# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001559
**Filing Date:** 2025-11
**Character Count:** 71337
**Document Hash:** a09a8f19c534f59f2e0aa956be9ecf24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001559.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001559

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**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:** 251506524

**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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $185259638.50

**Total Liabilities:** $497357.15

**Net Assets:** $184762281.35

**Cash Not Reported:** $1003174.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000070886 | 1.47%                | 2.96%                | 6.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1553032.97              | $559427.71                                 |
| Month 2  | $1156377.50              | $3585068.56                                |
| Month 3  | $3036063.27              | $7603255.09                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANCO BRADESCO SA                             | BANCO BRADESCO SA                             | CUSIP: P1808G117<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    186000 | PA      | $619271.92    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDAR PROPERTIES PJSC                         | ALDAR PROPERTIES PJSC                         | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    170450 | NS      | $439831.15    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| GE VERNOVA T&D INDIA LTD                      | GE VERNOVA T&D INDIA LTD                      | CUSIP: Y2683R111<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |      4558 | NS      | $151995.27    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TVS MOTOR CO LTD                              | TVS MOTOR CO LTD                              | CUSIP: Y9014B129<br>LEI: 335800URVL13UQEWM152 | Long             | EP               | CORP              | IN        |     40720 | PA      | $4421.89      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTRAL DEPOSITORY SERVS.                     | CENTRAL DEPOSITORY SERVS.                     | CUSIP: Y1R465106<br>LEI: 335800YRV56TH7RQVH27 | Long             | EC               | CORP              | IN        |      1596 | NS      | $26233.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC ORD GBP0.                     | ANTOFAGASTA PLC ORD GBP0.                     | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     27400 | NS      | $1020661.40   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| JK CEMENT LTD                                 | JK CEMENT LTD                                 | CUSIP: Y613A5100<br>LEI: 335800IECEF3EIDGF809 | Long             | EC               | CORP              | IN        |     11900 | NS      | $844482.78    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     71300 | NS      | $6074459.96   | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                         | ANGLOGOLD ASHANTI PLC                         | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     23300 | NS      | $1638689.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDINGS S.                     | ITAU UNIBANCO HOLDINGS S.                     | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    109480 | PA      | $802856.76    | 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        |   1212165 | NS      | $1212164.66   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTOR ENERJI A.S.                             | ASTOR ENERJI A.S.                             | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |    220400 | NS      | $517547.02    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK C                     | CHINA CONSTRUCTION BANK C                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   1348000 | NS      | $1297248.05   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ECLAT TEXTILE CO LTD                          | ECLAT TEXTILE CO LTD                          | CUSIP: Y2237Y109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     73000 | NS      | $1053915.10   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO LTD                          | HYUNDAI MOBIS CO LTD                          | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      4320 | NS      | $923575.91    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     84920 | NS      | $5104233.57   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP BANK NYRT                                 | OTP BANK NYRT                                 | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |     10300 | NS      | $892063.59    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| TAL EDUCATION GROUP ADR                       | TAL EDUCATION GROUP ADR                       | CUSIP: 874080104<br>LEI: 5493003PJZS0EC085V72 | Long             | EC               | CORP              | KY        |     62100 | NS      | $695520.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GRP. HLDG. LT ADR                     | ALIBABA GRP. HLDG. LT ADR                     | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      9800 | NS      | $1751554.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     88682 | NS      | $88681.93     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3084945 | NS      | $3084944.60   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     76000 | PA      | $75510.28     | 0.04%             | 2025-11-28      | None          | 0.00%                 | 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        |    651775 | NS      | $2013674.58   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NCSOFT CORP                                   | NCSOFT CORP                                   | CUSIP: Y6258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6532 | NS      | $1008438.30   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOTOR CO KRW5000                      | HYUNDAI MOTOR CO KRW5000                      | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     15307 | NS      | $2352965.95   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM CO LTD                          | HYUNDAI ROTEM CO LTD                          | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      2560 | NS      | $400395.78    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BSE LTD                                       | BSE LTD                                       | CUSIP: Y0R9BJ101<br>LEI: 335800UOTLCPTZQVDA19 | Long             | EC               | CORP              | IN        |      9533 | NS      | $219121.98    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| JD HEALTH INTL. INC                           | JD HEALTH INTL. INC                           | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |     35100 | NS      | $300229.35    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| XIAOMI CORP                                   | XIAOMI CORP                                   | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    134000 | NS      | $933024.13    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                          | SOUTHERN COPPER CORP                          | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       637 | NS      | $77306.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MULTI CMDTY. EXCHANGE OF                      | MULTI CMDTY. EXCHANGE OF                      | CUSIP: Y5S057101<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |       898 | NS      | $78894.83     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF GREECE S                     | NATIONAL BANK OF GREECE S                     | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     45676 | NS      | $665286.52    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEMENS ENERGY INDIA LTD                      | SIEMENS ENERGY INDIA LTD                      | CUSIP: Y7T3LP102<br>LEI: 335800AEZO3CVXCSA716 | Long             | EC               | CORP              | IN        |      8959 | NS      | $347172.77    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| EMBRAER SA                                    | EMBRAER SA                                    | CUSIP: P3700H201<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    108100 | NS      | $1623658.04   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ZHEJIANG CHINA CMDTS. CIT                     | ZHEJIANG CHINA CMDTS. CIT                     | CUSIP: Y98916102<br>LEI: 300300UELW04DCUGGZ27 | Long             | EC               | CORP              | CN        |    112500 | NS      | $292984.24    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTOR ENERJI A.S.                             | ASTOR ENERJI A.S.                             | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |     10003 | NS      | $23489.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAJAJ FIN. LTD                                | BAJAJ FIN. LTD                                | CUSIP: Y0547D153<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |      5914 | NS      | $66554.30     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCED INFO SERV. PCL                       | ADVANCED INFO SERV. PCL                       | CUSIP: Y0014U175<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     34300 | NS      | $308118.93    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK C                     | CHINA CONSTRUCTION BANK C                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   1098000 | NS      | $1056660.51   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| ELITE MATERIAL CO LTD                         | ELITE MATERIAL CO LTD                         | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14000 | NS      | $567923.95    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL C                     | GRUPO AEROPORTUARIO DEL C                     | CUSIP: P49530101<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      9800 | NS      | $126487.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     34591 | NS      | $2079139.70   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                              | MERCADOLIBRE INC                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       300 | NS      | $701082.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                             | BHARTI AIRTEL LTD                             | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     33161 | NS      | $702529.36    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD ADR                                   | SEA LTD ADR                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      6030 | NS      | $1077741.90   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                       | OPAP SA                                       | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     12029 | NS      | $280725.07    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| LAOPU GOLD CO LTD                             | LAOPU GOLD CO LTD                             | CUSIP: Y5S72L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5560 | NS      | $508565.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC                               | HSBC HLDGS. PLC                               | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     21929 | NS      | $309522.67    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MAKEMYTRIP LTD                                | MAKEMYTRIP LTD                                | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      2892 | NS      | $270691.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER SA ADR                                | EMBRAER SA ADR                                | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |      1762 | NS      | $106512.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MAHINDRA & MAHINDRA LTD                       | MAHINDRA & MAHINDRA LTD                       | CUSIP: Y54164150<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     22471 | NS      | $867543.91    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO UNIBANK INC                               | BDO UNIBANK INC                               | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     20028 | NS      | $45757.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      1021 | NS      | $271871.88    | 0.15%             |  |  |  | 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        |      2700 | NS      | $1807110.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     32000 | NS      | $321389.14    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NETEASE INC ADR                               | NETEASE INC ADR                               | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      2190 | NS      | $332858.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORP ADR                                   | KT CORP ADR                                   | CUSIP: 48268K101<br>LEI: N/A                  | Long             | EC               | NUSS              | KR        |      3290 | NS      | $64155.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                      | SAMSUNG BIOLOGICS CO LTD                      | CUSIP: Y7T7DY103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       547 | NS      | $389576.51    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NETFLIX INC                                   | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       190 | NS      | $227794.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED TECH. INC                              | ASPEED TECH. INC                              | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5550 | NS      | $925156.71    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| KB FINL. GRP. INC                             | KB FINL. GRP. INC                             | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      6756 | NS      | $557961.99    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA GRP. LTD                                  | AIA GRP. LTD                                  | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     59300 | NS      | $568404.65    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| BHARAT ELECTNCS. LTD                          | BHARAT ELECTNCS. LTD                          | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    192872 | NS      | $877576.30    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| WUXI APPTEC CO LTD                            | WUXI APPTEC CO LTD                            | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |     55000 | NS      | $840931.91    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM CO LTD                          | HYUNDAI ROTEM CO LTD                          | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      6810 | NS      | $1065115.33   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| HAIER SMART HOME CO LTD                       | HAIER SMART HOME CO LTD                       | CUSIP: Y7166P102<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    236653 | NS      | $838815.21    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| XIAOMI CORP                                   | XIAOMI CORP                                   | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    146400 | NS      | $1019363.67   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD HOLDINGS INC                              | PDD HOLDINGS INC                              | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     14700 | NS      | $1942899.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                 | HDFC BANK LTD                                 | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    115200 | NS      | $1234246.34   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG EXCHANGES & CLE                     | HONG KONG EXCHANGES & CLE                     | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     18000 | NS      | $1023075.38   | 0.55%             |  |  |  | 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        |    764400 | NS      | $2361632.24   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SA PLN0.01                        | DINO POLSKA SA PLN0.01                        | CUSIP: X188AF102<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |      4050 | NS      | $48747.34     | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ADNOC GAS PLC                                 | ADNOC GAS PLC                                 | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |   1105000 | NS      | $1066121.29   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE ADR                      | AMERICA MOVIL SAB DE ADR                      | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     63000 | NS      | $1323000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORP                                       | KT CORP                                       | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |      1670 | NS      | $60135.14     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCTON TECH. CORP                             | ACCTON TECH. CORP                             | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     39300 | NS      | $1360632.90   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS GRP. HLDGS. LTD                           | DBS GRP. HLDGS. LTD                           | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      4300 | NS      | $170301.15    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KAKAO CORP                                    | KAKAO CORP                                    | CUSIP: Y4519H119<br>LEI: 988400FTKUBQXKVZP434 | Long             | EC               | CORP              | KR        |      6048 | NS      | $258498.99    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD CO LTD                                    | BYD CO LTD                                    | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     17500 | NS      | $248181.60    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC PROP. & CASUALTY CO                      | PICC PROP. & CASUALTY CO                      | CUSIP: Y6975Z103<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |     42000 | NS      | $94980.34     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TVS MOTOR CO LTD                              | TVS MOTOR CO LTD                              | CUSIP: Y9014B103<br>LEI: 335800URVL13UQEWM152 | Long             | EC               | CORP              | IN        |     14655 | NS      | $568023.66    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMYANG FOODS CO LTD                          | SAMYANG FOODS CO LTD                          | CUSIP: Y7498J105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |        57 | NS      | $62016.93     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS BANK CO L                     | CHINA MERCHANTS BANK CO L                     | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     48500 | NS      | $291779.75    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIAN HOTELS CO LTD                          | INDIAN HOTELS CO LTD                          | CUSIP: Y3925F147<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |     32272 | NS      | $261932.47    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA ELECTRONIC TWD10                        | DELTA ELECTRONIC TWD10                        | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     40700 | NS      | $1140886.75   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| HON HAI