital Transactions $ 249,200 Net Increase
in Net Assets $ 215,018
NET ASSETS Beginning of Year
1,565,265
End of Year* $ 1,780,283
* 25.9% owned by NT Collective ACWI IMI Index Fund -
Lending
NT COLLECTIVE ALL COUNTRY WORLD EX-US INVESTABLE MARKET INDEX FUND
- LENDING FINANCIAL HIGHLIGHTS
For the Year Ended July 31, 2019
See Accompanying Notes to the Financial Statements.
5
Beginning of Year $ 152.981 Net Investment Loss
(0.001)
Net Realized and Unrealized Losses (5.027) Net
Decrease (5.028) Unit Value,
End of Year $ 147.953
Total Return (1) (3.29)%
Supplemental Data and Ratios: Net Assets (000s
Omitted) $ 1,780,283 Ratio to Average Net Assets
of: Expenses
(2) (3) 0.00% Net Investment Loss
(3) 0.00%
Beginning of Year 10,231,742 Admissions
2,662,597
Withdrawals (861,603) Units Outstanding,
End of Year 12,032,736 (1)
Assumes investment at net asset value at the beginning of the year
and a complete redemption of the investment at net asset value at
the end of the year. (2) The expense ratios disclosed
do not include the expenses of the underlying funds.
(3) Amount is less than 0.005%.
NT COLLECTIVE ALL COUNTRY WORLD EX-US INVESTABLE MARKET INDEX FUND
- LENDING STATEMENT OF INVESTMENTS
July 31, 2019
6
Developed International Small Cap (DISC) Index Fund - Lending
(10.6%)(1) 10,464,697 161,080 187,653
Emerging Markets Small Cap Index Fund - Non Lending
(2.8%)(1) 1,919,984 48,629 50,288
TOTAL NT COLLECTIVE FUNDS TRUST 1,552,763
1,780,291
TOTAL INVESTMENTS – 100.0% 1,552,763 1,780,291
Liabilities less Other Assets – (0.0%) (8)
NET ASSETS – 100.0% $ 1,780,283 (1)
Investment in affiliated fund. Percentages shown are
based on Net Assets. At July 31, 2019, the Fund's
percentages of ownership of other funds were as follows:
NT COLLECTIVE FUNDS TRUST PERCENTAGE All
Country World Index (ACWI) ex-US Fund - Lending 47.8%
Developed International Small Cap (DISC) Index Fund -
Lending 27.8% Emerging Markets Small Cap Index Fund -
Non Lending 6.8% The 2019 financial statements
for the funds listed above are included in this report.
SUMMARY OF INVESTMENTS PURCHASED AND SOLD:
TYPE OF INVESTMENT
COST OF PURCHASES
Investments 704 704 —
Total $370,496 $121,304 $12,865
Various inputs are used in determining the value of the Fund’s
investments. These inputs are summarized in three levels listed
below: Level 1 - Unadjusted quoted market prices in
active markets for identical securities on the measurement
date. Level 2 - Other observable inputs (e.g., quoted prices in
active markets for similar securities, securities valuations based
on commonly quoted benchmark interest rates and yield curves,
maturities, ratings and/or securities indices). The Fund adjusted
the price of certain foreign equity securities held in its
portfolio on July 31, 2019 using adjustment factors designed to
reflect more accurately the fair value of the securities. The fair
valuation of these securities resulted in their
categorization as Level 2 investments. Level 3 - Significant
unobservable inputs (e.g., information about assumptions, including
risk, market participants would use in pricing a
security).
The inputs or methodologies used for valuing securities are not
necessarily an indication of the risk associated with investing in
those securities and other financial instruments, if any. The
following table summarizes the valuations of the Fund’s investments
by the above fair value hierarchy as of July 31, 2019:
INVESTMENTS LEVEL 1
(000s) LEVEL 2
(000s) LEVEL 3
(000s) TOTAL (000s)
Investments Measured at Net Asset
Value(1) $1,780,291
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING
See Accompanying Notes to the Financial Statements.
