# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001576
**Filing Date:** 2025-11
**Character Count:** 74768
**Document Hash:** 5f10ffc502f53e7b29dba41c011fc5d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001576.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001576

**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:** 251506542

**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

### MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Series ID: S000037667)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000116140 | MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND | NMFIX           |

## 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:** Multi-Manager Global Listed Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000037667

- **c. LEI of Series:** 549300JOVRVIUOZPPW79

**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:** $942918785.61

**Total Liabilities:** $1848148.84

**Net Assets:** $941070636.77

**Cash Not Reported:** $2892363.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116140 | -0.52%               | 1.34%                | 1.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2529469.70              | $-7504251.01                               |
| Month 2  | $5467855.89              | $4516290.85                                |
| Month 3  | $2257357.60              | $11941765.71                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALEXANDRIA REAL ESTATE EQ                     | ALEXANDRIA REAL ESTATE EQ                     | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      6216 | NS      | $518041.44    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                   | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     22748 | NS      | $1023887.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH INC                                | TETRA TECH INC                                | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     18228 | NS      | $608450.64    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MGT. INC                                | WASTE MGT. INC                                | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      4505 | NS      | $994839.15    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS CO I                     | AMERICAN WATER WORKS CO I                     | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      5499 | NS      | $765405.81    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHLAND POWER INC                           | NORTHLAND POWER INC                           | CUSIP: 666511100<br>LEI: 549300IT8CIDW8V5KX72 | Long             | EC               | CORP              | CA        |     74669 | NS      | $1250116.91   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O AMERICA                                   | H2O AMERICA                                   | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6321 | NS      | $307832.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     31553 | NS      | $2381935.97   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                       | VEOLIA ENVIRONNEMENT SA                       | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     39274 | NS      | $1341780.24   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                        | RWE AG                                        | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     41000 | NS      | $1820858.76   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELEC. POWER CO I                     | AMERICAN ELEC. POWER CO I                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    108109 | NS      | $12162262.50  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                     | ONEOK INC                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    104954 | NS      | $7658493.38   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHS. INC                              | ORMAT TECHS. INC                              | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |     12186 | NS      | $1172902.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                                    | SIEMENS AG                                    | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1887 | NS      | $509146.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMPRA                                        | SEMPRA                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    133717 | NS      | $12031855.66  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    286715 | NS      | $10181249.65  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                               | FIRST SOLAR INC                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      3534 | NS      | $779353.02    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                         | NORFOLK SOUTHERN CORP                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     35225 | NS      | $10581942.25  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                     | PG&E CORP                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    363122 | NS      | $5475879.76   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERV. ENT. GRP. IN                     | PUBLIC SERV. ENT. GRP. IN                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     75507 | NS      | $6301814.22   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                                      | UGI CORP                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     74980 | NS      | $2493834.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                            | UNION PACIFIC CORP                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     26237 | NS      | $6201639.69   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     23037 | NS      | $3859618.98   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                              | DUKE ENERGY CORP                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    106224 | NS      | $13145220.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    133299 | NS      | $10062741.51  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                        | RWE AG                                        | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |    103471 | NS      | $4595270.17   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| PROMOTORA Y OPERADORA DE                      | PROMOTORA Y OPERADORA DE                      | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |    340361 | NS      | $4658950.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL P                     | GRUPO AEROPORTUARIO DEL P                     | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    330795 | NS      | $7790891.93   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROPORTS DE PARIS                            | AEROPORTS DE PARIS                            | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     41883 | NS      | $5553701.77   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    261260 | NS      | $4027679.36   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                             | EVERSOURCE ENERGY                             | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |    103698 | NS      | $7377075.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3429 | NS      | $2685729.96   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMS. CORP                               | SBA COMMS. CORP                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     43050 | NS      | $8323717.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RUMO SA                                       | RUMO SA                                       | CUSIP: P8S114104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1100000 | NS      | $3284137.35   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |   1674721 | NS      | $5449617.11   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                           | DOMINION ENERGY INC                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    118547 | NS      | $7251519.99   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                               | XCEL ENERGY INC                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    117595 | NS      | $9484036.75   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                    | EVERGY INC                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     96754 | NS      | $7355239.08   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTIVA INFRAESTRUTURA DE                      | MOTIVA INFRAESTRUTURA DE                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2464945 | NS      | $6882255.19   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     38703 | NS      | $9094430.94   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ORSTED AS                                     | ORSTED AS                                     | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |     41911 | NS      | $753171.13    | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| WEST JAPAN RAILWAY CO                         | WEST JAPAN RAILWAY CO                         | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |    126400 | NS      | $2770925.30   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| FLUGHAFEN ZURICH AG                           | FLUGHAFEN ZURICH AG                           | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     26792 | NS      | $8183482.33   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                              | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39968 | NS      | $4518782.08   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA TOWER CORP LTD                          | CHINA TOWER CORP LTD                          | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | CORP              | CN        |   2636749 | NS      | $3892715.05   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| HERA SPA                                      | HERA SPA                                      | CUSIP: T5250M106<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |   1071421 | NS      | $4817995.70   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| GETLINK SE                                    | GETLINK SE                                    | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |    471318 | NS      | $8671888.33   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS I                     | INFRASTRUTTURE WIRELESS I                     | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    245944 | NS      | $2890225.67   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN ENERGY HLDGS. LTD                         | ENN ENERGY HLDGS. LTD                         | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    352200 | NS      | $2915071.88   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    827473 | NS      | $11929350.33  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  17544943 | NS      | $17544943.43  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1347000 | PA      | $1338320.42   | 0.14%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                   | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1616 | NS      | $1265715.84   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUC                     | HA SUSTAINABLE INFRASTRUC                     | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     15445 | NS      | $474161.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     62499 | NS      | $963507.36    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| XYLEM INC/NY                                  | XYLEM INC/NY                                  | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4475 | NS      | $660062.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HYDRO ONE LTD COM                             | HYDRO ONE LTD COM                             | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |     19407 | NS      | $692360.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KURITA WATER INDS. LTD                        | KURITA WATER INDS. LTD                        | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |     18600 | NS      | $631678.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                         | AECOM                                         | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      4994 | NS      | $651567.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GRP.                      | CHINA WATER AFFAIRS GRP.                      | CUSIP: G21090124<br>LEI: 529900XTSVH0DH4CEX74 | Long             | EC               | CORP              | BM        |    250282 | NS      | $190722.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GUANGDONG INV. LTD                            | GUANGDONG INV. LTD                            | CUSIP: Y2929L100<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    331046 | NS      | $300759.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                       | E.ON SE                                       | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     35309 | NS      | $663887.08    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     78221 | NS      | $741881.90    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA SA                                  | IBERDROLA SA                                  | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     32325 | NS      | $612502.40    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AG GROWTH INTL. INC                           | AG GROWTH INTL. INC                           | CUSIP: 001181106<br>LEI: 549300ZCF9VG3Z4PHL09 | Long             | EC               | CORP              | CA        |     13876 | NS      | $362628.53    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS NV                                    | ARCADIS NV                                    | CUSIP: N0605M147<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |      9154 | NS      | $460826.70    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HUBBELL INC                                   | HUBBELL INC                                   | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1662 | NS      | $715175.22    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERN TRENT PLC                              | SEVERN TRENT PLC                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    346131 | NS      | $12062655.76  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     49132 | NS      | $9449066.24   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    637272 | NS      | $22629528.72  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL. RAILWAY CO                     | CANADIAN NATL. RAILWAY CO                     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    106600 | NS      | $10052586.05  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC                       | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     60357 | NS      | $6067085.64   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORP                                   | AMEREN CORP                                   | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     43746 | NS      | $4566207.48   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                        | SEMPRA                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    115811 | NS      | $10420673.78  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                      | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     89498 | NS      | $3178073.98   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| COPEL                                         | COPEL                                         | CUSIP: P30557105<br>LEI: 2549001AS1I9A71VG663 | Long             | EC               | CORP              | BR        |   1153569 | NS      | $2618274.89   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                   | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    286885 | NS      | $12912693.85  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM SPA                                      | SNAM SPA                                      | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |   2743505 | NS      | $16485058.78  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                              | BLACK HILLS CORP                              | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     35049 | NS      | $2158667.91   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP                             | ATMOS ENERGY CORP                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     16009 | NS      | $2733536.75   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                                  | ENTERGY CORP                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     73794 | NS      | $6876862.86   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                               | XCEL ENERGY INC                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     33010 | NS      | $2662256.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL S                     | GRUPO AEROPORTUARIO DEL S                     | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |    350912 | NS      | $11333766.83  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                  | ENBRIDGE INC                                  | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     98011 | NS      | $4944565.86   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                         | NORFOLK SOUTHERN CORP                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      5074 | NS      | $1524280.34   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                                  | NISOURCE INC                                  | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     36347 | NS      | $1573825.10   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                        | SES SA                                        | CUSIP: L8300G135<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    556595 | NS      | $4247693.21   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNA - RETE ELETTRICA NA                     | TERNA - RETE ELETTRICA NA                     | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |   1638543 | NS      | $16645027.29  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| PPL CORP                                      | PPL CORP                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     38492 | NS      | $1430362.72   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                     | PG&E CORP                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    161028 | NS      | $2428302.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GRP. PLC                     | UNITED UTILITIES GRP. PLC                     | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    855954 | NS      | $13195698.75  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    762182 | NS      | $6979920.89   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| AENA SME SA                                   | AENA SME SA                                   | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     92480 | NS      | $2533851.20   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL PUBLIC PART                     | INTERNATIONAL PUBLIC PART                     | CUSIP: G4891V108<br>LEI: 2138002AJT55TI5M4W30 | Long             | EC               | CORP              | GG        |    566046 | NS      | $955212.92    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                        | CENTERPOINT ENERGY INC                        | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    113833 | NS      | $4416720.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                          | WILLIAMS COS INC/THE                          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    223265 | NS      | $14143837.75  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENTIAL UTILITIES INC                       | ESSENTIAL UTILITIES INC                       | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     27311 | NS      | $1089708.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VH GLOBAL ENERGY INFR PLC                     | VH GLOBAL ENERGY INFR PLC                     | CUSIP: G9344Z101<br>LEI: 213800RFHAOF372UU580 | Long             | EC               | CORP              | GB        |    673060 | NS      | $626344.05    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORP                           | ALLIANT ENERGY CORP                           | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     21527 | NS      | $1451135.07   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS CO I                     | AMERICAN WATER WORKS CO I                     | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     12852 | NS      | $1788869.88   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     39471 | NS      | $6612971.34   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMS. CORP                               | SBA COMMS. CORP                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      6732 | NS      | $1301632.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNON GRP. PLC                               | PENNON GRP. PLC                               | CUSIP: G8295T239<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    144665 | NS      | $911329.89    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTRACKER INC                                | NEXTRACKER INC                                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3787 | NS      | $280200.13    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE LAND CORP                           | GLADSTONE LAND CORP                           | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |     19861 | NS      | $181926.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| RENEWABLES INFRA. GRP. LT                     | RENEWABLES INFRA. GRP. LT                     | CUSIP: G7490B100<br>LEI: 213800NO6Q7Q7HMOMT20 | Long             | EC               | CORP              | GG        |    980251 | NS      | $1020589.72   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ARRAY TECHS. INC                              | ARRAY TECHS. INC                              | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |     27842 | NS      | $226912.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| VESTAS WIND SYS. A/S                          | VESTAS WIND SYS. A/S                          | CUSIP: K9773J201<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     16552 | NS      | $321237.06    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ORSTED AS                                     | ORSTED AS                                     | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |      7377 | NS      | $132570.05    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                         | WASTE CONNECTIONS INC                         | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3330 | NS      | $585414.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE GBL. SA                                 | BUNGE GBL. SA                                 | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     12000 | NS      | $975000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENCOAT RENEWABLES PLC                      | GREENCOAT RENEWABLES PLC                      | CUSIP: G4081F103<br>LEI: 635400TVSIFFQOB8RB67 | Long             | EC               | CORP              | IE        |    968711 | NS      | $822495.18    | 0.09%             |  |  |  | No            |                  2 | On Loan: —       |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    101798 | NS      | $1467581.43   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| LANDIS+GYR GRP. AG                            | LANDIS+GYR GRP. AG                            | CUSIP: H893NZ107<br>LEI: 529900PZYVAKCYSLFL19 | Long             | EC               | CORP              | CH        |      5186 | NS      | $419227.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                              | CROWN CASTLE INC                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     78082 | NS      | $7534132.18   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER ASSETS HLDGS. LTD                       | POWER ASSETS HLDGS. LTD                       | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |   1485820 | NS      | $9416183.85   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    163274 | NS      | $22734048.17  | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| REN - REDES ENERGETICAS N                     | REN - REDES ENERGETICAS N                     | CUSIP: X70955103<br>LEI: 549300FR1FN48IGHR915 | Long             | EC               | CORP              | PT        |    789751 | NS      | $2836252.64   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FRAPORT AG FRANKFURT AIRP                     | FRAPORT AG FRANKFURT AIRP                     | CUSIP: D3856U108<br>LEI: 5299001ERX0K10IZUL40 | Long             | EC               | CORP              | DE        |     57288 | NS      | $4948228.90   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HERA SPA                                      | HERA SPA                                      | CUSIP: T5250M106<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |   1771848 | NS      | $7967695.28   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| AUCKLAND INTL. AIRPORT LT                     | AUCKLAND INTL. AIRPORT LT                     | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    803586 | NS      | $3671735.82   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4203055 | NS      | $4203054.95   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ITALGAS SPA                                   | ITALGAS SPA                                   | CUSIP: T6R89Z103<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |   1358509 | NS      | $12499967.15  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| FLUGHAFEN ZURICH AG                           | FLUGHAFEN ZURICH AG                           | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     15685 | NS      | $4790904.75   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   1575090 | NS      | $22707448.35  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUATORIAL ENERGIA SA                         | EQUATORIAL ENERGIA SA                         | CUSIP: P3773H104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    147235 | NS      | $1020803.51   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                     | ONEOK INC                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     25270 | NS      | $1843951.90   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                           | DOMINION ENERGY INC                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     42071 | NS      | $2573483.07   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODS. PARTNER                     | ENTERPRISE PRODS. PARTNER                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    141899 | NS      | $4437181.73   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAINS ALL AMERICAN PIPEL                     | PLAINS ALL AMERICAN PIPEL                     | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |    257714 | NS      | $4396600.84   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                          | WILLIAMS COS INC/THE                          | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     39615 | NS      | $2509610.25   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RES. CORP                               | TARGA RES. CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     24815 | NS      | $4157505.10   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1612439 | NS      | $1612439.21   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2036886 | NS      | $2036886.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      5204 | NS      | $1222835.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                           | CHENIERE ENERGY INC                           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     14269 | NS      | $3352929.62   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                            | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    206888 | NS      | $15617975.12  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                             | KINDER MORGAN INC                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     44259 | NS      | $1252972.29   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                            | ENERGY TRANSFER LP                            | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    284123 | NS      | $4875550.68   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM INC                              | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22476 | NS      | $2541136.56   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                       | MPLX LP                                       | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     97125 | NS      | $4851393.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN MIDSTREAM PARTNER                     | WESTERN MIDSTREAM PARTNER                     | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62000 | NS      | $2435980.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM LP                             | HESS MIDSTREAM LP                             | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92811 | NS      | $3206620.05   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL INC CL A C                     | VENTURE GLOBAL INC CL A C                     | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    153344 | NS      | $2175951.36   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEANAWAY WASTE MGT. LTD                      | CLEANAWAY WASTE MGT. LTD                      | CUSIP: Q2506H109<br>LEI: 549300D5C72CV6CIBS66 | Long             | EC               | CORP              | AU        |   1652812 | NS      | $3042220.27   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |    642029 | NS      | $2089191.11   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| KINETIK HLDGS. INC                            | KINETIK HLDGS. INC                            | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35859 | NS      | $1532613.66   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| SOUTH BOW CORP                                | SOUTH BOW CORP                                | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |     39286 | NS      | $1111649.55   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FERROVIAL SE                                  | FERROVIAL SE                                  | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |    362268 | NS      | $20851755.05  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERGY INC                                    | EVERGY INC                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     42968 | NS      | $3266427.36   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL P                     | GRUPO AEROPORTUARIO DEL P                     | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    107080 | NS      | $2521950.78   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CK INFRA. HLDGS. LTD                          | CK INFRA. HLDGS. LTD                          | CUSIP: G2178K100<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |   1156800 | NS      | $7601737.54   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ATLAS ARTERIA LTD                             | ATLAS ARTERIA LTD                             | CUSIP: Q06180105<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |   1994514 | NS      | $6490237.85   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNON GRP. PLC                               | PENNON GRP. PLC                               | CUSIP: G8295T239<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    768173 | NS      | $4839173.39   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRE INC                                     | SPIRE INC                                     | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     22524 | NS      | $1836156.48   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                         | WASTE CONNECTIONS INC                         | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6069 | NS      | $1066926.45   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ITALGAS SPA                                   | ITALGAS SPA                                   | CUSIP: T6R89Z103<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |    193633 | NS      | $1781663.67   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERGY CORP                     | CONSTELLATION ENERGY CORP                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     22420 | NS      | $7377749.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYERA CORP                                   | KEYERA CORP                                   | CUSIP: 493271118<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     68674 | NS      | $2240281.38   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                        | SES SA                                        | CUSIP: L8300G135<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    178976 | NS      | $1365867.72   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGIE SA                                      | ENGIE SA                                      | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    169868 | NS      | $3643764.83   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| AEROPORTS DE PARIS                            | AEROPORTS DE PARIS                            | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     91992 | NS      | $12198174.27  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE VOPAK NV                          | KONINKLIJKE VOPAK NV                          | CUSIP: N5075T159<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |     47393 | NS      | $2172388.87   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYERA CORP                                   | KEYERA CORP                                   | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     17061 | NS      | $572377.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                   | VISTRA CORP                                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     35943 | NS      | $7041952.56   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1281467 | NS      | $11735436.27  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC LTD                                      | NTPC LTD                                      | CUSIP: Y6421X116<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |    301048 | NS      | $1154441.59   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAL JAPAN RAILWAY CO                      | CENTRAL JAPAN RAILWAY CO                      | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |     64300 | NS      | $1845909.46   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUBU ELEC. POWER CO INC                      | CHUBU ELEC. POWER CO INC                      | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    119200 | NS      | $1660012.71   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL C                     | GRUPO AEROPORTUARIO DEL C                     | CUSIP: P49530101<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    397817 | NS      | $5134573.09   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COSCO SHIPPING PORTS LTD                      | COSCO SHIPPING PORTS LTD                      | CUSIP: G2442N104<br>LEI: 5299008QX6KA3JHWK507 | Long             | EC               | CORP              | BM        |   3878000 | NS      | $2835351.33   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| POWER ASSETS HLDGS. LTD                       | POWER ASSETS HLDGS. LTD                       | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |    442500 | NS      | $2804284.07   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL CONTAINER T                     | INTERNATIONAL CONTAINER T                     | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    347930 | NS      | $2818793.14   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRPORT TERMINAL CO                     | JAPAN AIRPORT TERMINAL CO                     | CUSIP: J2620N105<br>LEI: 353800W9WEQSGUY2EO26 | Long             | EC               | CORP              | JP        |     74100 | NS      | $2362237.19   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      2761 | NS      | $530995.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP/THE                                  | AES CORP/THE                                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    105054 | NS      | $1382510.64   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5610619 | NS      | $5610618.53   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ORSTED AS RTS                                 | ORSTED AS RTS                                 | CUSIP: K7507F107<br>LEI: N/A                  | Long             | EC               | CORP              | DK        |    628665 | NS      | $625891.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSURBAN GROUP                              | TRANSURBAN GROUP                              | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |   1310172 | NS      | $11998311.32  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| BEIJING CAP. INTL. AIRPOR                     | BEIJING CAP. INTL. AIRPOR                     | CUSIP: Y07717104<br>LEI: 5299001QWQN7CK66FE04 | Long             | EC               | CORP              | CN        |   8576000 | NS      | $3064714.83   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRPORT TERMINAL CO                     | JAPAN AIRPORT TERMINAL CO                     | CUSIP: J2620N105<br>LEI: 353800W9WEQSGUY2EO26 | Long             | EC               | CORP              | JP        |    132100 | NS      | $4211221.76   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     15565 | NS      | $2167249.29   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                                      | VINCI SA                                      | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     18093 | NS      | $2519244.55   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA GAS CO LTD                              | OSAKA GAS CO LTD                              | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     51300 | NS      | $1486997.91   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| TENAGA NASIONAL BHD                           | TENAGA NASIONAL BHD                           | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |   1172100 | NS      | $3682951.66   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHEJIANG EXPRESSWAY CO LT                     | ZHEJIANG EXPRESSWAY CO LT                     | CUSIP: Y9891F102<br>LEI: N/A                  | Long             | EC               | NUSS              | CN        |    904000 | NS      | $837681.79    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ENAV SPA                                      | ENAV SPA                                      | CUSIP: T3R4KN103<br>LEI: 81560048ECF8D2059980 | Long             | EC               | CORP              | IT        |    260107 | NS      | $1324473.92   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| FRAPORT AG FRANKFURT AIRP                     | FRAPORT AG FRANKFURT AIRP                     | CUSIP: D3856U108<br>LEI: 5299001ERX0K10IZUL40 | Long             | EC               | CORP              | DE        |     21945 | NS      | $1895490.91   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | ENEL SPA                                      | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   1097537 | NS      | $10409517.17  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA SA                                  | IBERDROLA SA                                  | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     93148 | NS      | $1764992.22   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| GETLINK SE                                    | GETLINK SE                                    | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |    253560 | NS      | $4665308.78   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| QUBE HLDGS. LTD                               | QUBE HLDGS. LTD                               | CUSIP: Q7834B112<br>LEI: 391200RT2MUFEO3RFW25 | Long             | EC               | CORP              | AU        |   2551704 | NS      | $6956944.22   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| AUCKLAND INTL. AIRPORT LT                     | AUCKLAND INTL. AIRPORT LT                     | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |   1426929 | NS      | $6519907.43   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS I                     | INFRASTRUTTURE WIRELESS I                     | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    212154 | NS      | $2493140.46   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| WEC ENERGY GRP. INC                           | WEC ENERGY GRP. INC                           | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     35811 | NS      | $4103582.49   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TC ENERGY CORP                                | TC ENERGY CORP                                | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    233062 | NS      | $12672128.72  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AENA SME SA                                   | AENA SME SA                                   | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    490690 | NS      | $13444371.18  | 1.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ENN ENERGY HLDGS. LTD                         | ENN ENERGY HLDGS. LTD                         | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    372700 | NS      | $3084745.28   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                             | NATIONAL GRID PLC                             | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    477506 | NS      | $6884014.77   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |         1 | NS      | $0.69         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                       | SSE PLC                                       | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     37122 | NS      | $869950.40    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                           | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      5586 | NS      | $1074299.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2505040 | NS      | $2505040.04   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ORSTED AS RTS                                 | ORSTED AS RTS                                 | CUSIP: K7507F107<br>LEI: N/A                  | Long             | EC               | CORP              | DK        |    110655 | NS      | $110166.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Monetary Market                 | FUT. EMINI S&P DEC25                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        31 | NC      | $10445062.50  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures US futures                        | FUT. ICUS MSCI EAF DEC25                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | XX        |        60 | NC      | $8355900.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    279598 | NS      | $279597.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    154496 | NS      | $154496.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    692530 | NS      | $692529.50    | 0.07%             |  |  |  | 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