PRECISION IND. CO                     | HON HAI PRECISION IND. CO                     | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     74100 | NS      | $527970.54    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| SHANGRI-LA ASIA LTD                           | SHANGRI-LA ASIA LTD                           | CUSIP: G8063F106<br>LEI: 529900FVJ8C1OTM8OL03 | Long             | EC               | CORP              | BM        |    314000 | NS      | $183340.36    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU                     | TAIWAN SEMICONDUCTOR MANU                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    138000 | NS      | $6003600.73   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| YAGEO CORP                                    | YAGEO CORP                                    | CUSIP: Y9723R100<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |    132000 | NS      | $738679.33    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| VALE SA ADR                                   | VALE SA ADR                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     70100 | NS      | $761286.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                | ICICI BANK LTD                                | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     58700 | NS      | $890374.93    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO LT                     | HD HYUNDAI ELECTRIC CO LT                     | CUSIP: Y3R1DD103<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |       970 | NS      | $404596.19    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| AL RAJHI BANK                                 | AL RAJHI BANK                                 | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     24600 | NS      | $702317.61    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS IND. GRP. CO                      | FUYAO GLASS IND. GRP. CO                      | CUSIP: Y26783103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     47600 | NS      | $490939.01    | 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        |    121425 | NS      | $563616.25    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| FULL TRUCK ALLIANCE C ADR                     | FULL TRUCK ALLIANCE C ADR                     | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |     75300 | NS      | $976641.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI COMMERCIAL BANK                     | ABU DHABI COMMERCIAL BANK                     | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     63847 | NS      | $253511.43    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIATEK INC                                  | MEDIATEK INC                                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      3600 | NS      | $156051.76    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROBANK ERGASIAS SERVS.                      | EUROBANK ERGASIAS SERVS.                      | CUSIP: X2321W101<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |    399200 | NS      | $1535829.25   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| MEITUAN USD0.00001 B CLAS                     | MEITUAN USD0.00001 B CLAS                     | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     79820 | NS      | $1068066.12   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| TELKOM INDONESIA PERSERO                      | TELKOM INDONESIA PERSERO                      | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   6026900 | NS      | $1111221.07   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    128522 | NS      | $1290799.22   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                      | TOTVS SA                                      | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    144200 | NS      | $1236832.17   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA CONSULTANCY SERVS. L                     | TATA CONSULTANCY SERVS. L                     | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     63132 | NS      | $2054099.44   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TRUWORTHS INTERNATIONAL L                     | TRUWORTHS INTERNATIONAL L                     | CUSIP: S8793H130<br>LEI: 37890099AFD770037522 | Long             | EC               | CORP              | ZA        |     20056 | NS      | $63549.18     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR                     | SAMSUNG ELECTRONICS CO KR                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     54590 | NS      | $3281207.14   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| POWER FIN. CORP LTD                           | POWER FIN. CORP LTD                           | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               | CORP              | IN        |     10447 | NS      | $48280.25     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SK HYNIX INC 000660                           | SK HYNIX INC 000660                           | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6437 | NS      | $1609461.26   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL CONTAINER T                     | INTERNATIONAL CONTAINER T                     | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     36630 | NS      | $296761.97    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CIA DE SANEAMENTO BASICO                      | CIA DE SANEAMENTO BASICO                      | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     15100 | NS      | $374957.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DLF LTD                                       | DLF LTD                                       | CUSIP: Y2089H105<br>LEI: 335800PJLUEOB8914F48 | Long             | EC               | CORP              | IN        |     27644 | NS      | $222054.12    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HANWHA AEROSPACE CO LTD                       | HANWHA AEROSPACE CO LTD                       | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      1562 | NS      | $1231957.29   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG. S ADR                     | ITAU UNIBANCO HLDG. S ADR                     | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    388641 | NS      | $2852624.94   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV SA ADR                                  | AMBEV SA ADR                                  | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    672706 | NS      | $1500134.38   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| TAIWAN SEMICONDUCTOR MANU                     | TAIWAN SEMICONDUCTOR MANU                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    176300 | NS      | $7669817.46   | 4.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     10198 | NS      | $2715523.44   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CIA DE MINAS BUENAVEN ADR                     | CIA DE MINAS BUENAVEN ADR                     | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     70953 | NS      | $1726286.49   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS SA ADR                                | TENARIS SA ADR                                | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     46221 | NS      | $1653325.17   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                 | HDFC BANK LTD                                 | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    188774 | NS      | $2022514.06   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE ADR                      | AMERICA MOVIL SAB DE ADR                      | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     76438 | NS      | $1605198.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRO-MECHANICS                     | SAMSUNG ELECTRO-MECHANICS                     | CUSIP: Y7470U102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4497 | NS      | $624008.38    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BIDVEST GROUP LTD                             | BIDVEST GROUP LTD                             | CUSIP: S1201R162<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |    131627 | NS      | $1614952.91   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIA DROGASIL SA                              | RAIA DROGASIL SA                              | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    320000 | NS      | $1103894.03   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PIRAEUS FINL. HLDGS. SA                       | PIRAEUS FINL. HLDGS. SA                       | CUSIP: X06397248<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |     50790 | NS      | $430510.70    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| KUAISHOU TECHNOLOGY                           | KUAISHOU TECHNOLOGY                           | CUSIP: G53263102<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |     29300 | NS      | $319035.24    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRI                     | HD HYUNDAI HEAVY INDUSTRI                     | CUSIP: Y3838M122<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      2426 | NS      | $892290.91    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PARKIN CO PJSC                                | PARKIN CO PJSC                                | CUSIP: M75283107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     81001 | NS      | $121317.27    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                      | LODHA DEVELOPERS LIMITED                      | CUSIP: Y5311S112<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |      2262 | NS      | $28974.53     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI MARINE SOLUTIO                     | HD HYUNDAI MARINE SOLUTIO                     | CUSIP: Y3820S103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2725 | NS      | $408793.82    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BID CORP LTD                                  | BID CORP LTD                                  | CUSIP: S11881109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     45070 | NS      | $1129587.89   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| CP ALL PCL                                    | CP ALL PCL                                    | CUSIP: Y1772K169<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    654000 | NS      | $953602.84    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| POP MART INTL. GRP. LTD                       | POP MART INTL. GRP. LTD                       | CUSIP: G7170M103<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | KY        |      7150 | NS      | $244494.87    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SALIK CO PJSC                                 | SALIK CO PJSC                                 | CUSIP: M8T22K107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    253428 | NS      | $414699.90    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| KFIN TECHS. LTD                               | KFIN TECHS. LTD                               | CUSIP: Y4S976105<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |      2058 | NS      | $24383.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG                           | ERSTE GROUP BANK AG                           | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |      6197 | NS      | $605790.84    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ASELSAN ELEKTRONIK SANAYI                     | ASELSAN ELEKTRONIK SANAYI                     | CUSIP: M1501H100<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |     52736 | NS      | $272755.61    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM BIRLESIK MAGAZALAR AS                     | BIM BIRLESIK MAGAZALAR AS                     | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |      1869 | NS      | $24329.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DIXON TECHS. INDIA LTD                        | DIXON TECHS. INDIA LTD                        | CUSIP: Y2R8Y5112<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |      1593 | NS      | $292989.89    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAB HLDGS. LTD                               | GRAB HLDGS. LTD                               | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     25200 | NS      | $151704.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTROC BEVERAGE GRP. CO                      | EASTROC BEVERAGE GRP. CO                      | CUSIP: Y2234Q109<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |     13600 | NS      | $580503.23    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MAX HEALTHCARE INSTITUTE                      | MAX HEALTHCARE INSTITUTE                      | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     10767 | NS      | $136434.46    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HLDGS. LTD/CAYMAN ISLA                     | NU HLDGS. LTD/CAYMAN ISLA                     | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     38200 | NS      | $611582.