7
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2019 (000s Omitted)
ASSETS Investments, at Value (including Securities on
Loan of $14,960) (Cost $229,845) $ 246,027 Investments
in Northern Trust Funds, at Value (Cost $14,025) 14,025
Cash Held at Broker (Restricted $126) 134 Foreign
Currencies Held at Broker, at Value (Cost $121) (Restricted
$64) 119 Foreign Currencies (Cost $2,154)
2,141 Tax Reclaims Receivable 276 Receivable from
Trustee 1 Unrealized Appreciation on Forward Foreign
Currency Exchange Contracts 11 Accrued Income
Receivable 435 Total Assets $
263,169
LIABILITIES Payable Upon Return of Securities
Loaned $ 12,971 Payable for Variation Margin on Futures
Contracts 36 Accrued Expenses 22
Total Liabilities $ 13,029
NET ASSETS $ 250,140 STATEMENT OF
OPERATIONS AND CHANGES IN NET ASSETS
For the Year Ended July 31, 2019 (000s
Omitted)
INVESTMENT INCOME Dividend Income (Net of $192 in
Foreign Withholding Tax) $ 6,233 Interest Income
6 Income from Investments in Northern Trust Funds
39 Income from Securities Loaned (net of fees)
50 Total Investment Income $ 6,328
EXPENSES Custody & Fund Administration Fee
45 Audit Fee 15 Other Expenses
11 Total Expenses $ 71 Less:
Reimbursement of Expenses by Trustee (12) Net
Expenses $ 59 Net Investment Income $
6,269
NET REALIZED AND UNREALIZED GAINS (LOSSES): Net
Realized Losses on Securities Transactions $ (3,323)
Net Realized Gains on Futures Contracts $ 108 Net
Realized Losses on Foreign Currency Transactions $ (60)
Net Unrealized Appreciation (Depreciation) on Investments and
Futures Contracts
Beginning of Year $ 23,974 End of Year
16,258
Change in Net Unrealized Depreciation $ (7,716)
Net Unrealized Appreciation (Depreciation) on Foreign Currency
Translations
Beginning of Year $ (21) End of Year
(13)
Change in Net Unrealized Appreciation $ 8 Net
Realized and Unrealized Losses $ (10,983) Net
Decrease in Net Assets from Investment Activities $
(4,714)
CAPITAL TRANSACTIONS Admissions $ 5,567
Withdrawals (2,000)
Net Increase in Net Assets from Capital Transactions $
3,567 Net Decrease in Net Assets $
(1,147)
NET ASSETS Beginning of Year 251,287
End of Year $ 250,140
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING FINANCIAL HIGHLIGHTS
For the Year Ended July 31, 2019
See Accompanying Notes to the Financial Statements.
8
Beginning of Year $ 122.188 Net Investment Income
3.035
Net Realized and Unrealized Losses (5.414) Net
Decrease (2.379) Unit Value,
End of Year $ 119.809
Total Return (1) (1.95)%
Supplemental Data and Ratios: Net Assets (000s
Omitted) $ 250,140 Ratio to Average Net Assets
of: Expenses - net of reimbursement 0.02%
Expenses - before reimbursement 0.03% Net Investment
Income - net of reimbursement 2.61% Net Investment
Income - before reimbursement 2.60%
Fund Unit Activity: Units Outstanding,
Beginning of Year 2,056,553 Admissions
47,760
Withdrawals (16,492) Units Outstanding,
End of Year 2,087,821 (1)
Assumes investment at net asset value at the beginning of the year
and a complete redemption of the investment at net asset value at
the end of the year.
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF
INVESTMENTS
July 31, 2019
9
VALUE (000s)
COMMON STOCKS – 97.7% Australia – 3.1% AGL Energy
Ltd. 35,070 $ 482 $ 502 BHP Group PLC
110,529 2,440 2,639 BlueScope Steel Ltd.
30,035 260 268 CIMIC Group Ltd. 5,346
159 133 Coca-Cola Amatil Ltd. 27,632
175 200 Cochlear Ltd. 3,052 319
456 Dexus 53,910 401 482 Flight
Centre Travel Group
Ltd.† 3,361 119 105 Fortescue Metals Group
Ltd. 70,914 415 398 GPT Group (The)
95,909 369 406 Harvey Norman Holdings
Ltd.† 37,299 110 112 Medibank Pvt
Ltd. 148,906 263 366 Mirvac Group
202,151 339 444 South32 Ltd. 260,678
594 559 Telstra Corp. Ltd. 222,628
477 603 Washington H. Soul
Pattinson & Co. Ltd.† 6,016 115
93
7,037 7,766
Belgium – 0.6% Ageas 10,083 510 543
Colruyt S.A. 3,372 172 175 Proximus
SADP 8,277 229 236 UCB S.A.
