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      <regStreet1>22 W. WASHINGTON STREET</regStreet1>
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      <regZipOrPostalCode>60602</regZipOrPostalCode>
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      <repPdEnd>2020-04-30</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
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        <name>NN Group N.V.</name>
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        <name>Brit Amer Tobacco</name>
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          <ticker value="BTI"/>
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        <name>Global X Fds</name>
        <lei>5493003RA4QUTSYF1N15</lei>
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        <title>Duke Energy Corp COM NEW</title>
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        <name>Johnson Controls International Plc</name>
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        <cusip>G51502105</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
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        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
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          <ticker value="VCIT"/>
        </identifiers>
        <balance>25650</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2343127.5</valUSD>
        <pctVal>0.9996964210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES TRUST MSCI UK ETF NEW</title>
        <cusip>46435G334</cusip>
        <identifiers>
          <isin value="US46435G3341"/>
          <ticker value="EWU"/>
        </identifiers>
        <balance>883591</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22310672.75</valUSD>
        <pctVal>9.5188587473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nextera Energy Inc</name>
        <lei>N/A</lei>
        <title>Nextera Energy Inc COM</title>
        <cusip>65339F101</cusip>
        <identifiers>
          <isin value="US65339F1012"/>
          <ticker value="NEE"/>
        </identifiers>
        <balance>18700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4321944</valUSD>
        <pctVal>1.8439593871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>Vanguard Scottsdal MORTG-BACK SEC</title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
          <ticker value="VMBS"/>
        </identifiers>
        <balance>64534</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3526137.76</valUSD>
        <pctVal>1.5044282903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global X Fds</name>
        <lei>5493003RA4QUTSYF1N15</lei>
        <title>Global X Fds US PFD ETF</title>
        <cusip>37954Y657</cusip>
        <identifiers>
          <isin value="US37954Y6573"/>
          <ticker value="PFFD"/>
        </identifiers>
        <balance>315493</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7464564.38</valUSD>
        <pctVal>3.1847598116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>5.46</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5.46</valUSD>
        <pctVal>0.0000023295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>Vanguard Scottsdal LONG TERM TREAS</title>
        <cusip>92206C847</cusip>
        <identifiers>
          <isin value="US92206C8477"/>
          <ticker value="VGLT"/>
        </identifiers>
        <balance>145839</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14849326.98</valUSD>
        <pctVal>6.3354721571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Compagnie Generale des Etablissements Michelin EUR2</title>
        <cusip>F61824144</cusip>
        <identifiers>
          <isin value="FR0000121261"/>
          <ticker value="MGDDF"/>
        </identifiers>
        <balance>13385</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>1293274.22</valUSD>
        <pctVal>0.5517760383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Dutch Shell plc</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Royal Dutch Shell plc ADR EA REP 2 CL'B' EUR0.07</title>
        <cusip>780259107</cusip>
        <identifiers>
          <isin value="US7802591070"/>
          <ticker value="RDS/B"/>
        </identifiers>
        <balance>23160</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>740425.2</valUSD>
        <pctVal>0.3159027507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc COM</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T"/>
        </identifiers>
        <balance>125430</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3821852.1</valUSD>
        <pctVal>1.6305949489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Asset Management Deutschland AG</name>
        <lei>N/A</lei>
        <title>BlackRock Asset Management Deutschland AG ISHARES EUROPE 600 TELECOM EUR UCITS</title>
        <cusip>D3809E102</cusip>
        <identifiers>
          <isin value="DE000A0H08R2"/>
          <ticker value="EXV2"/>
        </identifiers>
        <balance>1060555</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>21219616.67</valUSD>
        <pctVal>9.0533591710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Kappa Grp</name>
        <lei>635400CPLP8H5ITDVT56</lei>
        <title>Smurfit Kappa Grp ORD EUR0.001</title>
        <cusip>G8248F104</cusip>
        <identifiers>
          <isin value="IE00B1RR8406"/>
          <ticker value="SMFTF"/>
        </identifiers>
        <balance>9300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>299939.24</valUSD>
        <pctVal>0.1279692141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPM-Kymmene Corporation</name>
        <lei>213800EC6PW5VU4J9U64</lei>
        <title>UPM-Kymmene Corporation NPV</title>
        <cusip>X9518S108</cusip>
        <identifiers>
          <isin value="FI0009005987"/>
          <ticker value="UPMKF"/>
        </identifiers>
        <balance>65665</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>1800874.61</valUSD>
        <pctVal>0.7683439772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allianz Societas Europaea-SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz Societas Europaea-SE NPV(REGD)(VINKULIERT)</title>
        <cusip>D03080112</cusip>
        <identifiers>
          <isin value="DE0008404005"/>
          <ticker value="ALIZF"/>
        </identifiers>
        <balance>14292</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>2630177.19</valUSD>
        <pctVal>1.1221663028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zurich Insurance Group Limited</name>
        <lei>529900QVNRBND50TXP03</lei>
        <title>Zurich Insurance Group Limited CHF0.10</title>
        <cusip>H9870Y105</cusip>
        <identifiers>
          <isin value="CH0011075394"/>
          <ticker value="ZFSVF"/>
        </identifiers>
        <balance>11795</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".96525"/>
        <valUSD>3739656.17</valUSD>
        <pctVal>1.5955260177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BCE Inc.</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE Inc. COM NEW</title>
        <cusip>05534B760</cusip>
        <identifiers>
          <isin value="CA05534B7604"/>
          <ticker value="BCE"/>
        </identifiers>
        <balance>101745</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4114567.8</valUSD>
        <pctVal>1.7554822364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>Vanguard Scottsdal LG-TERM COR BD</title>
        <cusip>92206C813</cusip>
        <identifiers>
          <isin value="US92206C8139"/>
          <ticker value="VCLT"/>
        </identifiers>
        <balance>22580</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2307676</valUSD>
        <pctVal>0.9845710223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMC Norilsk Nickel Public Joint Stock Company</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC Norilsk Nickel Public Joint Stock Company SPON ADR EACH REPR 0.1 ORD SHS</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
          <ticker value="NILSY"/>
        </identifiers>
        <balance>61000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1667740</valUSD>
        <pctVal>0.7115420348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascendas Real Estate Investment Trust</name>
        <lei>549300ILIBAEMQZK3L20</lei>
        <title>Ascendas Real Estate Investment Trust NPV(REAL ESTATE INVESTMENT TRUSTS)</title>
        <cusip>Y0205X103</cusip>
        <identifiers>
          <isin value="SG1M77906915"/>
          <ticker value="ACDSF"/>
        </identifiers>
        <balance>2271650</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.41015"/>
        <valUSD>4750658.98</valUSD>
        <pctVal>2.0268708297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xinyi Glass Hldgs</name>
        <lei>52990082YXVVZFK1QJ17</lei>
        <title>Xinyi Glass Hldgs HKD0.1</title>
        <cusip>G9828G108</cusip>
        <identifiers>
          <isin value="KYG9828G1082"/>
          <ticker value="XYIGF"/>
        </identifiers>
        <balance>2429765</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>2814048.69</valUSD>
        <pctVal>1.2006151624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Kappa Grp</name>
        <lei>635400CPLP8H5ITDVT56</lei>
        <title>Smurfit Kappa Grp ORD EUR0.001</title>
        <cusip>G8248F104</cusip>
        <identifiers>
          <isin value="IE00B1RR8406"/>
          <ticker value="SMFTF"/>
        </identifiers>
        <balance>83090</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>2602899.53</valUSD>
        <pctVal>1.1105282766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonic Healthcare</name>
        <lei>549300NQQ5L2NONWR862</lei>
        <title>Sonic Healthcare NPV</title>
        <cusip>Q8563C107</cusip>
        <identifiers>
          <isin value="AU000000SHL7"/>
          <ticker value="SKHCF"/>
        </identifiers>
        <balance>219300</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5345661"/>
        <valUSD>3872892.23</valUSD>
        <pctVal>1.6523712437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="2330"/>
        </identifiers>
        <balance>352055</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>3551460.38</valUSD>
        <pctVal>1.5152321977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Overseas Bank Limited</name>
        <lei>IO66REGK3RCBAMA8HR66</lei>
        <title>United Overseas Bank Limited NPV</title>
        <cusip>Y9T10P105</cusip>
        <identifiers>
          <isin value="SG1M31001969"/>
          <ticker value="UOVEF"/>
        </identifiers>
        <balance>155645</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.41015"/>
        <valUSD>2224029.65</valUSD>
        <pctVal>0.9488832688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globaltrans Invest</name>
        <lei>213800D6EVVEJJW3MD09</lei>
        <title>Globaltrans Invest GDR EACH REPR 1 ORD 'REGS'</title>
        <cusip>37949E204</cusip>
        <identifiers>
          <isin value="US37949E2046"/>
          <ticker value="GLTVF"/>
        </identifiers>
        <balance>334640</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1894553.91</valUSD>
        <pctVal>0.8083122934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enel - Societa per Azioni</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>Enel - Societa per Azioni EUR1</title>
        <cusip>T3679P115</cusip>
        <identifiers>
          <isin value="IT0003128367"/>
          <ticker value="ESOCF"/>
        </identifiers>
        <balance>428000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>2923433.33</valUSD>
        <pctVal>1.2472841692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas EUR2</title>
        <cusip>F1058Q238</cusip>
        <identifiers>
          <isin value="FR0000131104"/>
          <ticker value="BNPQF"/>
        </identifiers>
        <balance>27680</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>869604.44</valUSD>
        <pctVal>0.3710171326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES TRUST BROAD USD HIGH</title>
        <cusip>46435U853</cusip>
        <identifiers>
          <isin value="US46435U8532"/>
          <ticker value="USHY"/>
        </identifiers>
        <balance>374010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13849590.3</valUSD>
        <pctVal>5.9089340447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Healthpeak Properties Inc</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties Inc COM</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <ticker value="PEAK"/>
        </identifiers>
        <balance>46350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1211589</valUSD>
        <pctVal>0.5169250018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>5944279.81</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5944279.81</valUSD>
        <pctVal>2.5361297035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Embassy Office Parks Real Estate Investment Trust</name>
        <lei>N/A</lei>
        <title>Embassy Office Parks Real Estate Investment Trust NPV (REIT)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE041025011"/>
          <ticker value="EMBASSY"/>
        </identifiers>
        <balance>586800</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.095"/>
        <valUSD>2880167.97</valUSD>
        <pctVal>1.2288249835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iberdrola, S.A.</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
        <title>Iberdrola, S.A. EUR0.75</title>
        <cusip>E6165F166</cusip>
        <identifiers>
          <isin value="ES0144580Y14"/>
          <ticker value="IBDSF"/>
        </identifiers>
        <balance>440315</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9125336"/>
        <valUSD>4380160.27</valUSD>
        <pctVal>1.8687973853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>1537683.61</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1537683.61</valUSD>
        <pctVal>0.6560534165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Morningstar Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Illinan Sary</ncom:signature>
      <ncom:signerName>Illinan Sary</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