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ELM CO                                        | ELM CO                                        | CUSIP: M3046F102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |       513 | NS      | $122813.30    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD BANK GRP. LTD                        | STANDARD BANK GRP. LTD                        | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     96491 | NS      | $1321621.43   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| WANT WANT CHINA HLDGS. LT                     | WANT WANT CHINA HLDGS. LT                     | CUSIP: G9431R103<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | KY        |   1036740 | NS      | $704771.58    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| RIYADH CABLES GRP. CO                         | RIYADH CABLES GRP. CO                         | CUSIP: M82162104<br>LEI: 558600VWEJBGFYTZ1S78 | Long             | EC               | CORP              | SA        |      1214 | NS      | $41209.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                     | VALTERRA PLATINUM LIMITED                     | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     33384 | NS      | $2383424.92   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBALWAFERS CO LTD                           | GLOBALWAFERS CO LTD                           | CUSIP: Y2722U109<br>LEI: 529900V6RTNF3U5EGX67 | Long             | EC               | CORP              | TW        |     77000 | NS      | $1190313.54   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPS. PJSC                             | EMAAR PROPS. PJSC                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    917717 | NS      | $3262136.74   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRA INTL. TBK PT                            | ASTRA INTL. TBK PT                            | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   3713554 | NS      | $1288231.51   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPSPORTS INTL. HLDGS. LT                     | TOPSPORTS INTL. HLDGS. LT                     | CUSIP: G8924B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    711256 | NS      | $288592.94    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AZZAS 2154 SA                                 | AZZAS 2154 SA                                 | CUSIP: P0R0NH101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    128745 | NS      | $730536.71    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GERDAU SA ADR                                 | GERDAU SA ADR                                 | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |    207000 | NS      | $641700.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                 | CREDICORP LTD                                 | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      6800 | NS      | $1810704.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE                      | GRUPO FINANCIERO BANORTE                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     14682 | NS      | $147457.35    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX SAB DE CV ADR                           | CEMEX SAB DE CV ADR                           | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |     82900 | NS      | $745271.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FOMENTO ECONOMICO MEX ADR                     | FOMENTO ECONOMICO MEX ADR                     | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      7900 | NS      | $779177.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEO BRASILEIRO S ADR                     | PETROLEO BRASILEIRO S ADR                     | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     59900 | NS      | $758334.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HIWIN TECHS. CORP                             | HIWIN TECHS. CORP                             | CUSIP: Y3226A102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     87000 | NS      | $618461.21    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                      | YAPI VE KREDI BANKASI AS                      | CUSIP: M9869G101<br>LEI: N/A                  | Long             | EC               | CORP              | TR        |    503600 | NS      | $411293.18    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIATEK INC                                  | MEDIATEK INC                                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     35000 | NS      | $1517169.92   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD CO LTD                                    | BYD CO LTD                                    | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     69000 | NS      | $978544.61    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GRP. LTD                                  | MTN GRP. LTD                                  | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    101000 | NS      | $850221.54    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMB GRP. HLDGS. BHD                          | CIMB GRP. HLDGS. BHD                          | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |    493200 | NS      | $860251.10    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC PROP. & CASUALTY CO                      | PICC PROP. & CASUALTY CO                      | CUSIP: Y6975Z103<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |    398000 | NS      | $900051.75    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA LIFE INS. CO LTD                        | CHINA LIFE INS. CO LTD                        | CUSIP: Y1477R204<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |    548000 | NS      | $1561567.12   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| LARSEN & TOUBRO LTD                           | LARSEN & TOUBRO LTD                           | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     35600 | NS      | $1467249.51   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| TATA CONSULTANCY SERVS. L                     | TATA CONSULTANCY SERVS. L                     | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     28400 | NS      | $924038.90    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTRAND LTD                                 | FIRSTRAND LTD                                 | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    136900 | NS      | $615988.92    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPALA PLATINUM HLDGS. LT                     | IMPALA PLATINUM HLDGS. LT                     | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     94995 | NS      | $1218217.62   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                     | VALTERRA PLATINUM LIMITED                     | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     18400 | NS      | $1313653.80   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| WUXI APPTEC CO LTD                            | WUXI APPTEC CO LTD                            | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |      8700 | NS      | $133020.14    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| PROSUS N.V. EUR0.05 (N SH                     | PROSUS N.V. EUR0.05 (N SH                     | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     12816 | NS      | $908894.38    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GRP. LTD ADR                         | TRIP.COM GRP. LTD ADR                         | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |       685 | NS      | $51512.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DR SULAIMAN AL HABIB MEDI                     | DR SULAIMAN AL HABIB MEDI                     | CUSIP: M28438105<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |       946 | NS      | $68156.79     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                      | TENCENT HOLDINGS LIMITED                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     57000 | NS      | $4856160.13   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| TIM SA/BRAZIL                                 | TIM SA/BRAZIL                                 | CUSIP: P9153B104<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |    130600 | NS      | $576163.84    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                 | HDFC BANK LTD                                 | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     83526 | NS      | $894892.88    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEMENS ENERGY AG                             | SIEMENS ENERGY AG                             | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      1370 | NS      | $160191.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNO                     | POWSZECHNA KASA OSZCZEDNO                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |      5216 | NS      | $101134.97    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                        | WEG SA                                        | CUSIP: P9832B129<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |      3500 | NS      | $23996.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT MUSIC ENTERTA ADR                     | TENCENT MUSIC ENTERTA ADR                     | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     30710 | NS      | $716771.40    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDS. LTD                            | RELIANCE INDS. LTD                            | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      5776 | NS      | $88749.72     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD FIELDS LTD                               | GOLD FIELDS LTD                               | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     11997 | NS      | $508855.93    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI BANK LTD                                | ICICI BANK LTD                                | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     46279 | NS      | $701970.38    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP BANK NYRT                                 | OTP BANK NYRT                                 | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      7462 | NS      | $646269.76    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSIDENG INTL. HLDGS. LTD                     | BOSIDENG INTL. HLDGS. LTD                     | CUSIP: G12652106<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | KY        |    240000 | NS      | $143122.56    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AL RAJHI BANK                                 | AL RAJHI BANK                                 | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     12054 | NS      | $344135.63    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ETIHAD ETISALAT CO                            | ETIHAD ETISALAT CO                            | CUSIP: M4100E106<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |      9086 | NS      | $164155.33    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                      | BANK CENTRAL ASIA TBK PT                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    152500 | NS      | $69833.01     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| META PLATFORMS INC CL A                       | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       533 | NS      | $391424.54    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GRP. HLDG. LTD                        | ALIBABA GRP. HLDG. LTD                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    115700 | NS      | $2593505.40   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CLICKS GRP. LTD                               | CLICKS GRP. LTD                               | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |      3664 | NS      | $74845.54     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPS. PJSC                             | EMAAR PROPS. PJSC                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    275746 | NS      | $980172.71    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HERO MOTOCORP LTD                             | HERO MOTOCORP LTD                             | CUSIP: Y3194B108<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |     43338 | NS      | $2671880.17   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMERCIAL INTERNATIONAL                      | COMMERCIAL INTERNATIONAL                      | CUSIP: M25561107<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |    626535 | NS      | $1322466.77   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION IND. CO                     | HON HAI PRECISION IND. CO                     | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    410796 | NS      | $2926966.06   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures US futures                        | FUT. ICUS MSCI EMG DEC25                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | XX        |        38 | NC      | $2583430.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1681765 | NS      | $1681765.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer