# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001572
**Filing Date:** 2025-11
**Character Count:** 69492
**Document Hash:** 7b706c885917beef262096b4716ae90a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001572.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001572

**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:** 251506534

**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

### INTERNATIONAL EQUITY FUND (Series ID: S000001270)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000003416 | INTERNATIONAL EQUITY FUND | NOIGX           |

## 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:** International Equity Fund

- **b. EDGAR series identifier (if any):** S000001270

- **c. LEI of Series:** 549300ZJSZC1AK14VP73

**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:** $163888945.30

**Total Liabilities:** $82030.39

**Net Assets:** $163806914.91

**Cash Not Reported:** $908284.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003416 | -0.67%               | 4.21%                | 2.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2293205.72              | $-3363466.17                               |
| Month 2  | $2844534.00              | $3293468.97                                |
| Month 3  | $1911636.57              | $1708262.25                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARCELORMITTAL SA              | ARCELORMITTAL SA          | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      6183 | NS      | $223438.42    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HLDGS. LTD           | CK ASSET HLDGS. LTD       | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    118252 | NS      | $573877.36    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BAYERISCHE MOTOREN WERKE      | BAYERISCHE MOTOREN WERKE  | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |      8752 | NS      | $878208.44    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE KPN NV            | KONINKLIJKE KPN NV        | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |     85666 | NS      | $411323.67    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS ACTIVIDADES DE CONSTR     | ACS ACTIVIDADES DE CONSTR | CUSIP: E7813W163<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |      6621 | NS      | $529574.46    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                 | UNICREDIT SPA             | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     28836 | NS      | $2189335.37   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPUTERSHARE LTD             | COMPUTERSHARE LTD         | CUSIP: Q2721E105<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |     37422 | NS      | $899140.11    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SANDVIK AB                    | SANDVIK AB                | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |      9325 | NS      | $261137.68    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA GAS CO LTD              | OSAKA GAS CO LTD          | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      1200 | NS      | $34783.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| STOCKLAND                     | STOCKLAND                 | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    145077 | NS      | $589346.84    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO ELEC. INDS. LTD      | SUMITOMO ELEC. INDS. LTD  | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |      7900 | NS      | $224445.87    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WEST JAPAN RAILWAY CO         | WEST JAPAN RAILWAY CO     | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |      9900 | NS      | $217026.59    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                   | ALTAGAS LTD               | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |      7197 | NS      | $221748.48    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PANDORA A/S                   | PANDORA A/S               | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      7861 | NS      | $1027730.62   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| THE SAGE GROUP PLC GBP0.0     | THE SAGE GROUP PLC GBP0.0 | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |     29723 | NS      | $441313.96    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SODEXO SA                     | SODEXO SA                 | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |      4747 | NS      | $298849.81    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS AG CHF0.49           | NOVARTIS AG CHF0.49       | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     26297 | NS      | $3381545.13   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC     | ROCHE HOLDINGS AG GENUSSC | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      9870 | NS      | $3248525.42   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| HOLCIM AG                     | HOLCIM AG                 | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     10627 | NS      | $904433.88    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB LTD                       | ABB LTD                   | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     15781 | NS      | $1137395.31   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                      | ENEL SPA                  | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     77773 | NS      | $737632.88    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SONOVA HOLDING AG CHF0.05     | SONOVA HOLDING AG CHF0.05 | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |       597 | NS      | $163579.96    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MATSUKIYOCOCOKARA & CO        | MATSUKIYOCOCOKARA & CO    | CUSIP: J41208109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3300 | NS      | $67003.67     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINOR ASA                   | EQUINOR ASA               | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     50107 | NS      | $1225614.69   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| SONY FINL. HLDGS. INC         | SONY FINL. HLDGS. INC     | CUSIP: J7639Z106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30600 | NS      | $33934.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAIXABANK SA                  | CAIXABANK SA              | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |     61897 | NS      | $651700.19    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC             | NATIONAL GRID PLC         | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     35319 | NS      | $509180.03    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC               | HSBC HLDGS. PLC           | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    102446 | NS      | $1446001.19   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| J SAINSBURY PLC               | J SAINSBURY PLC           | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |     20027 | NS      | $90138.09     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRICA PLC                  | CENTRICA PLC              | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    108473 | NS      | $243017.51    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO      | BRITISH AMERICAN TOBACCO  | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     16581 | NS      | $879890.95    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITHS GRP. PLC               | SMITHS GRP. PLC           | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     33490 | NS      | $1068342.76   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P     | RECKITT BENCKISER GROUP P | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      6069 | NS      | $468713.43    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                      | RELX PLC                  | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     19303 | NS      | $921954.17    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                 | RIO TINTO PLC             | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     18916 | NS      | $1246568.12   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                       | SSE PLC                   | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |      1003 | NS      | $23505.