# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001898
**Filing Date:** 2026-5
**Character Count:** 61844
**Document Hash:** 0cb1c0e2fed435a3ffe30403b91f0db1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001898.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001898

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 261034943

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### ACTIVE M EMERGING MARKETS EQUITY FUND (Series ID: S000024144)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000070886 | ACTIVE M EMERGING MARKETS EQUITY FUND | NMMEX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

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

- **a. Name of Series:** Active M Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000024144

- **c. LEI of Series:** 5493000ZKA8JE2TMKZ60

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $193346377.22

**Total Liabilities:** $176513.34

**Net Assets:** $193169863.88

**Cash Not Reported:** $183754.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000070886 | 11.29%               | 6.92%                | -12.08%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $625573.64               | $20627273.28                               |
| Month 2  | $4821599.55              | $9136873.07                                |
| Month 3  | $549335.75               | $-27305667.91                              |

### Schedule of Portfolio Investments

| Name                                          | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WUXI APPTEC CO LTD                            | WUXI APPTEC CO LTD                            | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |     26300 | NS      | $397717.37    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    416698 | NS      | $416697.59    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL. CELLULAR S                     | MILLICOM INTL. CELLULAR S                     | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      2870 | NS      | $215077.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BRADESCO SA                             | BANCO BRADESCO SA                             | CUSIP: P1808G117<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    236400 | PA      | $875344.27    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVENT BIOLOGICS INC                        | INNOVENT BIOLOGICS INC                        | CUSIP: G4818G101<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |     22500 | NS      | $246843.76    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG EXCHANGES & CLE                     | HONG KONG EXCHANGES & CLE                     | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     10400 | NS      | $527127.23    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| TVS MOTOR CO LTD                              | TVS MOTOR CO LTD                              | CUSIP: Y9014B129<br>LEI: 335800URVL13UQEWM152 | Long             | EP               | CORP              | IN        |     40720 | PA      | $4400.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCTON TECH. CORP                             | ACCTON TECH. CORP                             | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     25000 | NS      | $1217269.24   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCED INFO SERV. PCL                       | ADVANCED INFO SERV. PCL                       | CUSIP: Y0014U175<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     35800 | NS      | $409768.80    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GRP. LTD                                  | MTN GRP. LTD                                  | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     36801 | NS      | $427018.75    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC PROP. & CASUALTY CO                      | PICC PROP. & CASUALTY CO                      | CUSIP: Y6975Z103<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |     63000 | NS      | $116087.53    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITEC BANK HLDGS. LTD                       | CAPITEC BANK HLDGS. LTD                       | CUSIP: S15445109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      2618 | NS      | $642747.61    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ELITE MATERIAL CO LTD                         | ELITE MATERIAL CO LTD                         | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     12700 | NS      | $1063214.05   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HON HAI PRECISION IND. CO                     | HON HAI PRECISION IND. CO                     | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    134600 | NS      | $809857.72    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOTOR CO KRW5000                      | HYUNDAI MOTOR CO KRW5000                      | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      1339 | NS      | $399074.17    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JIANGSU HENGLI HYDRAULIC                      | JIANGSU HENGLI HYDRAULIC                      | CUSIP: Y443AC115<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     29200 | NS      | $411629.16    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF GREECE S                     | NATIONAL BANK OF GREECE S                     | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     33243 | NS      | $515237.10    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG                           | ERSTE GROUP BANK AG                           | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |      6007 | NS      | $649090.91    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHEJIANG CHINA CMDTS. CIT                     | ZHEJIANG CHINA CMDTS. CIT                     | CUSIP: Y98916102<br>LEI: 300300UELW04DCUGGZ27 | Long             | EC               | CORP              | CN        |    114400 | NS      | $216309.23    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TVS MOTOR CO LTD                              | TVS MOTOR CO LTD                              | CUSIP: Y9014B103<br>LEI: 335800URVL13UQEWM152 | Long             | EC               | CORP              | IN        |     15557 | NS      | $569529.24    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS BANK CO L                     | CHINA MERCHANTS BANK CO L                     | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     55000 | NS      | $349195.42    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIAN HOTELS CO LTD                          | INDIAN HOTELS CO LTD                          | CUSIP: Y3925F147<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |     41461 | NS      | $251212.20    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| WUXI APPTEC CO LTD                            | WUXI APPTEC CO LTD                            | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |     47971 | NS      | $725433.45    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| EMEMORY TECHNOLOGY INC CO                     | EMEMORY TECHNOLOGY INC CO                     | CUSIP: Y2289B114<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      8000 | NS      | $696033.08    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| HIWIN TECHS. CORP                             | HIWIN TECHS. CORP                             | CUSIP: Y3226A102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     78665 | NS      | $574217.93    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                      | YAPI VE KREDI BANKASI AS                      | CUSIP: M9869G101<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | EC               | CORP              | TR        |    717487 | NS      | $544439.68    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC GAS PLC                                 | ADNOC GAS PLC                                 | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |   1220785 | NS      | $1067867.86   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE ADR                      | AMERICA MOVIL SAB DE ADR                      | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     59693 | NS      | $1520977.64   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA PETROLEUM & CHEMICA                     | CHINA PETROLEUM & CHEMICA                     | CUSIP: Y15010104<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | CORP              | CN        |   1703626 | NS      | $979361.96    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIATEK INC                                  | MEDIATEK INC                                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     44237 | NS      | $2142003.54   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD CO LTD                                    | BYD CO LTD                                    | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    108702 | NS      | $1490351.34   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GRP. LTD                                  | MTN GRP. LTD                                  | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     88368 | NS      | $1025374.13   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMB GRP. HLDGS. BHD                          | CIMB GRP. HLDGS. BHD                          | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |    495251 | NS      | $928443.85    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA LIFE INS. CO LTD                        | CHINA LIFE INS. CO LTD                        | CUSIP: Y1477R204<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |    401716 | NS      | $1283581.23   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| LARSEN & TOUBRO LTD                           | LARSEN & TOUBRO LTD                           | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     41342 | NS      | $1541506.81   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| TATA CONSULTANCY SERVS. L                     | TATA CONSULTANCY SERVS. L                     | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     44719 | NS      | $1132110.37   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTRAND LTD                                 | FIRSTRAND LTD                                 | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    116328 | NS      | $594598.36    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPALA PLATINUM HLDGS. LT                     | IMPALA PLATINUM HLDGS. LT                     | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     48096 | NS      | $706846.18    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA ELECTRONIC TWD10                        | DELTA ELECTRONIC TWD10                        | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     23000 | NS      | $1023677.05   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO LTD                          | HYUNDAI MOBIS CO LTD                          | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      2525 | NS      | $649356.27    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| KOMATSU LTD                                   | KOMATSU LTD                                   | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     25044 | NS      | $983100.68    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP BANK NYRT                                 | OTP BANK NYRT                                 | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      8995 | NS      | $969912.98    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| AL RAJHI BANK                                 | AL RAJHI BANK                                 | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     37858 | NS      | $1078134.75   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                      | BANK CENTRAL ASIA TBK PT                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   3451547 | NS      | $1320514.92   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROBANK SA                                   | EUROBANK SA                                   | CUSIP: X2379U106<br>LEI: 213800KGF4EFNUQKAT69 | Long             | EC               | CORP              | GR        |    214228 | NS      | $860169.50    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                         | ANGLOGOLD ASHANTI PLC                         | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     14759 | NS      | $1436936.24   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                              | PDD HOLDINGS INC                              | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      6934 | NS      | $708516.12    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S                     | NATIONAL BANK OF GREECE S                     | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     80589 | NS      | $1249058.23   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL COMPANY                     | SAUDI ARABIAN OIL COMPANY                     | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |    158180 | NS      | $1153398.15   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTEMPORARY AMPEREX TECH                     | CONTEMPORARY AMPEREX TECH                     | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     19605 | NS      | $1149116.01   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTOR ENERJI A.S.                             | ASTOR ENERJI A.S.                             | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |    229095 | NS      | $1023388.17   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK C                     | CHINA CONSTRUCTION BANK C                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   1425538 | NS      | $1548272.41   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ECLAT TEXTILE CO LTD                          | ECLAT TEXTILE CO LTD                          | CUSIP: Y2237Y109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     45346 | NS      | $474829.30    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SHANGRI-LA ASIA LTD                           | SHANGRI-LA ASIA LTD                           | CUSIP: G8063F106<br>LEI: 529900FVJ8C1OTM8OL03 | Long             | EC               | CORP              | BM        |    170000 | NS      | $97252.21     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     48967 | NS      | $5500465.04   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU                     | TAIWAN SEMICONDUCTOR MANU                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    113388 | NS      | $6392298.05   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| YAGEO CORP                                    | YAGEO CORP                                    | CUSIP: Y9723R100<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |    144313 | NS      | $1151514.20   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| VALE SA ADR                                   | VALE SA ADR                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     52789 | NS      | $839872.99    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARM. GRP. CO LTD                     | HANSOH PHARM. GRP. CO LTD                     | CUSIP: G54958106<br>LEI: 254900Q6MR00EBXTPF42 | Long             | EC               | CORP              | KY        |    199998 | NS      | $909883.76    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG. S ADR                     | ITAU UNIBANCO HLDG. S ADR                     | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    360263 | NS      | $3019003.94   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      9151 | NS      | $3103836.18   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CIA DE MINAS BUENAVEN ADR                     | CIA DE MINAS BUENAVEN ADR                     | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     63653 | NS      | $2294054.12   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                 | HDFC BANK LTD                                 | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    169343 | NS      | $1346508.97   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| WAL-MART DE MEXICO SAB DE                     | WAL-MART DE MEXICO SAB DE                     | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    593044 | NS      | $1933688.07   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HERO MOTOCORP LTD                             | HERO MOTOCORP LTD                             | CUSIP: Y3194B108<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |     38879 | NS      | $2152158.96   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BID CORP LTD                                  | BID CORP LTD                                  | CUSIP: S11881109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     43590 | NS      | $1050289.08   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD BANK GRP. LTD                        | STANDARD BANK GRP. LTD                        | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     86560 | NS      | $1569011.08   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPS. PJSC                             | EMAAR PROPS. PJSC                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    823241 | NS      | $2658069.48   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRA INTL. TBK PT                            | ASTRA INTL. TBK PT                            | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   3688854 | NS      | $1375291.68   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| YUM CHINA HLDGS. INC                          | YUM CHINA HLDGS. INC                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     27895 | NS      | $1360718.10   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDINGS S.                     | ITAU UNIBANCO HOLDINGS S.                     | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     98430 | PA      | $826227.86    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1058544 | NS      | $1058543.54   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC PROP. & CASUALTY CO                      | PICC PROP. & CASUALTY CO                      | CUSIP: Y6975Z103<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |    304678 | NS      | $561417.74    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC ORD GBP0.                     | ANTOFAGASTA PLC ORD GBP0.                     | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |      2475 | NS      | $110104.83    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHINDRA & MAHINDRA LTD                       | MAHINDRA & MAHINDRA LTD                       | CUSIP: Y54164150<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     19725 | NS      | $637359.30    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      1209 | NS      | $410068.62    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES CORE S&P 500 ETF                      | ISHARES CORE S&P 500 ETF                      | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2900 | NS      | $1894309.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     29800 | NS      | $329973.11    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CYRELA BRAZIL REALTY SA E                     | CYRELA BRAZIL REALTY SA E                     | CUSIP: P34085103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     74100 | NS      | $391968.