6,930 549 541
1,460 1,495
Brazil – 0.8% Banco BTG Pactual S.A. 13,300
144 209 BB Seguridade
Participacoes S.A. 36,300 254 309 BR Malls
Participacoes S.A. 37,000 114 146 Centrais
Eletricas Brasileiras
S.A. 9,900 82 102 Cia de Saneamento Basico
do
Estado de Sao Paulo 19,283 195 269 Engie
Brasil Energia S.A. 12,348 116 156 Hypera
S.A. 17,300 174 138 IRB Brasil Resseguros
S/A 6,900 111 169 Multiplan
Empreendimentos
Imobiliarios S.A. 12,759 89 95 Petrobras
Distribuidora S.A. 25,200 148 174 Porto
Seguro S.A. 5,567 62 76 Sul America
S.A. 10,298 61 113 TIM Participacoes
S.A. 43,429 136 139
1,686 2,095
COMMON STOCKS – 97.7% - (CONTINUED) Canada – 3.7% -
(Continued) Gildan Activewear, Inc. 10,553 $
386 $ 416 H&R Real Estate Investment
Trust 9,431 160 162 iA Financial Corp.,
Inc. 5,689 239 228 Kinross Gold Corp.
68,408 185 277 Kirkland Lake Gold Ltd.
11,557 370 478 Loblaw Cos. Ltd. 9,470
497 491 Lululemon Athletica, Inc. 5,849
655 1,118 Magna International, Inc. 16,416
712 828 Methanex Corp. 3,475 192
137 Metro, Inc. 13,257 416 518 RioCan
Real Estate
Investment Trust 7,238 141 143 SmartCentres
Real Estate
Investment Trust 3,252 81 80 Teck Resources
Ltd.,
Class B 27,700 594 567 Tourmaline Oil
Corp. 12,759 167 168 West Fraser Timber Co.
Ltd. 3,146 200 123 WSP Global, Inc.
6,161 331 347
7,664 9,194
Chile – 0.1% Aguas Andinas S.A.,
Class A 155,405 89 88 Cia Cervecerias
Unidas S.A. 8,364 109 117
198 205
China – 5.6% 51job, Inc. ADR 1,415 140
110 Agile Group Holdings Ltd. 80,000 114
103 Agricultural Bank of China
Ltd., Class H 1,410,490 669 572 Air China
Ltd., Class H† 84,000 78 82 Angang Steel
Co. Ltd.,
Class H 93,600 71 36 Anhui Conch Cement
Co.
Ltd., Class A 4,200 23 24 Anhui Conch
Cement Co.
Ltd., Class H 67,000 409 388 BAIC Motor
Corp. Ltd.,
Class H 66,000 40 42 Beijing Capital
International
Airport Co. Ltd., Class H 96,000 142 76 BYD
Electronic
International Co. Ltd. 46,000 110 72 China
Aoyuan Group Ltd. 53,000 57 71 China Cinda
Asset
Management Co. Ltd., Class H 415,000 96
91
China Communications Services Corp. Ltd., Class H
138,158 99 97
China Conch Venture Holdings Ltd. 85,100
181 294
China Construction Bank Corp., Class H 4,685,291
3,869 3,607
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF INVESTMENTS
(Continued)
July 31, 2019
10
VALUE (000s)
COMMON STOCKS – 97.7% - (CONTINUED) China – 5.6% -
(Continued) China Everbright Bank Co.
Ltd., Class H 115,856 $ 59 $ 52 China
International Travel
Service Corp. Ltd., Class A 800 8
10
China Longyuan Power Group Corp. Ltd., Class H 178,000
159 109
China Medical System Holdings Ltd. 73,796
126 70
China Oriental Group Co. Ltd. 68,000 44
30
China Petroleum & Chemical Corp., Class H
1,326,000 1,128 854
China Railway Construction Corp. Ltd., Class H 94,000
106 108
China Railway Group Ltd., Class H 207,000 190
145
China Railway Signal & Communication Corp. Ltd., Class
H 61,000 41 41
China Reinsurance Group Corp., Class H 290,000 65
51
China Resources Pharmaceutical Group Ltd.