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC               | ASTRAZENECA PLC           | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2656 | NS      | $405712.91    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NESTLE SA                     | NESTLE SA                 | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      9255 | NS      | $850147.48    | 0.52%             |  |  |  | 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        |     11912 | NS      | $844783.85    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNCOR ENERGY INC             | SUNCOR ENERGY INC         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     28749 | NS      | $1203091.01   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| KONGSBERG GRUPPEN ASA         | KONGSBERG GRUPPEN ASA     | CUSIP: R60837151<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |       751 | NS      | $23993.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AGNICO EAGLE MINES LTD        | AGNICO EAGLE MINES LTD    | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      8949 | NS      | $1507254.15   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINL. CORP           | MANULIFE FINL. CORP       | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |     53092 | NS      | $1654141.78   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL. RAILWAY CO     | CANADIAN NATL. RAILWAY CO | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     15995 | NS      | $1508359.42   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTU HLDGS. LTD ADR           | FUTU HLDGS. LTD ADR       | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      7373 | NS      | $1282238.43   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO         | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    519329 | NS      | $519329.39    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC GRP. NV                   | KBC GRP. NV               | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      5149 | NS      | $617151.90    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| VERBUND AG                    | VERBUND AG                | CUSIP: A91460104<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |      2939 | NS      | $213648.88    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPGEMINI SE                  | CAPGEMINI SE              | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     10523 | NS      | $1531275.90   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| BOUYGUES SA                   | BOUYGUES SA               | CUSIP: F11487125<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |     10600 | NS      | $478783.96    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                     | SAFRAN SA                 | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      5323 | NS      | $1885090.46   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLICIS GROUPE SA            | PUBLICIS GROUPE SA        | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |      9055 | NS      | $869161.73    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE POST AG              | DEUTSCHE POST AG          | CUSIP: D19225107<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |     37614 | NS      | $1677585.59   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                        | RWE AG                    | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |      5834 | NS      | $259094.87    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CARLSBERG AS                  | CARLSBERG AS              | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |      2492 | NS      | $289711.33    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AP MOLLER - MAERSK A/S        | AP MOLLER - MAERSK A/S    | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       232 | NS      | $454965.83    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SWEDBANK AB                   | SWEDBANK AB               | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |     51708 | NS      | $1563731.67   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS INC                       | TIS INC                   | CUSIP: J8T622102<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |     20600 | NS      | $679601.36    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| VESTAS WIND SYS. A/S          | VESTAS WIND SYS. A/S      | CUSIP: K9773J201<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     20693 | NS      | $401604.55    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ENDESA SA                     | ENDESA SA                 | CUSIP: E41222113<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      7470 | NS      | $238695.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| HEIDELBERG MATERIALS AG       | HEIDELBERG MATERIALS AG   | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      4366 | NS      | $982914.33    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| HENKEL AG KGAA                | HENKEL AG KGAA            | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |      4565 | PA      | $368472.41    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCIONA SA                    | ACCIONA SA                | CUSIP: E0008Z109<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |      1053 | NS      | $212366.39    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTUM OYJ                    | FORTUM OYJ                | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     12460 | NS      | $235520.90    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEMENS AG                    | SIEMENS AG                | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      2850 | NS      | $768981.37    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS MEDICAL CARE AG     | FRESENIUS MEDICAL CARE AG | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     22062 | NS      | $1157629.95   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM AG           | DEUTSCHE TELEKOM AG       | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     47953 | NS      | $1633784.38   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA           | SOCIETE GENERALE SA       | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     26011 | NS      | $1730130.31   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KONE OYJ                      | KONE OYJ                  | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |      6513 | NS      | $444365.18    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGIE SA                      | ENGIE SA                  | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     20982 | NS      | $450075.78    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG EXCHANGES & CLE     | HONG KONG EXCHANGES & CLE | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      5097 | NS      | $289700.84    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE TECHS. ENG. LTD     | SINGAPORE TECHS. ENG. LTD | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    101900 | NS      | $681123.59    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI HOLDINGS INC              | SBI HOLDINGS INC          | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |      4300 | NS      | $186685.92    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTESCUE LTD NPV             | FORTESCUE LTD NPV         | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |    120255 | NS      | $1491743.09   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL LTD                       | CSL LTD                   | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |       164 | NS      | $21545.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COCHLEAR LTD                  | COCHLEAR LTD              | CUSIP: Q25953102<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |       247 | NS      | $45692.35     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DAITO TST. CONSTRUCTION C     | DAITO TST. CONSTRUCTION C | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |      4600 | NS      | $100894.45    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SUBARU CORP                   | SUBARU CORP               | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     69700 | NS      | $1428464.31   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIKURA LTD                  | FUJIKURA LTD              | CUSIP: J14784128<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |     12100 | NS      | $1176396.05   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG & CHINA GAS CO      | HONG KONG & CHINA GAS CO  | CUSIP: Y33370100<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |    192648 | NS      | $167460.82    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KAO CORP                      | KAO CORP                  | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     24800 | NS      | $1080872.39   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| KOMATSU LTD                   | KOMATSU LTD               | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     44100 | NS      | $1534521.58   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| MAKITA CORP                   | MAKITA CORP               | CUSIP: J39584107<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     34700 | NS      | $1125137.57   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| ORKLA ASA                     | ORKLA ASA                 | CUSIP: R67787102<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |     67828 | NS      | $709740.85    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI CORP               | MITSUBISHI CORP           | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |     89100 | NS      | $2123951.32   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| DENSO CORP                    | DENSO CORP                | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     21000 | NS      | $302412.45    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NITTO DENKO CORP              | NITTO DENKO CORP          | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |     62400 | NS      | $1479100.65   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| DANONE SA                     | DANONE SA                 | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      7877 | NS      | $686278.30    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| SUZUKI MOTOR CORP             | SUZUKI MOTOR CORP         | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     58500 | NS      | $852738.79    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO GAS CO LTD              | TOKYO GAS CO LTD          | CUSIP: J87000113<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |       600 | NS      | $21350.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WESFARMERS LTD                | WESFARMERS LTD            | CUSIP: Q95870103<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |     23661 | NS      | $1443497.48   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| YOKOGAWA ELEC. CORP           | YOKOGAWA ELEC. CORP       | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     13900 | NS      | $398961.92    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BOLIDEN AB                    | BOLIDEN AB                | CUSIP: W17218210<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |      5325 | NS      | $217330.60    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE AHOLD DELHAIZ     | KONINKLIJKE AHOLD DELHAIZ | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     35776 | NS      | $1447357.34   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| SHOPIFY INC CL A SUB VTG      | SHOPIFY INC CL A SUB VTG  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      3472 | NS      | $515822.89    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN POST INS. CO LTD        | JAPAN POST INS. CO LTD    | CUSIP: J2800E107<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |      2900 | NS      | $82105.21     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| POSTE ITALIANE SPA            | POSTE ITALIANE SPA        | CUSIP: T7S697106<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |     61336 | NS      | $1454693.70   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCA MEDIOLANUM SPA          | BANCA MEDIOLANUM SPA      | CUSIP: T1R88K108<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     37450 | NS      | $751395.12    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| HEXAGON AB                    | HEXAGON AB                | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     36078 | NS      | $432774.28    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| DASSAULT AVIATION SA          | DASSAULT AVIATION SA      | CUSIP: F24539169<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      2983 | NS      | $995700.06    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| WISETECH GBL. LTD             | WISETECH GBL. LTD         | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |      4130 | NS      | $246982.40    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DEMANT A/S                    | DEMANT A/S                | CUSIP: K3008M105<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |      8288 | NS      | $287316.02    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGE     | BANCO BILBAO VIZCAYA ARGE | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    125704 | NS      | $2418356.37   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                     | SANOFI SA                 | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     12654 | NS      | $1196109.56   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA/N     | ANHEUSER-BUSCH INBEV SA/N | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     23982 | NS      | $1434021.45   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| PRO MEDICUS LTD               | PRO MEDICUS LTD           | CUSIP: Q77301101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      