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINL. GRP. INC                             | KB FINL. GRP. INC                             | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      9960 | NS      | $931809.27    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA GRP. LTD                                  | AIA GRP. LTD                                  | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     74300 | NS      | $834674.99    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                          | SOUTHERN COPPER CORP                          | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      4931 | NS      | $848427.86    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                 | HDFC BANK LTD                                 | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     64314 | NS      | $511384.46    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ASELSAN ELEKTRONIK SANAYI                     | ASELSAN ELEKTRONIK SANAYI                     | CUSIP: M1501H100<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |    120138 | NS      | $866839.65    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK C                     | CHINA CONSTRUCTION BANK C                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   1265000 | NS      | $1373912.59   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                  | SK HYNIX INC                                  | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6406 | NS      | $3484176.36   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY ENTERTAINMENT GRP.                     | GALAXY ENTERTAINMENT GRP.                     | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |     76000 | NS      | $342626.81    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HANWHA AEROSPACE CO LTD                       | HANWHA AEROSPACE CO LTD                       | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      1355 | NS      | $1104098.10   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU                     | TAIWAN SEMICONDUCTOR MANU                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    173300 | NS      | $9769863.23   | 5.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BHARTI AIRTEL LTD                             | BHARTI AIRTEL LTD                             | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     27927 | NS      | $530973.41    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HANSOH PHARM. GRP. CO LTD                     | HANSOH PHARM. GRP. CO LTD                     | CUSIP: G54958106<br>LEI: 254900Q6MR00EBXTPF42 | Long             | EC               | CORP              | KY        |     30000 | NS      | $136483.93    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GRP. HLDG. LTD                        | ALIBABA GRP. HLDG. LTD                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    106700 | NS      | $1679726.87   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                      | SAMSUNG BIOLOGICS CO LTD                      | CUSIP: Y7T7DY103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       286 | NS      | $285207.67    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BHARAT ELECTNCS. LTD                          | BHARAT ELECTNCS. LTD                          | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    225576 | NS      | $974938.44    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     46400 | NS      | $2929320.29   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| BSE LTD                                       | BSE LTD                                       | CUSIP: Y0R9BJ101<br>LEI: 335800UOTLCPTZQVDA19 | Long             | EC               | CORP              | IN        |     13331 | NS      | $381614.83    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRI                     | HD HYUNDAI HEAVY INDUSTRI                     | CUSIP: Y3838M122<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      2573 | NS      | $793814.09    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED TECH. INC                              | ASPEED TECH. INC                              | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5530 | NS      | $1907490.18   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| PIOTECH INC CNY                               | PIOTECH INC CNY                               | CUSIP: Y6S9PP108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7540 | NS      | $413181.73    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEMENS ENERGY INDIA LTD                      | SIEMENS ENERGY INDIA LTD                      | CUSIP: Y7T3LP102<br>LEI: 335800AEZO3CVXCSA716 | Long             | EC               | CORP              | IN        |     16858 | NS      | $467092.49    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL SA                          | BANCO BTG PACTUAL SA                          | CUSIP: P1R8ZJ253<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |     67700 | NS      | $739362.92    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECH                     | CONTEMPORARY AMPEREX TECH                     | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     18800 | NS      | $1101932.22   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HON PRECISION INC                             | HON PRECISION INC                             | CUSIP: Y3699E102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3280 | NS      | $377225.76    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| JIANGSU HENGRUI PHARMACEU                     | JIANGSU HENGRUI PHARMACEU                     | CUSIP: Y445S8102<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |     16300 | NS      | $134602.62    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BAJAJ FIN. LTD                                | BAJAJ FIN. LTD                                | CUSIP: Y0547D153<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     33270 | NS      | $292722.95    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| WEICHAI POWER CO LTD                          | WEICHAI POWER CO LTD                          | CUSIP: Y9531A109<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |    130000 | NS      | $463411.51    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| LARSEN & TOUBRO LTD                           | LARSEN & TOUBRO LTD                           | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |      8977 | NS      | $334722.72    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| RELIANCE INDS. LTD                            | RELIANCE INDS. LTD                            | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     15904 | NS      | $230456.81    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA ELECTRONIC TWD10                        | DELTA ELECTRONIC TWD10                        | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     36700 | NS      | $1633432.51   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD FIELDS