88,500 119 97
China Shenhua Energy Co. Ltd., Class H 187,500
462 372
China Telecom Corp. Ltd., Class H 736,000 358
330
China Zhongwang Holdings Ltd. 111,200 60
56
Chongqing Rural Commercial Bank Co. Ltd., Class
H 154,094 110 81
CNOOC Ltd. 932,000 1,588 1,533 Dali Foods
Group Co. Ltd. 72,500 55 45 Daqin Railway
Co. Ltd.,
Class A 7,800 10 9 Dongfeng Motor Group
Co.
Ltd., Class H 152,765 179 137 Future Land
Development
Holdings Ltd.† 82,000 88 69 Guangzhou
R&F Properties
Co. Ltd., Class H† 46,800 86 85 Haitian
International
Holdings Ltd. 34,274 85 69 Henan Shuanghui
Investment & Development Co. Ltd., Class A
1,100 5 4
Hua Hong Semiconductor Ltd.† 27,000 57
56
Huadian Power International Corp. Ltd., Class H 54,000
22 23
Huaneng Renewables Corp. Ltd., Class H 216,000 93
59
Inner Mongolia Yitai Coal Co. Ltd., Class B 63,700
85 65
Jiangsu Expressway Co. Ltd., Class H 65,387 94
88
Software Group Co. Ltd. 128,000 $ 137 $ 121
Legend Holdings Corp.,
Class H 15,000 36 35 Li Ning Co. Ltd.
96,500 159 237 Logan Property Holdings Co.
Ltd. 68,000 102 102 Luye Pharma Group
Ltd.† 72,000 71 56 Maanshan Iron &
Steel Co.
Ltd., Class H† 104,000 48 40 Noah Holdings
Ltd. ADR† 1,300 50 42 PICC Property &
Casualty
Co. Ltd., Class H 374,000 438 445 Shandong
Weigao Group
Medical Polymer Co. Ltd., Class H 101,273
72 97
Shanghai Pharmaceuticals Holding Co. Ltd., Class H
36,699 104 71
Shui On Land Ltd. 239,000 67 51 Sihuan
Pharmaceutical
Holdings Group Ltd. 241,852 104 49 Sinopec
Engineering Group
Co. Ltd., Class H 76,500 71 60 Sinopec
Shanghai
Petrochemical Co. Ltd., Class H 192,000 109
67
Sinotruk Hong Kong Ltd.† 42,000 67 62 SOHO
China Ltd. 73,000 24 24 Tingyi Cayman
Islands
Holding Corp. 110,000 233 164 Tong Ren Tang
Technologies
Co. Ltd., Class H† 37,000 58 44
Uni-President China
Holdings Ltd. 80,000 84 95 Want Want China
Holdings
Ltd. 247,000 181 193 Weichai Power Co.
Ltd.,
Class H† 94,000 141 146 Xinyi Solar
Holdings Ltd. 138,000 75 76 Yangzijiang
Shipbuilding
Holdings Ltd. 137,500 119 143 Yanzhou Coal
Mining Co.
Ltd., Class H 104,000 93 92 Yum China
Holdings, Inc. 18,646 536 848 Yuzhou
Properties Co. Ltd.† 101,107 60 47 YY, Inc.
ADR† 2,500 258 161 Zhejiang Expressway
Co.
Ltd., Class H 92,000 108 89 Zhongsheng
Group
Holdings Ltd. 35,000 112 97
15,297 14,067
Finland – 0.2% Elisa OYJ 7,493 274
352
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF INVESTMENTS
(Continued)
July 31, 2019
11
VALUE (000s)
COMMON STOCKS – 97.7% - (CONTINUED) Finland – 0.2% -
(Continued) Orion OYJ, Class B 5,688 $ 190
$ 195
464 547
France – 1.7% Arkema S.A. 3,805 378
342 BioMerieux 2,281 187 193 Cie
Generale des
Etablissements Michelin S.C.A. 8,886 1,054
983
Eutelsat Communications S.A. 9,554 204
183
Faurecia S.A. 4,286 313 202 Ipsen
S.A. 2,097 264 240 Peugeot S.A.
30,424 710 714 Sartorius Stedim Biotech
1,522 155 243 SCOR S.E. 8,685
330 357 Societe BIC S.A.† 1,262 123
88 Ubisoft Entertainment S.A. 4,384 472
364 Worldline S.A./France 4,114 251
294
4,441 4,203
Germany – 0.6% Covestro A.G. 8,899 714
404 Deutsche Lufthansa A.G.
(Registered) 12,993 205 207 Hannover Rueck
S.E. 3,195 366 500 HUGO BOSS A.G.
3,435 282 217 METRO A.G. 11,708
184 181 RTL Group S.A. 2,195 171
108
1,922 1,617
Hong Kong – 4.7% Beijing Enterprises
Holdings Ltd. 28,970 156 142 China
Agri-Industries
Holdings Ltd. 139,000 55 42 China Education
Group
Holdings Ltd.† 55,000 88 86 China
Everbright Ltd. 49,864 106 66 China Jinmao
Holdings
Group Ltd. 252,000 142 163 China Merchants
Port
Holdings Co. Ltd. 77,210 198 128 China
Mobile Ltd. 321,500 3,200 2,737 China Power
International
Development Ltd. 262,000 61 66 China
Resources Cement
Holdings Ltd. 136,000 158 125 China
Resources Gas Group
Ltd.† 48,541 176 247 China Resources
Power
Holdings Co. Ltd. 106,870 201 154 China
Unicom Hong Kong
Ltd. 310,000 323 300
VALUE (000s)
COMMON STOCKS – 97.7% - (CONTINUED) Hong Kong – 4.7% -
(Continued) CK Asset Holdings Ltd. 140,500 $
1,048 $ 1,057 COSCO SHIPPING Ports
Ltd. 103,240 114 90 Guangdong Investment
Ltd. 155,190 227 327 Haier Electronics
Group Co.
Ltd. 70,874 168 167 Hang Lung Properties
Ltd. 101,000 224 238 Hongkong Land
Holdings
Ltd. 64,600 469 394
Hysan Development Co. Ltd. 33,209 160 158
Kerry Properties Ltd. 36,500 160 138
Kingboard Holdings Ltd. 38,500 221 95
Kingboard Laminates
Holdings Ltd. 51,500 66 43 Kunlun Energy
Co. Ltd. 164,000 149 143 Lee & Man
Paper
Manufacturing Ltd. 90,000 94 55 Link
REIT 110,000 1,248 1,283 New World
Development
Co. Ltd. 315,000 487 441 Nine Dragons Paper
Holdings Ltd. 86,481 108 70 NWS Holdings
Ltd. 87,848 159 163 Shanghai Industrial
Holdings Ltd. 30,355 84 62 Shenzhen
International
Holdings Ltd. 59,373 128 110 Shenzhen
Investment Ltd. 124,000 46 45 Shimao
Property Holdings
Ltd. 56,500 155 156 Sino Land Co.
Ltd. 175,195 311 285 SSY Group Ltd.
92,000 95 82 Sun Art Retail Group Ltd.
133,986 128 135 Swire Pacific Ltd., Class A
27,500 288 312 Swire Properties Ltd.
64,089 218 232 Towngas China Co. Ltd.
66,553 65 51 Vitasoy International
Holdings Ltd. 36,000 190 169 Wharf Holdings
(The) Ltd. 65,583 540 160 Wharf Real Estate
Investment Co. Ltd. 69,000 500 436 Wheelock
& Co. Ltd. 43,000 324 271 Yue Yuen
Industrial
Holdings Ltd. 37,508 135 105 Yuexiu
Property Co. Ltd. 424,000 96 96
13,269 11,825
Hungary – 0.1%
MOL Hungarian Oil & Gas PLC 19,072 190
194
India – 0.5% Divi's Laboratories Ltd. 3,675
85 87
Dr. Reddy's Laboratories Ltd. 5,718 218 213
GAIL India Ltd. 85,986 212 160
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF INVESTMENTS
(Continued)
July 31, 2019
12
Ltd. 8,037 $ 75 $ 50 Hindustan Petroleum
Corp.
Ltd. 35,326 203 137 Indian Oil Corp.
Ltd. 93,403 284 190 Petronet LNG Ltd.
23,452 89 80 REC Ltd. 40,387 58
82 Tech Mahindra Ltd. 25,507 259
236
1,483 1,235
Indonesia – 0.2% Adaro Energy Tbk PT 878,942
114 79 Bukit Asam Tbk PT 174,500 49
34 Charoen Pokphand
Indonesia Tbk PT 347,800 111 133 Indah Kiat
Pulp & Paper
Corp. Tbk PT 159,400 215 85 Kalbe Farma Tbk
PT 1,049,400 124 110 Pakuwon Jati Tbk
PT 612,900 29 32 Surya Citra Media Tbk
PT 367,877 61 40
703 513
Ireland – 2.5% Accenture PLC, Class A 28,758
3,720 5,538 AerCap Holdings N.V. 6,969
309 380 Jazz Pharmaceuticals PLC 2,914
441 406
4,470 6,324
Italy – 0.2% Moncler S.p.A. 9,487 436
389
Japan – 4.3% AGC, Inc. 10,000 340 306
Alfresa Holdings Corp. 10,400 192 252
Astellas Pharma, Inc. 98,000 1,506 1,393
Brother Industries Ltd. 11,600 246
206
Dai Nippon Printing Co. Ltd. 13,500 302 283
Daicel Corp. 15,000 176 127 Electric Power
Development
COMMON STOCKS – 97.7% - (CONTINUED) Japan – 4.3% -
(Continued) Medipal Holdings Corp. 8,800 $
146 $ 187 Mitsubishi UFJ Lease &
Finance Co. Ltd. 22,500 123 119 NEC
Corp. 12,700 474 517 NGK Spark Plug Co.
Ltd. 8,600 177 164 NH Foods Ltd.
4,800 259 177 Nippon Electric Glass Co.
Ltd. 4,200 132 94 Obayashi Corp.
7,900 87 75 Sekisui Chemical Co. Ltd.
20,300 352 301 Shimamura Co. Ltd.
1,300 167 92 Stanley Electric Co. Ltd.
7,000 203 173 Sumitomo Dainippon
Pharma Co. Ltd. 8,600 280 158 Sumitomo
Heavy Industries
Ltd. 5,700 206 184 Sumitomo Rubber
Industries
Ltd. 8,500 144 93 Suzuken Co. Ltd.
4,000 146 221 Taiheiyo Cement Corp.
6,800 223 191 Taisho Pharmaceutical
Holdings Co. Ltd. 2,000 181 152 Teijin
Ltd. 9,100 194 158 Toho Gas Co. Ltd.
3,600 140 137 Tokyo Electric Power Co.
Holdings, Inc. 77,400 470 372 Toppan
Printing Co. Ltd. 13,500 275 221 Tosoh
Corp. 14,700 247 206 Toyo Suisan Kaisha
Ltd. 4,800 185 191 Toyoda Gosei Co.
Ltd. 3,800 95 70 Yokogawa Electric
Corp. 12,900 224 231
Yokohama Rubber (The) Co. Ltd. 6,000 119
110
11,289 10,654
Alliance Bank Malaysia Bhd. 67,400 64 60
British American Tobacco
Malaysia Bhd. 6,100 49 33 Nestle Malaysia
Bhd. 3,300 96 119
264 250
Mexico – 0.0%
Megacable Holdings S.A.B. de C.V., Series CPO 17,200
79 73
Netherlands – 0.9% Koninklijke Ahold Delhaize
N.V. 63,765 1,464 1,442 Koninklijke Vopak
N.V. 3,859 168 190 NN Group N.V.
17,189 590 645
2,222 2,277
Philippines – 0.1% Alliance Global Group, Inc.
165,300 47 50
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF INVESTMENTS
(Continued)
July 31, 2019
13
VALUE (000s)
COMMON STOCKS – 97.7% - (CONTINUED) Philippines – 0.1% -
(Continued) DMCI Holdings, Inc. 175,000 $
52 $ 35 Globe Telecom, Inc. 2,690 109
114 Megaworld Corp. 673,300 64 81
Robinsons Land Corp. 82,600 39 44
311 324
S.A. 2,813 55 28 PGE Polska Grupa
Energetyczna S.A. 49,049 144 112
199 140
Qatar – 0.2% Barwa Real Estate Co. 106,790
112 105 Mesaieed Petrochemical
Holding Co. 214,420 155 153 Ooredoo
QPSC 45,470 99 89 Qatar Electricity &
Water
Co. QSC 27,430 136 118 Qatar Fuel QSC
23,610 135 137
637 602
Russia – 1.4% Evraz PLC 24,917 187
198 Gazprom PJSC 276,360 665 1,027
Inter RAO UES PJSC 1,855,506 130 130 LUKOIL
PJSC 21,542 1,191 1,765 Magnitogorsk Iron
& Steel
Works PJSC 171,400 119 115 Surgutneftegas
PJSC 397,365 206 169
2,498 3,404
Saudi Arabia – 0.4%
Advanced Petrochemical Co. 1,751 26 27 Dar
Al Arkan Real Estate
Development Co. 9,257 26 28 Jarir Marketing
Co. 1,293 59 57 Riyad Bank
29,785 212 206 Samba Financial Group
24,480 229 213 Saudi British Bank (The)
4,727 52 50 Saudi Cement Co. 1,318
23 25 Saudi Industrial Investment
Group 4,098 26 26 Saudi Telecom Co.
10,082 273 290 Yanbu National
Petrochemical Co. 5,226 87 82
1,013 1,004
Singapore – 0.2% BOC Aviation Ltd. 11,900
81 103 ComfortDelGro Corp. Ltd. 118,500
182 233
Golden Agri-Resources Ltd.† 277,800 54 59
317 395
COMMON STOCKS – 97.7% - (CONTINUED) South Africa –
0.5% Anglo American Platinum
Ltd. 2,593 $ 120 $ 154 AngloGold Ashanti
Ltd. 20,671 242 356 Exxaro Resources
Ltd. 14,015 140 163 Investec Ltd.
16,944 123 97 Investec PLC 38,051
262 216 Kumba Iron Ore Ltd. 3,900 84
129 Netcare Ltd. 52,710 66 61 Telkom
S.A. SOC Ltd. 16,361 72 98
1,109 1,274
South Korea – 1.5% Daelim Industrial Co. Ltd.
1,554 131 138 DB Insurance Co. Ltd.
2,627 145 124 GS Holdings Corp. 3,025
148 128 Hankook Tire & Technology
Co. Ltd. 4,130 205 107 Hyundai Department
Store
Co. Ltd. 915 81 57 Hyundai Marine &
Fire
Insurance Co. Ltd. 3,356 100 79 Kia Motors
Corp. 13,515 466 496 Kumho Petrochemical
Co.
Ltd. 807 63 56 LG Corp. 5,096
307 305 LG Uplus Corp. 6,227 98
68 SK Hynix, Inc. 28,509 2,008 1,840
SK Telecom Co. Ltd. 1,091 274 228 Woongjin
Coway Co. Ltd. 2,530 170 179
4,196 3,805
Spain – 0.1% Mapfre S.A. 61,596 202
169
Sweden – 0.2% Boliden AB 14,727 330
334 ICA Gruppen AB† 4,122 149
183
479 517
(Registered) 8,595 641 469 Baloise Holding
A.G.
(Registered) 2,642 405 477 Coca-Cola HBC
A.G. - CDI 10,504 268 363 Garmin
Ltd.† 6,821 443 536 Sonova Holding A.G.
(Registered) 2,862 633 660 Swiss Life
Holding A.G.
(Registered) 1,816 583 878 Swisscom A.G.
(Registered) 1,337 648 648 TE Connectivity
Ltd. 17,684 1,383 1,634
5,004 5,665
Taiwan – 1.0% Asia Cement Corp. 122,000 133
164 AU Optronics Corp. 485,200 190
129
NT COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) DIVERSIFIED MULTI-
FACTOR FUND - LENDING STATEMENT OF INVESTMENTS
(Continued)
July 31, 2019
14
COMMON STOCKS – 97.7% - (CONTINUED) Taiwan – 1.0% -
(Continued)
Chicony Electronics Co. Ltd. 36,594 $ 86 $
93 Compal Electronics, Inc. 241,375 159
148 Far Eastern New Century
Corp. 177,000 164 168 Formosa Taffeta Co.
Ltd. 50,138 53 57 Inventec Corp.
152,416 118 113 Lite-On Technology Corp.
103,000 145 146 Micro-Star International
Co.
Ltd. 38,578 94 109 Novatek
Microelectronics
Corp. 29,244 115 154 Phison Electronics
Corp. 6,000 52 59 Powertech Technology,
Inc. 37,969 111 104
Realtek Semiconductor Corp. 25,404 99 169
Ruentex Development Co.
Ltd. 34,000 54 45 Ruentex Industries
Ltd. 24,163 70 51 Synnex Technology
International Corp. 70,160 82 86 Taiwan
Business Bank 198,793 54 85 United
Microelectronics
Corp. 670,976 276 297 Vanguard
International
Semiconductor Corp. 45,431 90 92 Winbond
Electronics Corp. 174,000 108 107 Wistron
Corp. 133,000 101 99 Zhen Ding Technology
Holding Ltd. 19,000 54 69
2,408 2,544
NVDR 13,900 125 148 PTT Exploration &
Production PCL NVDR 74,900 301 330 Ratch
Group PCL NVDR 32,000 61 70 Robinson PCL
NVDR 32,000 66 66
553 614
Fabrikalari A.S. 46,099 49 41
United Arab Emirates – 0.2% Aldar Properties PJSC
217,294 133 136 Emaar Properties PJSC
174,186 212 262
345 398
United Kingdom – 6.4% 3i Group PLC 52,749
495 711 Anglo American PLC 54,926
1,364 1,356 Aon PLC 12,553 2,251
2,376 Barratt Developments PLC 53,783 375
420 Berkeley Group Holdings
(The) PLC 6,940 283 328
VALUE (000s)
COMMON STOCKS – 97.7% - (CONTINUED) United Kingdom – 6.4% -
(Continued) Burberry Group PLC 22,040 $ 609
$ 601 Capri Holdings Ltd. 7,864 311
280 Direct Line Insurance Group
PLC 76,434 365 299 Fiat Chrysler
Automobiles
N.V. 56,272 1,260 748 Hargreaves Lansdown
PLC 15,749 280 401 J Sainsbury PLC
95,697 324 228 Kingfisher PLC 114,535
367 308 Marks & Spencer Group
PLC† 104,848 368 263 Meggitt PLC
40,902 232 296 Mondi PLC 6,156
151 133 Mondi PLC (London
Exchange) 20,307 495 444 Pearson PLC†
42,469 510 451 Persimmon PLC 17,089
466 416 Rio Tinto Ltd. 19,347 1,217
1,306 Rio Tinto PLC 59,736 3,628
3,392 Segro PLC 55,672 328 516 Taylor
Wimpey PLC 174,030 425 341
Wm Morrison Supermarkets PLC 119,330 351
283
16,455 15,897
United States – 52.9% Acuity Brands, Inc. 2,173
283 292 Advance Auto Parts, Inc. 3,693
655 556 AES Corp. 37,014 605
621 Affiliated Managers Group,
Inc. 2,878 320 247 Aflac, Inc.
39,223 1,432 2,065 Agilent Technologies,
Inc. 16,528 1,149 1,147 Akamai
Technologies, Inc. 8,417 633 742 Align
Technology, Inc.† 3,959 519 828 Alliant
Energy Corp. 12,867 522 637 Allstate (The)
Corp. 17,330 1,547 1,861 Ally Financial,
Inc. 20,767 533 683 Ameren Corp.
13,169 759 997 ANSYS, Inc. 4,330
707 880 Anthem, Inc. 13,469 2,340
3,968 Arch Capital Group Ltd. 21,304 661
824 Archer-Daniels-Midland Co. 29,156 1,322
1,198 Arrow Electronics, Inc. 4,760 344
346 Assurant, Inc. 2,914 273 330
Athene Holding Ltd.,
Class A 8,402 402 343 Atmo