2742 | NS      | $561205.46    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| LUNDIN GOLD INC               | LUNDIN GOLD INC           | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |      6686 | NS      | $433194.38    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BOERSE AG            | DEUTSCHE BOERSE AG        | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      5077 | NS      | $1360592.87   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA SA                  | IBERDROLA SA              | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     36722 | NS      | $695817.88    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BUREAU VERITAS SA             | BUREAU VERITAS SA         | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |     38856 | NS      | $1220022.02   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD INS. GRP. HLDGS. IN     | MS&AD INS. GRP. HLDGS. IN | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |     48200 | NS      | $1093498.10   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| OTSUKA HLDGS. CO LTD          | OTSUKA HLDGS. CO LTD      | CUSIP: J63117105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $587663.80    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| EVONIK INDS. AG               | EVONIK INDS. AG           | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |     23291 | NS      | $404542.26    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| TELE2 AB                      | TELE2 AB                  | CUSIP: W95878166<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |      3341 | NS      | $56996.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AMUNDI SA                     | AMUNDI SA                 | CUSIP: F0300Q103<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |      3651 | NS      | $290769.49    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC INTL. HLDGS. CO LTD      | SITC INTL. HLDGS. CO LTD  | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |     30702 | NS      | $118274.69    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE HLDGS. PLC        | ROLLS-ROYCE HLDGS. PLC    | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     48987 | NS      | $784272.05    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPAGNIE FINANCIERE RICH     | COMPAGNIE FINANCIERE RICH | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      2622 | NS      | $503106.44    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ZALANDO SE                    | ZALANDO SE                | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     27366 | NS      | $838965.11    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| RYANAIR HLDGS. PLC            | RYANAIR HLDGS. PLC        | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     27299 | NS      | $798623.87    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNTORY BEVERAGE & FOOD L     | SUNTORY BEVERAGE & FOOD L | CUSIP: J78186103<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |     15476 | NS      | $484154.99    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| AUMOVIO SE                    | AUMOVIO SE                | CUSIP: D0R9B8108<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      7186 | NS      | $296277.13    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CCL INDS. INC                 | CCL INDS. INC             | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |       177 | NS      | $9976.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GILDAN ACTIVEWEAR INC         | GILDAN ACTIVEWEAR INC     | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      2175 | NS      | $125652.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF     | CANADIAN IMPERIAL BANK OF | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     15733 | NS      | $1257215.59   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RES. LTD     | CANADIAN NATURAL RES. LTD | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     49958 | NS      | $1597421.14   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN UTILITIES LTD        | CANADIAN UTILITIES LTD    | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |      3484 | NS      | $97457.87     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECH     | CHECK POINT SOFTWARE TECH | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      5703 | NS      | $1180007.73   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| EMPIRE CO LTD                 | EMPIRE CO LTD             | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |     14456 | NS      | $518845.44    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERA INC                     | EMERA INC                 | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |      5787 | NS      | $277644.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIS INC/CANADA             | FORTIS INC/CANADA         | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |       121 | NS      | $6137.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL OIL LTD              | IMPERIAL OIL LTD          | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      6894 | NS      | $625101.57    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINL. HLDGS. LTD      | FAIRFAX FINL. HLDGS. LTD  | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |       918 | NS      | $1606054.75   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER CORP OF CANADA          | POWER CORP OF CANADA      | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     10553 | NS      | $456636.96    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK/THE     | TORONTO-DOMINION BANK/THE | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     14538 | NS      | $1162455.01   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM FINL. INC                 | IGM FINL. INC             | CUSIP: 449586106<br>LEI: 254900RYHLVJNTUFDA95 | Long             | EC               | CORP              | CA        |     37327 | NS      | $1358759.66   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                       | WPP PLC                   | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |      8854 | NS      | $44243.63     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                  | BARCLAYS PLC              | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    406687 | NS      | $2085409.80   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXT PLC                      | NEXT PLC                  | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |      6687 | NS      | $1113893.75   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA GRP. LTD                  | AIA GRP. LTD              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     26870 | NS      | $257555.36    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| WARTSILA OYJ ABP              | WARTSILA OYJ ABP          | CUSIP: X98155116<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |     48711 | NS      | $1458744.61   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| EIFFAGE SA                    | EIFFAGE SA                | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      6840 | NS      | $879733.12    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTINENTAL AG                | CONTINENTAL AG            | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     14371 | NS      | $947465.72    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                        | SAP SE                    | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      2477 | NS      | $664062.69    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| NORSK HYDRO ASA               | NORSK HYDRO ASA           | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     68460 | NS      | $463930.86    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE IN     | CONSTELLATION SOFTWARE IN | CUSIP: 21037X100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |         9 | NS      | $24431.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLTERS KLUWER NV             | WOLTERS KLUWER NV         | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      3353 | NS      | $457710.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| LOGITECH INTL. SA             | LOGITECH INTL. SA         | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |     13301 | NS      | $1464927.38   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| AGEAS SA/NV                   | AGEAS SA/NV               | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     15176 | NS      | $1053636.48   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV                 | ASML HLDG. NV             | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2313 | NS      | $2255086.87   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRLINES CO LTD         | JAPAN AIRLINES CO LTD     | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     32000 | NS      | $646308.48    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| AISIN CORP                    | AISIN CORP                | CUSIP: J00714105<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |     31100 | NS      | $537241.78    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS GRP. HLDGS. LTD           | DBS GRP. HLDGS. LTD       | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      6500 | NS      | $257431.97    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIGIN ENERGY LTD             | ORIGIN ENERGY LTD         | CUSIP: Q71610101<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |     32485 | NS      | $268865.15    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. GRP.     | MITSUBISHI UFJ FINL. GRP. | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     81000 | NS      | $1283151.17   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| ASAHI GRP. HLDGS. LTD         | ASAHI GRP. HLDGS. LTD     | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |      6200 | NS      | $74389.40     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASAHI KASEI CORP              | ASAHI KASEI CORP          | CUSIP: J0242P110<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |      3900 | NS      | $30664.69     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASICS CORP                    | ASICS CORP                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     29400 | NS      | $767648.07    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC HONG KONG HLDGS. LTD      | BOC HONG KONG HLDGS. LTD  | CUSIP: Y0920U103<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |    283802 | NS      | $1334156.75   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ GROUP HOLDINGS LTD        | ANZ GROUP HOLDINGS LTD    | CUSIP: Q0429F119<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |     24409 | NS      | $535221.47    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| MIZUHO FINL. GRP. INC         | MIZUHO FINL. GRP. INC     | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     59500 | NS      | $1991461.45   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK HAPOALIM BM              | BANK HAPOALIM BM          | CUSIP: M1586M115<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |     10543 | NS      | $214360.85    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK LEUMI LE-ISRAEL BM       | BANK LEUMI LE-ISRAEL BM   | CUSIP: M16043107<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |     73693 | NS      | $1453158.89   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| LY CORP NPV                   | LY CORP NPV               | CUSIP: J9894K105<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |    345400 | NS      | $1113866.64   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| TELSTRA GROUP LTD             | TELSTRA GROUP LTD         | CUSIP: Q8975N105<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    157989 | NS      | $504237.38    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMBCORP INDS. LTD            | SEMBCORP INDS. LTD        | CUSIP: Y79711159<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |      9100 | NS      | $42568.67     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BANKING C     | OVERSEA-CHINESE BANKING C | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    118000 | NS      | $1504809.16   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| BANDAI NAMCO HLDGS. INC       | BANDAI NAMCO HLDGS. INC   | CUSIP: Y0606D102<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |     14100 | NS      | $468685.34    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GRP. LTD                  | BHP GRP. LTD              | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      1221 | NS      | $34116.44     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CANON INC                     | CANON INC                 | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |      4900 | NS      | $143439.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAL JAPAN RAILWAY CO      | CENTRAL JAPAN RAILWAY CO  | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |      2200 | NS      | $63157.09     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUBU ELEC. POWER CO INC      | CHUBU ELEC. POWER CO INC  | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |      2400 | NS      | $33423.07     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUGAI PHARM. CO LTD          | CHUGAI PHARM. CO LTD      | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |       300 | NS      | $13270.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI CORP                     | KDDI CORP                 | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     44738 | NS      | $716860.72    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN HLDGS. CO LTD          | SCREEN HLDGS. CO LTD      | CUSIP: J6988U114<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |     11700 | NS      | $1059360.76   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIWA HOUSE IND. CO LTD       | DAIWA HOUSE IND. CO LTD   | CUSIP: J11508124<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |      4800 | NS      | $172555.91    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL GROUP LTD                 | ICL GROUP LTD             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |     65464 | NS      | $409212.85    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KONAMI GROUP CORP             | KONAMI GROUP CORP         | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |      8800 | NS      | $1269787.27   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON YUSEN KK               | NIPPON YUSEN KK           | CUSIP: J56515232<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |     13000 | NS      | $443537.06    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                      | VINCI SA                  | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      1490 | NS      | $207465.56    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX CORP                     | ORIX CORP                 | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |     36300 | NS      | $947917.96    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SONY GRP. CORP                | SONY GRP. CORP            | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     30600 | NS      | $878073.39    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS SE KGAA             | FRESENIUS SE KGAA         | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |      2431 | NS      | $135384.66    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO CORP                 | SUMITOMO CORP             | CUSIP: J77282119<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |     21100 | NS      | $610631.68    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AENA SME SA                   | AENA SME SA               | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     50677 | NS      | $1388494.57   | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC        | STANDARD CHARTERED PLC    | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |      7486 | NS      | $145075.08    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC ORD US     | SMITH & NEPHEW PLC ORD US | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     26503 | NS      | $477529.77    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| 3I GRP. PLC                   | 3I GRP. PLC               | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     23601 | NS      | $1301277.67   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC           | IMPERIAL BRANDS PLC       | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     37295 | NS      | $1584280.96   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKWOOL A/S                  | ROCKWOOL A/S              | CUSIP: K8254S250<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |      4797 | NS      | $179128.40    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CGI INC                       | CGI INC                   | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     11528 | NS      | $1026809.57   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS HEALTHINEERS AG       | SIEMENS HEALTHINEERS AG   | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |       999 | NS      | $54045.33     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EVOLUTION AB                  | EVOLUTION AB              | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     12095 | NS      | $992693.21    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD ADR                   | SEA LTD ADR               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       625 | NS      | $111706.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CELESTICA INC                 | CELESTICA INC             | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |       760 | NS      | $187021.05    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRICK MINING CORP           | BARRICK MINING CORP       | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     36946 | NS      | $1213481.11   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB GRP. PLC                  | AIB GRP. PLC              | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    165328 | NS      | $1500388.60   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S              | NOVO NORDISK A/S          | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      6602 | NS      | $364402.10    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                       | GSK PLC                   | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    108854 | NS      | $2340398.62   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC             | NATWEST GROUP PLC         | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     86217 | NS      | $605164.73    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA CORP                     | HOYA CORP                 | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      2700 | NS      | $372979.03    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| KANSAI ELEC. POWER CO INC     | KANSAI ELEC. POWER CO INC | CUSIP: J30169106<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |      4900 | NS      | $70185.08     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| YANGZIJIANG SHIPBUILDING      | YANGZIJIANG SHIPBUILDING  | CUSIP: Y9728A102<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |     69700 | NS      | $182636.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE INS. GRP. LTD             | QBE INS. GRP. LTD         | CUSIP: Q78063114<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |     78319 | NS      | $1068358.95   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| SHIONOGI LTD                  | SHIONOGI LTD              | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |     33700 | NS      | $596020.10    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SUN HUNG KAI PROPS. LTD       | SUN HUNG KAI PROPS. LTD   | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     43605 | NS      | $523000.03    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANTEST CORP                | ADVANTEST CORP            | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      2100 | NS      | $209958.83    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO ELECTRON LTD            | TOKYO ELECTRON LTD        | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     11300 | NS      | $2037390.13   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                       | E.ON SE                   | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |      7043 | NS      | $132423.93    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE        | EUROFINS SCIENTIFIC SE    | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |       706 | NS      | $51397.79     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                     | SHELL PLC                 | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     68451 | NS      | $2437101.96   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| KLEPIERRE SA                  | KLEPIERRE SA              | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     25088 | NS      | $977231.18    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Montreal Exchange             | FUT. ME S&P CAN DEC25     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |         1 | NC      | $254767.55    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| International Monetary Market | FUT. NIKKEI 225-YEN DEC25 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | JP        |         4 | NC      | $606620.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex                         | FUT. EURX E-STXX DEC25    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | XX        |        21 | NC      | $1366136.45   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sydney Futures Exchange       | FUT. SFE SPI DEC25        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         1 | NC      | $146781.61    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe            | FUT. FTSE DEC25           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |         3 | NC      | $379564.41    | 0.23%             |  |  |  | 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