LTD                               | GOLD FIELDS LTD                               | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     19423 | NS      | $903534.70    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL CONTAINER T                     | INTERNATIONAL CONTAINER T                     | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     43280 | NS      | $496335.17    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CIA DE SANEAMENTO BASICO                      | CIA DE SANEAMENTO BASICO                      | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     14824 | NS      | $453973.44    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     45588 | NS      | $5120901.83   | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI BANK LTD                                | ICICI BANK LTD                                | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     36271 | NS      | $472189.90    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO LT                     | HD HYUNDAI ELECTRIC CO LT                     | CUSIP: Y3R1DD103<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |      1664 | NS      | $928275.71    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| RUIJIE NETWORKS CO LTD                        | RUIJIE NETWORKS CO LTD                        | CUSIP: Y7S573103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     33800 | NS      | $381158.90    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| LEADER HARMONIOUS DRIVE S                     | LEADER HARMONIOUS DRIVE S                     | CUSIP: Y5208X109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7791 | NS      | $214561.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| EMBRAER SA                                    | EMBRAER SA                                    | CUSIP: P3700H268<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     89300 | NS      | $1326608.88   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK NYRT                                 | OTP BANK NYRT                                 | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      5271 | NS      | $568361.46    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| AL RAJHI BANK                                 | AL RAJHI BANK                                 | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     16288 | NS      | $463855.96    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| LAOPU GOLD CO LTD                             | LAOPU GOLD CO LTD                             | CUSIP: Y5S72L108<br>LEI: 2549003X1NWK88OCWI97 | Long             | EC               | CORP              | CN        |      6400 | NS      | $523620.11    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPS. PJSC                             | EMAAR PROPS. PJSC                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    181905 | NS      | $587332.42    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HLDGS. LTD/CAYMAN ISLA                     | NU HLDGS. LTD/CAYMAN ISLA                     | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     35100 | NS      | $504387.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APR CORP/KOREA                                | APR CORP/KOREA                                | CUSIP: Y0R9CJ118<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4149 | NS      | $929501.95    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| JD HEALTH INTL. INC                           | JD HEALTH INTL. INC                           | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |     21300 | NS      | $130402.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    145007 | NS      | $1605651.35   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO GALI ADR                     | GRUPO FINANCIERO GALI ADR                     | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     33111 | NS      | $1546614.81   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| TENARIS SA ADR                                | TENARIS SA ADR                                | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     41464 | NS      | $2412375.52   | 1.25%             |  |  |  | No            |                  1 | On Loan: —       |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    421394 | NS      | $421394.23    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2487905 | NS      | $2487905.36   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    140000 | PA      | $139490.05    | 0.07%             | 2026-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NCSOFT CORP                                   | NCSOFT CORP                                   | CUSIP: Y6258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5885 | NS      | $880221.81    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| TATA CONSULTANCY SERVS. L                     | TATA CONSULTANCY SERVS. L                     | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     70321 | NS      | $1780252.99   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOTOR CO KRW5000                      | HYUNDAI MOTOR CO KRW5000                      | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     11286 | NS      | $3363667.72   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRO-MECHANICS                     | SAMSUNG ELECTRO-MECHANICS                     | CUSIP: Y7470U102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4063 | NS      | $1110734.49   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     37956 | NS      | $4263598.97   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BIDVEST GROUP LTD                             | BIDVEST GROUP LTD                             | CUSIP: S1201R162<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |    125531 | NS      | $1694049.82   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIA DROGASIL SA                              | RAIA DROGASIL SA                              | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    296372 | NS      | $1340006.42   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEYUAN ELEC. CO LTD                          | SIEYUAN ELEC. CO LTD                          | CUSIP: Y7688J105<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |     23900 | NS      | $709233.46    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBALWAFERS CO LTD                           | GLOBALWAFERS CO LTD                           | CUSIP: Y2722U109<br>LEI: 529900V6RTNF3U5EGX67 | Long             | EC               | CORP              | TW        |     89000 | NS      | $1199822.21   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| HITACHI ENERGY INDIA LTD                      | HITACHI ENERGY INDIA LTD                      | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      1257 | NS      | $324102.68    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU INC                                     | BAIDU INC                                     | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     30250 | NS      | $420545.06    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| AZZAS 2154 SA                                 | AZZAS 2154 SA                                 | CUSIP: P0R0NH101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     42500 | NS      | $208649.86    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TELKOM INDONESIA PERSERO                      | TELKOM INDONESIA PERSERO                      | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   5993000 | NS      | $1091755.47   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTVS SA                                      | TOTVS SA                                      | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    129800 | NS      | $877804.18    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA MOVIL SAB DE ADR                      | AMERICA MOVIL SAB DE ADR                      | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     68572 | NS      | $1747214.56   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL INTERNATIONAL                      | COMMERCIAL INTERNATIONAL                      | CUSIP: M25561107<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    618239 | NS      | $1371848.87   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION IND. CO                     | HON HAI PRECISION IND. CO                     | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    367796 | NS      | $2212945.24   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                      | BANK CENTRAL ASIA TBK PT                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   4247300 | NS      | $1624959.19   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                     | VALTERRA PLATINUM LIMITED                     | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     29884 | NS      | $2569043.50   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPSPORTS INTL. HLDGS. LT                     | TOPSPORTS INTL. HLDGS. LT                     | CUSIP: G8924B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    795266 | NS      | $278734.89    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC ORD GBP0.                     | ANTOFAGASTA PLC ORD GBP0.                     | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     17430 | NS      | $775404.89    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN MINING GRP. CO LTD                      | ZIJIN MINING GRP. CO LTD                      | CUSIP: Y9892H115<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    207771 | NS      | $1014915.09   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHEN INOVANCE TECH. C                     | SHENZHEN INOVANCE TECH. C                     | CUSIP: Y7744Z101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    116799 | NS      | $1143840.49   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| JK CEMENT LTD                                 | JK CEMENT LTD                                 | CUSIP: Y613A5100<br>LEI: 335800IECEF3EIDGF809 | Long             | EC               | CORP              | IN        |     10516 | NS      | $580184.15    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM CO LTD                          | HYUNDAI ROTEM CO LTD                          | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      6035 | NS      | $671496.26    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     60161 | NS      | $3798078.40   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      5997 | NS      | $2034062.46   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     48764 | NS      | $539960.02    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FOMENTO ECONOMICO MEX ADR                     | FOMENTO ECONOMICO MEX ADR                     | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      7390 | NS      | $820733.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS SA ADR                                | TENARIS SA ADR                                | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     14200 | NS      | $826156.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| HAIER SMART HOME CO LTD                       | HAIER SMART HOME CO LTD                       | CUSIP: Y7166P102<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    245121 | NS      | $763336.15    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SANY HEAVY IND. CO LTD                        | SANY HEAVY IND. CO LTD                        | CUSIP: Y75268105<br>LEI: 3003001FS86S7NYOHV89 | Long             | EC               | CORP              | CN        |    231171 | NS      | $650384.96    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| WAL-MART DE MEXICO SAB DE                     | WAL-MART DE MEXICO SAB DE                     | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    221657 | NS      | $722738.11    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                | ICICI BANK LTD                                | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     72212 | NS      | $940083.73    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GRP. HLDG. LT ADR                     | ALIBABA GRP. HLDG. LT ADR                     | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      6423 | NS      | $805829.58    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE BANK OF INDIA                           | STATE BANK OF INDIA                           | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |    121280 | NS      | $1292522.74   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEMICAL WORKS OF GEDEON                      | CHEMICAL WORKS OF GEDEON                      | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |     20728 | NS      | $740649.03    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3484172 | NS      | $3484172.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    824428 | NS      | $824428.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE                                           | FUT. ICUS MSCI EMG JUN26                      | CUSIP: 02052FAB5<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        38 | NC      | $2763740.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer